New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-08-13
A Choice Security.
FIRST MORTGAGE BONDS
NETWORK and OSWEGO MIDLAND R. R.
Coupon and Registered.
Principal and Interest Payable in Gold.
Interest SEVEN Per Cent. GOLD per annum, FREE
OF GOVERNMENT TAX, payable in New-York
January and July.

|
New-York from its metropolis to its northern Dor
ders. No public work OF greater magnitude or of
fairer promise for utility and profit has ever been
undertaken in this State
It's northern terminus is at the City of Oswego, on
Lake Ontario. From this point it traverses. in the
direction of NewYork, the rich and populous coun-
ties of Oswego, Oneida, Madison, Cayuga, Onondaga
Cortland, Chenango 0tsego, Delaware, Sullivan,
Ulster, and Orange where it strikes the borders of
NewoJersey, whence it continues under another
name and separate charter obtained from that State
70 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 heathful and picturesque regions in the vcin-
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 as fertile and produc-
tive as any in the State and this road will furnish
them their much needed facilities for transportation
and travel it cannot fail to command throughout its
entire length, large and remunerative local bust
ness
It's advantages for through business both Northern
and Western, also unsurpassed. 1t shortens the
railroad connections Of the city Of New-York with
Oswego aud Canada forty-fye 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
| lgvNa NJ aI,.. L.
thorough construction, its easy grades and its free
dom from sharp curves, it cannot fail 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 tho trunk lines of road starting from
the great commercial center of the Union. there
would seem to be no room 10 doubt that the road
will prove to be of the most remunerative in the
country.
It's construction has been undertaken under fnan-
cal auspices equally favorable The citizens of the
Midland Counties feeling the urgent need Of railroad
facilities have made subscriptions to its capital stock
70 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 for
which they paid in town and city bonds bearing
per cent interest These bonds being made by law
exempt from local and municipal taxation. when
the company have found ready sale for them at par
and interest whenever they had occasion to use the
proceeds. thus rendering the subscriptions for which
they were given in payment, equivalent TO cash.
The Company, therefore, commenced its undertaking
with paid up capital Of s60OO0OO which, it is be-
leved IS larger capital than any other railroad enter
prise in this country hd, ercr been started Wih
BY express provision of law the towns and cities
which have thus subscribed for and now hold ma
jorty of the capital stock Of the Company
dispose of IL, whatever the market price may be-
without the consent Of majority OF the taxpayers
in the respective towns and cities. This virtually
may DO deemed perpetual prohibition of SALE
whereby the control of the road will remain forever
with the farmers and business men residing on its
line who, of all Others, the parties most inter
ested in t success and thus it from the hazards
of being made football of stock operators and
spectators. ........ .... ... ....
To provide the balance of the means that may be
found requisite 10 complete and equip the road, the
Company has adopted the usual method Of issuing
bonds secu ed by first mortgage its property
That mortgage has been executed. ID conveys 20 A.
A. Low. Geo Opdyke and Delos De Wolf, in trust,
10 be held as security for the bondholders the entire
road and its branches from Oswego to the State line
of New-Jersey together with its equipment. fran
chso. and all other property of the Company apper
shall be strictly limited 10 10000 per mile Of road
tudlly built and in running order.
The Company is prosecuting its work with great
energy. and doing it in the most substantial manner
IL expects TO have one hundred and forty-seyen
miles of its road finished by the LIST October next
namely that portion of its main line running from
Oswego TO Sidney Plains the point Of intersection
with the Albany and Susquehanna Railroad, together
with a branch to New-Berlin. Nearly tho whole
cost of this portion has been betrayed by the stock
subscriptions raised along this part of the line The
grading, masonry and bridging Of that portion OF
the line is already about completed, and not less
than sixty miles of track laid. The work is also
making good progress or other divisions of the road
1t is the expectation of the Company if not retarded
by unforeseen obstacles, TO have the entire road
completed within the ensuing calendar year
In offering these securities to the public 1t is due
TO the Company to say, that in the preparation of
their bonds and the mortgage under which they are
issued. they have cheefully adopted every sugges
ton that we have deemed essential to render them
the most perfect and attractive railroad security on
the market The mortgage provides that in case OF
default, for period Of four months, in the pay
ment of interest, the bonds shall become due; ana
il empowers the trustees. in that event. to take pos
session of the road and all other property covered in
rho mortgage and to use or sell tho same for the
bene6t of the bondhoders. This we deem most
important provision. as it avoids all the delays ana
dangers of litigation in case OF default.
The bonds are issued with coupons but they pro-
,,ido Gar registration ond reconverson into coupon
bonds At the option of the holders. Or if any holder
90 oIoot he NAV by surrendering the coupons, con-
vert them into permanent registered bonds.
The bonds are payable in twenty-five years from
tbe lot of July last They are payable in gold coin
~ rho limited States They bear gold interest at the