Litchfield enquirer., 1870-02-17

The old lines were originally constructed ill sec- tions, with the view of passing through the prin- cpal cities rather than to form direct route be- tween New York and Boston, and hence the cir cuitous route adopted by them.
 BUSlNESS.- more than a quarter of a cent ury road through this section of the State has been needed, and unlike most new railroad enter prises. which have to wait the growth of business along its line, this road will find large estab- lished local trade awaiting it's completion It will pass through the towns of North Haven, Walling ford, Durham, Middlefeld, Middletown, Portland, Chatham, Marlborough, Hebron, Columbia, Leba- non, Colchester, and Windham.
 It seems hardly necessary to call attention to the Business of road, of such vast importance, become feeders to it. At New Haven it will con- meet with four lines; at Middlet0wn with one, and at Willimantic with three, while others are being projected.
 In regard to through trade single glance at the map is more convincing than any argument can be to the important fact that this route be- ing the shortest, and afording so great saving in time, must ultimately be the chief thorough fare between Boston and New York.
 CHARACTER AND PROGRESS OF THE WORK. The Road is built under the immediate supervision of the officers of the Company who are most deeply interested in it's success and who design it to be the most thorough, substantial, and safest road in the United States. They have called to their aid the highest engineering skill in the country to di- rect the work, and no pains or expense will be spared to bring it to perfection The grades are
 
 wrought iron, the rails selected with care and of the best quality, and all adapted to durability and speed. The grading is nearly finished between New Haven and Middletown, the bridges complet- ed and being placed in position; the rails are be- ing laid at the rate of half 8 mile per day, which will enable the company to use this portion of their line for business early in the spring. The eastern section is being rapidly graded and all the work. It is confidently hoped that the whole line will be finished and in operation during the Fall or early winter.
 As AN INvEsrMENT.-The Bonds are Coupon and Registered, and are issued in denominations of $500 and $1 900. They have 20 years to run, and are payable, principal and interest, in New York. By an act of the Legislature of the State of Con- necticut they are made exempt from all State and Local Taxation, and by the Company from the United States Income Tax. The utmost care is used to protect the holders of these Bonds by the terms of the Mortgage, which provides that if the Company, at any time, defaults in the payment of interest for six months the Principal shall at the option of the holder, become due immediately.
 The Mortgage is made to the Treasurer of the State of Connecticut andshis successors in office, in trust for the Bondholders. which is guarantee of the good faith of the Company, and a pledge that the investors interests will eyer suffer from any want of stability in the holder of their Mort gage. mind the public that Home Enterprise, carried on in their own State where all the facts in regard to it are fully known, is more worthy ot attention than schemes for railroad building or other pro- iects in remote parts of the country, which invite gers of this company are well known Connecticut men, and the road itself is most important work of internal developement, in which every citizen in the state must take just pride.
 TAxEs.-The exemption of the First Mortgage Bonds from all taxes which may be laid within the state is feature which causes them to rank with the issues of the United States while the addition al exemption from United States Income Tax pla- ces them above any other investment in the mar ket, and must commend them to all persons seek ing profitable investments. It will be borne in cut range from 13 to A, averaging about per cent. As this tax is saved to holders of the Air Line Bonds it is equivalent to the payment of that amount as extra interest, and makes with the sav- ing of the income tax, $93 50 on each $1 900 per annum, or nearly 9s per cent interest on the in- vestment, This large return does not depend on the premium on Gold, which is liable to decline and may even fall to par without affecting the in- come from these securities.
 INCOME. AS COMPARED WITH OTHER INVESTMENTS A six per cent Gold Bond, subject to taxation with the premium on gold at 120. must be obtain ed as low as 80 to yield the same amount of net income as these Bonds at par; while with gold at par the per cent gold bond would be worth only about 70, compared with these bonds at par.
 The Connecticut State bonds, which were made exempt from taxation by an act of the Legislature, are selling in the market at about 103 and at that price, yield an income of 52 which would make the Air Line Bonds worth 1142, on the same basis, as at that price they pay the same interest, namely 5i per cent.
 The desire to capitalize the premium which may now be realized on Fiye-Twenty Bonds and which may at any time be extinguished by being funded at reduced rate of interest, and the maternal de- cline in god is awakening an inquiry for forms of investment which shall be safe and which shall yield liberal rate of interest in currency.
 To meet this demand we offer the First Mort, gage bonds of the New Haven,< Middletown and Willimantic Railroad Company, believing them to be in all respects worthy of the confidence of in- of investors, and we do so after thorough exami- nation, as we are unwilling to offer any security which we do not consider as safe and desirable as the issues of the United States Government.
 The Bonds can be obtained of any Bank or Banker in the State of Connecticut. or by sending direct to ourselves.
 All classes of securities will be received at their full market value, and may be forwarded by ex- press, and the Bonds will be returned at our ex- ~ HATCH 6 FOOTE,
 Bankers and Dealers in Government Securities.
 l2WALL ST., NEW YORK.