New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-08-10
A Choice Security.
FIRST MORTGAGE BONDS,
OF TIE
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 NewYOrk
January and July.


New-York from its metropolis to its northern Dor
ders. No public work Of greater magnitude of
fairer promise for utility and profit has been
undertaken in this State.
Its northern terminusis at the City Of 0swego, 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, Otsego, Delaware, Sullivan.
Ulster, and Orange where it strikes the borders of
New-Jersey whence it continues under another
name and separate charter obtalnedf that State
10 the City of NewYork. The last-named division
is now in 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 vicin-
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 fertile and produc
tive any in the State and as this road will furnish
them their much needed facilities for transportation
and travel il cannot fail TO command throughout its
entire length. large and remuneratiye local bust
ness.
It's advantages for through business both Northern
and Western, are also unsurpassed. IL shOrtens the
IailrOad connections of the city of New-York with
Oswego and Canada forty-fve miles and, by means
of a branch 10 Auburn where it connects with the
NewYork Central it shortens that connection with
Buffalo and the West seventy miles. These are JIM
pOrtant advantages Taken In connection with its
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 the trunk lines of road starting from
the great commercial center of the Union, there
would 10 be- room to doubt that the road
will prove to be of the most remuneratiye in the
country.
It's construction has been undertaken under fnan-
cial auspices equally favorable The citizens of the
Midland Counties feeling the urgent need Of railroad
facilities have made subscriptions to its capital stock
10 the amount of six millions of dollars. The larger
share Of these subscriptions have been made by
towns aud cities in their corporate capacity and for
which they paid in town and city bonds bearing z
per cent interest These bonds beng 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 it's undertaking
with paid mp capital of $6OOo0O0, which, II is be-
leved Is larger capital than any other railroad enter
prise IN this country has erer been started 9th.
By express provision of law the towns and cities
which have thus subscribed for and now hold ma
orty 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 be deemed a 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 It's success and thus it from the hazards
of being made q football of stock operators and
spectators.
To proyide the balance of the means that may be
found requisite to complete and equip the road the
COMPANY has adopted the usual method Of issuing
bonds secured by a first mortgage on its property.
That mortgage has been executed. 1t conveys to A.
A. Low. Geo opdyke. and Delos De Wolf, in trust
20 be held as security for the bondholders the entire
road and it's branches from Oswego to the State line
Of New-Jersey together with it's equipment, fran
chise and all other property of the Company apper
tanning thereto also prordes that the issue Of bonds
shau be strictly limited 10 10000 per mile Of road ao
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 10 have one hundred and fortyseven
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 n branch to New-Berlin. Nearly the whole
cost of this porton has been betrayed by the stock
subsorptions raised along this part of the iine 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 other divisions OF the road.
II ia the expectation Of the Company. il not retarded
by Unforeseen obstacles,-to have the entire ROAD
completed within the ensuing calendar year.
I'm 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. thew have cheerfuy adopted every sugges-
tion 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 n period of four months III 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 III
the mortgage. and to use or sell the same for the
benefit of the bondhoders This we deem most
imnortant provision, as it avoids all the delays and
dangers of litigation in case of default.
The bonds are issued with coupons; but they pro-
vide for registration and reconverson into coupon
bonds at the option of the holders Or II any holder
SO elect he may, by surrendering the coupons con-
vert them into permanent registered bonds.
The bonds are payable in twenty-five years rom
la i'm
90 ,,,o ITited States They bear gold interest at the
W ~ -. mar annum navable in New FORK