The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1852-06-21


Of Connecticut has Jus. passed bill authorizing free
banking Tho bill met with powerful, opposii9n IN the
lower from hc old cha-tcc banks AMI every spe
cr ~ ioSery re.ortt To psrpet0ate .ne ol sys
tain The bin pased by apoe Of io7 democrats and IL
wings ia favor 10 IS democrats and 73 rhigs against It
being majority OF thirty three for the lin We have
not seen copy law. but presume it u.s. like that
adnp q. ia the different lin lar the which
originated aud went fir ITO operation IN tint state
Tls Canaudagua and Corning Railroad Company WIZ
sell at auction 1T the Merchln,s' Exchange, on "sdhs
d,y BID day o June two buudred thousand dollars
(e2ooooo, Of per cent coupon second mortgage
bopds. These bonds rcieemabe in 1901 anu are ~
susd for The purpoe properly eqappns the roaa 80
to enable HE company avail themselves o Tue bu-
spess the opening lines viii ATTRACT 70 tas route
The Canandagus and Corning rosd ~ ono o. ne most n-
poranl connecting links between he General ind south
lines of rlroad running through this state 1t con-
meets with the Central hue, from Albany TO Hualowilh
the road from Rochester through bocFpOrt 30 the Falls
with the Wiamsport roa'! through Hennsy' ania at
Elmrn, and with Dunars ana the State Lac ana Lake
shore roads via the Erie frm Emira There il little
doubt that the broad guagc chain Of which This road
forms a part will receive fun a western freight
aud travel freight laden at Niagara Fall will be
sent direct to Now York without breaking bnlS must
necessarily b the sth the Buffalo ami Albany road
The secory Of the bonds be judged from the cost
present income ana future prospects of the work. The
ensre cost with fun equipments, proposed, will bs
$3.50 COO OF which he first mortgage will constitute
sos COO and the second $500 600 aud the stock subscp
items $3.50 o00 OF the last Ss29 oC0 has been paid in.
Founding estimate the monthly receipts for tho
pas. xix months the derived from the years
rness viii fa 500 900 from which forty per
cent being deducted running expenses leaves 100000
bcrg interest Of than per cent upon the
PR co al the road rhe total bonded inicbcdnes
of tbe company the issuing Of tile second mortgage
bends, will be $500 coo which the yearly interest is
S5 oO0 90 that eyen supposing what in view Of The fact
above stated is mpossbility that the income Of tn,
read win be greater during the next year than during
the present. there be doubt that the interest on
the bonds viii be punctuay paid
1Lc road is torty-seyen miles in length and but
about so eco per mic. IL through of the finest
and richest sections OF he State it, local
ultimately be great per mile any other roqd in that
vicinity The canandagna and Niagara Fails Railroad.
" which this road connects at Canantaigua will soon
be completed and most If the Western traff, by that
route for New York will pass this the Erie road
The Cnuandaigua ard Corning Railroad is built in the
nos substantial manner, MS to ensure high rate
sped and il laid with heavy rail OF the weight Of six
" ponnd to the yard 1t has stood the test of TO-
arlafy winter and considered by good judges
to be inferior work of the kind in the country It
Is but poorly supplied with cars and locomotives these
having been heretofore furnished certain terms, by
the New York and Erie Railroad Company; and it the
intcnon Of the directors to devote the proceeds Of this
Issue Of bonds principally 10 the purpose of fully equip
ping the read.
Shepherd Knapp and Hiram Ketehum have been APP
pointed trustees for the bondhoers, in whose favor
mortgage has been issued all the land and fixtures OF
the company, and also al its income, issues and
ceips that these bonds under the denomination
both income and second mortgage bonds Thec bonds
arc o. good investment the income bonds Of the
New York and Erie Railroad, which now selling in
this market at par.