The Portland daily press., 1889-06-03
DATED MAY /, 1889. DUEMAY 1, 1919.
Interest May 4 and November 4, payable
nj the Boston safe Deposit and Trust
Company which IL also Trustee
under the Mortgage.

This Company was first incorporated in 1928 by
the Legislature of the State Of New York, as
turnpike road, and In 1862 an amendment was
ADOPTED, giving rights for street railway system,
with perpetual franchise, which was then con-
structed. This railway has been in successful
operation ever since. 1t Is now to be equipped
with the electric system Of overhead wires SINH
Lar to those In successful operation In Boston,
Brookline, Cambridge. Lynn, and various other
commencing at Greenbush carriage bridge in
Albany, passing all steamboat landings, all rail-
Broadway in front OF Delayan House, thence
directly to the turnpike of the Company, which
commences at the city limits. A branch track
district AT the terminus OF the turnpike road, it
enters the village of West Troy, and is the only
street. railway IN that town. which has present
IN west Troy, turmoil will be made, and track
laid crossing into the centre OF the city Of Troy.
increase the earnings Of the road. AT West Troy.
the United States Watervliet Arsenal is located
On sne line: Under recent appropriation Of the
furnishings and operating the Arsenal for the
manufacturing OF guns and heavy ordnance. A
necessity use this railway The new bridge con-
necti0n with Troy will give the Watervliet Rail-
way large trafic between that city and Albany,
which II does not now have.
The following letter from the President shows
the condition and prospects OF the railway
The average gross receipts for the past six
years from the Turnpike and Railroad business
OF this Company have been over $4,000 per
annum, and the operating expenses Of the
electrlcal rOau VIII be guarantee Tor hye years In
our contract not TO exceed 90 per cent OF the
gross receipts, so that the balance applicable TO
fixed charges should exceed the amount required
to meet interest on the bonds without the ex-
pected increased business that must come with
the improved facilities. A fair estimate of in
would place the gross receipts for next year at
$4,000. This IS considered by experts In rail-
WY WoIk 70 De low estimate OF increase, con-
sidering the new business TO be received from the
Troy connection.
The turnpike Of the Company. which is owned
Albany to Troy and produces an average net
revenue TO the Company from tolls of over SO 900
per an nn These receipts can be increased TO
The property OF the Company, as reported to
the New YORK State Railroad commissioners,
september 80 1888, Is as follows:
Roadbed. Superstructure and Rails .e39 EGG 90
hlgnt OF way, Real Estate, Buildings
anu rt1tureS... ..................... 452O2 65
Horses and Harnesses. .............. 6s'55s.OO
Cars, wagons, Trucks, Sleighs and
quo" rloWs....... 32,847.1O
c.,,.o S384194.74
The new equipment will consist OF 50 pound
steer bearing rails and35 pound steel Trails
40 motor trucks IL new cars; complete power
SIauon OF capacity OF 200 horsepower, with brick
building and iron roof Eight of the motor trucks
VIII be capable Of hauling another ordinary car
WILLIAM BAYARD DIV VAN 4 II RENSSELAER,.
Il Is now proposed to issue ss5o,ooo first mort
gage tnlrty-year six per cent. bonds to take up
outstanding obligations and pay for the con-
tuemplated improvements. Thirty-six thousand
9olars OF these bonds are reserved to provide for
improvements, and we are now prepared TO re-
ceive SUBSCRIPTIONS for the balance remaining
unsold az lOz1s and accrued interest. Ten per
cent payable on allotment, and balance on de
LIST. ~ W .' 49,
Legality Of the bonds has been examined by
Messrs. Storey, Thorndike & Hoar, of Boston.
For further particulars apply TO
WOODBURY. & MOUL TON,
Corner Middle and Exchange streets,
PORTLAND, ME.
BREWSTER, COBB & ESTABR0OK,
90 Congress Street, Boston, Mass,