New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1850-01-09
uud.cu and Berkshire Railroad.

r. 81 $500. At,-sr. NrossF, %.
The Controller sent into the House today N.
s7oyrinr Communication in relation 70 the Bon pay
uent of me interest upon State Bonds BY the Hui
ST and Berkshire Railroad Company. twas e
ss-reI 70 the COMMITTEES Of WAY. and Mesns.
T, fss Lcgrsisfa-.
L becomes the da,y II the Controller 70 ia'orm
the Le-islsture that the Hudson AMI Berkshire
Railroad Company have failed - provide fr the
interest pavsbs On tie It lEs, 1n the stock ~ 'he
state Amounting q $50 ooo. which vas oansu 70
SAD Company n pursuance Of Chapter L. '' '"e
Laws % lao
A letter wa. received from The President oi the
COMPANY N the l., INST stating the nsoi''! OF me
Company a. pay the interest and the amount re
,.-.5 f- hat rg--,,.s hss been advanced from the
Treasury
i, ,,,e,,s thst the affair. Of The Company have
,a., i. a STATE # embarrassment for some !es7s
ps,- The original act required the oorPoratio" %
~,.t,,e two per cent 90 the amount Of the loan
mr. - GOO annually. 70 form a sinking frld tor the
redemption q the stock The payment was resu
la- made or f-e ve,-s when he Legislature, by an act
n..-e Nav 3 ls4s authorised the Company ~ withhold
The nss newt. due 10 he sinking fsni he wears lS+O
lsg7 ans lsf VI cond that receipts Of The
road after pay ng interest and expenses should BE- aF7ro
prta'ei - ua.ng repa4rs and Improvements. Notvlh-
Standing 'hs posPonemsu Of the payment 70 he sinking
fai ne Company failed pay the Interest the stock
re i. OF Js-e and he Is, q July $40 Aproeeedmg vas
bsrelpou commenced pursuance of he iw FOR The sac
Of ne Railroad but i aerv ard. Discontinued UPON 81
Arrangement b. wa.eA ne ComFaav maize provisions 20
ncet me accui.ng in'srrs-
Tie LEGISLATURE he i1e a. pted another urea
sure hc hoped would unable he Company 20 size
new -ale 90 the road sad such Increase ~ Prua
- o ensure payment of the interest or The >'a'e Loan
Tho Act Of December 1919 anilons heui aNer ealing
in $4,000 Of .iG1onsl capital from he s'ocAaode7s 20 Dor
row s1soo ~ 10 expended IN e.aying he sper''rueure
VIII heavy iron rail etc ard me Controller required
receiving Prooi OF ms expenditure 70 eouner-lsn ne
bonds or Phi. loan. which bonds by ne erins o nc
i1v. 'hereupon Immediately become MOI td-e zen upNL
.af road and sppurrns1ces, and shsl hase profy OF
Ien over 'ie mortgage to iae people OF 10 Stae
. ~ fh. s~t 70 cal IN 5000 from The shareholders and
20 borrow $4,000 by of bends which were eoin
'ersisaed by The Controller. The money was eNi eHien
LID 1s recon sfrc'nn of he road with heavy raj snd n
understood af he construction - or ne ri~t dlIa9e
and substantial character Bur this improvement Of ne
--7-k VIII = - involved The Company augmented Eaoii
nee IA ed 10 brlg me anticipated increase Of business AL
,,o,I econ -fs' he stockholders have abandoned 81
hore 4 paving Tho debt and preserving The eags invested
Aner coming aio - - February as he Controller
deemed @ m' duty % rsire psyne9 Oh ne .i NJ
he advanced from fha' flnd IN 1917 for n'eres IN
The original loan ... 49, 4,
tie accordingly addressed No company e.4lhg '' 4
] cfarzs Oi their ohAgAiHus
CORES poudsuce -usued rom wilch IN shpes'a m
was INDUCED he Company rlgh' soon succe'S W
providing The means protect The STATE and comply Wih
iha requirements of he law Thai hope had not been ret
Gu shed a. tr OF he Annual Report from his once
subject II sincere regrc; 10 he Controller mar r
anfrpaons N he COMPANY ~ ms respect nave no pt~
ea y He frds no reason 10 doubt iha Tue -oc Ahodei
ars acfei m good faith snd have made an earnest efo
~ give slccur an enterprise In which iheF enpMseI
teir means from isutabe bat misdirecied punhc Frt
sfn ---.nihsr. 1917. nnflfilss .i't A.
well rr the stockholders. NOT 10 SPEAK 81 ~
apparent moons with IN section ~ article Of
The Constitution Tie rdect has been % involve The snare
holders In further Of SO 600 and 10 create new deot
Of SIS 100 having priority the State lien Under such
cecunsiances be feared A large part IT the claim
eft The STATE VIII be lost
The account between The Treasury and ihs Company
stands - follows ~ ~.
Loa Of stock l6to bearing int Al : Per cent $3.50" ~
Deduct balance 81 sinking Fund 10 ihe treasury, - .
after retaining adv-lc- thefsupon H''" III
- much of fnis amount shall after applying
e proceeds NJ hcu sold. musi be added io the
General Fund Debt and The interest h.rcon VIII % cinrs
,tle ir he General Fund Debt sinking FUND
Prompt measures will be taken BY Tie Controller Tor te
sale Of be Tosd and ne appurensnces' IN ne manner d.
r-ce hv aw unless The Legislature upon investigation Of
'hc condition and prospects of Tie Company shan deem
.rrad -ni N .ufhori-e further extension ot lrle
WASHINGTON Hl Mt, Controller.