New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-08-11
A Choice Security.
FIRST MORTGAGE BONDS
OF THE
NETWORK And OSWEGO MIDLAND R. R.
Coupon and Registered.
Principal and Interest Payable in Gold.
OF GOVERNMENT TAX, payable in New-YOrk
January and July

Jdhudly anu "uJ'
The road upon which these securities are based Is
of irstclass Importance. 1t spans the State Of
New-York from its metropolis TO its northern bor-
ders. No public work Of greater magnitude of
fairer promise for utility and profit has ever been
undertaken in this State. I
It's northern terminus is at the City Of 0swego on
Lake Ontario From this point it traverses. in the
direction of New-York the rich and populous coun-
ties OF Oswego, Oneida, Madison Cayuga, Onondaga
Cortland, Chenango, Otsego, Delaware, Sullivan,
Ulster and Orange where it strikes the borders Of
New-Jersey, whence it continues under another
name and separate charter obtained from that State
20 the City Of New-York The last-named division
is now in course of construction The entire length
of the road is upward of 400 miles.
The road is admirably located for securing large
and profitable business. The northern section of
New-Jersey, through which it passes, is one of the
most healthfu and picturesque regions in the yicn-
ity of New York. 1t only needs the additional at
traction of the railroad facilities which this line will
afford to transform it into wealthy and populous
suburb OF the metropolis thus securing to that di-
vision of the road large and constantly increasing
local business.
The other and main division traverses the entire
length Of the great midland counties Of New-York
which have been hitherto almost destitute of railroad
facilities These counties are as fertile and produo
tive as any in the State and this road viii furnish
them their much needed facilities for transportation
and travel it cannotfal to command throughout its
entire length large and TemuneratiYe local bust.
ness. --as. Il y 80 ~. 20
disadvantages for through business both Northern
and Western are also unsurpassed. 1t shortens the
railroad connections Of the city OF Eew-YOrk with
Oswego and Canada forty-fve miles; and, by means
of branch to Auburn, where it connects with the
NewYork Central, it shortens that connection with
Buffalo and the West seventy miles. These are i'm
pOrtant advantages. Taken in connection with its
thorough construction its easy grades and its free
dom from sharp curves il cannot fab TO compete
successfully with any and all other roads for through
business Possessing such superior advantages for
commanding both local and through business and
being one of the trunk lines of road starting from
the great commercial center of the Union, there
would seem to be no room to doubt that the road
will prove to BIO one of the most remuneratye in the
country
Its construction has been undertaken under finan-
cal auspices equally favorable The citizens of the
Midland Counties feeling the urgent need of railroad
facilities have made subscriptions to its capital stock
To the amount Of six millions Of dollars The larger
share of these subscriptions have been made by
towns and cities in their corporate capacity and tor
which they paid in town and city bonds bearing z
per cent interest These bonds being made by law
exempt from local ard municipal taxation, when
held In any county through which the road passes,
the company have found ready sale for them at par
and interest whenever they had occasion to the
proceeds thus rendering the subscriptions for which
they were given ia payment. equivalent TO cash.
The Company therefore commenced its undertaking
with paid up capital of 100000, which, 1t is be-
heyed il larger capital than any other railroad enter
prise IN this country has erT been started Icitb.
BY express provision Of law the towns and cities
which have thus subscribed for aud now hold ma
jor,y Of the capital stock Of the Company never
dispose of it, whatever the market price may be,
without the consent of majority OF the taxpayers
in the respective towns and cities This virtually
may be deemed a perpetual prohibition OF sale,
whereby the control OF tho road will remain forever
with the farmers and business residing on its
line who, of ell Others, tho parties most inter
esed in ITS success and thus save it from the hazards
of being made a football of stock operators and
spectators.
To provide the balance Of the means that may DO
found requisite 20 complete and equip the road. the
Company has adopted the usual method.of issuing
bonds secured by first mortgage on Ats property.
That mortgage has been executed. IL conveys To A.
A Low Geo Opdyke and DelOs De Wolf in trust
20 be held as security for the bondhoders the entire
road and its branches from Oswego to the State line
of New Jersey together with its equipment, fran
ehse and all other property of the Company apper'
tanning thereto II also prorde that the issue Of bonds
sha be strictly Limited 10 $4,000 per milo Of road 40
tually built and IN running order.
The Company is prosecuting its work with great
energy and doing il in the most substantial manner
II expects TO have one hundred and forty-seven
miles Of its road finished by the LIST October next.
namely that portion Of its main line running from
Oswego 10 Sidney Pains the point of intersection
with the Albany and susquehanna Railroad. together
| With branch 10 New Berlin. Nearly the whole
cost ~ this portion has been betrayed by the stock
subscriptions raised along this part of the line The
trading masonry. and bridging Of that portion OF
tho line il already about completed. and not less
than sixty miles of track laid. The work is also
oino GOOD progress on other divisions of the road.
II il the expectation of the Company. If not retarded
by unforeseen obstacles to have the entire toau
COMPLETED within the ensuing calendar year.
In offering these securities to the pubic IL IL que
70 the Company TO say that in the preparation Of
their bonds and the mortgage under whlch they are
;ssued they have checrfully adopted every sugges-
tion that We have deemed essential to render them
t most perfect and attractive railroad security on
| the market. The mortgage provides that III case ol
| JofanIt for n period of four months, in the pay
ment of interest the bonds shall become que anu
,no,vers the trustees in that event. to take pos
session Of the road and all other property coVereu III
10 ,nortgape and to use or sell the same for the
! benefit of the bondh)lders, This we deem host
;nortont proyision as it avoids all the delays and
/ r. l.faNu