New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1849-03-17

heavy embsnkmeuts heavy rock excavations high re-
tanning walls piers. expensive bridges and cul
verts sc &c. which have demanded heavy ex.
penditures the part of the Company. BY ju-
malicious changes Of location the road mas been made
much level than 1t was originally surveyed and
while the has been increased the Directors are
confident ths, the result will prove the wisdom Of the
changes The financial condition Of the road is as
follows
Oh stock, 80 shares 20
New ,o,E to conrscors lasii share. i0o
ceruhes,s.i n eschsnge Tor others insured $4,000
fiossng sSSsSS
Tota liabilities. 500 49,
OF the floating debt s252 800 has been incurred for
materials labor, sc. ives, Of Bnghsmton TIA, the
sos,ug debt properly ohsrgeshle TO the extension Of
the road 10 Bnshsmtop Is bat s5sl 800 1.-THE amount
Of money deposited with the Controller pay interest
on the 100000 mortgage bonds. til the lith May
1851, available ii would nearly pay on the
tire floating debt properly chargesbe upon the e1ten
son Of the road TO that place.
The estimated value Of the property Of the Company
(which .represeuted by the present liabilities, as stated
sbove) IL follows which l. stated 10 be much less
than SEXUAL cost but considered best place
Il below rather than above. its real value
2ofs niles OF road. extending from Psrmont 10 Bingham
ton including equipment VIZ = locomotives p pssser
shops, oepo buildings, &C. 5000 per mile. sio0150os
pier 1881
" srased 1851
-. s,poant advances iherson $500 10000
Anoqal e1 pended on The road west Of Binghsm
tor before ss present ms sse.. s,9 zoo ,o Ss
sS,inssr 10000
AR Risgssnton ~ s53
ssI.aes IN he bsns, Of Controller to pay nters.t
90 lbe 100000 Mortgage Bonds nil May a. s,e,.,
y.oe OF Materials os hard and PAD for, say. 10000
,ss1 1876
allowing surplus of two million, in favor Of the stock
holders In regard to the TO be adopted for
the continuing the road toward Lake Erie the Report
ssys that the Board have made arrangement 10
modify the contract with Messrs Constant Cook & Co.
for extending the road 10 Corning by which the In
come certificates in which they paid are 70 be
cancelled, and the Board have determined 10 make 4
second issue Of mortgage bonds 10 the amount Of
100000 payable in ten years with interest at per
cen, payable semi annually convertible into stock AZ
any time before maturity and secured by mortgage
upon the whole road and lite sppurtenances from Pier
mont 10 Lake Erie subject only the lien created by
the State mortgage bonds Of 100000 Out of this
Issue Of bonds these gentlemen 10 receive their pay
on .ccoun, OF their contract instead Of the Income
ufcsies
The objec,s 10 be secured by this issue Of mortgage
bonds are rs follows
IL, The funding OF the 6osiing debt
q The payment required under the contract aboVenen-
nOnes. from nghsmton to Corning
Sd The extension ~ the road from Coming westward,
10 connect with the Honelsve and Buffalo Railroad,
with Aucs and Hornelsville Railroad, Immediately
upon its completion probably within eighteen months
This connection however will not check the efforts
of the Directors to push the road directly through to
III, III ~ III
Road 10 Hornesvle, with equipments, at $4,000 900
Upon the completion Of this Road to Hornesvile 800
miles in length end tho Newburgh branch, 10 miles
making ia all $50 miles Of railroad the lowest estimate
tha, can be made of its value including equipments for
running it, cannot fall short Of sl5,OO00OO
The means to extend the rond to Lake Erie from
Hornelsvs consist Of As 600 shares unissued stock
equal At par to S5O0OO0 while the cost of completing
the road according to the of the chief engineer
4. less than 50 500 600 with liberal margin for
rngences The Directors believe that by the time the
road reaches Hornelsve the stock will be worth par
The road can be completed within - months after
Hornensville is reached, provided the funds are ct
hand The Report then speak OF the Bonds which are
TO be- issued and the Directors consider them as worthy
of the attention and confidence Of capitalists as the
State Mortgage Bonds With the sale Of these Bonds
the public may look forward with confidence to the
completion OF the road within two years The entire
cost will then be- II Is estimated, sl6OOOOOO, or
s3i 900 per mile which is less than many other roads
have cost
lnreesrd a. the earnings Of the Road the report
states ths, the estimate upon the completion OF the
Road to Bnghsmton was 81 100000, and when com
pleted TO Elmira. 81, 100000. These estimates were
based apon the suppostion of fair equipment OF the
Road The equipment thus far has been insufficient
but will be pretty fully supplied by the opening OF
next month
Tn. so. earnings Of tb. road c O., miles, amounted 20 sl6 90
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