New-York tribune., 1871-01-02
A Choice Security.
NEW-YORK & OSWEG0
MIDLAND RAILROAD
FIRST MORTGAGE BONDS.
COUPON AND REGISTERED.
PRINCIPAL AND INTEREST PAYABLE IN GOLD.
Interest 7 per Cent, GOLD, per annum,
FREE OF GOVERNMENT TAX, pay.
able in New-York January and July.
In denominations of $l00, $500 and
$1,000. 220 MILES Of the ROAD FIN
ISHgD and DOING PROFITABLE
BUSINESS Much progress made In
Grading the remainder.
COUPON AND REGISTERED.
THE RoAD-ITs IMPORTANCE, &C.

III
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 is at the City of Oswego, on
Lake Ontario From this point it traverses, IN the
direction of York, the rich and populous Coun-
ties of Oswego, Oneida, Madison, Cayuga, Onondaga,
Cortland. Chenango, Otsego, Delaware, Sullivan
lister and Orange where it strikes the borders Oi
New Jersey whence it continues, under anOther
name and n separate charter obtained from that
State, to the City of NewYork. The laSt-nalned
division is now in course of construction. Ihe en-
tire length of the road including its branches, up
ward of 900 miles.
Ii is admirably located for securing q large and
profitable business The northern section ot New
Jersey through which il passes, is one OF the most
healthfu and picturesque regions IN the Vicimty OF
New-YoTk II only needs the additional attraction
of the railroad facilities which this line VIII AFFORD
to transform it into a wealthy and popnlons suburb
of the Metropolis, thus securing TO that division OF
the road a large and constantly increasing local
business.
The other and main division trayerses the entire
length of the great Midland counties Of New-lork
which have been hitherto almost destitute of rail
q
ductive as any in the State; and this road will
furnish them their much-needed facilities for trans
portation and travel, it cannot fail to command,
throughout its entire length, large and remunera
tive local business.
It's advantages for through business both North
ern and Westcrn are also unsurpassed. II shortens
the railroad connection of the City Of Newly ork with
Oswego and Canada forty-fiye miles; and, by means
Of "A branch 10 Auburn, where il 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 tS easy grades and It's free
dom from sharp curves, IL cannot fail to compete
successfully with anv End 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 roads starting from
the great commercial center of the Union there
would seem to be no room TO doubt that the road
will prove to be one of the most remneratiyc in the
country. ,,,..,.-,,,,
The Company, some months since. concluded a con-
tract with the DELAWARE AND HUDSON CANAL Co.,
for the transportation of their coal to the northern
portion of the State which will add largely to the
business and profits of the road.
CAPITAL OF THE COMPANIES FINANCIAL
CONDITION.
The construction of the road has been undertaken
under financial auspices equally favorable. The cit
zens of the Midland counies feeling the urgent need
of railroad facilities have made subscriptions to its
capital stock 10 the amount of about sir and a haU
millions dollars. The larger share OF these subscrp
tions have been made by towns and cities in their
corporate capacity and for which they paid in town
aud city bonds bearing seven per cent interest
These bonds being made 10y law exempt from local
yhorb ba1d in uty
through which the road passes, the Company have
found ready sale for them at par and interest when
ever they had occasion to the proceeds. thus
dering the subscriptions for which they given in
payment equivalent to cash The Company, there
fore, commenced its undertaking with paid-up cap
ital Of about SGjOOO00, which il is believed, Is
larger calitql than any other raiir0Gd enterprise IN h
country ere started cih.
To provide the balance Of the means that may he |
found requisite to complete and equip the road, the
Company has adopted the usual method of issuing |
bonds secured by a first mortgage its property |
The mortgage has been executed. Ii conveys to A. |
A. Low Geo. Opdyke and Delos De Wolf in trust. |
to be held as security for the bondholdors the entire
road and its branches from Oswego TO The state line
of New-Jersey, together with its equipment, fran
chise and all other property of the Company apper
tanning thereto. also prordes that he ss"e Of bonds
shall be strictly limited to $4,000 per mile @roaa ac9-
ally built and IN running order.
PROTECTION AGAINST SPECULATORS.
By express provision of law, the towns and cities
which have thus subscribed for and now hold a ma
jority of the capital stock of the Company can never
dispose of it, 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 perpetual prohibition of sale,
e 81, I,uflp ait ynr
with the farmers and business men residing on its
line, who of all Others the parties most inter
ested in its success and thus save il from the hazards
of being made football of stock operators and spec
uators. .,,,
The Company is prosecuting its work with great |
energy and doing il in the most substantial manner
1t has already completed 22O miles of road. aud |
much progress has been made in grading the remain
der of the line. II is the expectation of the Company,
if not retarded by unforeseen obstacles, to have the
entire road completed within the ensuing calendar
year.
Iron rails, of the best quality, sufficient to finish
the entire length of road through to Newlork City,
have Just been purchased by the Company on advant-
ageOus terms
PRESENT EARNINGS OF THE ROAD.
The portion already in operation, as will be seen |
by the following letter from the President of the |
Company, is doing profitable local business:
NEwYoRK, Dec. 2, 1870.
Messrs GEO OPDYKE & Co. Ner York.
GENTLEMEN: Your favor OF the lst inst asking for
statement OF the last months earnings OF the
and Oswego Midland Railroad, is at hand. have.not
yet received a report OF the earnings for November
The earnings for the month OF October from all sources
were $500 t. equal TO s52i5lO ~ per annum on the tI
miles of W.; Main Line frnn Sidney to oswego 10
miles New Berlin Branch, - miles
The road comm, need Ia transport coal from sidney,
under a contract with the Delaware ana Hudson Cahal
Company in the latter part of November Tue best IN
formed the subject estimate the quantity 20 be trans
ported the first at not less than $4,000 tuns while
some est mate the quaptity at 300.0o0 tuns Ihs VIII
Weld an income Of from s37500o to $4,000 from coal
aonf that part OF the road.