The Sun.
London, England, 1857-07-10 00:00:00

LAKE ONTARIO AND HUDSON RIVER (
RAILROAD, S te f New York United
States.
The Share eaoal is 1,'50 0001., in 60,000 shares of $lOO
each ; or 20/. Hs SO., reckonhig the dollar at 4s. 20.
DIRECTORS IN UNITED STATES.
ELISHA C. I ITCHFIELD, New York.
LUCIEN D. COMAS, New York.
JOHN R. BRIGGS, New York.
SAMUEL J. BEALS, New Yerk,
EDWIN C. HAMILTON, New York.
BENJAMIN BRANDRETH, New York.
LEROY M, WILEY, New York.
DANIEL B. GOODWIN, Waterville, New York;
L. PADDOCK. Watertown, New York.
GEORGE TIBBETTS, Troy, New York.
LOWELL HOLBROOK, New York,
CHARLES A. MACY, New York.
One vacancy.,
OFFICERS IN UNITED STATES.
President—ELlSHA C. LITCIIFIELD.
Vice-President —JoHN R. BRIGGS.
Treasurer CHARLES A. MAcv.
Secretary—E. D. SArroN.
Chief Engineer—A. F. EDWARDS.
Consulting Engineer and Land Agent—JOAN B. MILLS
(for many years directing engineer of the River St.
Lawrence Improvements in Canada).
TRUSTEES FOR MORTGAGE OF LANDS.
Hon. JOHN G. FORBES, New York, United States.
Hon, J. VANDERBILT, King's County, New York, United States.
HOU. HENRY WAGER, Oneida County, New York, United States,
BANKERS IN LONDON.
The Union Bank of London.
SOLICITORS IN LONDON.
Crowder, Maynard, Son, and Lawford, Coleman-street.
BROKERS IN LONDON.
Huggins and Rowsell, 1, Threadneedle-street.
LINE OF ROAD.
This very important line, now in course of construction,
will unite the Eastern end of Lake Ontario at Sackets Har-
bor, with the Hudson River at the head of tide water at
Albavy and Troy ; thus uniting in a direct line the great chain
ef lakes, or inland seas, with the Atlantic Ocean, at New
York. The section of country traversed by this line is the
north-eastern portion of the great state of New York, and
although now covered by a primitive forest of heavy growth,
which is rich in almost every variety of wood and timber,
and filled with mineral productions, it is agricu turally as
well adapted to grazing and general farming purposes as any
other section of the state. The country is filled with lakes,
giving rise to most of the large rivers in the state.
The whole section has remained in its normal condition no-
t;1 the present time, owing mainly to the course of settle-
Wements, emigration, and traffic. induced by the opening of the
e Canal' and the many lines of railroad loading to the great
Wst.

The len LENGTH OF THE LINE.
gth the , with its brancto the iron ines of
the Adirondakof willline be about 200 miles. Contracts havme been
entered Into for its construction, including the rolling stock,
tights of way, and stations, the whole amount not exceeding
6,000/. per mile, which is less than the average coast of rail-
roads in the United States, and not one- half the cost of the
New York Central and Erie roads, each. The gro-s amount
of the cost will be about 1,200,0001., which includes 100,0001.
of rolling stock. The liiie will have but one summit, with
level or descending grade eastward to the Hudson River, and
westward to Lake Ontario, the summit being about 1,700 feet
:nvt betehi
ne
gtermini at 100 miles distance, the heaviest gra-
less than 53 feet to the mile, and these occurring gr three miles only, and with the slope in the direction of the
heaviest traffic. 200,0001. has already been expended towards
the construction of the line, and it is expected that the east-
ern division of 30 miles will be completed by the Ist of Octo-
ber next, and the whole line in eighteen months.
CONNECTIONS.
The line, and its proposed branches, will not only unite the
great Western Lakes—whose tonnage, traffic, and commerce
is larger in amount that the foreign commerce of New York
with the seaboard, by a direct and advantageous route, but
Will also bring the city of Montreal, and the Grand Trunk
Railway in Canada, into easy communication with New York,
thus materially shortening the distance over the line at pre-
sent in use.
LANDS POSSESSED BY THE COMPANY.
a The Company possess upwards of 500.000 acres of land,
lying adjacent to their line, and granted to the Company by
the State of New York, and the individual owners of land
along the line. These lands are exclusively forest, and are
filled with timber suited to shipping and mercantile purposes,
and wood of a description universally used for locomotive
fuel in the United States. For all of the varied products of
this forest an extensive and unsupplied demand exists at each
OW*terminus of the line. The whole of this tract will be brought
raelgilhwtahyo.urs of the city of New York by the completion
EXTENT AND VALUE OF THE LANDED ESTATE.
The extent and value of the lands possessed by this Com-
any, may be judged from the following extracts from a late
report of A, F. Edwards, Esq., the chief engineer, combo-
rated in all respects by Johnß. Mills, Esq., the consulting
engineer and land agent of the Company.
~. Speaking of these lands, they say:—" They are-known to
...).e.covered with an extraordinary growth of timber, and on
this account are worth much more than lands fit only for ag-
.Wricultural purposes Let us go where we will in the State,
e find the lands which remain covered with wood and tim.
"r altogether the most valuable, and bringing high and in-
creasing Prices.,,
There are, of—
t' Good pine timber lands 50,000 acres
Lands containing cherry, cedar, curled
maple, tamarack, oak, elm, birch and
ash, all valuable for manufacturing and
special uses, and some of which are mine-
ral lands.
3. Good spruce timber lands
4. Good hemlock timber lands, valuable for
plank boards and bark lOO,OOO „
°. Lands valuable, because connected with
vvater-power, anfor own lots /I
6. Lands valuable force dt wood, and for ag-
10,000
ricultural purposes 225,000 „

T
the aorta classedota asl cord wood, represents wood for fuel, each
cord being 128 cubic feet, 2 feet long; 4 ft. wide, 4 ft. high.
The pine timber is of the best quality. There having been
/to access to it by canals or railroads, it has not been culled
or destroyed. It is, on the av rage of distance, 2')o miles
'
11,.4arer to tide water than the pine timber on the Erie Rail-
,ads at the heads of the Genesee and Alleghany Rivers,
Ivaere the best kind of timber is worth If. sterling per thou-
sand feet, board measure, standing in the tree It
4 is acknowledged by many who have examined this coon-
'll, that the entire forest will average from sixty to one hun-
dred cords per acre, or will produce twenty thound feet,
l'ea'd measure, of sawed stuff,
of the various kinds,sa with 60
cords of merchantable wood, and 3 cords of hemlock bark
bsed for tanning leather.
The Company have, in addition to the 500,000 acres granted
to them, the option of purchasing upwards of 250,000 acres, and
'Which it is evidently the interest of the Company to possess ;
this includes 4-sths of the justly celebrated Adirondack Iron
festate of 100,000 acres, of which the Company now own 1-sth.
rotessor Emmons, the geologist of the state of New York,
ti3f, his report to the state, states that more than six millions
? ins of
magnetic
c-rock ore of 80 per c-nt. richness, lies with-
-I_ll. two feet of the surface, and m .st of which may be removed
abundance
blasting, while there exists in immediate proximity
.0 of water power, and unlimited facilities for the
ve..!loinical manufacture of charcoal iron.
t,ti; Yan act of the Legislaturb of the State of New York, at
cir last session, the whole estate of this Company is
Caen,pt from taxation until 1879.
TRAFFIC.
general traffic which must flow over this line is ex-
trsT,,,he,
o,—"e'Y large, and leaves no doubt of the remunerative
eraeter of the undertaking. The directors esti nate that
zilvttiraynfto7 earnings from way or local traffic, with the road
-etaDleted, will amount to upwards of 700,000/, sterling, the
which will not exceed 45 per cent.
~,?I` careful examination as to the immense supply of freight
ta—stitig at the summit of the road, the short distance from
tlas
ta
1' rket, the extensive and unsupplied demand for every item
a freight at the eastern termini of the roads at Albany
til, rrcY, and at Lair Ontario West, for Western demand ;
the e facts of the gradients, level or descending, in favour of
;11PrePonderating traffic, the nominal cost of fuel, usually
~2fifth f the expense of maintaining a railway line, will,d
'.'eti considered, fully justify the estimates of earnings, an
Will pro oe
hove
..,
~ most conclusively the capability of the road teo
nighlY profitable rates the teeming products of th

DEBENTURE BONDS.
4, The Company have already allotted 51,000 shares of their
Blare capital, equal to 1,020,0001., upon which 10 per cent.,
° 21. per share has been paid ; and the directors, by their
Fbarter, being empowered to raise capital by the issue of de-
benture bonds, have created bonds to the amount of 800,0001.
of which they have recently sold entirely among the share-
holders 200,000/, The bonds are for 1,000 dollars, or
2081; 6s. Bd. each, in the usual form, falling due in 1879,
20th coupons attached, bearing interest at 7 per cent. per
annum, payable half-yearly. Th • remaining 600,0001. of
the above bonds the directors have agreed to off -I. in England
the Principal and interest of which will be payable in Lon-
uoo, at the bankers of the Company, at the rate of 208165. Bd.
baeh bond.
x
~... The interest is payable on the first days of August and
....-
bbru.y in each year. These debenture bonds are sold,
payable in single payment, or by instalments, as follows ;
On the Ist day of August proximo._ £2B 6 8
p, c:tober „ ... 30 0 0
1. December „ ... 30 0 0
~ February, 1858... 30 0 0
~ April 30 0 0
June
~
... 31 0 0
7,
August . ~ ••• :30 0 0
P,
London
certificates will be issued by the Union Bank of
iVidon upon the payment of each insta'nunt, and when all
)1::° Paid the certificates will be exchangei f,,r the bonds ; or
,inatalments may be anticipated IT the payment of the
,Allbe in full, at any time, interest to be adjusted at 7 per
-`4f, Per annum.

OPTION AS TO SHARES.
1.04' light to take shar sin the c,pit4l stock of the railway is
bes.erved to each bondholder, the privilege of three shares
thing attached to each bond of 1,000 dollars, or 208/. 6s. Sd,
I,4eling,ht, to be exercised within fivo year, upon a p .yment,
, '_axen. of 10 per cent , or 2/. per share, whi• h is all that
Lea:-ZuablY call d for; and for this purpose 9,000 shares
yeen hheld rom the public.
The SECURITY.
°Gnd Company have no floating debt, and the amount of the
e
4:,88 is secured upon the whole property of the Como ny
2 railway s, railway pant, dre., the euti e of which is mor
Thieloto
.three. trustees for the repayment
.of the amount.u..
able - 4418 the first and only non all 'he egll and
.eq lt-
hgeslights of the Company in all its real est te, and hke
till thesel other instances, must stand prior to every other lien
rese.honds y cancelled. In it effect, it is in all
loatse.l.Blllza themrdinary bonds and mortgages taken for

allilitula provided SINKING FUND.
that a sinking fund of SSOOOO or 16,0001. per
la,dni, la to be set aide out of the pro eecls of the Company's
the ' or their products, or any deficiency to be made up f om
at their receipts of the road for the redemption of the bonds.
o,_ eir maturity; and the directors are authorised to put-
eZise the bonds at any period during their currency for any
4,,, not exceeding par, or 2081. 6s. Sd. each.
tirelise general features and characteristics of this Company,
Pkev" Fame as those of the Illinois Central Railroad Com-
AteemWhose securities are deservedly popular in Europe and
Thisc4oB°lelY on account of the fact of their land basis.
°I. ae —"uPallY possess in fee simile about the same number
Illi, re: 8, relatively for each mile of road or. railway,.. as the.
the: ),L8 Central Railroad Company, all of which is situated in
!ereeiatlof New York, and is now covered with a primitive
In the- auJacent to the largest markets for lumber and timber
lipe,,,/lole country. The quantity now actually existing
45 0— 'he 500 000
grossesacr belonging to the Con pany, is
1,1;1cl:11.0,00p
of tons of surface produc.ts the value of
ikte ~ With the lands, when cleared, calling them 31. per libe„' 2Tollid be 6,590,000/ estimating the forest product 14.._‘!,0 basis of cordwood, is that of least value.
411,1" win therefore be seen, that upon completion of the road,s
kalafter discharging the debenture debt, the three shares
'44 be considered as prospectively of at least the value o
INiVpl._ ebeliture bond, at a cost of 21. per share.
licatiolvi to be made to the brokers, Helens and Roy.
I ai
Ihrolpoile.streot, Loiliov,