New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-30

Coupon anu 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.
| TIE RoAD-ITs IMPORTANCE, &C.
The road upon which these securities are based is
one of rst-class importance. 1t spans the State OF
New-York from its metropolis to its northern bor-
ders. No public work of greater magnitude or of
fairer promise of utility and profit has ever been
undertaken in this State.
Its northern terminus at the City of OswegO, on
Lake Ontario. From this point it trayerses. i'll the
direction of New York, the rich and popu0us coun-
| ties of Oswego, Oneida, Madison, Cayuga Onondaga
| Cort land, Chenango, Otsego Delaware. Sullivan
Ulster and Orange where 1t strikes the borders OF
| New-Jersey whence it continues under another
name and separate charter obtained from that State
| 70 the City of New-York. The lastnamed division
is now in course Of construction The entire length
of the road is upward of 400 miles.
| 1t 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 vlcin-
ity of New-Y York 1t only needs the additional at
|
afford to transform it into wealthy and popuous
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-lork,
which have been hitherto almost destitute OF railroad
facilities These counties fertile and produc-
tive as any 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, a large and remuneratiye local busl-
ness.
Its advantages for through business both Northern
| and Western, are also unsurpassed 1t shortens the
railroad connections of the city of New-York with
Oswego and Canada forty-fve miles; and, by means
| of branch to Auburn, where it connects with the
New York Central it shOrtens that connection with
| Buffalo and the West seventy miles These are I'M
portant advantages. Taken in connection with It's
thorough construction its easy grades, and Its Tree
dom from sharp curves, it cannot fan to compete
successfully with any and all other roads for through
| business Possessing such superior advantages LOT
| commanding both local and through business, ana
being one OF the trunk lines of road starting from
| the great commercial center of the Union. there
would seem to DO no room TO doubt that tho road
will prove to be of the most remuneralye III the
| country
CAIlIAL OF HE CoMfANl-ilo ii4>Ht''''" W.
DITION.
The construction of the road has been under
| taken under financial 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
per cent interest. These bonds being made by law
exempt from local and 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 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 sJcoo,CDO, which, 1t Is be
licycd j. a larger capital than any other railroad cRicr
prise IN this country has erer been started ,rih.
To provide the balance Of the means that may b,
found requisite to complete and equip the road, tn
Company has adopted the usual method OF issuln
bonds secured by first mortgage on MS property
The mortgage has been executed. IL conveys to
4. Low. Geo Opdykc. and Dclos De Wolf, in trust
to be held as security for the bondhoders the enlr
road and it's branches from Oswego to the State lin
b of New.Jcr,cy, together with its equipment fran
chisc. and all other property of the Company appel
tanning thereto u also pToriios That he issue Of bond
slaH be strictly dDd 10 10000 per mile Of road a.
, fually built and ia running ordG.
PROTECTION AGAINST SPECTATORS.
d By express provision of law the towns and cite
which have thus subscribed for aud now hold a ma
iority of the capital stock of the Company can neyo
DISPOSE of it, whatever the market price may be
without the consent of q majority Of the taxpayer
in the respective towns and cities This virtual!
may be deemed perpetual prohibition of sale
whereby the control Of the road will remain foreye
with The. farmers and business men residing on ~
line who Of all others, the parties most ln'er
sed in MS success and thus save it from the hazards
Of bcipr made Il football of stock operators an'
spccua,Ors.
ITS PROGRESS.
The Company is prosecuting It's work with grea
cpergv and doing il in the most substantial manner
II cvprcts to have one hundred and forty-scvei
miles of road finished by the LIST of October next
namely that portion of its main line running iron
Oswego to Sidney Plains, the point OF intersection
with the Albany and Susquchanna Railroad, togethe
with n branch TO New Berlin Nearly the who'll
cost Of this portion of the road has been delraye'
Inv the stock subscriptions raised along TIM
mart of the line. The grading, masonry, an'
Lridging of that portion of the line Is ALREADY
, ohout completed and not less than one hundred
In IL