Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1857-03-05


During the six months. transportation Of
iron rails. cross ties. lumber and materials
for the construction Of the road, was done to
At least the amount Of $1,000. Tor which no
charge has been made, anI which would in.
crease the net earnings to $3,447.
The President, after rcitrrin. to the great
depth Of snow last win,er and various other
matters which retarded the completion Of ,he
road and business, says
Two facts, however. have been established
which ought Ia satisfy any one that success
equal 10 the fullest expectations Of the Gonna
ny Is only question OF time. The one. that
coal can be brought 10 this market at the pres
ent rate OF irelghts, with profit to tie miners,
and sold al less price than the Cumberland.
or taken TO New York and sold at the same
rate-the other, that it has decided preference
10 the market over that coal, 50 far q. il has
been tried
The Northern Central Road, with terminus
at Baltimore, the great 1t pot Of the Cumter-
land, is now using Broad Top coal for it, loco
motives The machine shops and locomo-
tives on the State Road have been getting their
supply exclusively from Broad Top Since March
last; and the NOrrIstoWn. Westchester direct
anu other roads, have been using it To greater
or less extent. Some shipments made to New
York have given the greatest satisfaction and
a trial of II Is intended 10 be made soon uDon
the Hudson River Railroad and the Long Island
SIX new mines will get into operation now
snortly, making with the four previously work
ed, ten 10 all; two TO four more will be opened
during the Summer. These mines when in fun
operation and vigorously worked, should send
to market five hundred tons annually
For The present year, two hundred and fifty
thousand tons Is a moderate estimate. provided
transportation can be had. Of which we do MT
anticipate any difficulty. A turnpike connect
ing the road with Morrison's Cove. and q plapk
road connecting tie terminus at Hopeweii with
me bedford turnpike, both nearly completed.
Will greatly increase the local freights. The
improvements now making al Bedford Spriqrs
viii probably attract a large number Of visitors
ahd add very much 10 the passenger receipts
me Board think theycaa now safely saw
'hal 'here IS but one thing wanting 10 make the
success oil The Company no longer a problem
and that Is the funding of the floating debt.
ou are all aware of the high rates charged
railroad companies for money, as well As the
great Gihcuity at times of any out the most
favored getting it at all. The Board have 50
Iat oeeh able to meet the engagements of the
Company by temporary loans, but as there will
De no occasion for a further increase of the
oeCt 10 any extent, il is now decidedly to the
interest OF the stockholders to convert il into a
permanent loan. With this view, the Board
nave decided the execution Of mortgage of
soVo,O0O, with eighteen years 10 run, with an
issue OF bonds in sums of $500 each, bearing
seven per cent. interest payable half YEARLY
on lst February and lst August of each wear,
One-iourth of the net revenue of the road and
mines from January /, 1861, after deductjnr
interest upon loans, is pledged to be invested
Semi-annually, in sinking fund, for the re-
dempuon Of this issue Of bonds.
The road and colleries can be leased for .
term OF years, at a rent under which the above
arraI oement for sinking fund would redeem
the bonds in eight years or less from It's com
mencement. Besides this pledge of revenue
Itself a good basis, the bonds are secured hv
mortgage on forty-three miles of railroad
twenly-six hundred acres of coal lands vitb
the colleries opened thereon the franchises Of
the Company, the real estate at Huntjngdo1
ard other places, and alt the other pronerfv of
me Company, upon a considerable nnrtjo1 Of
winch 1t is first lien, having been aconired
since the execution of the first mortgapa and
upon the remainder second lien, TheTe vii
De, De, perhaps, after deducting cash assets. $3.50
OOU OF floating debt to provide for. sale Of