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290 BETWEEN THE OCEAN AND THE LAKES
September. Covers 526.28 miles of railroad. Denomination
of bonds, $1,000 or ,£200. Annual interest, $1,182,-
37°-
Sixth mortgage on the main line, third mortgage
on the Newburgh branch, and second mortgage on
the Buffalo Branch. Also mortgage on leasehold
rights in the Union
Railroad, Buffalo, New York
and Erie Railroad, Buffalo, Bradford and Pittsburg
Railroad, Rochester and Genesee Valley Railroad,
and the Long Dock Company.
Issue was limited to
$30,000,000, of which $13,065,000 was reserved to
retire the first, second, third, fourth, and fifth mortgage
bonds of the New York and Erie Railroad
Company, and the Erie Railway and Buffalo Branch
first mortgage bonds.
This loan was the famous
Gould issue of bonds, wise in its intent, but a good
intention belated and fallen on evil times.
New York, Lake Erie and Western Railroad Company's
First Consolidated Mortgage Coupon Bonds,
$3,699,500. Issue, 1878. Principal payable September,
1, 1920; interest, 7 per cent., gold, payable March and
September. Covers 526.28 miles of railroad. Denomination
of bonds, $1,000. Annual interest, $258,965.
These bonds are secured by the same property as
the above consolidated mortgage, they having been
issued to fund coupons from the bonds of that issue,
which coupons are held as collateral security.
These
bonds were provided for in the reorganization plan
of 1878.
With this included, the total outstanding
debt of the Erie under the Erie Railway Company's
first consolidated mortgage is $33,663,077.
Buffalo and Southwestern Railroad Company's First
Mortgage, gold, $1,500,000. Issue, 1877. Principal payable
July 1, 1908; interest, 6 per cent., payable January
and July. Covers 66.36 miles of railroad. Denomination
of bonds, $50, $100, $500, and $1,000. Annual interest,
$90,000.
This mortgage covers the same property as the
Buffalo and Southwestern first mortgage, and was
placed to facilitate and insure consolidation of that
railroad with the Erie system in 1895.
Newburgh and New York Railroad Company's First
Mortgage, $250,000. Issue, 1868. Principal payable
January 1, 1929; interest, 5 per cent., gold, payable January
and July. Covers 12.64 miles of railroad. Denomination
of bonds, $1,000. Annual interest, $12,500.
First mortgage on that railroad, Arden Junction
to Vail's Gate Junction, N. Y.
Consolidated with
Erie in 1895. This railroad is the " Newburgh
Short-cut."
It was built by a corporation entitled
the Newburgh and New York
Railroad Company,
which was composed of the leading men in control
of the Erie in the time of President Berdell and later
under the Eldridge and Gould regimes. The railroad
was to be the link that was to bring about the
much-vaunted
Erie connection with Boston and the
East, by means of the railroad then exploited under
the name of the Boston, Hartford and Erie, of unsavory
memory, and of contact most unfortunate to
Erie interests.
* Bergen County Railroad First Mortgage, $200,000.
Issue, 1881. Principal payable April 1, 1911; interest, 6
per cent., payable April and October. Covers 9.82 miles
of railroad. Denomination of bonds, $1,000. Annual
interest, $12,000,
First mortgage on that railroad, Rutherford Junction,
N. J., to Ridgewood Junction, N. J.
$200,000, all owned by the Erie.
Stock
* Buffalo, New York and Erie First Mortgage, $2,380,-
000. Issue, 1876. Principal payable June 1, 1916 ; interest,
7 per cent., payable June and December. Covers
140.25 miles of railroad. Denomination of bonds, $1,000.
Annual interest, $166,600.
First mortgage on the above railroad, Buffalo
Creek
N. Y.
Railroad Junction, Buffalo, to Jamestown,
First mortgage on Buffalo, New York and Erie
Railroad, Painted Post, N. Y., via Avon, to Buffalo,
N. Y. The total capital stock of this Company is
$950,000, of which $946,000 is owned by the Erie.
Erie Railroad Company's Second Mortgage on the
Buffalo and Southwestern Railroad, gold, $1,000,- This road was leased by the Erie in 1863 for four
000. Issue, 1895. Principal payable July I, 1908 ; interest, hundred and ninety years. Rental 7 per cent, on
6 per cent., gold, payable January and July. Covers 66.36
stock, interest on bonds, and $5,000 for organization
miles of railroad. Denomination of bonds, $1,000. Annual
interest, $50,000.
expenses.