The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-03-17

necessary to refer to that portion Of the line along the
Delaware, which cost average for % miles more
than $780, 600 per mile west Of Port Deposit st what
10 called the Gulf Su mmt excavation about
ono mile. Will cost, when completed, $500 600.
Those interested will be able from these sasmsnts
70 form idea Of the difficulties under which the
company and the contractors have abored In toe oou-
structon end improvement OF the road fsm Piermony
to Binshanton. We now to very i'm portant
portion Of tho rsportthat part relating to the anan-
| cial condition of the company -
| New YoRx AND ERIE RAILROAD CoMPAny-Irs FINAs-
| cIAL ConpIrIoN
1st. The State mortgage bonds, payable in
3D. The second issue Of do do 1855. 100000
| Sd. The certificates Of an old Indebtedness, 20
| exchanged for those Of = similar character. s}
4tS The old ana new stock 81 present stand: '''
oiS stock, number Of shares. s:aA
| 9th. To which may bs added, Is an es-
! innate Of tho amount of stock which
may 10 used to advsntagei in payment
| to contractors purchase of looomo-
| tivss, cars, msebin.ry, &c by the
| time the road shall be extended to
| Hornellsvtle, say, shares. 814 6Sl40o
sls,soo,ooo
deducted the amount deposited With the
mortgage bends, till the i4th May. 1851.
Although this amount 10 not I'm msdiatsly
| available to pay of the debts Of the COM
pspy, 1t 10 Of the Same value a. II deposited
IN psnk for specino purpose $3.50 lla-say 500 ooe
Total. ......... .sls 900 900
This, 1t IL estimated, will complete the road to Hor-
nsllsvils distsncs Of three hundred and eighteen
miles from Fremont leaving hundred and thirty
niles to complete before reaching Lake Erie. IL
win be by this that the company will not have
exhausted its but will d 600 shares Of it,
capital stock hand which, the par value amounts
to $46oo0c0 This sum will be, 1t is estimated cum.
oientto complete the road to the Lake provide the
whole line with all the machinery necessary for the
most extensive operations.
The total liabilities Of the company for the whole
road from Piermont to Bipghamton, including New
burg branch, amount to $sso24sS which represents
Improperly Of the company ollows 20ok miles Of
road extending from Piermont to Binghamton In cud.
Ing equipment Wis., ~ locomotives 20 passenger cars
400 freight cars machine shops mschiuery In Shops
depot BUILDINGS, &c 40 $50 900 per MILE o2s oeo
Two steamboats, three bargss, improvements 1t pier,
20, 60, $3.50 322 Newburgh branch, 10 miles in
length, nearly graded s2e2,ss7. 800 tons railroad
IRON, 500 per ton $26b,o00 less amount advanced
hereon, $4,000, making $3.50 oee Amount expended
Oh the road vert Of Bsshamton before tho present
managers assumed the control of the work. which
amounted to nearly 50 Geo 0oo asd now worth to the
Company riding to the estimate Of the Chief En-.
gineer roy 100000 Amount expended by the pre-
purcHes0 OF rignt or way, depot grounds.
ersineering &c, 20, account OF the extension OF
the ROAD we't Of Bipghsmton duriog the past wear,
ths property purchased being repre-. snted by this
sunny s122 1888 Balance In the hands Of Comptroller
to pay interest ON the SO 900 600 mortgage bonds till
May IA 1861 $500 l43 Value Of rua,srai. on hand
end paid for say $50 900 Total sllss2lo5
d, comparing tss aggregate amount Of liabilities
with a1sr and safe valuation Of the property the
company II will be seen that there ia an exossa Of
about millions of dollars over and above all sb
ties o. surplus in favor Of bonus to- the stock
holders
For the purpose Of extending the road wss.v.ra a.
rapidly ~ possible the comps. ~ have determined tn
MAKE second i'sus Of mortgage bonds to the amount
OF $4,000 ooo payabls in years With int.rest AZ
seven per cent and rccu-ed by . mortgage upon the
whole road, from Fremont to Lake Erie and all ts
appofsenanoss, subsct only to the lion created
BY tho hrst mortgage bonds, of 50 GOO ooe Ths
objects to b secured by this issue OF mortraps
bonds are ~ follows 1t. the funding of the floating
debit "a, the payment required under the contract
rem BinsAamton to Corning; 3d. the extension OF tn,
read from Corning westward, to connect with tina
Hornesfv!l's and Buffalo Ra'rosd with the Attios
an1 Hornellsville Railroad i'm me datey unon ,t. CON.
pleton, which, informed will probably BE- With,
eighteen months.
These bonds va have included In the above tab,s "a
make up the aggregate cost Of the road to
The security offered for the bonds Ia cops,d.rsa hv
the company suniosnt to guaranty favorable nsso-
tstion of them in the msrkst Ths coat of tn. ro,A
completed, and machinery, Is pnt down ct $4,000 600.
- follows
Cost Of completing road to Hornel;sviile a.
before mentioned. ........ $4,000 oc0
Cost Of constructing road from Horn.lis. ''''''''
vMe 70 Lake Erie. CONGRATULATIONS. 16O0 OnO
Auu 'oE con'ingencNs' .'............ 50000o
IotaI ......... ..............., x16 600 OO0
The only mortgage o. this road taking preeedsuos
the one given fer the seeoy Of tn. second ,.sus
bonds that for the 80 900 oo0 this leaves after paving
the nrst mortgage property valued At SIS 600 COO to
cure the payment Of 81 oooooo Of bonds or in smother
view 81 the matter property valued ct sts 100000 IL
given for tbs security ofbonds ting to ooo
Tbs is not the only security they have The insoms
OF e compsny is likely to bs very large and when tho
road 10 completed tho net revenue according 20 tb.
most reasonable estimates .i bs large enough to not
only pay the interest Oh the debt and GOOD Dividend
on the stock but leave surpu, for tho formation of
nhns fund large enough to pay OF large portion Of
The bonds as they reach maturity The annexed sst.
mate Of tho company, relative to earnings, vhsn the
lead lie completed to Lake Erie, Il not nuoh II any.
thing. beyond tho mark
NEw YoEK AND Es,K RAiLnoAp-Esrru.rsp E,aSras
Estimated earstpas whsn finished. 49,. s. 5000 600
oo' 'o' eAP' 1880 '''''.... loo 900
Net revssus:: 81, 500 900
lpferest ON 81 600 900 mortgage
boz d.. At per cent. 49,. :. eleo ooo
Do DO c0c.soe csrtiscstes At Der
Dtvid.ad: 90 oiecc,oso stock, ! per $1,000 n.
cens. ...,... $50 600 ~. I55 OO1.
surplus. .S3t5.OO0
1t VIII DO eesn by this ststsmsn that the nat carr.