The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1850-07-15

bring It to this city, the public works Of this
State. che Rome, Waterfront and Cape Vincent rail-
road passes through Oneida, Oswego and Jefferson
counties to its termination at Cape Vincent, Lake
Ontario, directly opposite the city Of Kingston, Ca
NADIA Cape Vincent is situated at the mouth OF the
St river ard at the eastern Of the
immense extent of lake navigation that stretches
into the heart OF the continent The harbors
OF Kingston and Cape Vincent accessible at all
sons, and have depth of water sufficient to float any
craft The completion Of this road will open through
Kingston the travel of all Canada West The
of the section Of country in this through
which the road would pass, immense, but at pre-
seLt undeveloped for the want Of proper communica
tions with the seaboard markets There enormous
beds of in that region and the manufacture Of
iron is already carried 10 a considerable extent
Water power the Black river be easily obtained
it is estimated that 1900 cubic feet of water
delivered per minute in the driest Rome the
eastern terminus of this road is the Erie canal in
Oneida county and the Syracuse and Utica railroad
passes through it, by which it is connected with the
whole net work of railroads running in every direc
ton tits miles from Cape Vincent and 100 miles from
Albany watertown Is very thriving village, on the
lire of the contemplated road of 5000 inhabitants 1t
manufacturing place of some Importance, possess
ing cotton wooll,n factories tannerie breweries
Touring mills paper mills The country around is
highly cultivated, and the soil fertile.
The surface of country through which this road will
pass is remarkably uniform. The summit level is
only 40 feet above Lake Ontario. 1t has been
veyed by several Of most distinguished engineers
and it is estimated that the total cost Of construction
and equipment will not exceed 81, 100000 The maxi
mum grade will not exceed 25 to 80 feet to the mile
the curves Of small radii-no rock cutting, and
timber in any quantity for bridges, &c. at reasonable
prices. Upon the most moderate calculation relative
to revenue from the local travel it estimated that
net income of about $l50000 will be realized the first
year after opening, equal to ten per cent capital
of 81 500 00 The from which this road would
derive business inpumerabls. By this route the
distance between New York and Kingston would be 351
miles. Kingston is the outlet of the trade and
travel of Canada West. More than 100000 inhsb-
tants of active and enterprising character, de-
pend upon that port for supplies, and out
Jet for their productions There is owned in Cana
da West, Of vessels plying on Lake Ontario, 81
steamers, Is propelers ships, briggs o. schooners
and 800 barges valued at 81, $4,000 Three forward
Ing houses sent from Kingston, during the year 1885,
s1,167 tons. Produce cannot be shipped from Kings
ton after the middle Of October with any certainty Of
it's leaving Quebec the same fall At Quebec, navi-
cation is usually closed six months in the year,
during which time produce must remain over, at
Kingston or below. Lake navigation is closed about
four and halt months recent act of Congress per-
mits produce to be sent from Canada, through the
United States free Of duty; and in the event of this
road being completed to Cape Vincent, property
be shipped to England, at all seasons in much less
time and at less price than by any other route
The company have progressed rapidly in the con-
struction of the road circumstances would permit.
The work on it commenced about eighteen months
SINCE and in order to complete II is desirable
becomes necessary raise portion of the funds by
issua of Mt hond ia sad 4
cut mortgage for 100000 to the payment of
bonds to be issued for that amount. By borrowing
that sum the road be completed in 1851. Nearly
one half the amount will be needed the present year,
and the balance in 1851. The company have thus far
expended $362021 S. and is estimated that the ex.
penditure will amount to $4,000 before any bonds
will be issued. In consequence Of large proportion
Of the stockholders of this road being farmers whose
means not generally in ready money, and who
could not therefore, without Inconvenience pay all
their subscriptions in short period the directors
have deemed It advisable to delay the time requr-
Ing payment Of the whole stock subscribed, and to
raise loan as above stated, which have doubt
they will be able to negotiate upon favorable terms
The grading, masonry and bridging win soon be
completed from Rome to Pierrepont Manor, SO miles
The heavy rail Is to be used and has been purchased
and Is in process Of being laid down with the inten
ton Of having the road peted thus by October
next, ue5O) Contracts nave been made for engines
and to supply the road to this point, and 1t will
be put In operation the earliest day practicable The
right Of way has been ursd considerable por-
ton Of the remainder Of the route and the contrac
tors at work some parts Of 1t.
The last annual report Of the Eastern Railroad CON-
pany gives the annexed exhibit of the Affairs Of the
corporation -
EASTERN RAILROAD.
Capital stock has been increased
1918 shares .............. S1eI 900 90
Floating debt .............. Ts,477 90
Total increase Of stock and debt. S270. 3T7 90
No change in the funded debt
Construction accounts have in
creased. ................. 1895 81
Property accounts do. do. -. 262Ts2 6s
Total investment. ...... 270,377 90
Railway Goth June,
1910 .S312O3oI az