The Potter journal and news item. [volume] (Coudersport, Pa.) 1872-1874, 1873-07-30

satisfy them and the business interests
of Buffalo, and the fruitful region thro'
which the road runs, has been the only
concern Of the managers. This difficult
ty has been constantly increasing until
it was found necessary to the life of
trade and permanent interests OF the
road to provide means fer the immedl-
ate reduction, if not the complete sur
mounting, of this difficulty. Knowing
these demands came from the men
whose interests and needs were cock
istent with those of the road itself, the
Company issue the above circular to
them, and they look to Buffalo invest
ors, who hold the great proportion Of
interest in the line and its success, TO
show their loyalty to those interests and
to secure to themselves the glory and
the gain of providing for this most
promising contingency.
These bonds are of the denominations
of $500, $1,000 and $5000, in all to the
amount of 81, 900, 600. All bear date on
the first day of July, 1873, and are made
payable on the first day Of July, 1898,
thus having twenty years to run. But
the company reserve the right to pay
them at any time after the first five
years from date, at the office of the
Farmers Loan and Trust Company, III
the City of New Y oTk. The bonds bear
interest at ten (10) per cent. per annum,
payable at the same place scmi-annually,
and the payment OF the principal and
interest is secured by a second mortgage
of even date with the bonds upon the
III miles Of road, and all the other pro-
perty, real and personal, acquired or to
be acquired, aud al its rights, priyi-
legcs and franchises. income and reye-
nues. issued and delivered to the Farm
ers' Loan and Trust Company, in trust
for the equal benefit of the holders of
these bonds.
Should the action of the Board of Di-
rectors in this matter require any jUsti-
fication or argument to convince the
uninfOrmcd. or enhance the confidence
of those who know of tie workings of
the road, they may be found for any
reasonable mind in the following state
ments of facts:
The Buffalo, New York & Philadcl-
ptia Railway passes through rich
farming, mining and numbering district
whose products, since Its opening, have
flowed III a steady stream to Buffalo us
the main point Of consumption. The
route is through an almost new section,
so far as development is a sign of age,
and the already immense products are
on a rapid and steady increase. For
the transfer Of these products in this
direction there is no means but the Buff
falo, New York & Philadelphia Rail
way, who are able to furnish so far only
400 ears for this purpose, Il number as
las been proved 20 tlcir surprise Who'll
ly inadequate.
Tie CompsEy have ordered to be
made Immediately, by the Buffalo Car
Company, 100 additional cars, but these
are necessary every day for local traffic
alone. One great branch of the traffic
on the road-the anthracite coal car
Tiage-requires the running of 200 to
800 cars in its interest, while the rapid
increase III the mining business demands
! the immediate provision Of coo more.
1t is believed that even that number
would be insufficient before the eXpira-
tiOn Of three months. so immense have
| become the demands for coal from this
point. The Cameron Coal Company, at
Emporium, can load from $50 to 200
coal, and is anxious to make contracts
with the Buffalo, New York & Phila-
delphia Railway Company to carry all
/ their products to market. In this branch
Of the business a hundred cars would
pay for themselves in less than SIX
months after their completion.
The items Of lumber and bark form
no mconsiderable part of the freight on
the road, and are increasing far beyond
| the widest estimate. 100 more freight
cars are needed for bringing these use
/ ful products to Buffalo, when the de-
! mand will even more than equal the
/ supply. OF perhaps greater Importance
to Buffalo is the facility Of shipping
! cattle which this road offers, or rather
which it will offer when the necessary
cars are provided. 1t is claimed that
shippers will save much valuable time
and expense Of feeding, as well as the
| labor and expense of handling, by send
| ing their stock east by this route. So
many of Our dealers have already dis
covered this that they require 20 cars
daily for the transportation of their bo-
vines, and would gladly make use of
more could more be furnished them;
/ the Company has prepared yards for
the accommodation of these shippers on
their property in the eastern part of the
city, while in the coal interest it has
built 700 feet of dockage and will in
crease the same to 1900 feet at the ear
liest period possible.
/ All this goes to show that the Buffalo,
New York q Philadelphia Railway
Company are in dilemma, but most
interesting and wholesome dilemma it
is, and one which Buffalo can well af-