AMERICAN RA1LRoAn JOURNAL.

A 311.

For Sale. ,

STATIONARY Engine having cylinders 13
inches bore and 20 inches stroke, complete in
all respects and finished In the best manner. Ilas

been in use about six inonths. fl

ROGERS, l{ETUl;IUM & GRObVENOR,
Paterson, New J crsey,
jul.14 29 tf.] or 74 Broadway, New York.
-The Lowell Macliinc Shop
ONTINUES to Inanufacturo to order,lt‘REIGB.'1‘ and
C PASSEN€'r]:}R LOCOMOTIVES of diifcrent classes,
with the niost modern ixnproverncnts,~—-
also MACIIINIB"l.‘f:l’ TOOLS,
especially adztptod to Railroml Repair Shops, and to the con-
struction of nnieliincry generally. Those Tools are of the most
approved construction and consist in part of Engine Lathes,
Hand Latlics, Vertical Dfllllllg Lathes, and Planers of various
sizes and lengths, Compound Planers, Shaping lilaohlnes, Slot
ting Machines, Bolt and N ut Machines, Gear Cutting Engines,
Chucks, Compound Slide Rests, Machines for boring Crank
Pin Holes in Locomotive driving wheels, Trip hammers, &e., «lac.
COTTON MACli1N1‘lRY of all descriptions, BOILERS,
S1IAF1‘ING- and MILL WORK, (JASTING-S, and all work
usually done in Machine hlliops and ls‘oundrics.
WILLIAM A. BULCKE, .Sup't, Lowell, Ma.'§‘s.

J. KL‘. S'1‘.lflVlfl NSON, 'l‘i'ca.-surcr, 5 'l‘rcmont st. Boston.

‘ Retirin-aird”*1*I{ifiTRivets,
Nu-.ts and Wztshcrs;
All Sizes of .
ltolts arid Bolt lilmls
. for Sale by

BRIDGES &. ISILOTIIER,
64 Courtlnnd st., N Y

EW Y()Rl{ AND l'lRI.E RAILROAD LOAN.
--The Committee appointed to report in re-
gard to the linaueial aliairs of the New York and
Eric Railroad Conipany, beg leave to recommend :
'].‘hat the Company advertise for sealed propos-
als. to be opened on the 10th of January next, for
the purchase ot’:ii3'l,()0(),l)l)0 7 per cent. Bonds, re-
deemable in twenty years, with interest, coupons
payable 1st l«‘ehruary and 1st August.

And that for the purpose oi gradually reducing
the debt of the Company, the New York and Eric
Railroadflompany pledge themselves in said Bonds
to pay monthly, conimencingg; on the 1st of March
next, the sum of thir'ty-live thousand dollars into
the hands cl’ 'l.‘i'i1sl.<.-.os, to be by them invested, as
well as the accruing interest on the investments, in
the Bonds of the New York and Eric Railroad
Company ofthe new issue, as long as they can be
purchased at or under par. And that whenever:
the said Bonds ofthe new issue cannot be pur-
chased at or under par, then tho said Trustees to
invest the said monthly payments and the accru-
ing interest in any Bonds of the New York and
Eric Railroad Company which can be purchased
at or under par.

And whenever it shall be impossible to purchase
any of the Bonds of the New York and Eric Rail~
road Company at or under par, tlicn the .‘:l£ll(l Trus-
tees shall invest the said montlily pay rnents and
all accruing interest in such llonds oi’ the New
York and Eric Railroad Company as can be pur-
chased at the lowest rate.

And all Bonds on being purchased by said Trus-
tees shall be canceled by writing or printing on
the face “Held by the Sinking Fund of the New
York and Eric Railroad Company,” but that the
interest warrants on said cancelled Bonds shall be
collected by said Trustees, as they become due,
until the. monthly payments of the New York and
Erie Railroad Company and the accruing interest
or the conversion of convertible Bonds into Stock
of this Company, shall have reduced the entire
debt of the Company to $20,000,000. After which
the said monthly payments shall cease, and the
trust vested in said Trustees shall be closed, and
all cancelled bonds and the unpaid inyercst war-
rants delivered to the Company. .

And the Committee would further recommend
that the Board of Directors adopt the following rc-
solutions :

W/terms, The period has arrived when it is ex-
pedient and necessary to close the construction
account‘ of this Company, to be reopened only
when thcjinperative necessity of the increasing

the road, and the state of the finances

of the Company will render it perfectly evident
that it is proper and justiliable to reopen it, so as
to increase the present capacity of the Read.——
‘Therefore

Iifesnl-veal, That any and all future expenditures
beyond the amount to be derived from the pro-
ceeds of the new loan, after reimbursing ' the In-
come Bonds due 1st February next, be charged to
transportation expenses.

Resolved, That as often as the Bonds purchased
by the Sinking Fund amount to 10 per cent. on
the Capital Stock, this Company will, upon re-
ceiving due authority from the Legislature of this
State, declare at the next. semi-annual dividend
day a stock dividend of 10 per cent.

Resolved, That the resolutions be published in
the daily papers, so that the public have cogni-
zance of the future policy ofthe Company. '

Signed.

CIIAItLES MORAN. ‘|
SI<IEPl'IERD KNAP1’. Special
WILLIAM E. DODGE. L Finance

NELSON ROBINSON, | Coinrnittce,
GEORGE E. 'l‘ALMAN. J

New Yoaic, Oct., 21,1854.

Sealed proposals will be received at the edicts
of the NEW YORK AND ERIE RAILROAD COM-
PANY in the City oi’New York, until the 10th of
January, 1855, for the purchase ol":ii5»l,000,()00 of
the bonds of the Company, bearing 7 per cent. in~
Lerest payable semi-annually on the 1st day ol
l9‘ebruary and , August, redeemable in twenty
years.

The NEW YORK AND ERIE RAILROAD
COMPANY pledge tliernselves in said bonds to
pay uiontlily, commencing on the 1st oi‘ March
next, the sum of thirty-live thousand dollars into
the hands ofthe United States Trust Co1npany.oi'
the city of New York to be by them invested,
as well as all accruing interest, in the bonds oftho
NEW YORK AND ERIE RAILROAD COMPANY
of the present issue, as long as they can be pur-
chased at or under par; and whenever the bonds
of the new issue cannot be purchased at or under
par, then the said trustees shall invest the said
monthly payments and the accruing interest in any
bonds oftho NEW YORK AND .llRlE ItA.ILltOAD
l.JOMPANY which can be purchased at or under
par. And whenever it shall be inipossiblo to pur-
chase any of the bonds of the NEW YORK AND
ERIE RAILROAD COMPANY at or under par,
par, then the said trustcess shall invest the said
monthly payments an(l the accruing interest, in
such bonds of the NEW YORK AND Eltllt‘ RAIL-
ROAD COMPANY as can be purchased at the low-
est rates. And all bonds when purchased by the
said trustecss shall be cancelled by writing‘ or
priniing on their face 2 “Held by the Sinking Fund
of the NEW YORK AND ERIE RAILROAD COM-
PAN Y 5” but the ('.(JtlpOii!i()1ll‘.~lI1(.'.ll cancelled bonds
shall be wllectctl by saitl trustees as tlwy become
due, until tun’! moiitlily payments of the NEW
YORK AND ERIE RA.LLfR()Al) COMPANY, and
the accruing interests, or the conversion of conver-
tible bonds into stock of the Company, shall have
reduced the entire debt of the Company to $820,-
000,000. After which the said nicintlily payments
shall cease, and the trust vested in such Trustees
be closed, and all cancelled bonds and the unpaid
interest warrants delivered to the NEW YORK
AND ERIE RAILROAD COMPANY. ,

The successful bidders will be required to pay
10 per cent. in cash on the notice of the accep-
tance of their bids ; 20 per cent. on the 20th of
January; 30 per cent. 1st February; 20 per cent.
15th February, and the balance on the 1st of
March. ' -

The Income Bonds of the NEW YORK. and
ERIE RAILROAD COMPANY will be received
in part payment at par’, and the accrued interest
till day of surrender to the Company.

The Directors of the NEW, YORK and ERIE
RAILROAD COMPANY, in offering the present
loan to the public beg leave to state that it will
be amply suflicient to pay the Income Bonds re-
deemable on the 1st February next, and the cm.
tire prcsen ifloating debt of the Company, as well

as to complete all the unliuished work no-wW1liTlflcr-
way. .
‘ By aresolulion of the Board of Directors, al
iuture outlays or every kind beyond the proceeds
oi the present 1oan,wi.ll be cliargcd to expense
account, and paid from the income of the Com-
pany, after payment 01'' the interest on the funded
debt, and the monthly payment to the Sinking
l:‘und.

After the hczgotiation of the present loan and
the redemption of the Income Bonds, the position
of the Company will be———

Stock. . . . . . . . . . .. . . . . . . . . . . . . . . . .. :it10,024l,000

   

Bonds of18(i7, liirst Mortgage . . .. . . 3,000,000
Bonds ol‘18€i0, Second lvlartgagn. .. ., 4,000,000
Bonds oi‘1883, 'l‘hird l\Io1't.gzigc . . .. 0,000,000
Bonds of 1802, Convertible . . . . . . . . . . 3,500,000
Bonds ol'1871, Convertible . . . . . . . . . . 4,335l,00(l
Bonds of 1870, present loan . . . . . . . .. 4,000,000

Total....  . . . . . . . . . . . . . . ..dt‘.2~l,870,(i00

In the opinion or the Directors it is pt--.ri'ectly
safe to estimate the gross earnings of the Road,
for the coming year, at :il:6,000,0U0, from which
must be deducted : A
Expenses 55 per cent. . . .  $3,300,000
Seven per cent. on debt $24,-

851,000 . . . . . ..i.,.....  1,739,570
Sinking Fund . . . . .; . . . . . . . 420,000

 

_ -———.\it'i3,4l59,57
Net revenue equal to over 6 per cent. ,

on stock applicable to cash dividends

and contingencie. . . . . . . . . . . . . . . . . . 540,'l{l0
The Directors of the Company are confident these
estimates will be fully rt.-alimul. The gross re-
ceipts since the Road has been in ppcration to
Dunkirk, have been for p:is’g;<:1's and 1’rcightalonc—--
1851 to 1852:lt8,0-17,748; lNt:iii~lA1:lI'l.
1801.! to 1853 ll-,l88,1l24:.tll5l,69l0,676, say Bfiiperot.
1853 to .1854 5,122,600 il8tl,24l2, say 28-lper ct.
. The business of the road depcntlipg mainly on

same ratio as the population of‘ the Counties
through which it passes. In the opinion ofthe
Superintendent, Mr. McCollum,. thciroad ‘in its
present position and with its present equipment,
can earn :ili8 000 000. lftho future increase in the
receipts be dstirhatctl at only 10 per cent. per an-
num, which is not 1nu'ch over om-~ha1l'ol' the av—
erage increase of the past the above utmost capa-
city o‘l‘tlu=. road will be tested in 1858.

As to the running expenses, as they were only
531; per cent. in 1803 and 1864 there is every pre-
bability that with rigid ecorioxhy and an iucre.--u
in the traflic, they can be reduced to 50 per con
but they have been cstirnated at 55 per cent, so
as to leave ample margin for eoiitipgencies.

The ctlbct of the monthly purclmscs by the
Trustcts, old‘ the Bonds of the present issue on
their lnarltct value, cannot fail to be immediate,
and will insure to the or-ivinal pnrcliasers a cer-
tain protit within a niocledlte time, for whilst the
amount outstanding will (lecrease'eacl1nior.ith, the
absorption by the blinking Fund will constantly in~
crease by the accruing interest on the Bonds in
the hands of the Trustees. In 8; .years the Sink-
ing Fund will absorb $84,768,003, estimating; all
the purchases of bonds by the Sinking Fund tube
made at par. '1‘hat the Company will be in a con»
dition to make promptly the monthly payments
to the Sinking 1*‘und,‘no one at all acquainted
with the income of the Company can doubt for a
moment. All the past difficultics of the Company
have arisen-lroxn the necessity of coiitractlngfor
expenditures, before securing the re_quisi‘to~f11nds
to meet them. This is now , entirely -at,‘ an end‘,
whilst the daily increasing revenue, of the Com-
pany must inevitably increase the nmiket value 0
its Bonds, as well as of-its Stock, the latter o
which will no doubt ere ,long'ta1=:c rank among on
most solid investment stocks.

Proposals should be endorsed “Proposals for
New _York and"Erie. Railroad Lo.-in ” and addres—
sod tb DANIEL I§iRE W, Treasurer,’Eric-place.

. , H0 ER RA.1\1BDl“.LL President.
NAT_I{A,‘NIEL'Nl:ARSH,’SCC1‘ul:a.l.'y. ’ 0. _
New YORK, Oct. 23, 1864.

the local trailic, must inevitably increase in the