The Sun.
London, England, 1870-04-12 00:00:00

(ABRIDGED CIRCULAR.]

EIGHT PER CENT. DES MOINES VALLEY
RA ' LRO AD BONDS,
Secured on 247 miles of Railroad, Plant, and Equipment, and
on 465,000 Acres of Land in the State of lowa.
Or, at the option of Applicant, 71 per cent., payable in Gold
in London, on amount of purchase.
PRESIDENT.
D. W. Kilbourne, Esq.
VICE-PRESIDENT.
C. H. Perry, Esq.
TRUSTEES.

W. S. Gilman, Esq. (Messrs. Gilman, Son, and Co.), Banker,
New York.
N. A. Cowdrey, Esq., Barrister, New York.

Messrs. Chadwicks, Adamson, Collier, and Co. beg to
announce that upwards of $3,000,000 having been privately
subscribed, they are authorised to offer to the public
$1,300,000, the balance of these Bonds, bearing 8 per cent.
interest at the price of 95 in American currency, and have
arranged to secure the payment of the interest in cash in
London, to all who on purchasing now prefer it, at the rate
of 71- per cent. per annum on the purchase price.
Each Bond of $l,OOO bearing 8 per cent. interest in
American currency will be sold for £l7B 2s. 6d., and if
specified in the application the interest will he made payable
in cash in London, at the rate of £6 13s. Bd. every half-
year, being at the rate of 7-1 per cent. per annum. These
Bonds are thus made a First Class Land Secured Railway
Bond, bearing 7 per cent. interest on the cost price payable
in London free of all charges and free of American Income
Tax. _ , _

The Bonds aro a First Mortgage on 85 miles of Railroad,
from Des Moines to Fort Dodge, of which 77 are already
completed; on 365,000 acres of land or •thereabouts in the
State of lowa, already parcelled out and granted by the State
to the Railway Company, and on 100,000 acres of land
granted by the State to the Rail way Company, on condi-
tion of the completion of the Railway by the running of
trains into Fort Dodge before the end of the year 1870 ; and
are a Second Mortgage on 162 miles of railroad from Keokuk
to Des Moines.

The Terms of Repayment are at par on the Ist October,
1898, or at any time by optional purchase by the Company at
market value not exceeding 120 per cent, by means of the
proceeds of sale of surplus lands, or by drawings from time
to time at 120 per cent., so often as $50,000 shall be in the
hands of the Trustees of the Deed from the same sources.
The numbers of the Bonds drawn for payment are to be ad-
vertised in New York and London Newspapers.
The Trustees have power in the event of default being
made for six mouths in payment of the interest to foreclose
and sell the property after three months' notice.
The Bondholders are privileged to purchase any of the
surplus lands comp, ised in the security at a minimum price,
fixed by the Company and the Trustees, and the bonds or
coupons are receivable in payment at their par value.
The title to these lands is derived by direct patent from
the United States Government to the Ftats of lowa, and
conveyance from the State to the Railway Company for
railway purposes. •
The present value of these lands is estimated to be from
$5 to $lO per acre, and their rapid future increase in value
is considered certain. _ .

The net earnings of the Railroad from its first opening
throughout have been sufficient to pay all interest, and the
operating expenses have averaged from 50 to 60 per cent. of
the gross receipts.
The Share Capital of the Company amounts to $3,904,400,
which was subscribed for bona fide at par by owners of
property and inhabitants of lowa and the adjoining States,
and is all paid up.
Further information, with full Prospectus, Map, and
copy of the Deed of Trust and Land Grant, may be ob-
tained of Messrs. John Stuart and Co, Bankers, Manches-
ter; or from Messrs. Chadwicks, Adamson, Collier, and
Co., 65, Moorgato-street, Loudon, and 64, Cross-street,
Manchester.

Applications for these Bonds, in tho annexed Form
accompanied by a deposit of £lO per Bond, will be received
up to Three p.m. on the 15th instant by the London and
County Bank, London, or any of its branches ' • by the Con.
solidated Bank (Limited), London and Manchester; or by
the National Bank of Scotland, Edinburgh, London and
Branches.

The balance of £l6B 2s. 6d. per Bond will be payable
within 14 days after allotment.

FORM OF APPLICATION.
To Messrs. Chadwicks, Adamson, Collier, and Co.,
65, Moorgate-street, London,
Agents for the Des Moines Valley Railroad Company.
I request you to allot me 8 per cent. Des
Moines Valley Railroad Bonds of 51,000 each, issued at 95
per cent., or £l7B 2s. 6d. each.
I have paid a Deposit of £lO per Bond to the Bank,
and I engage to pay the balance of the amount of issue
within 14 days after allotment; and I request that the inte-
rest thereon may be made payable in London at the rate of
£6 13s. Bd. half yearly, or 7i per cent. per annum.
Name
Address
Description
Date