The Sun.
London, England, 1857-07-06 00:00:00

r AKE ONTARIO AND HUDSON RTVEP,
C. 1.41 'RAILROAD, Sit© of New York ITn;ted

States.
The Share capital is 1,250,0001., in 60,000 shares of 5100
each ; or 201. 16s. Bd., reckoning the dollar at 4s. 2d,
DIRECTORS IN UNITED STATES.
ELTSHA C. LITCHFIELD, New York.
Mum D. COMAN, New York.
JOHN R. BRIGGS, New York.
SAMUEL J. Ths.ns, New York.
EDWIN C. HAMILTON, New York.
BENJAMIN BR ANDRETH, 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—Mans C. LITCHFIELD.
Vice-President —Joint R. Barnes. -
Treasurer - CHARLES A. MACY.
Secretary—E. D. SArroN.
Chief Engineer—A. F. Eovanns.
Consulting Engineer and Land Agent—JOHN 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.
Hon. 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
Albany and Troy ; thus uniting in a direct line the great chain
of lakes, or inland seas, with the Atlantic Ocean, at New
York. i,he 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 agriculturally 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 un-
til the present time, owing mailly to the course of settle-
Ra.ents, emigration, and traffic, induced by the opening of the
Erie Canal, and the many lines of railroad leading to the great
West.

- - LENGTH OF THE' LINE. • -
The length of the line, with its branch to the iron mines of
the Adirondak, will be about 200 miles. Contracts have been
entered into for its construction, including the rolling stock,
rights 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 gross amount
of the cost will be about 1,200,0001., which includes 100,0001.
of rolling stock. The line 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
above the termini at 100 miles distance, the heaviest gra-
dient being less than 53 feet to the mile, and these occurring
for 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' f 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.

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
terminus of the line. The 'whole of this tract will be brought
within eight hours of the city of New York by the completion
of this railway.
EXTENT AND VALUE OF THE LANDED ESTATE,
The extent and value of the lands possessed by this Com-
pany, may be judged from the following extracts from a late
report of A. F. Edwards, Esq., the chief engineer, corrobo-
rated in all respects by John B. Mills, Esq., the consulting
engineer and land agent of the Company.
Speaking of these lands, they say :--" They are known to
be covered with an extraordinary growth of timber, and on
this account are worth much more than lands fit only for ag-
ricultural purposes. Let us go where we will in the State,
we find the lands which remain covered with wood and tim-
ber altogether the most valuable, and bringing high and iu-
creasing prices."
There are, of-
1. Good pine timber lands 50,000 acres.
2. Lands containinf cherry, cedar, curled

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... 15,000 „

3. Good spruce timber lands
4. Good hemlock timber lands, ♦aluable for
plank boards and bark lOO,OOO „
5. Lands valuable, because connected with
. water-power, and for town lots lO,OOO „
6. Lands valuable for cord wood, and for ag-
ricultural purposes 225,000 „

Total ... • 500,000 acres.
the item Total
as 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
50 access to it by canals or railroads, it has not been culled
or destroyed. It is, on the average of distance, 200 miles
nearer to tide water than the pine timber on the Erie Rail-
read, at the heads of the Genesee and Alleghany Rivers,
Where the best kind of timber is worth 1/, sterling per thou-
sand feet, board measure, standing in the tree.
It is ac..4nowledged by many who have examined this coun-
t?, that the entire forest will average from sixty to one hun-
dred cords per acre, or will produce twenty thousand feet,
boa. d measure, of sawed stuff, of the various kinds, with 60
cords of merchantable wood, and 3 cords of hemlock bark
used for tanning leather.
The Company have, in addition to the 500,000 acres granted
to them, the opt ion 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
Estate of 100,000 acres, of which the Company now own 1-sth.
Professor Emmons, the geologist of the state of New York,
in his report to the state, states that more than six millions
of tons of magnetic rock ore of 80 per cent, richness, lies with-
in two feet of the surface, and most of which may be removed
without blasting, while there exists in immediate proximity
abundance of water power, and unlimited facilities for the
economical manufacture of charcoal iron,
By an act of the Legislature of the State of New York, at
their last session, the who'e estate of this Company is
exempt from taxation until 1879,

FIC.
The general traffic whichTRAF must flow over this line is ex-
tremely large, and leaves no doubt of the remunerative
character of the undertaking. The directors estimate that
their annual earnings from way or local traffic, with the road
completed, will amount to upwards of 700,0001. sterling, the
outlay for which will not exceed 45 per cent.
A careful examination as to the immense supply of freight
existing at the summit of the road, the short distance from
market, the extensive and unsupplied demand for every item
of this freight at the eastern termini of the roads at Albany
and Troy, and at Lake Ontario West, for Western demand ;
the facts of the gradients, level or descending, in favour of
the preponderating traffic, the nominal cost of fuel, usually
one-fifth of the expense of maintaining a railway line, will,
when considered, fullyjastify the estimates of earnings, and
will prove most conclusively the capability of the road to
move at highly profitable rates the teeming products of the
forest.

DEBENTURE BONDS.
The Company have already allotted 51,000 shares of their
share capital, equal to 1,020,0001., ppon which 10 per cent.,
or 21. per share has been paid; and the directors, by their
charter, being empowered to raise capital by the issue of de-
,bentnre bonds, have created bonds to the amount of 800,0001.
of which they have recently sold entirely among the share-
ho
8/lders 200,000/. The bonds are for 1,000 dollars, or
with , 60.
cou Bd. each, in the usual form, falling due in 1879,
pons attached, bearing interest at 7 per cent. per
annum, payable half-yearly. The remaining 600,0001. of
the above bonds the directors have agreed to offs.r in England
the principal and interest of which will be payable in Lon-
don, at the bankers of the Company, at the rate of 208165. Bd.
each bond.
The interest is payable on the first days of August and
February 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
October „ ... 30 0 0
December „ 30 0 0
),
If Ftruary, 1858... 30 0 0
99 April „ ... 30 0 0
June 30 0 0
August
Provisional certificates will be issued by the Union Bank of
London, upon the payment of each instalment, and when all
are paid, the certificates will be exchanged for the bonds ; or
the instalments may be anticipate& by the payment of the
bonds in full, at any time, interest to be adjusted at 7 per
cent, per annum.
OPTION AS Td SHARES.
A right to take shares in the capital stock of the railway is
reserved to each bondholder, the privilege of three shares
being attached to each bond of 1,000 dollars, or 208/. 6s. Bd.,
the right to be exercised within five year., upon a p yment,
when taken, of 10 per cent., or 21. per share, whif‘h is all that
be probably call d for; and for this purpose 9,000 shares
have been wikhheld from the public.
SECURITY.
The Company have-no floating debt, andthteamcooumnot,onfy in
bonds is secured upon the whole property of he
lands, railways, railway p'ant, dic., the entire of which
ounhaims mort.t-
gaged. to _three trustees for the repayment of
This loan is the first and only non all the
equit-
able rights of the Company in all its real eat ite,
gages in other instances, must
stand '
egaanldanlikdemort-
till these bonds ire duly cancelled. prior to
luiteffect, is in all
everyl other lien
respects like the' ordinary bonds and mortgages taken for

SIKING FUND.
It is provided that a siN king fund of $BO,OOO or 16,0001. per
atinum, is to be set a•ide out of the pro eeds of the Company's
'4"(15 or their products, or any deficiency to be made up f om
the gross receipts of the road for the redemption of the bonds
at their maturity; and the directors are authorised to pur-
chase the bonds at any period during their currency for any
sum not exceeding par, or 2081. 6s. Bd. each.
The general features and characteristics of this Company
are the Fame as those of the Illinois Central Railroad Com-
PanY, whose securities aro deservedly popular in Europe and•
America solely on account of the fact of their land basis.
This Company possess in fee simple about the same number
of acres, relatively for each mile of road or railway, as the
Illinois Central Railroad Company, all of which js situated in
the state (1 New York, and is now covered with a primitive
forest adjacent to the largest markets for lumber and timber
in the whole country. The quantity now actually existing
11P°11 the 500,000 acres belonging to the Company, is
45,000,000 of tons gross, of surface products, the value of
which, with the lands, when cleared, calling them 31. per
acre, would be 6,500,0001., estimating the forest product
upon the basis of cordwood, which is that of least value.
It will therefore be seen, that upon completion of the road,
and after discharging the debenture debt, the three shares
may be considered as prospectively of at least the value of
elio4 debenture bond, at a cost of 21. per share.
,Ittlgioations'to be made to the brokers, HMI= ant Row'
MIS is Thaatgauutrefit i4estioz.