 The plan of subscription was the payment of §5 per share as soon as required by the Company after the entire amount had been subscribed, on condition that interest at six per cent, per annum be paid semi-annually on all the instalments from the date of the respective payments until a single track from the Hudson to Lake Erie and the branch to Newburgh should be completed and in use; no instalment to be called in until 3O,O0O shares at $100 each were subscribed and accepted, nor any instalment to be more than $25 per share within a year after the $3,000,000 had been subscribed, nor more than §30 per share the second, nor more than $45 the third year; every subscriber to the stock, after paying $25 per share, and purchasing any bond or bonds issued under the act of May 14, 1845, to be entitled to exchange such bonds into stock of the Company at par, to an amount equal to his subscription.President Loder issued an address to the public to accompany the plan for raising the necessary money.In this he made these interesting statements, published among other places in an 1845 edition of the "Railway Locomotives and Cars" journal