Sunbury American. [volume] (Sunbury, Pa.) 1848-1879, 1854-01-14

Until recently, PORTION Of the funds were
obtained from ins,allmen,s paid in subscrip-
lions TO the stock, and portion from tempo
rary loans mos! of which have been repaid
under an arrangement 10 which shall pre-
scnly more particularly aude. There has
been received from instalmens on subscrip-
lions 10 stock, Exclusive of the $4,000 is
sued 10 D. L. Miller, Jr., under an agreemen,
made in 1897 s77,31o-ani from tempo
rary loans, Sl5Oo0O-a portion Of which
has been expended for engineering and other
necessary expenses. The amount paid 10
these contractors has been sl7o, 4s6 IS.
The remainder of the requisite funds for
the completion of the road from Milton 10
Wiliamspori, been secured under the follow
ing circumstances and agreements:
Early in The present year, the company,
with great good judgment, in my estimation,
induced the Caiawissa, Williamsport and
Erie Railroad Company, TO change the leca-
tion Of their road from Caawssa to Williams
port, 10 line extending from Catawissa 10
Milton, thus requiring them for any through
traffic, 10 use % miles OF the road Of this
company. To secure this object, however,
il was essential, that the road from Milton 10
Willamsport should be finished as early as
that Of the Catawissa Company.
To this condition, the Company at once
agreed, and the work was prosecuted until a
few weeks since, when the resources of the
company were no longer adequate. During
/ iii. Dar;oI tho C,, ,,.;seo Co,nn,,,, h,J r,r
TALLY graded their road 10 Milton, and it was
essential TO their interests, and in my judg-
meut Of vast importance 10 those of Philla-
delphis, that the railroad connection from
Milton 10 Williamsport should be completed
as originally agreed upon.)
AT Williamsport connection will be made
with the Wiilamsport and Elmira Railroad,
terminating al Elmira, thus forming a most
direct communication with all the important
Railroads in the State of New York and the
Canadas. Rather than 10 meet with The loss,
(for which this Company nigh, have been
liable,) BY delay, the Cattawissa Company
proposed to refund TO this Company the
amour, which had been expended on this
| pOINIOH VI iuO lOdh aud W hhiSh ~ 'hS"
selves, their charter giving them the right 10
do, or to assist this Company in the promo
ton of the work. After negotiation, an
agreement was entered into, copy Of which
is Suspended, marked B, ..-. ..
The prominent points in this agreement
are the following, viz:
lst. That the Catawissa, Williamspor, and
Erie Railroad Company (who had common
interest in perfecting the caanexion) should
guarantee the payment of The principal and
interest of 100000, of convertible bonds,
bearing per cent. interest per annum, pay
sble in twenty years, secured by morlags
on that portion of the road from Milton 10
Willamsport.
I'd. That the Catawissa Railroad Company
shall pay for The use of this road during the
continuance of the agreement, 8 per cent.
per annum on the entire cost of the work,
commencing with the completion of the road
and in addition, are 10 keep the road, bridges,
buildings, and all appurlenances connected
Herewith in good order, this Company being
subjected TO no expense whatever.
Sd. That during the continuance of the
urreemen, (rnade the 9Th OF November last)
this Company may use this portion Of the
road on precisely the same terms as were
agreed upon for its use by the Caiawissa
Company when they were induced to adopt
; this route last spring.
A,h. That while this contrac, is binding
, on the other two Companies for twenty years,
5 this Company has the right to cancel tho en-
{ tire agreement, whenever they shall pay the
, bonds for $500, 900, or release the two other
, parties from their liability under the guaran-
tee. This condition regard as Of the utmost
importance, and most certainly renders the
: agreement free from all objections.
Q Under these arrangements, agreements
. were entered into with the Messrs Moor
= head, 10 go on vigorously with their work,
. receiving payment in these bonds, as will
e more fully appear by reference TO the agree
e ment herewith marked C.
: No contracts have yet been made for the
n Bairoad Iron.
: 9th. "At what time will the Section be
e completed, and what will be the cost of il i'i
# have the pleasure 10 answer, that the
G contracts require the road TO be finished on
d the FIRST of July next. The estimated cost o.
u the work complete is $4,000
l. 10th. 'llave surveys been made Of ihs
h proposed route west OF Williamspou!
J. made, what is The result ?'
e The entire line from Suubury to Erie hai
0 been re.suryeyed. The field work has beer
II finished, and the engineers are now at worl
y with their notes, but have not YET atiaines
results
e llih. "Whal is the present estimated eos
: OF The road from Williamsporllo Erie VIVA
i. length of time will be requiIvd 10 complel,
y il?n
y can only answer by stating that until III.
'l results OF the recent survey are ascerlained
IS ! can furnish no information in addition /,
$ that contained in a Report Of commille,
Of Councs, and the accompynip: paper
II which were submitted in December last (;
I, which the cost Of the Road from Sunbnrv