The Sun.
London, England, 1864-03-24 00:00:00

1882,

Secured by a Registered Mortgage, cons,ituting a lien 00
the income and all corporate rights. privileges, lands, fran-
chises, plant and property of the Pennsylvania and New York
divisions of the Railway.
The Bonds are redeemable in New York or in London at
4s. 6d. per dollar, and are transferable Ni ithout stamp or en-
dorsement ; 4 per cent. of the gross amount will he drawn
yearly in July, commencing in 1865, to be pa'd off at par in
London ; Interest Coupons are attached to the Bonds, pay-
able semi-annually, at the Consolidated Lank in London, at
the fixed rate of 4s. to the dollar.
The Bonds will be issued at 70. viz.:—
Bonds of 100 dole. at £l5 155., with interest Irani April, 1, IS6I.
11 503 9. £78155., „ IP
1,000 „ £157108.,
19
These Coupons represent £l4 per annum on each bond of
1,000 dollars (£225), or nearly 9 per cent. on price of issue.

TO THE BONDHOLDERS OF THE ATLANTIC AND

GREAT WESTERN RAILWAY.
When the First Mortgage Bonds of the Pennsylvania Sec-
tion of this Railway were issued, it was uncertain whether
the Company would proceed immediately with the construc-
tion of the road beyond Akron (in which case arrangements
would have been made with other Companies for the com-
pleting link from thence to Dayton), or at once push forward
the whole line, and so keep the command of the traffic.
The business of the i ortion of the road between Salamanca
and Akron, and of the branches, developed so. rapidlV-,11-eintt
only limited by the upply of Rolling Stock, that the Direc-
tors decides to open the Railway throughout its whole ex-
tent with all possible despatch. This policy, under their
able engineer, Mr. Kennard, has been so energetically carried
out that the line is now in operation as far as Ga ion, and
will be ready for traffic to Dayton by the Ist ot May. It has
therefore become desirable to offer the Second Mortgage
Bonds some months earlier than was contemplated when tue
last issue of Bonds was made.
In order, however, that the original subscribers to, or the
present holders of, the First Mortgage Bond may in no way
ce
be prejud.d by this issue of the Second Mortgage. it is pro-
posed to give to existing holders the privilege ot subscribing
for these Bonds, at the rate of one Band for every two now
held, at a concession in price equal to a liberal Bonus.
In May the whole system of this Railway will be in opera-
tion, consisting of—
The Main Line from Salamanca to Dayton 385 miles
The Branch to Cleve'and
The Franklin Branch and the Oil Creek
Railway 65 „
In all abort 106 mica—of which 302 have been successfully
worked during the winter. On the Ist of May it is intended
to run Express Trains through from New York, via the Erie,
Atlantic and Great Western, Cincinnati, Hamilton, and
Dayton, and Ohio and Mils'ssippi Railways, to St. Louis-
-1,2u0 miles, in 40 hours, without break of gauge or change of
carriages.
The income of the por'ion of the line opened has reached
£3O per mi e per week - within cne year of the opening of the
through route the receipts will be £6O per mile per week—
which will give 4. dividend on the shares exceeding 25 per
cent., after providing for all expenditure and the interest on
the whole issue of Bonds

Dividends from 15 to 25 per cent. are not unusual on well-
constructed and properly administered American Railways ;
from the numerous elements of prosperity he'd by the At-
lantic and Great Western, it is believed that the mileage re-
ce'pts will shortly equal those cf the London and North-
Western and other leading Eng'ish Railways, whose cost of
construction has been four-fold-greater.
The Atlantic and Great Western has almost a monopoly of
the Petroleum traffic, and passes over the most extensive
bituminous coal fields in the world, for which an unlimited
market is about being opened in Canada ; and for its traffic in
agricultural products a ,eading American authority says that
when some contemplated extensions are made, " lc,oo eight-
wheeled freight cars and 500 locomotives will not suffice."
The Bonds and Shares authorised to be issued over the
main line and extensions are :

Ist Mort. 2d Mort- Shares. Total.
gage. gage.
Miles.
New York Divi- Dols. Dols. Dols. Dols.
sion
Pennsylvania
Ohio 246 4,00:,,000 4,000,000 6,000,000 14,000,000
Branches and Ex-
tensions l2l 958,`00 502,000 1,458,000
Dols. Dols. Vols. Dols.
506 8,458, 00 5,80(.,000 9,500,000 23,708,000
1 ££
1,903,'50 1,3.5,000 1 2,137,500 5,11 ;50

30,000 dols. have been eanzelled by operation of Sinking
Fund.

_
t 1,, 00,000 dole. have been cancelled by operation of Sinking
Fund.

The price of isme has been fixed at 70, and the privilege of
subscribing. will remain open until the 6th of Al,ril for the
present bondholders, either directly or through their brokers.

The terms of issue are as follows :-
5 per cent. on application, being Llt 5 0 per Bond of 1,0: 0 dol.
10 al otment „ 22 0 0
91 99
5 „ 23 May 33 15 0 1/ /1
20 „ lttli May „ 45 0 0
27 „ Ist June 91 45 0 0