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A decline has taken place in the value of these articles during the present year, and although prices are still high, a gradual downward movement in the quotations is perceptible. The imports in the three months had been :

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The imports, exports and consumption in the three months ending

31, were as under:

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The annexed particulars relate to American shipping, so far as regards the United Kingdom, during the first three months of the year.

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VESSELS ENTERED FROM AND CLEARED TO UNITED STATES PORTS.

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Occupying the centre of the Lake Shore Line of railroads, and being the outlet for the Western markets generally, the Cleveland, Painesville and Ashtabula Railroad may fairly be considered as the northernmost stepping stone between the new and old States, and as such, one among the most important works of the Union, At Cleveland it receives the travel and trade from Chicago, St. Louis and Cincinnati, and extending thence 96 miles to Erie, it is continued to Buffalo by the Buffalo and State Line Railroad, and from Buffalo by the Central route to the seaboard at New York and Boston. As it is one of the most important of our railroads, so has it been one of the most profitable to its stockholders, and hence its stock being held for investment, is seldom quoted in the markets. Its real value, however, will be best understood by a careful study of the figures which represent the company's business for the last five years. The amount of the gross earnings of this road of less than a hundred miles, and the working expenses yearly have been as shown in the following statement:

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The amount of interest and dividends paid and other disbursements, in each of the above years, was as follows:

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* The surplus of this and former years was distributed in stock to the stockholders to the amount et $1,000,000, being a 25 per cent. dividend.

The stock of engines and cars owned and operated by the company at the close of each of the last five years consisted of the following:

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The operations on the road for the same years are shown in the follow

ing table:

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The freight carried on the road was classified as follows:

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Total (tons of 2,000 lbs.).

456,066 590,033 657,817 597,306 589,210

The following shows the amount of stock and indebtedness and the cost of road and equipment yearly:

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1863.

1864.

1865.

1862. 1866. $3,300,000 00 $3,600,000 00 $4,000,000 00 $5,000,000 00 $5,000,000 00 1,500,000 00 1,503,000 00 1,501,000 00 1,500,000 00 1,500,000 00

$4,800,000 00 $5,103,000 00 $5,501,000 00 $6,500,003 00 $6,500,000 00 $3,452,143 36 $3,566,896 16 $3,766,159 38 $3,802,783 63 $3,882,089 64 590,344 23 738,202 15 937,686 15 986,337 49 986,337 49 $4,042,487 59 $4,305,098 31 $4,703,845 53 $4,789,121 12 $4,868,427 13

Assuming the stock of this company at $3,000,000 as at the commencement of the period above reviewed and taking the amounts divid ed to the stockholders through that period, we find that the latter have received the following amounts-in cash $2,604,815, in stock $1,630,000 and in bonds $100,000, or in all, for the five years embraced, the sum of $4,634,815, nearly 155 per cent., or at the rate of 31 per cent. per annum, not including the current interest on the dividends severally. The company are now paying 10 per cent. on their capital increased by these dividends to $5,000,000, which is equivalent to 16 2-3 per cent. on the original investment. Geographical position is the master-key to this grand result.

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VESSELS ENTERED FROM AND CLEARED TO UNITED STATES PORTS.

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Occupying the centre of the Lake Shore Line of railroads, and being the outlet for the Western markets generally, the Cleveland, Painesville and Ashtabula Railroad may fairly be considered as the northernmost stepping stone between the new and old States, and as such, one among the most important works of the Union, At Cleveland it receives the travel and trade from Chicago, St. Louis and Cincinnati, and extending thence 96 miles to Erie, it is continued to Buffalo by the Buffalo and State Line Railroad, and from Buffalo by the Central route to the seaboard at New York and Boston. As it is one of the most important of our railroads, so has it been one of the most profitable to its stockholders, and hence its stock being held for investment, is seldom quoted in the markets. Its real value, however, will be best understood by a careful study of the figures which represent the company's business for the last five years. The amount of the gross earnings of this road of less than a hundred miles, and the working expenses yearly have been as shown in the following statement:

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The amount of interest and dividends paid and other disbursements,

in each of the above years, was as follows:

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*The surplus of this and former years was distributed in stock to the stockholders to the amount of $1,000,000, being a 25 per cent. dividend.

The stock of engines and cars owned and operated by the company at the close of each of the last five years consisted of the following:

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The operations on the road for the same years are shown in the follow

ing table:

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The freight carried on the road was classified as follows:

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The following shows the amount of stock and indebtedness and the cost

of road and equipment yearly:

Capital Stock..

Funded Debt.

Total

Railroad...

Equipment..

Total......

1863.

1864.

1865.

1862. 1866. $3,300,000 00 $3,600,000 00 $4,000,000 00 $5,000,000 00 $5,000,000 00 1,500,000 00 1,503,000 00 1,501,000 00 1,500,000 00 1,500,000 00

$4,800,000 00 $5,103,000 00 $5,501,000 00 $6,500,003 00 $6,500,000 00 $3,452,143 36 $3,566,896 16 $3,766,159 38 $3,802,783 63 $3,882,089 64 590,344 23 738,202 15 937,686 15 986,337 49 986,337 49 $4,042,487 59 $1,305,098 31 $4,703,845 53 $4,789,121 12 $4,868,427 13

Assuming the stock of this company at $3,000,000 as at the commencement of the period above reviewed and taking the amounts divid ed to the stockholders through that period, we find that the latter have received the following amounts-in cash $2,604,815, in stock $1,630,000 and in bonds $400,000, or in all, for the five years embraced, the sum of $4,634,815, nearly 155 per cent., or at the rate of 31 per cent. per annum, not including the current interest on the dividends severally. The company are now paying 10 per cent. on their capital increased by these dividends to $5,000,000, which is equivalent to 16 2-3 per cent. on the original investment. Geographical position is the master-key to this grand result.

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