New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1845-09-05
OFFICE oF-rHr MY. & EkiE r r. Co. }
No. 50 Wall.t y. Y sept 81. l-45.

we. whose names are hereunt0 anne ed respective
lv subscribe Tor the number Of shares Of the cspiiai
stock Of the New.lork and Enc Railroad Company Of
one hundred dollars each set opposite our nsn~s. and
agree TO pay 70 the said Company nsta'nent Of i've
dollars per share on such subscriptions the
same shall De- required by the Board Of Directors Of sid
Company after the sum OF three millions Of dollars shall
have been subscribed upon the following conditions
THAT nteres, Il the rate OF sN per cent PER
nun, sha be paid semi snnusy the rsi days Of Jan
uary and July on all the instruments the stock sub
.cribed from the date of the respective payments unta
single track Of the Road shall - completed snd pat IN
use from the Hudson to Lake Erie and also branch to
Newburg
-2-That no instslments upon such subscriptions
shall be called in nor any certificates OF stock issued
thereon until Thirty Thousand Shares OF =oo zach shall
be subscribed and accepted by the Board OF Direct
ors OF said Company a. bona fie subscriptions.
~3-That instruments amounting to not more ihsn
81 per share shall be required within twelve months
after subscriptions for itree millions shp have been OBJ
tanned, and more than $50 per share during the
second year. and So during the third year
THAT every subscriber % the said stock who shall
after having paid So per share his subscription.
become the purchaser OF any bond bonds issued pur
.uani TO the OF ih May, l,5, shall be entitled a.
any time before the maturing OF such bond or bonds 20
exchange the same to an equal to his said sub
scrpuon tor stock TO this Company al par
TO THE PUBLIC.
In making the above announcement OF the opening OF
the books 81 the Company, the Directors deem proper
10 present few remarks reference 10 this important
work The Nsw.YOrk and Erie Railroad has too long.
for the credit OF our city. remained in an unfinished
state Without expressing any opinion in reference 10
IL past history the present Board Of Directors fully
determined 10 leave nothing unione, which they can
DO to carry forward this great enterprise to an early
completion
In coming before the public 10 solicit their sabscrip
tons it presumed that almost every individual j. miy
acquainted with the value and importance Of this chan
mel OF communication. with large portion o our own
state aud the great ami rapidly increasing West In
less our citizens forward promptly and contribute
their means and influence io this great work 70 will san
remain standing mcmOnalot our want Of public spirit
and Of Indifference 10 the best interests of New YORK
The systematic efforts making By ueishborins cities o.
obtain large share of the trade oi the great West i
poses upon business men and capitalists the necessity
ofadopting immediate measures to retain such portion
OF The trade AS We are entitled % oy our position ana great
natural adyantages-gr,at 10 must De- admitted but
sufficient maintain the proud prominence against the /
onward march OF Railroad communication, Of the advan
tages of which ncshhors are fast ayaing themselves
while New ork has remained comparatively Indifferent
10 this formidable rivalry. What the Erie Canal has been
in IT'S consequences, TO the city and State of Ncwlor
the Erie Railroad We believe will be- when opened
from the Hudson River 20 Lake Ere.
Who can estimate the importance ola communication
nj al seasons Of the year with portion Of country
embracing arpaui than lIitNNtO ul
N extent to the whole Of New England and which. by /
position viii be tributary TO- and naturally dependent
upon this road for ready communication with the Allan
tic In addition which ~ its termination il opens up
on our great inland the trade of which rapidly ap
pruxmanr value o. thai Of all our foreign commerce
although get but in Us infancy. II our Atlantic com.
should Dee exposed 20 the dangers incident 20 for
cgn invasion how vastly would such an internal com.
municaiion increase in importance and magnitude
Through this can be- reached most expeditiousy
the Western and South Western cities, Cincinnati =
4.I.. s..g Ht. 49,
and merchandise would. almost of necessity. i'm, H.
way hrou ,h this route to the Valley of the Mississippi
To complete a single tract 10 Lake Erie six millions of
dollars are required The of the work the stock
holders will then be $3.50 600 and adding liberal
provide TOR and engines for the commence
OF business the road. with heavy NJ rail- esii
mated eos per ton will be brought into use for less
than $4,000 per mile The actual cost OF the road viii
be $4,000 per mile but the literally OF the state
and the surrender of half the stock Of the present hold
reduces it 10 this very low rate.
In reference To- the estimates. II may be- proper 10 state
that responsible contractors have offered 10 take the
whole work at prices nine per cent less than those
sumed in the calculations on which they were based.
With regard 10 the productveness of the investment
the Board i OF the opinion that the result cannot fail o.
bee in the CHEST degree satisfactory In Whatever light
the subject i viewed such be- the conclusion
rived at by any careful and intelligent inquirer There
space address of this character 90 into
elaborate argument this point and i the less
sary the impression seems now 20 have become very
general if universal. that If the road can be-
petfd pay large dividends The results obtained
the section already IN use prove this The great
length Of the the producveness OF the countr,
through which IL passes and 20 which IL leads the alb
of all danger OF injurious competition from rival
routes. the numerous branches already existing in
contemplation exceeding in the aggregate the length Of
the main trunk the immense market which this City vii
afford for agricultural products OF every description and
the boundcss country whose inhabitants must be- sup
Piled with merchandise 90 be sent in exchange appear
10 us leave reasonable doubt this import
ant question.
To these considerations mus, be added the great i'm
provements in motive power which have recently been
made and which have demonstrated fully that Railroads
and do compete successutp in the trans yOrtaOn
Of articles Of heavy merchant with any other mode 0f
conveyance While the completion Of mis- road will thus
stimulate every department OF business and add millions
the value oi the property within the reach Of ts nhu
cannot fail in dispensing these blessings 10 the
public, 70 enrich in still greater proportion the holders
Of ia stock.
With regard to the Indebtedness Of the Company the
amount Of which about S6000O the Board ishappy
be able 10 state that owing "a the bery manifested by
the principal creditors the time OF payment for most Of
il has been extended satisfactory terms The sum Of
$50 so BE is IN the shape Of and per cerii
Gates payable the 1T OF January l-i9 The holders
about Onehaf the remainder have agreed settle by
taking certificates OF the character and the residue
including an amount due for work recently done on the
-hawsngunk summit is m cour-e OF settlement as the
means Of the Company VIII permit
AZ nducement for capitalists 10 subscribe interest
will be above. will be paid upon the instamenfs
until the road is completed This the Company will boz
able DO from the surplus earnings Of the % miles Vi
road already in operation aud such additional portions
may successfully be brought into Should the
requisite amount be al subscribed the whole road
may be completed within three years from spring
than half Of the necessary prepare the
line for the rails having been done and the surveys
completed
The Directors cannot doubt that If the subject Of the
Newly nrk and Erie Railroad for the hrst time
presented 20 citizens, without any collateral adyan
and based upon is o~n intrinsic merits i would
commend self iOrciDy their favorable consideration.
but added the other Inducements those II the
by the STATE Of the 100000 loan and the reduc
non % the old stock from = 10000 10 $4,000 making
altogether bonus OF - 80 90 % the aa0ders
Thus toe whole work which about 100000 has been
expended will be- represented by stuck and debts % the
amount only Of sl30OOO
u may be- proper here 10 state that Of the 100000
required 10 b. raised by subscription, more than one
million Of dollars have been pledged IN large sums By
very lew friends Of the Road leaving less than mil
lions 10 be- raised by additional subscriptions secure
the full benefit of the recent act Of the Legislature.
In view Of the advantages OF this important work and
the great Inducements 10 subscribe the stock Of the
Company. the Board earnestly commends il the ia
able consideration Of the citizens Of New York every
one Of whom, be he poor rch every business man
less than the holder VI real estate has deep interest
IN ia early completion