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UAVQ UV »St.led at the * ttp^ Clerk.iliiDBErtie sfcand-7G of the a ter Com-.the 31st Ily for the proval atintituledIre Whler i tho caidjyaedroELANDbiin, lGthENERAL3 held at r next, at mitting am to tho Company, olutfon of iduca thereducingCompany, -esoiirttoa ection besretary.EDISHsterling,AWING tenor of aary last, Irawn byi ae principal ana interest ore pay a Die iaae\7 xani, in gold* rrej* from oil United States Government tar. meThe Oregon and California Railway trill extend from Portland on the Columbia Elver, in the State of Oregon, down the Willa- mire —rr~n~~ ^ Californian frontier (about 250 miles), wheremette Valley to the Californian frontier (about 26 it mil join the California and Oregon Railway, a line now in course of spustructipn fc»d to direct commuafc;coarse of opnstructipn tmd to direct commumcatwn with San lt;FraneiseO. - tAt the last advices about 60 miles of tho Oregon and CaliforniaRailway -were completed and opened for traffic. The rails wereready for about 20 miles more, and that length will be almostSUGl _______ _ opened by_j.e Company is incorporated under the laws of the State of I Soro Oregon, with a capital of 20,000,000 dole,, and holds a grant from tho United States Government of 4,072,000 acres of land, most ofwhich is very fertile. ____The payment of the principal and interest of the total issuo j Thn 3of Bonds for 10.950,000 dole. £3 secured by a first and only mortgage of the Railway, ito plant and rolling stock, to Hr. Hilton OfScS., Latham, late Governor of Californio, now President of the London and Son Francisco Bank at Ban Francisco, and Hr. ThFaxon D. Atherton, a well-known capitalist of Baa Francisco, as plan Trustees for the Bondholders. Each Bond bears a certificate by Jkvrll Messrs. Latham and Atherton that it is one of tho ceries entitled Thtojthe benefit of the security given by tho Mortgage. HidlidsBy a second deed the lands granted to the Company by the a din United States Government are conveyed to Mr. Latham, Hr. land Atherton, and a third Trustee, Mr. William Norris, of Ban Fran- Thi mscq. upon trust to receive the proceeds of cale3 to be mado bythe Company, and invest them to form a fund tor paying off the ___principal of the total issue of Bonds at maturity. The Company that and the trustees of that deed have recently cold the lands to a that Land Company, of which some of tho leading mercantile firms in W1 England, Germany, and California ore members. The price is landother- rect 1paya- by t W«“ble), and with the accumulated interest, will he more than suf- wellficient of itself to discharge the principal of the Bonds, inde- Thipendently of the eeounty afforded by tho general property and cord:earnings of the Railway. in allBoth the deeds ore duly recorded in the proper offices. is lesThe contractors for the Bonds make their payments in respect Thtthereof direct to the trustees of the railway mortgage, who only rentedisburse the same for railway work done and plant and materials at £provided. ThiThe Bonds are thus a lien on the proceeds of the sale of the land, vis.,:and are the first and only mortgage on’ the entire railway plant, prep:rolling stock, c. a verThe documents securing the payment of the Bonds have been menfsubmitted to and approved by W. M. Eyarto, Esq., of New York. impnmu - ^---- V .l.V 1__L T
Newspaper Details
London Daily News
London, Middlesex, GB
Wed, Jan 18, 1871
Page 1
Full Page
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USA 23 Oct 2021
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