New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-11-10

The Company b, nothing bonds Issued
(Curensy g. gnt their at1r 81 years hesee FOR No done g
bali @ CoPaBy credit 70 Offset the principal and Interest Of the
Toe Grant Ssod. $1,000 900; bat . no,
probable that the present snoqn' OF val De eIels Ln
iO The books ssag been oPsuei A1E The Land bonds are
over S1s56Go is reserved for faturs coaii1gsneea
The NeV- York financial artice gives the follow
ing official in reference to the consolidation Of
the New.York Central and Hudson River Roads;
The consolidation Of the EewYork Central with the
the farmer A. the very origin and outset of this great
corporation the EcwYOrk Central Railroad Company.
the Legislature Of the State OF NewYork of 1858.
authorized the Company 10 prescribe the terms and
itions OF consolidating separate links the line from
tons into tins single Interest The arrangement was
cOnsummated. ard the original roads reyalued from
par 70 155 cent averaging li per cent but the com
bined original capital kept intact IL was subsequently
increaseq 20 sstToOCO ~ tahuS ~ tnS DIlo
Niagara Falls Road on reyaluatOn IN the same way ana
after this IN the OF the fifteen years history OF the
corporation TO It's prese1t capital OF sCso co. by the
frat capital OF 100000 TO 100000 watering IT, as
the process might be called the Company Issued TO
The holders OF the separate slO.AS pam ~ Set Go
CATION payable In 30 years, to represent the premium
other security than and one-quarter 70 one per
cent per annum on the principal say sli2SCo.
a sinking fund which in the thirty years by Its qule but
infable operation OF investing and compromising every
six months would extnguish the whole sum, It has
already done Onethird Of it, No pledge has ever
ben more faithfully observed: no security this
Tv has ever felt more sensbly influence Of the
ing Fund process These plain per cent Debt Certh-
Gates have ruled IN our market since 49, through
the remarkable financial mutations Of this trying period
AT rates-Sg per centfar above the average OF
per cent railway first mortgages First, because the
pledge OF unfailing Sinking Fund Is sure to redeem
che principal and secondly because every SIX months
The Company compelled 70 buy certain amount,
5psreasiug and compromising every year, Tor
the Sinking IHnd-thereDy tnsurng reliable
market for these self-extngushing Debt Certincaes
through all changes OF the money affairs OF Was NOW
we find that consolidation from NeW1Ork 70
Buffalo place OF Albany 10 Buffalo, has been consuW
under similar authority from the Legislature OF
NewYork acts OF 1862 the terms ana conditions being
left entirely gnd absolutely 70 the CONTRACTING parties OF
Interests They have elected 70 keep their Original and
their respective stocks but revalued, as in 1853, their
respective properties, according TO their present
productive value, and TO represent TINS reyalua-
IiOn OF 2OT for the Central, and lS5 for the
HudsOn they issue 70 the holders OF
respective stocks obligation bearing the same rate
of interest per annnm as the consolidated stock itself
reserve themselves for the mutual benefit OF the Cor
saOratOn the holders Of these Debt Certificates the
privilege Of converting them into stock By order OF the
Directors and OF buying them IN the open market al al
times with the surplus cash OF the Company 10 be
held temporary purposes for division Ia the shape
of stock the net earnings OF the road justify
two, under the Vanderbilt administration they
eOOn must do In any event, the faith OF TINS
great consolidated Corporation OF the heW-HOTk
Central ana Hudson RIVER Railroad company -
pledged TO pay OF interest upon these Debt
Certificates free from all taxation as the stock
and we predict for the new security the same
unWaFeng confidence the part Of Investors and the
same high crd the market as the first Debt Certih
Gates OF 1853 OF the HewYOrk Central We have gone
these explanations land references 70 the precedeL
of Company due a fair understanding aud the
proper appreciation OF interest 1t will, OF
course understood that the 50 cent Interest Certn
scrip OF Dec 10 1863 now carried Ia the prlce
convertible into the Debt Certificates OF the Consolidated
Company.