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THE
rfanada %mtkm |mka5
COMPANY.
PROSPECTUS, REPORTS
AND
OTHER DOCUMENTS.
Beta |)orh :
E. WELLS SACKETT & BHO., HOOK, .lOl? AND LAW PRINTERS.
Cor. William and Pins Struts.
1S72.
Pfficef^s of the Company.
MILTON COURTPJGHT.
JOHN F. TI^ACI^ DANIEL DREW,
SIDNEY DILLON, WM. L. SCOTT,
WM. A. THOMSON, JOHN ROSS,
O. S. CHAPMAN, BENJ. F. HAM,
MILTON COURTRIGHT.
IICOL KINGSMILL.
M. H. TAYLOR.
F. N. FINNEY.
iisiiiif lilt sst'SisissD,
WM. J. McALPINE.
CROOKS, KINGSMILL & CATTANACH,
Toronto, Canada.
CHARLES TRACY,
N'ew "Vorlw City.
PROSPECTUS
OF THE
CANADA SOU^'ERN RAILWAY
COMPANY.
The object of the promoters of the Canada
Southern Railway is to form with other Roads
a cheap line of traffic between Chicago and
New York, so located and constructed as to
reduce the cost of transporting the products of
the interior to the lowest limit. The line
adopted by this Company with its connections
will accomphsh this result, being practically
level and straight to tide water. The natural
outlets from Chicago and the Valley of the
Mississippi to the seaboard, are either in a
southerly direction along the Valley of the
Mississippi to the Gulf, or in an easterly direc-
tion to Lake Erie ; thence along its borders to
its eastern terminus at Butfalo, and from there
following the plateau that extends to the Mo-
hawk, thence to tide water on the Hudson, or
by a hne through Canada to Hamilton, at the
6
head of Lake Ontario, and thence by the Lake
and the St. Lawrence to tide water. All rail-
ways from Chicanjo to the seaboard, between
this plateau and the Mississippi, pass over for-
midable mountain ranges. The Erie over the
Alleghanies at an elevation of 1,800 feet; the
Pennsvlvaiiia at an elevation of 2,200 feet : the
Baltimore and Ohio at an elevation of 2,(100
feet, and the Chesapeake and Ohio at an eleva-
tion of 2, 000 feet. Upon this route this great
mountain range falls off at the summit of the
plateau mentioned into a plain only 420 feet
above tide water, and 145 feet below the level
of Lake Erie.
ROUTE.
The Canada Southern Railway is located
through the southern tier of counties in the
Province of Ontario, the most po])ulous and
fertile agricultural portion of the Dominion of
Canada.
Its eastern terminus is at the International
Bridge, now" being constructed over the Niagara
River at Buffalo, and its western termini are on
the Detroit River at Amherstburg, near its
mouth, 229 miles from the International Bi'idge,
and (by the branch) at Moore, on the St. Clair
River, (opposite St. Clair in Michigan,) 184 miles
from the Bridge.
CONNECTION 8.
Its eastern connections with the seaboard,
will be by the existinii- New York Central and
Brie Railways : the Midland Railway, and the
Buttalo and Washington, and Pine Creek Rail-
ways, now in the course of construction, which
two last-niv3ntioned, in connection with the
Pennsylvaniji road, will furnish two additional
lines to New York, and one to Philadelphia,
Baltimore and Washington.
Its western connections with Chicago, will
be by the Chicago and Canada Southern Rail-
way, from o))posite Aniherstburg, as well as by
the Peninsula and Midland, and the Michigan
Air-Line Railways from St. Clair, all of which
lines are now under construction.
The Railways mentioned will make four dis-
tinct lines from the eastern terminus of the
Canada Southern to New York, and, with the
Michigan Southern and Central, live distinct
Hues from its western termini to Chicago. The
Canada Southern will thus be a connecting link
between great systems of roads, which can now
su])ply to it, at either end, a traffic equal to its
utmost capacity. To connect these important
systems there are now but tAvo existing roads,
viz.: the Lake Shore along the south shore of
Lake Erie, and the (Ireat Western of Canada,
with its proposed "Loop Line" from (llencoe
to Canfield. It is also the most direct link in
8
the line of communication between the West
and tlie New England States, and their prin-
cipal seaports.
The main line and its branch are located
where the Detroit and St. Clair Rivers may bo
crossed to the best advantage, either by ferries
or by bridging. Ferry-boats may be tempora-
rily used, but public convenience will demand,
as it has over the Mississippi, that bridges over
them shall be built as soon as possible, with such
provision as will prevent interference with
navigation.
ALIGNMENT AND GRADES.
Annexed is the report of Mr. F. N. Finney,
chief engineer, in which will be found in detail
the lengths of the main line and the St. Clair
branch, the proportion of the straight and
curved lines, as well as of the grades and dis-
tances between objective points, as compared
with other lines. Also, the re])ort of the Hon.
Wm. .1. Mc Alpine, consulting engineer, who by
his scientific knowledge and long practical ex-
perience in the construction and management of
some of our most important railways, and in his
official connection with the railwavs and canals
of the State of New York, has had a very
extended and diversified knowledge of the trade
and commerce of the country, and also of the
cost of transport as affected by the difference
of grades, alignment, etc., upon railways, and
who has made and ])ul)lished m> • y comprehen-
sive reports u])on these subjects.
He has carefully examined the report of our
chief engineer Mr. Finney, and presents the ad-
vantages which this line possesses in regard to
its position, grades and aligimient.
The length of road to be constructed is 21)1
miles, of which IK) per cent, is straight, with no
opposing grade exceeding 15 feet per mile, and
that for only a short distance in any one place.
The distance from the common railway center
at Buffalo, by the main line, is 28 miles less to
Toledo than by the Lake Shore, and to Adrian
by the Chicago and (Janada Southern Railway,
it is 48 miles less than bv the Lake Shore.
The distance by the main line and the Chi-
cago and Canada Southern Railways to Chicago,
is 33 miles less than by the proposed " Lo()p
Line" of the (rreat Western and the Michigan
Central : 45 miles less than by the Lake Shore
and Michigan Soutiiern " Air-Line," and 55
miles less than by the "Old Line" of the Mich-
igan Southern.
The Chicago and ('anada Southern Railway
is the closing link between the western termiims
of the main line of the Canada Southern Railwav
and Chicago. The maximum grade of the former,
like that of the latter, is but iifteen feet to the
mile, with an alignment nearly as favorable as
that of the Canada Southern.
10
None of the existing- lines of i-ailway between
Chicago and New York, have been located and
constructed with reference to cheap transporta-
tion. The great and increasing traffic between
these points, now demands a line of railway
which will atford the cheapest transportation
practicable. With a few changes in the existing
lines of railway between Buffalo and New York,
grades of not exceeding fifteen feet per mile
and good alignment, can be obtained, which will
make, in connection with the Canada Southern,
and the Chicai>'o and Canada Southern Kailwavs,
a line over almost a level plain, the entire dis-
tance from Chicago to New York.
No better evidence of the value of low
grades can be given than that which is exem-
plified by the experienced managers of the
Pennsylvania Railway Company, who are now en-
gaged in providing a low grade line for freight,
between Pittsburgh and llarrisbui'gh. by which
they will abandon 2.')() miles of tlieir present
main line for through freight trattic, although
it will increase the length of the line to be run,
02 miles, aiul involve the actual construction of
110 miles of a new and expensive road.
Another instance is that of the lloosic Tuimel,
where twelve millions of dollars will be ex-
pended, mainly to reduce the grades between
the Hudson and Connecticut Rivers, the distance
to Boston being reduced only 10 miles. Similar
changes in several of the (ireat Trunk Lines are
11
in contemplation, all of which show that the
attention of the most judicious minds of railway
managers is earnestly directed to lessening the
cost of trans])ortation by reducing grades.
None of the raihvays between Chicago and
New York, south of the Lakes, have a uni-
form gauge. A gauge of four feet nine to four
feet nine and a (juarter inches, intervenes in all
of them. The Canada Southern, with its con-
nections east and west, will form a through line,
relieved of this objectionable feature, having a
uniform gauge of four feet eight and a half
inches, (the prevailing gau^ of the country.)
over its entire length.
Another im])ortant object to the northern
roads connected with this line, will be effected
by the construction of the Canada Southern.
Heretofore the northern lines, when in close com-
])etition for traffic, or in a contest for speed, have
been closelv pressed bv the more southerly
lines: this railway will change the ])Osition of
these lines in that respect, in favor of the north-
ern lines.
The advantage which the (^anada Southern
])()ssesses in the matter of routes and grades,
find its importance to other liiles cannot be
better illustrated than by the discussions of
the shareholders of the Great Western Rail-
way Company, at a meeting held in London,
England, in July last, called to consider the
building of the " Loop Line" from Glencoe to
1^
Caufield, extracts of which will be found hereto
appended.
These gentlemen who expected to forestall
the construction of the Canada Southern by
building the '' Loop," doubtless took an intelli-
gent and comprehensive view of their position,
as it was evident from the drift of their re-
marks, that the construction of the '' Loop/'
was not deemed advisable for their interest as
a project by itself, and was only urged to defeat
tlie Canada Southern.
The value and importance of the Canada
Southern Line itself, and its necessity to the
other great Hues in which we were interested,
alone controlled the question of its construc-
tion.
If the Great Western Railway Company were
warranted, even in entertaining the idea of a
''Loop Line," ])arallel with their own railway,
in consideration of procuring grades of thirty-
five feet per mile, but by which they w^ould
gain nothing substantially in distance, wdiile
the business which it would get would be prin-
cipally taken from their own main line, these
other great interests, both east and west, would
certainlv be ^^*arranted in buildiuii; the Canada
Southern, by which thev would save from fortv-
five to fifty -five miles in distance, and procure
grades of 15 feet, which are as much better
than those of the " Loo])," as the latter are
superior to those of their own main line, while
1^,
we will lose nothino^ by diversion, and have a
line which is seven miles shorter than the (rrand
Trunk and ' Loop " Lines between the Inter-
national Bridge and their final divei ;ence from
our line near St. Thomas.
Chicago is not only a centering point for the
railwav lines from the eastward, but also of
those extending to the westward.
Of the railways diverging west from Chicago,
one great interest is under the same controlling
power that manages the Michigan Central.
This management is now extended to the Great
Western of Canada.
To have left the monopoly of the traffic across
the Peninsula of Ontario under that control
alone, must have been regretted by every other
interest both in and out of Canada.
TRAFFIC.
The managers of the Great Western, whose
railw\ay passes through a country occupied
verv much like that of the Canada Southern,
state that from 1805 to ISfJO, there w^as an in-
crease in the value of their through traffic, from
$500,000 to $1,200,000; "a steady, regular in-
" crease which is going on still, notwithstanding
"the reduction of rates and fares between IS(;5
"and 1861), " of one hundred and thirty-six per
cent, in five years; or, an average of twenty-
14
seven per cent, per annuni. The gross traffic
recei})ts for the half year ending 31st July,
1S7<), were $2,044,500, of which the local traffic
was 45 per cent, of the whole.
Taking the tirst half of 1S70 as a basis, the
receipts for that year would be $4,000,000, of
whicli, by the same proportion. Si, 800,000
would be derived from the local, and $2,200,000
from the through business.
There being a "steady rejrular increase" be-
tween 18()5 and 18G9 of 27 per cent, per annum,
it is a low estimate to assume, that by the time
the Canada Southern Railway is completed,
(January 1st, 1873,) the business of the Great
Western will have increased at least 25 per
cent., (12^ per cent, per annum,) equal to an ag-
gregate amount of local traffic of $2,250,000,
and of through traffic of $2,750,000.
On the opening of the Canada Southern, with
its further development of the large agricultural
})roducts for export, as well as those from the
lumber and mineral oil districts, which have
heretofore been destitute of railway and other
facilities of transport, an additional local busi-
ness may reasonably be expected of at least 25
per cent., nmking for both roads $2,800,000 of
which the Canada Southern, when fairly in ope-
ration, will, it is estimated, secure at least two
fifths, or $1,120,000, with an increasing pro-
portion every year thereafter in its favor.
It may be added that a large traffic will be
15
derived from the cxistino; hranch railways, from
London, from St. Catharines, from the two roads
which extend from the International Bridge,
through Niagara Falls, and from the Hamilton
, branch now constructing, all of which, exce])t
the London branch, terminate on Lake Ontario,
where they connect with the steamers running
to Toronto and through the Lake and the St.
Lawrence to Quebec, and to all of the impor-
tant intermediate places.
The Hamilton branch will give us a direct
communication by rail with Toronto, and all
other points north and east of Hamilton to which
railways have or may be extended. By this
branch from Hamilton to Caledonia, thence by
the Grand Trunk to its intersection with the
Canada Southern, and bv the latter to the In-
ternational Bridge, Buffalo and the railw^ays
terminating there can be reached in about the
same distance from Hamilton as by the Great
. Western, thereby giving Hamilton and the
country tributary thereto a competing line to
and from the East as well as the West, includ-
ing the Oil Regions. The Hamilton branch is
27 miles in length from Hamilton to its inter-
section with the Canada Southern Railway
r)(Si miles west of the International Bridge,
which latter point is 42o miles from Chicago,
bringing Chicago within 4M) miles of Hamilton,
which is at the head of navigation on Lake
Ontario.
The nearest point from Chicag;o at which
Lake Ontario can be reached by rail ak)no- the
south shoi-e of Lake Erie, is over 5(50 miles.
A lari^e throu<»'h traffic over the Canada South-
ern, will be derived from the central and north-
ern portions of Michigan, tributary to the St.
Clair branch. The rich and thickly populated
agricultural regions of central Michigan, to-
gether with the vast quantity of pine from the
northern portion of the State, (already pene-
trated by railways,) can find no outlet to an
eastern market so advantageous as over the St.
Clair branch.
In addition to this, the St. Clair branch will
obtain from the Peninsula and Midland, and
the Michigan Air-Line Raihvays, not only the
through business which those lines will derive
from Chicago, but also their own local business,
and very much of that which will be carried
by the other lines, which they will intercept,
and to which this branch can offer a shorter
and cheaper line eastward, than can be ob-
tained by any other.
From these sources, it is believed there will
be derived an amount at least equal to that
above estimated for the local traffic in Canada,
or $1,120,000.
The following extract, taken from the Report
of the Convention, held at Saginaw, in 1809, of
the friends of a line to connect with the North-
ern Pacific Railroad, from the St. Clair River
n
via the Straits of Mackinaw, will show the
value of the products of the northern portion
of Michigan which will be tributary to the
Canada Southern Railw^ay :
Copper and Iron from Lake Su-
perior $cS/J0O,0()O
Lumber, Timber, Shingles, Lath,
Staves, etc 28,534,294
Salt, . . . . . . 1,111,380
Fish, ()5 1,000
Plaster 144,01)0
Total, . . $8J),340,7()4
The Northern Pacific wdll be extended east-
wardly either by that or some other Company,
through the great mineral and lumber regions
along the south shore of Lake Superior, to the
Straits of Mackinaw, where it will connect with
railways extending to St. Clair.
The distance by the Canada Southern and the
Straits, from Bufffilo to Luluth will be over
100 miles less than via the south shore of Lake
Erie and Chicago. From all intermediate points
east of Duluth the distance saved will be much
greater. This is an important feature in con-
nection with the Canada Southern Railway, and
must ultimately add largely to its trafUc.
From the main line via Amherstburg, our
connection with Chicago will be by the Chicago
IS
and Canada Southern Railway, with whicli we
are in ch)se alliance, forniino- together the most
direct and level railway attainable between
(.'hica^^o and Buffalo.
From the local business of this important
line, the through traiilc from Chicaiio, and from
lines west of Chicago, an amount ecjual to that
noAV deiived by the (Ireat Western from the
Michijian Central, (increased by the twenty-liye
])er cent, before stated,) viz., ij^2,7.')( ),()()(), may
certainly be i-elied upon, as soon as the facilities
for transpoi'tatiou are afforded. This amount,
together with the estimated local business of
(Canada, $1.1 20,( KM), and the through tralUcfrom
Central and Northern Michigan, Si, 120,000,
gives an aggregate of $5,( M M ).0( X >.
In the foregoing estimate the business that
centers at the Cities of Detroit and Toledo, from
both of which points the Canada Southern will
furnish the shortest and much the best route
east, has not been taken into the account.
The best idea of the through business which
the Canada Southern Railway may expect can
be derived from a statement of the immense
area, po])ulation, wealth, resources and progress
of the States lyinir west of its western termini.
These States are Michigan, Indiana, Illinois,
Missouri, Kansas, Nebraska. Iowa Wisconsin
and Minnesota. They contain an area of 5()( ),79o
scjuare miles, and had a po|.ulation in ISTO, of
10,280,:^T1. The following statement will show
1»
the area of each State, the ])()|)uhition, and the
number of miles of railway in each, in iSdO
and 1870.
Area. I'lipulation, l'i>piiliitii>ii. Miles of Miles of
S(|itare Miles. 1860. 1870. R. R. 1860 U. R. 1870.
Michigan .... 56,451 74!M13 l,lH4,2i>6 77'.l l.7:J:5
Iiuliana 33,H09 1.350,428 1,673,046 2.163 3.177
Illinois 55,400 1.711.951 2,539,678 2.799 4.823
Missouri 65,350 1,182,012 1,715,000 817 2,040
Kansas 81,310 107,206 3(i2,871 1,401
Nebrii.^ii 75.995 28,841 123,000 578
Iowa 55,036 694,913 1,191,802 655 2,550
Minnesota.... 83,521 172,023 435,511 972
Wisconsin.... 53,921 775,881 1.055,167 905 1,350
560,793 6,772,3()8 10,280.371 8,118 18,624
The population of these States increased in
the period of 1() years, 3,.")08,(M)3, over 50 per
cent. The railroad mileage in the same time
increased 10,50(1 niiles, or nearly 130 per cent.
At a similar rate of increase, these States will
have in ten years from this time, 15,00(),000
inhabitants, and 40,000 miles of railway. But
this is by no means all. New States are speedily
forming out of Territories already containina^
large ])opulations, while the railroads across
the continent will bring to all the eastern
lines an immense tiaffic from the interior and
from the Pacific (,^oast. With that of the Ter-
ritories, the increase of population in the West
cannot be less than (100.000 annually. The
yearly increase alone is adecjuate to the sup
port of a tirst-class road to bear their products
to market. - ,
^)
The States named in tlie preceding table ))ro-
diiced last year 40(),()00,0()() bushels of corn, and
150,000,000 bushels of wheat. The tonnage of
this vast quantity exceeds l.s, 000,000 tons. But
this tonna<:^e, ii:reat as it is, is but a tithe of
what will be produced with their increased
population and under the stimulus of cheap
transportation. The transportation of stock,
and animal food of various kinds, constitutes a
larger source of income of our throuoh lines
than that of i^rain. This kind of traffic is
increasing; much more rapidly than any other.
The Eastern States are becoming more de-
pendent every year upon the far West for their
supply of animal food. Stock can be raised
and transported at a profit far beyond the
profitable limit for grains -^n account of the
greater value of the former.
But the rapid increase of the tonnage of our
railroads is much more wonderful than the in-
crease in po})ulation.
The tonnage in lS(i!> of the five great roads
coming into Chicago from the West ; the
Chicago and North Western, the Chicago and
Hock Island, the Chicago, Burlington and
Quincy, the Chicago and Alton, and the Illinois
Central, amounted to (), 707, 201> tons. In 18M()
the tonnage of these roads did not exceed
1,500,000. The increase in H) years equaled
5,207,209 or 8.")0 per cent., or an average in-
crease of 35 per cent., yearly. ^ ■_ ^ j„.
21
The tonnage of the three great lines from
the West ternnnating on the seaboard ; the
New York Central, the Erie, and the Pennsyl-
vania Railroads, increased from 1851) to 18<>!)^
a period of ten years, from 2,<S73,631 tons to
12,1M)7,()89 tons, or an average of 35 per cent.,
annually. While this percentage cannot be
maintained the actual annual increase will be
much greater.
The following statement will show the ton-
nage of the five roads entering Chicago from
the West, for a period of five years, ending
with 1809.
Illinois Ci'U- L'liii:igo iiud Chicago. Kock Cliicago, Bur- Chicap) anil
tml. Alton. IslamI untl lington ami Niirtli West-
Pacific, (jaincy. cm.
1Mb. 1,022,024 3!SG,1!I7 441,510 80!),(i"4 !ir)6,584
IStifi. l,0:!4,!)4(l oil, 012 472,557 7.i7,511 1,137,515
1867. 1,15:!, 175 C3(i,:5fi0 45!t,986 821,883 l,72t),<il!)
18C8. l,43i),(;75 !)15,(i82 054,435 937.48!) l,982.42!l
1809. 1,001,972 1,070,078 846,887 1,020,740 2,211,820
Such rates of increase show how much more
rapidly the products and wealth of the country
increase than its population. Such evidence
as this, drawn from the rt|. *"^ Oi ailroad com-
panies, show the absolute necessity f constantly
increased provision for transport ^i^:^ the pro-
ducts of the interior to the seaboard, and that
no provision that is likely to be made will equal
the demand.
While the progress of railroads has been so
rapid in the West, no great inde])endent outlets
have been opened for them to the eastern mar-
ket during the last 10 years.
Mr. E. H. Walker. Statistician for the New
York Produce Exchanse, lias kindly furnished
the annexed interestinaotiicial statement, show-
ing the average annual cost of transportation
of wheat and corn l)y water, from ThicaiiO to
New York, including handling and otlier charges,
for the past fourteen years. This has been in
round nund)ers, 2S cents pei- bushel for wheat,
both bv Oswego and I>utfalo. and for the rear
1870. was 22 cents per bushel. Corn being car-
ried at about the same rate for the same weight.
The toll on the Erie Canal for the last year
was 8 cents per bushel with freight exception-
ablv low. If the Erie (*anal is ever made free
from toll, it will onlv reduce the cost of trans-
portation by water to this extent. " This is the
only reduction possible, short <>f au enlargement
of the Canal.
Mr. McAlj)ine demonstrates that by a low
grade line, i>rain can be carried from Chicauo
to New York for from 20 to 22 cents per bushel
of (10 |)ounds, taking as a basis, the roads with
iron rails, and with a road-bed as ordinai-ily
used.
\Yith a perfect road-bed and steel rails, a
saving of 15 per cent, as compared with his
estimate, nuiy be assunu'd.
The practice of purchasing grair» at the sta-
tions upon the roads west of Chicago, is in-
creasing among grain dealei's. This saves all
charges at Chicago aiul iJidfalo. These transfers
28
and other charges cannot be avoided if brought
by water.
Another consideration of no small importance,
is the shorter time of transit and the better con-
dition in which the grain reaches market.
A freight train of 40 cars, with 14.0(K) bushels
of wheat, which can always be relied upon,
from Chicago to New York, (1)25 miles,) over
a railway with a good road-bed, steel rails,
and with grades not exceeding 15 feet per mile,
and a return with one-fourth (UK) tons) the
weight, (which is about the pro]>o] lion of back
freight,) can })e taken at a cost of not to
exceed $1.00 per mile run, or lor 1,-^50
miles, . Sl,850
Terminal, and other charges, . . . 4()8
Total. .... $2,318
This includes the cost of working
and maintaining the railway and
equipment, to_,ether with every
other expense, except interest on
capital.
14,0(HI bushels of wheat at 17
cts. per bushel, is ... $2,380
100 tons mixed freight
back, at 75 cents per hun-
dred, is 1,500
3.880
Leaving a net ])rofit of . , ♦ * . :|1,5G2
or over 40 per cent, upon the gross earnings.
34
A ^^2-toii locomotive \\\\\ transport over such
a road CO cars, with 21,000 bushels of wheat,
with a return freight of one-quarter the above
(say 150 tons), at a cost of SI. 25 ])er mile run :
this ^vould reduce the cost of transporting the
wheat to 14 cents per bushel, and the back
freight to (»0 cents per hundred.
The traffic of existing railroads has been
constantly gaining over water routes, between
Chicago and New York. The reduction in cost
that can be made on this line will not only add
to its tonnage from ordinary sources, but enable
it to draw to an unlimited extent upon that
which has heretofore gone bv water.
Over such a railway as has been described,
and which is entirely practicable, produce from
Chicago and stations west, can certainly be
transported chea])er to New York than by any
existing water communication, and it is be-
lieved, cheaper than by any improved, or en-
larged navigation practicable.
In connection witli the transportation of
grain through the iSt. Lawrence, which is now
of considerable magnitude and j'ai)idlv increas-
ing. the line to Hamilton becomes particularly
important. The distance from Chicago to Lake
Ontario, by Avater, is not only long and circuit-
ous, but involves ])assing through the Welland
(■anal, the locks of which are onlv 2(H bv 150
feet in the chamber. The locks between Lake
'Ontario and Montreal are 45 by 20() feet, the
25
latter admittiii": vessels or bar ores of verv
much greater capacity — sea-going ships. Of
54/)()0,00(> bushels of grain destined through
the Welland Canal, 10,000,000 bushels, or nearly
20 per cent, were lightered over the Welland
Railway, Avhich was built by the side of the
canal for that purpose. Taking grain by all
rail direct to Hamilton, this lightering and
expense of passing the Welland Canal will be
avoided, and can there either be put into a class
of ships safe foi' a sea voyage, or into large
barges, for either Oswego, Montreal or Quebec,
at which two latter ])laces it can be sent abroad
by a still larger class of ships, (xrain can be
taken from Chicago to the head of Lake Ontario
at Hamilton, 450 miles, and transferred into
vessels or barges through an elevator for 8
cents per bushel. Airing grain occasionally,
through an elevator, on a long voyage, is
worth to the grain all it costs. The transpor-
tation of grain bv this route will doubtless
become important, and add largely to the
traffic of our railway.
The receipts of the Lake Shore and Michigan
Southern Railway in \XH), were over S^L},0(M),-
OOO. From the 1st of January to the 1st Sep-
tember of this year (1H71), the increased re-
ceipts, as com pa led with those of the same time
last year, were over i?l)()0,00<), and but for the
want of capacity to do the business offered,
would have been greater. If more facilities
■ 38
are necessary now to relieve this blockade, it
will be imperatively necessary, upon the com-
pletion of the additional railways, now in course
of consti'uction from the Detroit and St. Clair
Rivers west, and from Buifalo east.
The Canada ^^outhern will have less than half
the capital ofthe < Jreat Western with its "Loop,"
and but half the cai)ital, which belongs to that
portion of the Lake Shore Railway, which is
within a corresponding' distance from Chicaoo.
With the advantages of distance, grades and
alignment lai-gely in its favoi", it will stai-t off
with a steel rail and new equipment of the most
api)roved modern kind, whilst the Lake Shore
and Ci'eat Western Railwavs, to avail of similar
track and e<iuii)ment, must add as much to their
capital, as will nearly double track the Canada
Southern.
The low grades and ])erfect alignment of the
Canada Southern Railway will admit transpoi*-
tation of passengers at the highest sj)eed, and
under the conditions of the most perfect safety.
It will have the same economical advantages
in the trans])ortation of passengers as it will
have in that of freight.
With its ability for cheap tiansi)ortati(>n, and
all its other advantages combined, it is dithcult
to estimate the traffic which must necessarily
pass over the Canada Southern Railway, the
most favoi-able link in thaf line of transit, over
w hich so im])ortant a portion K^X the business of
the continent naturally passes.
27
ASSETS.
Capital stock, $1(M)(M),(M)()
Capital stock subscribed, . . . 2,0<)0,()0()
First mortoage, 7 per cent, sinking
fund bonds, 9,000,00(1
The cost of the Railway ecpiipnient
and appurtenances complete, as
estimated by the Chief Engineer,
is .......... . 14,500,000
To this must be added for commis-
sions, office and legal ex])enses,
and contingencies, l,r)()(M)00
Total .... S1(;,()0(),00()
Based on the payment of one-half in the
capital stock of the Company ($8,000,000) and
the remainder in first mortgage bonds of the
Comi)any ($S,()(MI,()(K)). " •
This will leave two millions of the stock and
one million of the bonds in the hands of the
Company.
Sufficient of the securities (e(puil amounts of
stock and bonds; have already been placed,
to pr<>vidc all the means necessary to ])rocure
the light of way, fence, grade, bridge, and
prepare the road-bed upon the whole line of
I'ailway, including the Branch, for the super-
structure, and to furnish the rails for, and
complete fifty ml of the same.
08
The estimated annual gross re-
ceij^ts from traffic, as heretofore
stated, are $5,00(VJ00
The working expenses should not
exceed 55 per cent, of the gross
earnings, even at the minimum
rates, or 2,750,000
Leaving of net revenue, . . $2,250,000
The annual interest on the bonds is
$630,000, and the contributions
to the Sinking fund $82,000; this
provides for the payment of the
interest and debt at maturity.
Making \ 712,000
Leaving, net, $1,538,000
which is equal to 19 per cent, on $8,000,000 of
stock.
The line is permanently located, right of way
nearly all secured and paid for, all the grading
and bridging, and most of the ties required are
under contract and under w^ay. The grading
and bridging will be completed, and the road-
bed of the whole line, including the Branch,
made ready for the superstructure by the open-
ing of next Spring. Kails for 05 miles (six
thousand five hundred tons) have been pur-
chased to be delivered this fall.
It is the design of the Company to have the
whole line of Railway completed, equipped, and
ready for operation, by the 1st of January,
187;^.
A copy of the Bond and Mortgage is hereto
appended.
For the Board,
• M. COURTRIGHT,
President.
New York, September, 1871.
REPORT OF CHIEF ENGINEER,
To THE President and Diisectors of the Canada
Southern Railway Company :
Gentlemen: Yu;ir road is now |)erinanently located.
A line has been obtained with grades not exceeding
15 feet to the mile, and 3 degree curves, being within
the limits of my instructions. The distance from the
west end of the International Brid-i^e, (over the
Niagara River at Buffalo,) to Amherstburg, (on the
Detroit River, and near its mouth,) is 228.83 miles.
The St. Clair Branch, from the point of its diverg-
ence from the main line, (near St. Thomas,) to Moore,
(on the St. Clair River, opposite St. Clair, Michigan.)
is 61.89 miles : and from the International Bridii;e to
Moore, the distance is 184.29 miles.
The alignment of the main line, from the Interna-
tional Bridge to Amherstburg, is as follows :
Straight line 218.76 miles.
Curves 3° 0.95 miles
" 2° .- 2.00 ''
" 1° 4.72 "
" \° 2.40 "
10.07 "
Making the total length of the main line 228.83 mile?
The alignment of the St. Clair Branch is as
follows :
Length of straight line 60.98 miles
" curv'es 2° 0.91 "
61.89 "
Making the total length of the main line and
branch 290.72 miles.
;>2
The total length of straight line, (on tlie main
line and branch,) is - - 279.74: miles.
The total length of curvature 10.98 "
290.72 miles.
The principal tangents on the main line are^ one of
17.34, one of 28, one of 51.18, and one of 52.15 miles,
and on the St. Clair branch one of 54.48 miles.
The length of the different gradients on the main line
are as follows :
Level and under 5 feet per mile 121.20 miles.
Going East, ascending 5 to 10 feet per mile 14.35 "
" " " 10 to 15 " " " 19.80 "
" " '• of 15 " " '• 14.83 "
GoingWest, ascending 5 to 10 " " " 21.77 "
" " " 10 to 15 " '' " 6.67 "
" " " of 15 " " " 30.21 "
228.83 miles.
And on the St. Clair Branch:
Level, and under 5 feet per mile 42.09 miles.
Going East, ascending 5 to 10 feet per mile 5.25 "
10 to 15 " " " 3.31 "
" " " of 15 " " " 4.47 " •
GoingWest, ascending 10 to 15 " " " 0.85
" "" " " ~ of 15 " " " [ 5.92 "
61.89 miles.
Of the 15 feet grades, there are 14.83 miles encoun-
tered on the main line going cast, and 30.21 miles
going west ; the greatest length of which, however, in
anj-- one place, going east, is 2.55 miles, and going
west is 3.48 miles.
33
A line was run from a point near Sandwich, on the
Detroit River, (o|)[)Osite Detroit. Miehiijan,) for a dis-
tance of I0.2 miles, to the main line. It is nearly
level and can be cheaply built. But as Detroit can
be reached via the St. Clair Branch, with less distance
and equally favorable grades, and to better advantage
than by the way of Sandwich, it will probably be
deemed inexpedient to build the road to Sandwich, at
least for the present.
The distance from the terminus of the St. Clair
Branch, at Moore, across the river to St. Clair, is 2,011
feet, or 0.38 miles, with a depth of water from 20 to
33 feet, with the exception of the main channel, which
is 500 or 600 feet in width, with a depth of water
averaging 43 feet, and a maximum of 45 feet, with a
hard blue clav on the bottom, for the whole width of
the river. This crossing is favorable, not only for a
permanent bridge, but also for a temporary ferry, and
is unobstructed by ice during the winter.
The distance from the terminus of the main line at
Amherstburg, across the river to the main shore on the
American side, is 3.48 miles. The eastern, or main
channel of the river, is about 3,500 feet in width, vary-
ing from 10 to 22 feet in depth, with an extreme depth
of 22 feet, and a rock bottom throughout.
There are two other comparatively unimportant
channels to bridge, on the Michigan side of the river,
together nearly 3,000 feet in width, where the average
depth does not exceed 15 feet. These two latter
channels, and also a part of the main channel, can
readily be bridged, leaving a ferry of only 3,000 feet.
This crossing is also favorable for a ferry, being unob-
structed bv ice duriuff the winter.
M
The crossings, both at Amherstbiirg and St. Clair,
are favorable for bridging, and would be entirelji un-
objectionable on the ground of interfering with the
navigation, if provided with .suitable draws.
The distances between the objective points are as
follows :
1st. Between Buffalo and Toledo, via the main line to the
Detroit Branch of the Lake Shore and Michigan Southern
Railway, to-wit :
The International Bridge over the Niagara
River 1 0.67 miles.
From the International Bridge to Amherst-
burg 228.83 "
From Amherstburg to the main shore on the
American side 3,48 "
Thence to Toledo 38.02 "
Total distance from Buifalo to Toledo 271.00 miles.
In estimating the distance from the point where our
line would intersect the Detroit Branch of the L. S.
and M. S. Railway to Toledo, I do not calculate the
distance to the depot in Toledo, but to a point where
the roads leading into Toledo would naturally inter-
sect, and which would add nothing to their length.
2d. From Buftalovia the St. Clair Branch to Detroit:
Buffalo to St. Clair 184.29 miles.
St. Clair to Detroit, via New Baltimore - 42.00 "
226.29 miles.
35
In calculating tho distance from St. (Mair to Detroit,
it is not taken to the river, but to the point of inter-
section with the Detroit and Milwaukee R. R. and the
Detroit Branch of the Lake Shore and Michigan South-
ern Railway, and which is convenient for the business
of Detroit, and at the same time avoids tlie long cir-
cuit into and out of the city and saves a number of
miles of distance in passing on to Chicago, by any of
the roads leading to the latter.
The maxiniUHi grades on the proposed "Loop Line"
are 35 feet to the mile, and with greater curvature
than on the Canada Southern Railway.
Injustice to the Chief Engineer of the G. W. Loop
Line and his associates, it is proper to say, that these
grades and this curvature were unavoidable ; as by
the act of Parliament, granting the right to build the
road, they were obliged to locate it through the differ-
ent villages along the route.
The maximum grades on the G rand Trunk Railway,
between the International Bridge and Cantield, over
which it is proposed to pass the traffic of the " Loop
Line,'" are at least as great as those of the " Loop."
The distances from Buh'alo to Chicago, (the principal
objective point,) starting from the natural point of in-
tersection with the New York Central, the Erie and
other railways at Buffalo, (viz : 3i miles east of the
Buffalo depot, and 5 miles from the west end of the
International Bridge,) are as follows :
36
1st. By the Canada Southern main line, and the
proposed Chicago and Canada Southern miles.
Railways, is 487
2d. By the Canada Southern and the Chicago
and Canada Southern Railways to near
Adrian and the Michigan Southern, . . 494
3d. By the St. Clair branch of the Canada South-
ern, and the Michigan Air-Line Railways, 497
4th. By the St. Clair branch of the Canada South-
ern, the Michigan Midland, and the Penin-
sula Railways, 505
5th. Bv the Grand Trunk, the Great Western
and its " Loop Line ' and the Michigan
Central Railways, 520
6th. By the existing line of the Great Western
and the Michigan Central Railways, start-
ing at an equal distance with the other
lines from Rochester, 526
7th. By the Lake Shore and Michigan Southern
Railways, via the Goshen branch. . . . 532
8th. By the Lake Shore and Michigan Southern,
via the old line, 542
The distance from the intersection at Bulialo, by
the Lake Shore Railway, to Toledo, is . 299
Bv the Canada Southern and the Detroit branch
of the Lake Shore to Toledo, is . . . 276
St. Clair, in Michigan, is the samt distance from
Bulfalo, by the Canada Southern, as Cleveland is by the
Lake Shore ; and Lansing, (the cai>ital of the State of
Michigaii,) is the same distance from Bulfalo as Toledo.
Li addition to the low grades which have been es-
tablished upon the Canada Southern Railway, and
37
the slight ciiivaturo, other essential advantages have
been gained, which add to the safety and value of the
road, viz. :
First. — There are no curves on the road, which do
not have tangets of at least 1,000 feet between them,
thereby allowing trains of the usual length to straighten,
before entering upon another curve.
Second. — Every bridge upon the road, is approached
by a tangent of not less than 1.000 feet in length, and
in nearly all cases of much greater length. This is a
very essential feature, as it lessens the strain on the
structures, and reduces the liability of engines, or cars
to leave the track, on or near the bridges.
Third. — The maximum grades are confined to the
tangents. Curvature and grades seldom occur at the
same place, and never where the resistance of the two
combined, exceeds the effect of a grade of 15 feet per
mile on a straight line.
Fourth. — The aggregate length of j)ermanent bridges
will not ultimately exceed 1,300 feet, or one-fourth of
a mile, for the entire length of the main line and
branch.
The working divisions of your road are determined
by the location, and are very favorable for working it
economically ; that is, St. Thomas being central on
the main line and also at the eastern terminus of the
St. Clair branch, by locating the main shops for con-
struction and repairs at St. Thomas, every locomotive
making regular trips over the road, cither on the
38
Eastern, Western, or St. Clair Divisions, will neces-
sarily come to these shops ever}- twenty-four hours,
and all cars passing over the main line or branch, will
also be here examined and repaired if required.
Locomotives would easily make the trip over the
Eastern and Western divisions daily, and a round trip
each da}" on the St. Clair division, thereby economiz-
ing power to the greatest degree. Small shops in
connection with the required engine houses at each end
of the main line, and at Moore, would be the only
shops in addition to the main one at St. Thomas, that
would be required.
My estimate of the entire cost of the road, with a
suitable allowance for contingencies and superintend-
ence, (heretofore submitted in detail,) amounts to
$14,600,000. In this estimate is included, 1st : The
cost of the right of way, 90 feet in width, as ])rovided
for in the Railway Act, together with the extra widths
that may be required for deep cuttings, or high em-
bankments, and all the necessary grounds for railway
pi rposes, land damages, and the clearing and fencing
of the line. 2d. : The graduation of the road-bed to
the width required for a first-class road. od. : Pro-
viding for the best quality of Bessemer steel rails,
weighing 60 lbs. to the yard, on the main line, and on
the sidings, the best quality of iron rails of the same
weight per yard. The rails will be laid upon cross-
ties, 26 inches from center to center, with splice or
fish joints and iron chairs, and with 12 inches of ballast
beneath the ties. 4th. : Providing sufficient ecjuij)-
ment, and of the hcsi character : the necessary depots,
wood and water stations, shops aiul machinery, docks,
ferry boats, and all the other appointmentis needed for
a first-class railway.
The favorable grades and alignment which have
been obtained, have increased the cost, and together
with the thorough construct'on, equipment and ap-
jK)intments necessary for the performance of the large
business anticipated, have raised the estimate to the
amount above named. But the additional cost of pro-
curing the low grades and favorable alignment which
has been adopted, I deem a wise expenditure, as it
will so increase the capacity of the road and lessen
the operating expenses, that 50 per cent, of the gross
earnings, will be ample to operate and maintain the
road, estimating the charges for carrying passengers
and freight at the lowest rates'.
Res^jectfully submitted,
F. N. FINNEY,
Chief Engineer.
Fort Ekfi:, Oiitiirio, Feb. 15, 1871.
KEPORT OF CONSULTING ENGINEER.
New York, Februar}^ 15th, 1871.
To The President and Directors of the Canada
Southern Railway Company :
Gentlemen: You have re<iuested me to examine the
report of Mr. F. N. Finney, your Chief Engineer, who
has made instrumental examinations of the peninsula
of Ontario, for the purpose of obtaining the best loca-
tion for 3'our proposed railway, between the Interna-
tional Bridge at Buffalo and the Detroit and St. Clair
Rivers.
From this full report and the map and profiles pre-
pared by Mr. F'inney, I derive the following general
facts :
The length of the main line is 229 miles, and of the
Branch is 62, making 2'Jl miles.
Mr. Finney's maj)s. profiles and report, show that
this is not only the shortest line between the objective
l)oints, but also forms a necessary link between the
main trunk lines west of the Detroit and St. Clair
Rivers, and those east of the Niagara River, and fur-
nishes much the shortest route between the West and
East, and at the same time secures grades of not, in
any place, exceeding fifteen feet per mile.
I have a personal knowledge of a considerable por
tion of the country, over which 3'our railway will bo
built, which enables me to confirm (if it was neces-
sary,) many of the particulars in Ihe report of 'Mr.
Finney.
The line of the road passes through a well-settled
country, which will immediately contribute a consid-
erable local business, which will annually increase,
sufficient in itself, to warrant the construction of the
road.
The largest contribution of through business to the
Great Western, is from the Michigan Central, which
will have a shorter and cheaper route to the Atlantic
markets, by your line, hence it will undoubtedly avail
of these advantages and probably turn over to your
road a considerable amount of business, which, by the
existing circumstances, it is now compelled to send
over the Great Western.
It must also be considered, that the trunk lines of
railway, ivest of the line of the Detroit River, are now
dependent for their connections with the great trunk
lines eastward of the Niagara River, upon a single line
of railwa}', through the southern Peninsula of Ontario,
which at any time, (as has often ha})pened,) may exact
the rates which a monopoly demands, or be compelled
to take the only alternative, of forcing the traffic over
the (south) Lake Shore line, which is forty-five miles
longer.
As some of the managers of the Great Western
Railway, have suggested the construction of a 'Looj)
Line " between Glencoe and Canfield, with the avowed
object of preventing the construction of the Canada
Southern, it is important to your Conijtany, to care-
fully examine the reasons urged for the "Loop,'" and
43
how far it would aflfect your interests, as well as those
of the Great Western, if it should ever be built.
The suggested "Loop" would start 80 miles from
the western end, and 149 miles from the eastern end
of the Great Western, and would be 108 miles long,
and attain its connection with Buffalo, over 47 miles
of a branch of the Grand Trunk, and the Interna-
tional Bridge.
The saving in distance on the through business,
to New York, which this " Loop " will effect over its
present line, would be but five miles.
The maximum eastward grades over the Great
Western, are 55 feet per mile, those over the suggested
"Loop" are 35 feet, and those over the used portion
of the Grand Trunk, but little more. It is admitted
that the alignment and grades over the combined route
are more favorable than over the main line, but they
are also as much inferior to those of the Canada
Southern, as they are superior to those of its own main
line.
The cost of the 103 miles of this Glencoe "Loop'*
would be at least five millions of dollars.
In the face of these circumstances, the Great West-
m
ern propose as follows :
1st, To abandon 140 miles of the main line entirely,
so far as through traffic, which is one-half of their
whole business, is concerned ;
2d. To build a road rival to itself, which will cut
off a portion of the remaining rural local business, ou
that 149 miles of the main line ;
u
3d. To give to a rival Company (the Grand Trunk)
twenty per cent, of all the diverted, through and
local business, which diversion together is about three-
fourths of the whole gross earnings ; And :
4th. To leave the local business subject to the ex-
isting inconvenience and expense due to the higher
grades and less direct route of the main line.
If I was called upon to pi'ofessionally advise the
Great Western Company, I would recommend them
to reduce certain of their grades eastward, as low as
the nature of the countrv would admit : and, if thev
should ever find it advisable to build a loop-line to
Buffalo, to start it from a j)oint on their main line,
nearest to the Niagara Bridge, where eastward grades,
in the direction of the greatest tonnage, can be found ;
or. in other words, to make as small a diversion of
mileage from the main line, by the '" Loop." as the na-
ture of the country will admit. By this arrangement
it will receive as much through traffic as by the "Loop.'"
and will also obtain all of the advantages of the im-
provements on the main line, for the benefit of the
local business, (which is one-half of the whole,) and will
save the expense of the maintenance and operation of
an additional 103 miles of railroad, and the interest on
its cost. The distance through to New York is sub-
stantially the same by the main line, as hyi the suggested
"Loop.'"
A sum insignificant as compared with the cost of
the " Loop/' exj)ended on the main line, would ren-
der its grades as effective as those of the "Loop." The
tonnage going west does not exceed one-fourth of that
going east, and therefore, a less sum would be re-
45
quired to be expended upon the improvement of tlie
grades in that direction.
This advice is not proffered to that Company, but
the suggestion is made to further ilhistrate the position,
that the construction of the "Loop" cannot be seri-
ously entertained by the stockholders of that Company.
Your line has an advantage in its favor in regard to
distance alone, to the principal objective point, of
from 33 to 55 miles.
There is, however, a more imj)ortant question to be
considered between vour line and that of anv existinn:
one, or any that can be built, being that of its superior
advantages of grades and alignment.
ft is somewhat difficult to state the moneyed value
of the latter, as in it is involved the questions of safety,
speed and oj)erating expenses ; but the report of Mr.
Finney shows some facts which deserve more partic-
ular mention, and which do not, 1 believe, occur upon
any railway on this continent.
The whole distance is on straight lines, except four
per cent. Two tangents, each of 51 miles in length,
are united by a short curve of one degree.
What is also remarkable, is that these extraordin-
arily long tangents are upon almost level grades, and
that the maxima never exceed 15 feet per mile, and
these for short distances of only one to three miles,
[t is the shortest possible line that can be found across
this Peninsula of Ontario, between the Niagara and the
Detroit or rit. Clair Rivers.
In regard to grades, the rule hiay be assumed, as
sufficiently accurate for this comparison, that one of
twenty feet per mile, lessens the cargo tonnage of a
locomotive, half of that which it will haul upon a level,
and that an engine of thirty tons will haul three hun-
46
dred tons of cargo, on the average of the year round,
(as tonnage is presented of different proportions of bulk
and weight and with tlie different conditions of the
rail,) on a grade of 15 feet per mile. It is quite true
that such engines often haul twice this load, but expe-
rienced railway men will doubtless consider the above
as fair, in its practical application to the subject under
discussion.
It will be noticed, that in the following calculations,
the average load of an engine of 30 tons, has been
taken at 300 tons on a ruling grade of 15 feet per
mile, for the mixed traffic of a railway. If, however,
we are to consider the movement of regular fixed items
of freight, such as grain, stock, oil, coal or lumber, the
load of such an engine, over such grades, should be
taken at 400 tons for an average of the condition of
the rails, weather, and the other circumstances men-
tioned.
The Great Western line encounters grades of 60
feet to the mile going westward, and those of 55 feet
eastward. It is considered as a fair practical presen-
tation of this question, to assume, that in regard to the
trade moviiig eastward, the engines on its existing
main line, will encounter grades of 25 feet on its west-
ern half, and those of 55 feet on the eastern half, and
on the suggested Glencoe " Loop,"' grades going east,
of 25 feet for the western half, and those of 35 feet for
the eastern half.
The controlling grades of all, except one of the work-
ing divisions of the Lake Shore Railway proper,
(to Toledo,) are 35 feet, and those of the Michigan
Southern and Central are from 35 to 45 feet to the
mile.
Applying the rule before stated, to these several
47
lines, it will be found that the Canada Southern will
have the following percentages, in its favor, over the
above-mentioned lines in (iddition to those of distance,
viz. : as against the existing line of the Great Western,
of ()G per cent., of the Michigan i^outhern, of 55 per
cent. ; or, as applied to the suggested " Loop," and
to the Lake Shore, of -iO per cent.
When we combine all of these advantages of your
line, we tind in its favor, 1st : That the saving in the
length of miles of construction is, from 33 to 55 miles
in length over its comi)etitors. 2d : That the saving
in the cost of maintaining and operating in regard to
distance alone, will be in the same ratio. 3d : That
the saving in maintaining and operating, effected by
the lesser grades and more direct alignment, will be
from 40 to 60 per cent. ; and, 4th : That by its shorter
line, a diminished speed of trains will reach the ob-
jective points in the same time, the saving of which
may be taken as shown by the same ratios. That is,
that practically, the cost of all the expenses of running
a train are nearly in the direct ratio of its speed.
When all of the advantages over any, and all, of
the existing and projected competing lines, are again
combined, the result proves that 3'our railway will not
only be highly productive to its promoters, but will
also result in great advantage to all of its connecting
western and eastern lines.
Both of the existing railways which were located
at an early day's engineering across the Peninsula of
Michigan, encounter heav}' grades, and it would be
difficult to avoid them without radical changes in their
lines. The Goshen branch of the Southern Michigan,
avoids the elevation encountered upon the main line,
but even it is not far enough south at its western end
48
to secure the lowest grades for the whole line between
Chicago and Lake Erie. The extension of your road
over that Peninsula, is found to be not only shorter
than any of the existing lines, but also susceptible of
grades of not exceeding 15 feet. • ••
There is a remarkable geographical feature of the
country through Central New York, which must not
be lost sight of in this discussion. The chain of moun-
tains which extend through Virginia, Maryland and
Pennsylvania, flatten down to the low table lands in
western New York, and allows the vast volume of the
water from the upper Lakes, to flow past its northern
boundary to the Atlantic. Penetrating this plateau
from the eastward, is the Mohawk River, which vir-
tually extends the Lake Erie plateau, on nearly a level
plane, to within a hundred miles of the Hudson.
The elevation of Chicago is 565 feet above New
York City ; hence, the planes connecting the two places
will generally be in the direction of the heaviest traffic,
and gravity becomes an important assistance to the
railway tonnage in that direction, and therein differs
from the lines of artificial water communication by
locks, because upon the latter, (an idea seldom thought
of,) it costs as much to go down hill as it does to go
up, much more than it does upon a level.
A line of railway extending from Buffalo to the
Hudson River, with grades which will not exceed 15
feet, is attainable. Such a line need not diverge from
existing or projected lines, except in particular places.
Tt then appears, that a continuous line of railway
between Chicago and New Y^ork, running over the
Canada Southern Railway, may be made, upon which
the maxima grades going eastward, will not exceed 15
feet per mile. ^^- -_i ^j- ^
49
This whole lino and alterations will be built at an
early day, and its eiYcct upon the through traflic will
form an epoch in the history of American railways.
It has been previously stated that the cargo which
an engine of thirty tons will regularly haul, upon a
grade of 15 feet per mile, is 400 tons.
The reported cost of running the trains, both east and
west of your line, over the existing grades, of 35 feet
and upwards, is from one to one-and-a-half dollars j)er
mile. Engines of the same size upon your road, will
haul twice as much as is now carried over the existing
roads, and at a cost but little exceeding that now in-
curred upon these lines, and when new and amended
lines are built westward to Chicago and eastward to
New York, on equally advantageous grades the cost
of transport between those i)oints will be correspond-
ingly reduced upon such staple articles as grain, stock,
oil, coal and lumber, which are constantly and regu-
larly offered in large (luantities for the through trans-
port.
If the cost of running the trains of the existing
roads is taken at one dollar per mile, (which would be
sufficient to charge to this class of regular through
business that requires but one handling at each end of
nine hundred miles,) the cost of the transport of a
bushel of grain from Chicago to New York will not
exceed 22 cents, and if the cheap water transport of
the Hudson River is availed of, this price may be re-
duced two cents per bushel.
These estimates of train expenses are based upon
the experience of the ordinary track with iron rails.
By using steel on the whole line between Chicago and
New York, the rails will last iive times as long as
those of iron, and reduce the cost of the repairs of
60
the track ten or fiftjen per cent. The use of steel
rails applies more particularly^ to the Canada Southern
Railway, because they will cost but little more than
the best iron rails do in the United States.
Such rates as may be reasonably expected will pay
to the Railway Companies a respectable net revenue,
and when to this is added the saving of insurance and
the necessary storing and handling expenses and the
certain delivery of the freight at the Atlantic market,
within four days after its shipment, at all seasons of
the year, th^ cost of transport by rail will be so re-
duced that it cannot fail to give a new impetus to the
trade between the West and East and prove highly
beneficial to both sections of the country.
Respectfully submitted,
WM. J. McALPINE,
Consulting Engineer.
New- York, February 15, 1871.
EXTRACTS.
At a meeting of the shareholders of the Grreat
Western Railway Company, held in London, England,
in July last, called to consider the question of build-
ing the "Loop Line ■' from Glencoe to Cantield, the
chairman, Alderman Dakin, now Lord Mayor of
London, in advocating this measure, said, " It must be
obvious to those who have studied the map which has
been sent round to the shareholders, that if the pro-
ject called the Southern Railway there shown were
carried out in hostile hands, it would in a very mate-
rial degree affect the prosperity of this Company.
When we remember that the revenue of this Company
is dependent upon its through traffic to the extent of
two-thirds of the whole earnings of the line, and that
upon that traffic depends our dividend nd when we
observe that the Southern railway, .. constructed,
will have better gradients than our own line, and bet-
ter means of transportation to New York, we cannot
but feel that we are liable to suffer from this project
most materially, if not to be daujaged to an extent
which would be irreparable. Therefore the share-
holders will see that however reluctant the board may
be to bring before them any plan involving the ex-
penditure of a large sum of money, yet. as that is nec-
essary to avoid a much gi'eater evil, and to prevent
great damage to their interests, we should altogether
have failed in our duty if we had omitted to bring the
matter before you as we are now doing." * ''" *
"Now, this organization (the Canada Southern) de-
})ends entirely for its being successfully carried out
upon the question whether the municipalities and
townships through whose districts the line would pass,
will subscribe a million and a half dollars as a bonus or
free gift to those who promote the line ; and it is upon
the fulfillment of that condition the construction of
the line is dependent." * * *
" I am prepared to state to the meeting that we have
information, the latest advices having arrived this
morning, that the contribution thus to be made is an
essential condition of the construction of the line, and
this entirely depends upon the vote which we pass
to-day. If the Company shall see tit in consequence
of the considerations which are })laced before it, to de-
termine to make this (Loop) line, then the Canada
Southern line of Mr. Thomson and his supporters will
at once fall dead to the ground. If, on the contrary,
you imperfectly support it, or give it a hesitating or
a qualified assent, we have reason to believe that such
is the state of feeling in the district that the local i)eo-
ple will at once proceed to vote the necessary bonuses,
and then those gentlemen in alliance with Mr. Thom-
son, who, so far as wealth is concerned, afford a suffi-
cient security for their power to do what the}' under-
take, will at once make this line." * * *
" If we were to omit to do what we can to prevent
that line from being made, it would be one of the
most fatal days for the interests of the Great Western
of Canada that could possibly arise." * * *
** If this line wore built, it would reduce tlie Great
53
Western, I have no hesitation in saying, very much
to the condition of a local line. If it is allowed to be
built, it will effectually cripple the through traffic upon
which our dividend mainly depends.' *
*
Mr. Sangster, in opposition to the construction of
the "Loop Line," remarked as follows : "Everything
that you have said tends to urge us on to make that
line and to show that some great clamity will come
upon us if it be not made. I am of a different opinion.
When you stated that this new line is to start from
Glencoe, the idea flashed across my mind that there
was once a " massacre of Glencoe "' in Scotland, and
that if this new railway is sanctioned by the share-
holders of this Company, there will propably be an-
other "massacre of Glencoe" in Canada. I think
there is no necessity whatever for the making of this
new line. '' * '^ *
" I have no doubt that the immediate effect of the
present proposal will be that our property will be-
come greatly depreciated.' * * *
"I think that if we are to lay out our money it
would be better to lay it out on our present line ; sup-
posing that it w<Mild cost the same amount, we shall
in that case still have the same servants and the same
stations, and our traffic would no doubt increase.
The new line which is pro})osed, would decrease by
so much the traffic on the existing line ; we should
have robbed Peter to pay Paul by taking the money
out of one pocket to i)ut it into the other. I caution
the shareholders of this Company, aii<l \ caution you,
to beware of what is now contemplated."'
54
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charges shou
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er bushel ;
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an aggreg
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17-1-0, to
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mills ani
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No.
V^
iiji^^^''
^Ti^..^.
.#./
"N,
^*W^*f^_
w
&QM.
'^\\ IT,
FIRST MORTGAGE 7 PER CENT.
$1,000
RIGISTERED BOND.
i^riiiciffiil ffimible ^itn'ij 1st, hW6,
AT THE
Dnioii Triisl ^m]U] o! lew lorl;,
CX«?'X
'^ '^«'' "sr^ .
y. ^. f..
f ii^sT Moi^Ta/iqE,
^XON
hion iiU ^eti bv flw^e ^retenfs, //.
^^ f/-j4e'y ?f4 , af /^ ^^v/?/ ^
^^Alf©
Wf/ I
If ^
JJ
b
V
'Si/y o/ (^U^, c//a/e c/ crcnriiy/irtntf/ , mm -Merf^/on ^oa\ o/ //f£ %f/u
t^Z/t^i fl/jr-fx^/ f/?ff/ rfify /n/eh.j/ //eiecn -ma// 'nc/ /irf-J4 oi /e /^rf}?-y(
^ o/ ^ew WciA, ci f// l/e c/Ztce /c- / (/edu/r/^Z/f/ /o/ //aZ /ia^/c-Jr. <///ei ^m
r%r'm/ /i 4/t//cc/ /o //e ccnai/fr?f4 f^f/cidm n/^fern.
^ /tt'J ^jcm/ ,i/r/// nc'/ /eeome r//ma/cfy fm/eJ4 eZ -mrf// /m'e /een d
jljn ^efiiimotw n hereof, //^ aai</ %.nyrunj/ /„j cfu^j^t///'^
L
Cottvters'giii (1 hy
s
aiu;
^y.^l:^^'i
, >-
t">«^" v^- V - "^ >^-^ s^'v--^ '^ i-^- ^''
^-^^-1^^-^^^;^^:^^'^^(-^?_-^--^(^
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■^g^^V
"^ -^ ■"-< "^^'^ «?-^ ■--•:
-c^,^^— cT^-t^-?
•B-iGIST£TiEr'iBoi\t).
/ //r CANADA SOUTHERIT RAILWAY COMPANY .. nM/e/ /f
o/ /af//f/f mcnfi?/ r/ /%? luJc-mf^fuon o/ irrfnarm, i/'necA ^m Met/ ^c//fAffny /fUmf'^e-i
{MM (/ pfnual?/, en /Ae yeni o/ oui ^cia cn^ /AcMirfnf/ j/e//e ////7/r/(//^/ f'?f{/ dt-z, ff/ //e
'le d(7we /nace <ieme-arniurt//y cu //c /f) ii (m//4 rV /ffrimrty r/?n/ Jf^fy (/ f<fc4 y(/fL
'^aaJear/te amount no/ (ucemnff/ S4'me '^u//u9f-i cV \£l)c//r7U rn?a to Mrf/im /y a li/rea
?ir/ (//epeiea /-y /Ae t^onrfrA/ '/of/Me:^n t^^m/f/'^?/ wo/^/Z/rrn?/ /r // f//u/w ^. r^cr//, y //^
f c/ S^rew ^^cid, ^/tni/ea './^ff/ej cV <S//fffi//fry , iJft/i/^od. ^nn/ {f}f^r//f//r/ /c m^/n r/?f(/ //en
'fi/i, /(///<ij ie^'€9ie/^-J, Ah-ion/ r/na /f//f/4e /ilfJfri/y nfr/ o//^x/^, /r/?/c//i^i on^/ r/AAf/^/fnonf^-j
j/elfi//e ea^ce/i/ /w /u/ifoVei cri //e /vc/^ o/ //e SomAf/ny <// //) r/r/ej/r-ry /// //^ .jr/fa / ////
'ea{j/<ff/{07i C'/ r?e'ne^-i/fu cti/e/eef/ /euon /y /// /U/nye/ f/attf/ y //e ^cMArf?/y. J//(.}
A
' coe/n/ei-J/yffoa /y //o -if? /a l/'^m/tY'd, ci //,// 4e/ece44ci4 en //e tJiu)/
t^iaent <IM(/ Cfecte/ali/, i/i f/■^■^ <iic<tiff any <y /aHMar y , rue /Af-uttufiri <<^/e/ ^UHtntt/ <ui<f ,)fteft/'/(n€.
xwiAtn.
f ifsiilcnt.
^
•V-v..::^ Z ^jtij *" ^^ "*- -^^ ■^ ^v ^.^jj; -"Ir^
No.
FIRST MORTGAGI
Condition.
This Bond,at the option of the hoMer, will he made a
Sterling Bond, hi/ ajtj>licafio». at the Agenetf of the Com-
pany in New Yorh or London, Enijlund : ptrincipal
and interest jxiyMe at tlm Company's Agency in Lon-
don, England, or in the City of New York, at the rate
of two hundred pounds sterling for the principal of the
hand and si'>:eti pounds sterling for each coapori.
$1,0
EMGISTERE
^rinciiuil ^imihU ,
AT TH
Union Trust Imp
mm^ 01P is'i
p. ^,
h-
No.
^^ ^^-"^.hy:-
ST MORTGAGE 7 PER CENT
^1,000
EGISTERED BOND.
iltitl ^iitjMc ^iin'ij hi, 1906,
AT THK
\m\ Conjaay d! M Korkp
mw m
p. ^. y^.
COSDITIOS.
Thisi Bond ?',y unhject fo he redeemed at par in pur-
nuance of the Morfgatji-, as folhtrK : A Kinl'lntj fwnd
will he estfahlixhed hi/ the CoiniKinij hif }>'iijiii(/ into the
same^ on or hefore the .v< rcral dayx .ijier/jii d ht'on:, the
several mimn helow stated ojpoxite finch days reHpectivehj,
tnid the like anio'fnt of hnmlK n'ill he redeemed out of
mid sinkintj fund npim each of xaid dayn reftpeet/rely.
The particular hands .w to he redeemed in each ca^'ic null
he determined h>/ lot in pursuance of the mortyaije, and
the result of the lot in each '-ase loill he published in JVew
York and London, England, hij ad oerti semmt in a daily
•nevspaper of each <f xaid cities, at least thirty days hi--
fore the time of redemption ; from which time interest
on the bonds designated shall cease to accrue, namely :
TIME OF BEDEMPTION.
AMT. OF BOXDS TO BE BEUEEMEU.
January
January
January
1, 1875
1, 1876
1, 1877
,S 82,000
87,000
93,000
Jannnry
January
1, 1878
1, 1S70
100.000
107.000
January
1. 1880
114,0(10
January
1, 1881
122.(MIO
January
1. 1882
i;!L(HH)
1
Jauuarj-
1, ism: J
140,(iii(i
^
January
1. is,s4
l.")0.(l(l()
;;
JaJiunry
1. 18,H5
ICO.ddO
f
January
1. ISSO
17-i.OOO
^i'
January
JauiiaiT
1. 1887
1. 1888
1^4,000
i;kj,(H)o
]
Januni'v
1. ISS'.I
•J10.<«MI
1
1
Janimry
January
1. ISill)
1, 1891
225, (M)0
241.01M
i
Janiuiry
1. 1892
257,00(1
January
1. 1S93
275,000
■
January
1. 1894
295,IKI0
January
1. is; 15
:U5.(Hi;i
January
Jiiniiavy
Jau'.iary
1, 189G ;. -.-
1, 1HS)7 -^ ^
1, IS'IS
. :;:',7,(H)(i
361,000
;i,Hti.O(Ki
, _j.
.January
— January
1. 1899
1, 191)0
4i:i,((H)
; _^ : :^-_442,0Oi) j:
-r--- -
January 1, 1901
_. January 1, 1902
January 1, 1903
January 1, 1904
January 1. 1905 ?~ ^
January 1, 190G
,; - 473,000
500.0(0
'"""^J^r -542,000
580.(Mj(l
(yo.l'OO
tj84,0(«)
S9,0<JO,000
("OXDITIOX.
Thin Bond in unhjeet in he redeemed at par in pur-
suance of the 3[ort<ja<jr, (IS folIowH : A MnK'iny fiind
vjill he entahlishid hi/ the Coiiijinni/ hi/ yaijiiiij into the
sara'., on or tiefore the s> virot dai/n xperijii d helov\ the
several fumif helow ctated opposite uncli days respectivelij.
on<] the like amount of Itondx ivill he redeemed oiit of
said siiikimj fund yipon eueh of said doyt* respeetively.
The pntrticular lionds so to he redeemed in each case inill
he determined hi/ lot in /nwsaanee of the mortymje, and
the result of the lot in each case icill he published in JSeic
York and London, England, hi/ advertisement in a daily
newspaper of each <f said cities, at least thirty days he-
fore the time of redemption ; from which time interest
on the hands designated shall cease to accrue, namely :
rniE OF KF.DEMPTION.
AMT. OF BONDS lo BE ItrjUEEMEU.
Jiumary
1875
S 82,000
January
1870
87,000
Jaimary
1877
03.000
January
1S7S
100.000
Jannaiy
January
1870
1880
107,000
114,000
Jiinuavy
1881
122.000
January
1882
i:jl.'>')
January
1S8:;
140 1
January
1SH4
150.(...0
January
1885
i(;o.<Mio
Jaiiuary
188<;
172.000
January
18S7
1,S4,000
January
1S88
100.000
January
1.S80
210,000
January
1800
225,000
January
1801
241.0()>)
Januarv-
189'J
257.0011
January
I80:i
275.000
January
1S04
295, (Mid
January
1805
;',15.(^i;)
January
January
1800
1807
301,000
JauTiary
ISOS
; wo. 000
January
1800
•ii:i,(.oo
January
1000
442.001)
January
January
1001
10(»2
473,000
500,0i!0
January
10(W
542,000
January
1004
580,000
January
1905
020,000
January
-'■7
1900
()84.0(K»
$9,000,000
No..
JIM fP
M
•t.
'*###.. ■ \
\
.^'Ati.^^'^'
.lY.
FIRST MORTGAGE 7 PER CENT.
#1,000
eOBTFOW BOSfffli*
^rinrifiut §mmhh ^unij hi, 1906,
AT THK
Diloi Tmsl Eoqaa; o! lew M,
mww o:
P ^ /'
^^imr^^.
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€A1IA®A
/w«' /^u^^i //eief,
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t
/li(mt)e') /o /ecr» /c pJ^/i ^ c/ic/c//, c/ //^e /'ecHei /fe^ee/] en
/r/f//(^/ /fwftey, f// //ie Uf/e c/ -jei-'en /ui ceu^ Aei annum, /ir/^/,
Me iulknaet fy/ M( (fn^e^ere evf/yi6n4 /oi je/c/f (n//;ied^. c/mJ
^ .//{/// f/f.i (/ '^c//<f/.j fffit/ (.J -Jecuiei/ /y </ M^eef/ fi/ 'z/^uo/, </a
3nrat/ur/// "-^c/n/ift^fy /{■ '//(//(rfm ^. '9ic'/^, c/ //u €i/y o/
(■/ -Sy/ne^err/ . y/fu-i/eeo. mn/ rcmeyfrn/ /o Mf /^/ f/na Meti iucced
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\ ('/t/ten e/ Me ^e/aei //e^eoV r^/rj '^£cm/ (J ju/yeey /o Me roneA
J/ mi '':!ri( /h/ i/fffM ft'/ /eceme oe/mei/ri// un/et^ e/ j/Kf// /,
^n (Tcstimoini n hereof, ^^ ja„/y'.,y.„y
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- t*'>^- -^^ \ ^^ \ 'W- ^
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<'..ii|»>n Xo. TO. ^ f C.Mipoii .Vo.
Canada ^outUrrn fiailuay (Toraiiany.
COUPON FOR
THIRTY FIVE DOLLARS.
\ liittii-«l i«v»l.l«i Ii-t 4t«v of Jaiiiiiry WW. at tho fxio^i riii»T
J ( o»i»M OF .Nkw Yniiij in thv Cilj of Stu Vork, oii Kir»i j
Mnrtifn^r* (\tuiH>n Btmil Nw. ; )
I C'aitada *^i)utitrrn ^lailuaii Comiianu.
j»»_yK- — 1*'^"-t' *■**- ^
■••MMMMMi
on.
%
u P o ij r r R
THIRTY-FIVE DOLLARS.
j IntiTi'vt purabli' Ul ilny of July. HHli, at tbi- I'sius Tkiht
i^iMPASY np Sk» ^ctHK. in tl)« City of New Yi>rk ou FIrvt
I , Mnrliiajp* I'ouptm liuttd Nu,
S35. '■■•'■""
>,^ ^ -^
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r.^
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f
K'
//^S', //^///' CAITADA SOUTHERN RAILWAY COMPANY a; ,,,^4 /'/,,/ /< /c/u M PA^r^. a K.
n Me /fU^ affy c/ p7?ie/aif/, rn me »eai c/ ce/i ^o la (tie /mefjee/tf/ iftne /t</m/f((/ ana <ieu;, a/ Me
</ ^/f/u c/ ' rew ^MoMj M ne/ee/ ty/a/e-3 c/ tSawetica, UfM (7i/e'fe')/ MeHfff en Me /fiean^twe, en /ent
f/a/^'/e a/ Me 4(/Me /i/ace ■Jeme-anefuee/a/ e?{ Me /c(j/ aeead o/ /anuaiy a/a/ /fMy <■/ earn ueai, en
f^J cWene/ ei one c/ a 4eHe<i eMue*/ aner /o re iMuee/ /o an e/aaleaa^e a/nouf// no/ ejceef/ena ferine
/a/e(/ Me //V/eenM aa» e7 £i)eeeMfe4, ^^970, aa/a ej^eea/ea e/ne/ ae/ff eiee/ /y M^- ^e/ne/e/ee ■ /ce^Meln
'' ??v/f«^, ^y/rz/e r/ PJ'enndmi'anat , ana -^enuon ^cj . (V Me ^f/f r/ ^'rew ^McM'. tS ne/ee/ ■ Ma/et
"■e-J-JOi-) /n M( o////:>/. Me ^/fu/aaa oY Me oaea ^o/a/tana, t/.i /an</j, /( M). /eeynae), /He-jen/ een<(
Mrhj/h /n j/fM /ar).j /y. e/eui-'eh/. L/^iJ Sejcna (■) cc>u:ei/(//e into a Sicee/ti/f <t(/ -jior'na a/ Mft
h/z/h n-i enaoliee/ //eieen
/fa lie reen rcfen/efta/aee/ ey Me'-iffee/Kyiu^i/ee-J, oi Me/i dieere-J'ieid (n Mf .////V
'ly /ici'j tiift-itfr //j roy/ir<t/r 4t)i/ /o fie Arl> f- a//iara, tif <srcie (&/«», tfi /ne t./fft'/tter </ C f,/uin- ^ i Minn n </ rriiii/f/e4. a/'il e/e uimr
frj </ <e,i •^fu.itarnf <in<r ■./(cfternu, tn //'<4 it f< na an u t/ /anuatu c^ic //iiuiitmie tnj/f/ Attii<eifif uti'f .irKHe'/ tut
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< 'on J'"" Vo. HH. '^
c"'aniul;i Southern ^alUraiiComiiamj. \
COUPON FOR
THIRTY-FIVE DOLLARS. .
CfKvAW nr \>w Ynriit. in the *Mt.v of N>w York, on Kii-*'
Coupon Xo. «I7.
'! 11
) Olaiiada i^outbrrn ^iaUunu Compnnu.
,^ r'ii t D/\ 111 c r\o
JUL U ' ^ V- KJ ' - i-J -.ij ' tJ% »
|-=^'
COUPON fOR
THIRTY-FIVE DOLLARS.
9" i^tmtmn No. «»«>. ' ;
C'anada *^outhrrn ^ailuaii (Tompanii. \
COUPON roR
THIRTY-FIVE DOLLARS
Int>'i''<t parahir l«t liav nl Julr. IK 4, »l thf l'»io» I'msr r i . Iiu.-r«-t (tiyilil.' !•' Uy ol JanuHnr. ItMM. »t Iht Lsilo.1 TKiir
! OiMP.iNr or SkW Yn»«. in <h« Cltjr of N«w York, on Flr»t f i'..ilf«vv op V«w Vom. In tb* City of New York ud FIrrt
' Morliri«e roujwin B..n<l Vo f ' M"rt|f««- l'..u|i..i. lu.art V.i
1
^35
No.
:.l MM
COXDITIOX.
This Bonihat the option of tin' hoUer, will he vuide a
SlerliiKj Bond, h;/ application at the Agency of the Com-
pany hi New Yorl- or London, England: principal
anil intfi-ext payable at the Company's Agency in Lon-
don. England, or in the City of Sew lork, at the rate
of two hundred pounds sterling for the principal of the
bond and seven pounds sterling for each coupon.
FIRST MORTGAGE 7
$il,OC
jgrmtiiiiil ^iwMc S
AT TIIK
Uiioi Tiusi CoailaB]
€ITY OF KKl
V ^
rGAGE 7 PER CENT.
1,000
OK BOKB*
mibh ^miij ht, WiW,
AT TlIK
oopaiy 0! New h:\,
r SiHVr YOVLK,
J ^ ^,
Condition.
Thin Biihd ix suhject to he redeemed at par in pin'-
nuanee of the Mortc/iuje, a.i fuUows : A .sinkimj fi'ivd
will be entahlhlied hy the Company hy paying into the
mim, on or before the ncveral days specif ed below, the
■several tutms Mow dated opjxmte such days rexpeeticely.
Olid the tike amount <f bondis n-iU l>e redeemed out of
mid sinhinij fund upon each of mid day« re^jjeeticely.
The j)artictdar /londf xo to be redeemed in e^irh case will
be determined by lot in pursuance of the morfyayc, and
the result of the lot in each ca«e will be published in New
York and London, Enyland, hyaih-ertisem, nt in a daily
newsjxtjjer of lorh (f said cities, at Uast thirty days be
fore the time of redemption ; from which time interest
on the bondi designated shall cease to accrue, namely :
TIM K < IF REDI I PTK >N .
.riinuiiry 1, 187r>
.Tiiim:iry 1, 1H7(>
Juiiuiiry 1, 1877
Jiiuuiiry 1, 1H78
Jiinuury 1, 187'.t
Jiiiiiuiiy 1, 1H.S0
Jiiiiimiy 1 , ISISI
.l;inii!iiv 1, ISK'i
.laiituiiy 1, isxn
tJiiiiiiiiry 1. 1884
.laiiin.ry I. 1885
.laiiii;iiy 1, Isi^ti
.Iiiuiiiiry 1. li^K'
.liiuimry 1, 1^8H
Jiinuary 1, I88',l
.Iniiu^iiy i. I.S'.H)
.la'miiiiy 1, IV'I
Jiiuuiiry I, 18'.I2
Jiiuuiiry 1, IH'.K!
.liiiiuiiiy 1, I8<.t4
■luiumiy I. 18'.'.'(
.Imihuu-n 1. 1H!«1
.Iiiiiiii.iy I. 18'.»7
.Iiiliiliiry 1. 18'.(M
.Jnuuaiy 1. 18;i'.)
.Iiimmiy 1. IVix)
Juuuiiiy 1. I'.HIl
jttiitiMiy 1, imw
.Jimii:iry I. I'.tal
.Iiuiimiy 1. I'.'iH
.liiiitiiuy I. l''ii''
.Iiiniiaiv 1, r.KKi
AMT. OK ItOMiS TO HE KEUEEMBU.
87.000
',t3,000
loo.mx)
107,0(0
114,0(10
122,000
131. (MX!
UO.IKH)
ir.(MH.Ki
HHt.lKHI
172,000
1S4,(MMI
r.Mi.lHHI
210,(KN)
22.'),(MIO
.241,tMM)
•257, <•()(»
275,(100
2'J5,0(KI
:il5,t>0(i
;t:i7,<HH(
;ii)l,o(H)
;iH('..(io<»
413,000
442.IN10 "
47;l,Oi>i>
.'•i(Ni,000 ^-
542.000
.5NO,000
(!20,0t)0
U-il.(lOO
ftl.000.IHIU
'\
Condition.
Thif< Bond is subject to he redeemed at par in pur-
suance of -the Mortgage, as follows : A sinking fund
will he established by the Company by paying into the
same, on or before the several days sjjecified below, the
several sums below stated opposite such days respectively,
and the like amount of bonds will be red«emed out of
said sinking fund upon each of said days respectively.
IVie particular hands so to he redeemed in each case will
he det^^rmitied by lot in pursuance of the mortgage, and
the result of the lot In each casi; will be j^ublishrd in New
York and London, England, by admrtisenunt in a daily
newspaper of each of said cities, 'it least thirty days be-
fore the time of redemption / from which time interest
on the bonds designated shall cease to accrue, namely :
TIMK OF REDEMPTION.
AilT. OF BONDS TO HE 1{EDEEME1>.
Januiiry
1. 1875
S 82,000
Jaiiiiitry
1, 1870
87,000
.TaiiUiirj'
1, 1877
03,000
Jauiiary
1, 1878
100,000
J.iniMi-y
1, 1870
107,010
.Tiiinuuy
1. 1880
114,0110
1
i
Jiuiuaiy
1, 1881
122,000
I
Jnniiiiry
1, 1882
IMl.OOit
!
Juimaiy
1. Jss:;
140,011(1
1
i
January
1, 1S84
150,000
I
January
1. 1885
lOO.OUO
January
1, ISMO
172,(100
January
1, lh87
1S4.(»0(I
Jiinuary
1, 1888
iO(;,(K»o
1
Januai'y
1, l.sSO
210,(1(10
January
i. InOO
225,0(10
January
1. 1801
.241,0(10
;
January
1. 1802
257,(I(M»
January
1, IH'.K}
275,000
January
1, 1804
205,000
;
January
1. 1805
:U5,ooo
I
I
Jaiuuiry
1, IHOO
3:J7,(too
January
1, 1807
361,0(10
January
1, 180H
380. WW
January
1, 1800
413,(R)0
January
1. 1000
442,000
January
1, 1001
473,0(10
Janu.iiy
1, lOO'i
50(5,000
.lanuiuy
1. loo;"!
542,000
.liinuary
1. 101)1
58<».0OO
January
1. 1005
(120,000
January
1. lOOf.
(kS4.(«)0
!Si:'.(KV).l>tM)
— — ■■
M 11 T G A G E
This Ixdentt'RE, niadc^ tliis lifteentli day of Decembci-
in the year of our Lord One thousand eiulit hundred and
seventy, between the Canada Soitiikux IIailway Com-
pany, a body politic and corporate, duly incoiporated
by the Legislature of the Province of Ontario, in the
Dominion of Canada, of the first part, and Willtam
Lawukn<'K Scott, ofthe City of Erie, Stat<M)f Pennsylva-
nia, Banker, and Kknvon Cox, of the City and State of
New York, Uiiited States of Aiut^rica, Banker, Trustees
as hereinaft(^i' mentioned of the second part :
WiiKitKAs, The Canada Southern Railway Com])any, .
under the powers conferred by the several statutes relat-
ing- thereto, have commenced and are engaged in the
construction of their line of Railway in the Piovince of
Ontario, which, by the said statutes, they are duly
autlKtrized to construct from a ])oint in the Township of
Bi'itie, near the A'illage of Fort Erie. i)assing through the
Town (»f St. Thomas, to some point in the County of
Essex, in or near the Town of Sandwich, or the Town of
Windsor, and also to some point in or near the Town of
Amherstburg in the same County, and also to a point (m
the River St. Clair, in the Township of Moore, in the
County of Lambton ; and whereas, to enable the said
C(mii)any moiv readily to complete its said undertaking,
the said Company hath lesolved to borrow under the
])rovisions ofthe Railway Act, and to issue ]?onds for an
amount not to exceed in the aggregate tlie sum of Nine
millions of (h)Ihirs, nor moie than Tliiity thou.sind dol-
lars ])er mile of l^iilway to be constructed, and to secuie
the payment of the said Bonds, with inti'rest. by the
Mortgage, ^)ledgeand hy})othecation of the said Railway,
its lands, tolls, revenues. ])resent and future property and
effects, franchis<'s and apuurtenaiu-es ;
58
And Wiikkkas, the said Bonds, so to be issued by the
said Coini)an3', are to be certilied by the countersigning
thereof by tlie parties of the second part, or the Trustees
for tlie time being of tliese presents, and such counter-
signing sliall be evidence tliat sucli Bonds are of the issue
intended to be secured by tliis Moitgage, and are to be of
tlie nature and effect following, that is to saj' : First, reg-
istered Bonds of the denomination of one thousand dol-
lars, transferable only on the rt^gister of the Company,
and. Secondly, Bonds with Coupons attached, payable
to John F. Tracy, or bearer, of the denomination of one
thousand dollars. Each class of Bonds to be payable in
lawful m<mey of the Dcmiinion of Canada, in tlie said City
of New York, on the hrst day of January, in the year
one thousand nine hundred and six, with interest in the
meantime at the rate of seven per centum per annum,
payable in like lawful money of the Dominion of Canada,
half-yearly, in the said City of New York, on the lirst
days of January and -Inly in each year ; with a provision
that at any time all or any part of the said Bonds, at the
option of the holder, will be made Stei-ling Bonds, paya-
ble in Sterling Monej' of Great Britain, in London, Eng-
land, or in the City of New York, at tlu^ rate of two hun-
dred ])ounds Sterling for eveiy bond, and seven pounds
Sterling for each half-year's inteiest or coupon ; and such
Stei'ling Bonds shall carry all privileges of conversion or
otherwise as fully as the Bonds originally issued or in-
tjended to be issued, under these presents :
Am) Wheijeas, the said Railway Company hath
agreed to execute these i)resents as and for a first mort-
gage to se<'ure the said issue of the Bonds aforesaid, be-
ing strictly limited to the sum of Nine millions of dollars
in the aggregate, and the said sum of Thirty thousand
dollars per mile of i-ailway to be <'(mstructed ;
Now TiiKUKFOKE, these presents wit;ness that for the
purpose of securing the ])aynient of the said Bonds, be-
ing in all the said sum of Nine millions of dollars, limited
59
as aforesaid, with interest as aforesaid, and for the fur-
ther consideration of one dollar in hand i)aid by the par-
ties of the second ]iart to the ]):\rty of the first part, the
recei])t whereof is hereby acknowledged, the i)arty of the
first part hath granted, bargained and sold, and by these
presents doth grant, bargain and sell nnto th*^ said parties
of the second pait, their heirs and assigns, and to their
successors in the trust, all the following, ])resent and fu-
ture to be acquired estate and pro]-erty of the said Com-
pany ; that is to say, their Railway and undertaking
made, in course of construction, and to be made between
its terminus in the township of Bertie, near the yillage of
Fort Ph'ie aforesaid, to its respective tt^rmi ni at or near the
towns of Sandwich, AVindsor, and Aniherstburg, afore-
said ; and also to its terminus on the St. Clair River, in
the township of Moor<% aforesaid ; and being situate in
the following counti<'s, that is to say : Welland, Haldi-
mand, Oxford, Norfolk, Elgin. K^nt. ?'ssex, ^fiddlesex
and Lambton, all in the Province of Ontario, and Domin-
ion of ('anada ; including the right of way, and the land
occupied thereby : together with tin* su]»erstructure and
tracks theivcm, or to be thereon ; and all iron mils, ties
and other matei'ials placed or to be ])laced or used thereon,
procured or to be })rocuied therefoi-. and all bridges, via-
ducts, culverts, fences, stations, station grouiuls, build-
ings and (Mecti<ms thereon, and all machine shops and
other shops held or accpiired for use, in ccmnection with
said Railway or the liusiness thereof: and including also
all locomotives, tenders, cars and other lolling stock or
equi])m<'nt ; aiul all machinery, tools, implements, fuel
and materials for the constructing, operating, re])airing
or replacing the said Railway or any part tliereof, or any
of its equipments or ap])nrtenances : whether now held
or at any time hereafter actpiiied, all of wliich things are
hereby declared to be a])})iirtenances and tixtures of the
said Railway, and to be included in and to pass by these
presents ; and also all franchises connected Avith or relat-
ing to the said Railway, or the consti'uction. maintenanct",
or use thereof, now held or liereafter ac(piired by the said
60
party oftlie first jmrt, and all corporate and other fran-
chises which arc now or may be liereafter possessed or
exercised by tlie said party of the first part; together
witli all and sinu'ular the tenements, hereditaments and
appurtenances thereunto belonging, or in any wise apper-
taining, and the revt'rsions, remainders, tolls, incomes,
rents, issues and i)rofits thereof, and all the estate, right,
title, interest, i)r()perty, possessi(m, claim and demand
whatsoever, as well in law as in equity, of the said l)arty
of tile first pai't of. in and to the same, and any and every
]>art tluM-eof with the appurtenances. To have and to
hold the said in-emises and every part thereof until the
said i)arties of the second part, as joint tenants and not
as tenants in connnon, and the survivor of them, and to
the heirs and assigns of such survivors, and to their suc-
cessors in the trust, to the (mly })roi)ei- use and behoof of
the said i)arties of the second part, and of the survivor
of them, and of the heirs and assigns of such survivor,
and to theii- successors in the trust ; but nevertheless
u]K)n the trusts, and for tlie 2)urposes herein expressed,
that is to say :
Firf(t. — Until default shall be made in the pajnient of
princijjal or interest of the said Bonds or some of them,
or until default shall be made in respect to something
herein r(H|uired to be dom^ or kept by the Canada ^^outh-
ern Railway Com])any, the said Railway Company shall
be suffered and i)ermitted to possess, operate, manage
and enjoy the said Railway with its equipments and
appurtenances, and to take and use the rents, incomes,
profits, tolls and issues thereof, in th<> same nuniner and
with the same effect as if this deed had not been executed.
Scroud. — In case default shall be made in the]yayment
of anv interest <m anv of the afoiesaid Bonds issued, or
to be issued, according to the tenor thereof, or in any
requirement to be d(me or ke})t by the Canada Southern
Railway Company, and if siu'h default shall continue f'oi-
61
the period of six nioiitlis, it shall be lawful for the said
Trustees or the survivor of thiMu or their or his successors,
personally or by their or his attorneys or agents, to enter
into and npon all and singular the premises hereby eon-
vej'ed, or intended so to be, and each and every part
thereof, and to have, hold and use the same, operatiug,
b}' their or his superintendents, managers, receiv<'is or
servants, or other attornejs or agents, the said Railway
and <'onducting the business thereof and making from
time to time all repairs and replacements, and such use-
ful altcraticms, additicms, and imi)rovements then^to. as
may seem to them or him to be Judicious, and to collect
and receive all tolls, freights, incomes, rents, issues and
profits of the same and of ever}- i)art thereof, and after
deducting the expenses of operating the said Railway
and conducting its business and all of the said rei)airs,
re})lacements, alterations, additions, and improvements,
and all payments which may be made for taxes or assess-
ments, prior to the lien'of tiiese presents, upon the same
premises or any part thereof, as well as a just conipensa-
ti(m for their or his own services, to apply the moneys
ailsing as aforesaid to the payment of interest in the order
in which such interest shall have IxTome dueor shall be-
come due, ratably to the persons entitled thereto ; and after
paying all interest which shall have become due, to a})ply
the same to the satisfaction of the princii)al of the afore-
said Bonds, which maybe at liuit time due and payable,
ratably and without discrimiiuition or preference ; and
after the said interest and principal so in default shall
have been fully paid, then the said Trustees shall restore
the possession of the Railway with its franchises and
appurtenances to the said Railway Compau}' and its
successors.
Third. — The Canada Southern Railway Com])any
shall, from time to time and at all times hereafter, and as
often as thereunto requested l)y the Trustees, execute,
acknowledgf^ and d«'liver all such fmther deeds, convey-
aiiccs mid assniunct's in tlif law foi- tlu' better assuring
unto tlu' Trustees and tlieir successors in the trust hereby
created upon the trusts herein expressed, the said Rail-
way, vvitli tlu' equi])inent and appurtenances liereinbefore
mentioned or intended so to be, and all otlier property
and effects whatsoever which ma}' at any time hereafter
be ac(piir«'d for use in ('(mnection with the said Railway
or any ])art thereof, and all franchises now h(4d or here-
after acquired, as by the Trustees or the survivor of them
or their successors, or by tlieir or his counsel learned in
the law. shall l)e reasonably advised, devised or required.
Fourth. — The Board of Directors of the Canada South-
ern Railway Com})any may, from time to time, hj resolu-
tion, require the said Trustees to convey, l)y way of
release or otherwise, to discharge from the operation of
these presents, auy lands acquired or held for the purposes
of stations, depots, shops, or otlier buildings or jiremises
connected therewith, or which may be held for the supply
of fuel, gravel, or (tther material, or any lands which may
have become disused by reason of a deviation in tlie said
line, or of a change of the location of any station house,
de])ot, shop or other building or premises, or any lands
wliicli thesaid Board of Directors may deem it expedient to
disuse or abandon, by reason of such deviation or change;
and whicli lands respectively shall, by resolution of the
said Board, be declared to be unnecessary for the purposes
and l)usiness of the said Compain* ; and in every such
case the said Trustees, when so required, shall execute such
rt^eases and discharges accordingly ; and it is hereby de-
clai>'d that any lands which may be acquired in substitu-
tion for lands so released or discharged, as well as any
lands subsequently acquired by the said Company for the
use or convenience of its Railway, or in connection there-
with, shall be de(Mn(Hl to come within the operation of
these presents, and to be included therein, and shall be
conveyed to and li<4d by the said Trustees, upon the
trusts of these presents ; and it is furtluM' declared, tliat
thesaid Conq)any may. from time to time, sell or dispose
63
of any part of the equipment, rolling stock, niacliinery,
implements or materials at any time held or acquired for
the use or x)urposes of said Railway, as may, by res< na-
tion of the Board of Directors, be declared to be no longer
usefid or necessary for th<^ said Company's business, and
any new or subsequently acquired equipment, rolling
stock, machiner}', implements and materials, shall come
within and be subject to these presents.
Fifth. — If the said Canada Southern Railway Com-
pany shall well and truly pay the sums of money re-
quired to be paid b}' the said Company, and all interest
thereon according to the tenor and effect of said Bonds,
and shall w'ell and truly keep and perform all things
herein rei^uired to be ke})t or performed by the said Com-
pany, according to the true intent and meaning of these
presents, or if tlie said Bonds and interest payable
thereon become in anywise i)aid or satisfied, then in that
case the estate, riglit, title and interest of the said parties
of the second part, and of their successors in the trust
hereby created, shall cease, determine, and become void,
otherwise the same shall be and renuiin in full force and
virtue.
Sixth. — It is mutually agreed by and between the par-
ties hereto that the word Trustees as used in these presents
shall be constriu^d to mean the Trustees for the tune
being, whether one or both be original or new, and when-
ever a vacancy shall exist to mean the su^-vivor or con-
tinuing Trustee, and such Trustee slia' , during such
vacancy, be competent to exercise all the powers granted
by these presents, to the parties of the second part ; and
it is mutually agreed, by and between the parties hereto,
as a condition on which tlie parties of the second part
have assented to these presents, that tlie said Trustees
shall not in any nuinner be responsible for any default or
misconduct of each other ; and that the said Trustees
shall be entitled to just compensation for all services
which they may hereafter render in their trust, to be paid
64
by the said Comi)any ; niul that citlifi' oK the said Trus-
tees or any successoi may rt'sjnii and discharge liiiiisclf
of the trust created by these presents by notice in \vritin<:; to
tlie said ('aiuuhi Southern Railway Conii»any, aiul to the
existini;- Trustee, if there bt- sucii, nint^ty days before sucli
resignation shall take ett'ect, or such shorter notice as they
may accej)t as adecjuate notice and upon the due execu-
tion by liini of tlu^ conveyances hereiiuifter required ; and
tliat the said Trustees or either of them may be removed
by the vote of a nuijority in interest of tlu' iiolders of the
aforesaid Boiulsthen outstanding, the said vote being had
at a meeting called by the hokh^rs of at least Five hundred
thousand (hdlars of said Bonds, by advertisement pub-
lished for six consecutive weeks, by insertion once per
week in a daily newspai)er of large cii'cuhition in the
cities of New York and Toronto, respectively, and at said
meeting said b<mdholders may vote in person or by proxy,
and their said vote sliall be attested by an instrument
undtn- the hands and seals of the persons or their proxies
so voting ; and tluit in case at any time hereafter either of
tile said Trustees or any Trustee hereafter appointed, shall
die or resign or be removed as herein provided, or by a
Court of competent j urisdiction, or shall become incapable
or unfit to act in the said trust, a successor to such Trustee
shall be a])pointed by the Board of Directors of the said
Railway Company, with the consent of the holders for
the time being of a ma/iority in interest of the said Bonds,
evidenced by any writing to that eftect from them res-
pectively, or with the consent of a meeting duly held of
the said bondholders, called after advertisement in that
behalf. ])ublished for the time and in the manner herein-
before meiitiom^d, and the Trustee or Trustees so ap-
pointed, with any Trustee so surviving or continuing,
shall thereu])on l)ec(mie vested with all the powers,
authoi'ities and estates granted to or conferred upon the
jiarties of the second part bj- these presents, and all the
rights and interests requisite to enable him to execute
the purposes of this trust without any further assurance
or conveyance so far as such effect nun' be lawful ; but
(Jf)
the suiviviii<>: or contiiiuiiiii; Trustee shall iininediately
execute all such couveyaucesorotiier instruments as may
be lit or exi)e(lient for tlie ])uri)ose of assurin<i: the le<;al
estate in the premises Jointly with himself to the Tiiistee
so a])i)ointe(} ; ami tliat u])on the death, resi<ination or
removal of any Trustee, or any api)ointment in his ])lace
ini)ursiuinceof thesejnesents, all his powers and authori-
ties by virtue hereof shall cease, and all the estate, rijiht,
title and interest in tlie said premises of any Trustee so
dyini;-, resi«>nin<i', or being" removed, shall, if there be a
co-Tiustee surviving' or continuing in office, wholly cease
and determine, but the said Trustee so resigning or being
removed shall, <m the written request of the new Trustee
who may be appointed, immediately execute a deed or
deeds of conveyance to vest in such new Tiustee Jointly
with the continuing Trustee, ami upon the trusts lierein
expressed, all the ])roperty. i-ights and franchises whi<'h
may be at that time held upon the said trusts. Or in
case it shall hereafter at any time prove impracticable,
after reasonable exertions to ap])oint in the manner here-
inbefoi-e provided, a successor in any vacancy which may
have hai)i)ene(l in said trust, or in case the trust shall
become wholly vacant, api)lication on behalf of all the
holders of the Bonds secured hereby may be made by the
surviving or continuing Trustee, or if the trust be wholly
vacant, b}' the application of the holdeis of the said
Bonds to the aggregate amount of One hundred thousand
dollars, to the Couit of Chancery in the Province of
Ontario, for the ai)pointment of a new Trustee, or new
Trustees.
Seveni/t. — It is hereby declared ami agreed that any of
the Cou])on Bonds, tlie issue whereof is by these presents
secured, may at the option of the holder thereof be con-
verted into or exchanged for a like amount of Registered
Bonds, thf issue wherof is hereby secured ; And it is also
further agreed, that the holders of the Registered Bonds
secured by these presents, may from time to time transfer
66
tlie same on tlie books of tlie Company, and that new
Registered Bonds maybe issued in tlie place and stead
of those suirendejed for cancelment on such transfer, and
that this mortgage shall enure to the beneiit and security
of the holders of such new bstituted Bonds, which may
be issued on such transfei and canc»>]ment. And said
Board of Directois in its discretion, ■^it any tim(> and from
time to time, may allow tlieconveision or reconversion of
Registered Bonds into Coupon Bonds, by surrender and
exehang<% at tlie request of the holders of such Registered
B(mds, and such substituted Bonds shall be secured by
these ])resents in like manner as the Registered Bonds -^o
surrendenxl.
Eii/hth. — And it is hereby furthei- declared and agreed
that at any time all or any ])art of the said Bonds, whether
registei-ed or couixin, at the oj)tion of the holder thereof,
sliall Ix' made by said Com])any Sterling ]5onds. ])ayable
in Sterling money of (ireat Biitain. at the i-ate (»f T\v(»
hundred })ounds Sterling for each Bond, and seven
j)ounds Sterling foi- each lialf-year's interest or c(»U])on ;
and such Sterling Bonds siiall be made payable in Lon-
don. England, or in the (Mty of New York, as sucli holder
shall then elect ; and such Sterling Bonds shall beheld
to be secured by these })iesents. and issued thereundei-,
and to carry and to be entitled to all privih^ges of convei--
sion or otluMwise. as fully as the original Bonds issued,
or intended to be issued, payable in lawful money of the
Dominion of Canada. And the said Com])any may. by
resohition of the ]5oai(l of Directors, from time to time,
establish offices in New York an<l London respectively
for the transfer of i-egistered Bonds, and foi* converting
Bonds into Sterling Bonds as above.
Ninf/i. And the said Canada Southern Railway Com-
]>any heicby covei-ants and agrees to and with the said
])arties of the secc.nd ])art. and tlieir successors and sur-
vivor, f(»i' tile benefit and ill tr ist foi- tlie holders of all
67
the said Bonds, tliat said C<)r.i])any sliall establish a
Sinking Fund adequate for tlie recU'niption at par of all
the said Bonds, at or ])efore the maturity thereof ; and
that said sinking fund sliall be preserved and used for
such redeni])tion. and for no other use or purpose : and
that said (.Jonipany will ])ay into said sinking fund, on
or before the tirst day of January, One tlnuisand eight
hundred and seventy-five, the sum of Eighty-two thous-
and dollars, and tht^ieafter will pay into said sinking fund
on the first day of .lanuaiy of each succeeding year the
several sum heiein written after such year, that is to say,
in the year 1876, s87,(iO(>; in 1877. s93. (»(»<» ; in 1878,
!?1()(».(>(»(| : in 1879, sl(>7,(MMi: in 1880. sn4.()(K»: in 1881,
sl22.(l(M>; in 1882. !i^131.(t"0 ; in 1883. sl4(>.< »(»<): in 1884,
slAo.OdO: in 1885. sljo, m>; in 188(5. ^172.(KH); in 1887,
s]84.(i(>(»; in 1888, s]'.H>.(hk> : in 1880. s2lo.(>0(i : in 181)0.
,S22:),(H)(>; in 1891. s241,0(i(); in 1892. *: :^.>7. ( >< )( > ; in 18i)3,
*275.(K)(i: in 1894. 29r),0(K»; in 189;-). sSin.ooo; in 1896,
.s837.(i(>(»: in 1897. o361,(Mt(»: in 1898. 386.000: in 1899,
s413,oo(); in 19oo. .s442.ooo: in 1901. s473.ooo : in 1902,
;5.")0().000 : in 1903. s,-)42,o(»0: in 1904. s."")8o,ooo : in 1905,
S620.000 : in 1906. s684,ooo; and that on tlie tirst day of
January, in the ^ear One thousaml eight hundred and
seventy-five, and yearly thereafter, said Company shall
])ay and Jipply <>ut of said sinking fund, tlie several sum
so then res])ectively a]>])i'o))riated as al)ove. for said
siidving fund, to the ])ayment and redem])tion of said
Bonds to tile like amount at par: tiiat tlie ])aiticular
Bonds so to be redeemed shall be deteiiuined in every
case by l(»t. ca>t or drawn at som > time in the month of
Xoveml)er next jirevious to such redem))tion, by some
disinterested pcrsini or ])ersoiis a]>])oiiited by tlie Com-
pany ; and the result of such lot. designating and speci-
fying the jtarticular Bonds to be redeemed, shall be pub-
lished in the cities of New York, and London, England,
by adv«'rtisement in a daily news])a])er of each of said
(•ities at least thirty lays before the day of redemption ;
and that all Bonds so redeemed and all coupons thereof.
68
sliall be (*an(;eled by the Couii)any in tbe presence of the
Trustees, who sliall keep a list thereof. No interest shall
accrue on any Bond so desi<i:nated for redemption, after
it theieby has become paj'able, and the Company shall
be ready to pay the same.
In witness whereof. And in i)ursuance of a resolution
of its Board of Directors, passed on the fifteenth day of
Decenil)er, One thousand eight hundred and seventy, the
par^y of the iirst part has caused its corporate seal to be
affixed to these pr<'sents, at Fort Erie, in the Province of
Ontario, Dominion of Canada, and the same to be attested
by ihe signatures of its President and Secretary, and the
said ])arties of the second i)art have hereunto set their
respective hands and seals to testify tlu'li- acceptance of
the said trust, the day and year first above written ; and
these presents are executed in nine parts for the piirpose
of registration in the several counties above mentioned.
Signed, sealed and delivered. /
in presence of \
President.
Secretary.
Tr'tstees.
\
University of Toronto
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LOWE-MARTIN CC. LIMITED
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