The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1889-06-01
FINANCIAL.
new LOAN.
WATERVLIET
Turnpike & Railroad
COMPANY.
FIRST MORTGAGE
Six Per Cent. Bonds.
ISSUE $3.50, 900.
Interest Way and November A, payable
mt the Boston safe Deposit a "A Tra.fI
Company which h also Tra.tee
under the Mortgage.

This Company was first Incorporated I'm 1saa nv
the Legislature Of the State OF New York a. a
turnpike road. and Ia 1862 an amendment was
with perpetual franchise, which was then con
structed. This railway has been in successful
operation ever since. IL Is now 10 be equipped
with the electric system OF overhead wires. sinl-
lar 70 those In successful operation In Boston,
Brookline, Cambridge, Lynn, and various other
places. The road now has 10 Is miles OF track
Commencing at Greenbush carriage bridge In
Albany passing all steamboat landings. All rail-
road depots, and the Post once, Z runs through
directly 10 the turnpike OF the Company which
commences at the city limits. A branch track
also runs through the famous Albany lumber
district AT the terminus Of the turnpike road Il
enters the village OF West Troy, and Il the only
street railway 10 that town, which has present
population OF 5000. At Congress street bridge,
IN West Troy, turmoil will be made, and track
laid crossing Into the centre Of the city Of Troy
Inc last connection Is new one, and Will largely
Increase the earnings OF the road. AT West Troy,
the United states Watervlet Arsenal Is located
on the line. Under recent appropriation Of the
%oHfsrhnent, 100000 have been set apart tor
furnishings and operating the Arsenal for the
manufacturing OF guns and heavy ordnance. A
large force Of men will be set 10 work, who will Of
neetion with Troy will give the watervllef Rail
way large traffic between that city and Albany,
which 10 does not now have.
The following letter from the President shows
the condition and prospects OF the railway
veara , ayefssge gross receipts tor the past SIX
OF THIS Company have been over $4,000 Der
annnm, and the operating expenses ol the
electrical road viii be guaranteed Tor Ave yearsn
our contract not to exceed so per cent of me
gross receipts, 50 that the balance applicable III
nxed enarges should exceed the amount required
70 meet Interest on the bonds without the az
peeted Increased business that must come with
the improved facilities. fair estimate Of in
crease Dy reason OF better and more rapid service
would place the gross receipts for next year at
100000. This Is considered by experts IN rail-
way WORK 70 De low estimate Of increase, con
sldering the new business 70 be received from the
Troy connection
TIE turnpike Of the Company. which Is owned
In tee-simple, Is the only carriage road from
Albany TO Troy, and produces an average NET
revenue 10 the Company from tolls OF over So 900
per annum. These receipts can DO increased 10
The property OF the Company, as reported IN
the New YORK State Railroad Comm ssionsrs
september 80, 1888, Is as follows:
Roadbed. Superstructure and Rails $3.50 5ss %
Right q Way, Real Estate, Buildings
ana ACKNOWLEDGEMENTS. Az 2O2 az
Horses and Harnesses. .............. G65ss-00
Cars, Wagons, Trucks, sleighs and
snow flows...... 32,8f7.1O
s3s4I94.74
The new equipment will consist 81 80 pound
steel side-bearlng rails and35 pound steel Trails.
10 motor trucks, ~ new ears; complete power
station OF capacity Of 200 horsepower, with brick
building and iron roof. Eight OF the motor trucks
will be capable OF hauling another ordinary ear
WILLIAM BAYAR6 DIV VAN MI RENssELAER
1t Is now proposed to issue $3.50, 900 arst mort
gage thrty-year SIX per cent bonds 10 take 10
outstanding obligations and 10 pay for the con
templated improvements. Thlrty-sx th0usand
dollars q these bonds are reserved to provide for
improvements, and we are now prepared 70 re-
ceive subscriptions for the balance remaining
unsold at l02A and accrued interest. Ten per
cent payable on allotment, and balance on de
LIST. -
Legality OF the bonds has been examined BY
Messrs. Storey, Thorndike HOar, Of Boston.
For further particulars apply to
WOODBURY. & MOULTON,
Corner Middle aad Exchange streets,
PORTLAND. NE.
BREWSTER, COBB & ESTiBROOK,
;35 Congress Street, Boston Mass
Jel ar