New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1869-09-04
A Choice Security.
NEW-YORK And OSWEGO MIDLAND R. R.
FIRST MORTGAGE BONDS;
Coupon and Registered.
Principal and Interest Payable In Gold.

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.
THE ROAD-ITs IMPORTANCE, &C.
The road upon which these securities are based is
one OF irstclass Importance. 1t spans tho State of
New-fork from its metropolis to its northern Dor
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 is at tho City of Oswego, on
Lake Ontario. From this point 1t traverses in the
direction of York, the rich and populous cOun
ties OF Oswego, Oneida. Madison, Cayuga, Onondaga,
Ulster, and Orange, whore it strikes the borders of
New-Jersey, whence it continues under another
name and separate charter obtained from that State,
10 the City Of Rew-York. The last-named division
Is now in course of construction. The entire length
OF the road is upward of 100 miles
1t is admirably located for securing large
and profitable business The northern section of
ew-ycrsey, through which it passes is one of the
most healthtu 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 d
VISION OF the road large aud 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 fertile and produc
tive as any in the State and this road will furnish
them their much needed facilities for transportation
and travel IL cannot fail to command, throughout its
entire length, large and remuncratiye local busl-
ness.
Its advantages for through business both Northern
and Western, also unsurpassed. 1t shOrtens the
miiroad connections of the city of New-York with
OswegO and Canada fOrty-liye miles and by means
Of branch to Auburn, where it connects with the
New York Central, IL shorens that connection with
Buffalo and tho West seventy miles These i'm
portant advantages. Taken in connection with its
thorough construction its easy grades, and its free
dam. FROM. char f,slS nNnta
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 TO doubt that the road
will prove to be one of the most remuneratye in the
country.
CAPITAL OF THE CoUYTRY-TTs FINANCIAL CON
DITGON.
The construction of the road has been under
taken under iiBancla 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 for
which they paid III town and city bonds bearing Z
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 hus rendering the subscriptions for which
they were given III payment equivalent to cash
The Company, therefore, commenced its undertaking
with paid mp capital of s6.OooOOO, which it is be-
eyed, is larger capital than any other railroad enter
prise IN this country has erG been started NTH.
10 provide tho balance of the means that may be
found requisite TO complete and equip the road. tho
Company has adopted the usual method of issuing
bonds secured 10y first mortgage on It's property.
The mortgage has been executed. IL conveys to "A.
A. Low Geo. Opdykc, aud DelOs De Wolf. in trust,
10 be held as security for the bOndhodcr the entire
road and its branches from Oswego 10 the State line
of New Jersey, together with its equipment, fran
chise and all other property of the Company apper
tanning thereto II also prOride5 that The iSsuet bonds
shall Be strictly limited 10 s2oOoo per mile Of road &c
tudiIy built and iE running order.
PROTECTION AGAINST sPECULATORs.
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. can never
di.Is,se of IT, whatever the market price may he,
without the consent of majority Of the tax payers
in the respective towns aud cities. This virtually
uay bo 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 are the parties most inter
ested in Its success and thus save from the hazards
of being made football OF stock operators and
SPECTATORS
The Company is prosecuting It's work with great
energy and doing il in the most substantial manner.
IL expects TO have one hundred and forty-seyen
miles of road finished by the LIST of October next,
namely that portion of its main line running from
Oswego to Sidney Plains the point of intersection
with the Albany and Susguehanna Railroad together
with branch TO New, Berlin, Nearly tho whole
cost of this portion of the road has been betrayed
by the stock subscriptions raised along TINS
part Of the line The grading, masonry, and
bridging of that portion of the line IS already
miles of track laid. The work Is also making
good progress on other divisions of the road.
In j, the expectation of tho Company if not retarded
by unforeseen obstacles, to have the entire ROAD
completed within tho ensuing calendar year.
PROVISIONS IN MORTGAGE.
In altering these securities 10 the public 1t Is due
IN the Company 10 say, thaC in the preparation OF
their bonds and the mortgage under which they are
issued they have checrfuly adopted every suggeS'
ton that We have deemed essential to render thenl
the most perfect and attractive railroad security on
the market. The mortgage provides that III case Oh
default for a period OF four months III the pay,
nant of interest, the bonds shall become que; anu
II rnnowers the trustees. in that event, to take pos
session of the road and all other property CoVeeu ny
the mortgage, and 70 use or sell inc same ioL lii9
benefit of the bOndh0lders. his we ucem ho'i
important provision, as 1t avoids All the delays ana
dangers of litigation IN case OF default
r,,,to,,,, are issncd with coupons but they pro-
vide for registration and recOnyerslon INTO coupon
bonds at The option OF the holders. Or If any holder
SO elect ho may by surrendering the coupons con
vert them into permanent regStefeu oohus'
THE BONDS.
Tho bondsare PAYABLE in twenty-five years from
the LIST of July last. lhey are pay IN gotu CON
of ina limited States They bear gold interest a the
rate of per cent per annum payable III NeW-lork
lat January and lst July free OF Govcrnment.tax.
HIGH CHARACTER OF THE SECURITY
7, view of the 100000 paidup capital of the cor
norgon issuing these bonds; the Importance oil the
road and lis admirable location Tor cOinmanuiig
profitable local and through business; us proA'ny
to tbe city of New York; its wise protection from
the cnntrol of stock operators and SPECTATORS the
good Judgment and energy dlsplayeu ny lh N
charged with its projection anu cohsruuO tho
vausLIe provisions contained IN the mortgage; inc
rgbt IN convert the bonds from coupon INTO regis
tered and to rccOnveTt them; the SOUND currency III
,viib thcv are plyabe and the high rate OF interest
thev bcar-in view of all these assuring facts we
fseI o,nniy warranted in commanding these nohdS rs
ana Of he safest and most inviting railroad sechl-
ties ever offered to the public