Lewisburg chronicle. [volume] (Lewisburg, Pa.) 1850-1859, 1856-05-23

pany when duly organized, are hereby
authorized to issue Bonds, not exceeding
FIVE hundred thousand dollars, in sums not
less than one hundred dollars, at such
rates Of interest and in snch terms as may
be determined by the Board of Directors
of the said Company, and to secure the
same by one or more mortgages on said
road" The supplement to the act. passed
March Sd 1854 authorized that the Com
pany," should they deem it for the best
interest of the Company, to connect their
Road with the Pennsylvania Road at
Tyrone, in the County Of Blair, instead Of
connecting at Spruce Caeek as now pro-
vided in the act to which this is supple
ment. or to intersect with the Allegheny
Portage Railroad at Hollidaysburg" And
the second section authorizes them to take
releases along the line, before the charter
is taken, to be as good and valid as if the
charter had been taken out.
Col Eli Slifer, of Union was then called
on and remarked that he had been assured
that no speech would be necessary, and
felt that the occasion did not require it,
from the fact that men who had left their
work at so urgent q season Of the year,
must have come to do business and not to
hear speeches. We are all railroad men,
and the object Of the meeting was to give
point to the feeling on the subject, and as
there had been talk Oh it for the last three
years, it was high time that business ac-
ton was taken. One main object now is
to appoint treasurers in the different Coua-
ties to collect sufficient amount of money
to organize under the act aud to take out
the charter. He therefore moved,
That the Commissioners named in the
act Of Assembly TO incorporate the Lew
isburg, Centre and Spruce Greek Railroad
shall within ten days appoint persons in
each County, along the line Of the road to
receive the amount specified in said act
necessary for an organization Of said Com
pany and thes aid amount shall be paid
within twenty days rhc..atts.
Gen. Buchanan in warmly approving of
Col Slifers' motion, said that the question
on which we were about to divide, will
show whether VIC are in earnest. A head
will give us character. An organization
will make US more and better friends
We will then te known as responsible
persons.
Maj. John Nef, remarked that it would
be gratifying to the people to know what
capitalists will do in the case.
Mr. Miller in reply said, that New York
capitalists wanted party to bargain with.
We are no. and cannot be responsible
party yet. When we 90 there, they ask US
Who We represent Whether we are
officers, and unless We are responsible
they will consider all our movements idle,
and not worth serious attention. We must
90 like farmer, deed in hand, and tell
them what We will do. They won't bite
at pin hook, or at best they wont be
caught By il, 1t would be sufficient if a
note payable at the Lewisburg Savings
Institution or some other place OF easy &C
cess, be given for the ten per cent to be
paid on the stock subscribed. 1t is not
necessary to pay the five dollars on the
whole amount of stock subscribed but only
on the SljO,00O. The object is not to
squander this sum. but it will be perfectly
safe, and none of it expended until there
appears to the Board reasonable pros
pect that the whole will be raised and the
work completed. Organization. by thus
giving us character, will enable to raise
the means otherwise.
The act incorporating the Lewisburg,
Centre and Spruce Greek Railroad, refers
back to the general law passed in 1915.
regulating all railroads in this Common
wealth. The section providing for or
ganization reads as follows:
SECTION 2. when ten per centum on
the capital stock, as provided by any spe.
| cial act of incorporation, shall have been
subscribed, tthe capital stock of lewis.
! burg, Centre and Spruce Creek Railroad
is thirty thousand shares of fifty dollars
each, and five dollars paid on each and
every share, as aforesaid, the said COM
missioners or such Of them as shall have
acted. shall certify to the Governor, under
their hands and seals, the names of the
subscribers, and the number of shares
subscribed by each, and that five dollars
on each share have been paid. whereupon
the Governor shall, by letters patent
! under his hand and the seal of the Com
monwealth, created and constituted the
| subscribers, and if the subscription be not
full at the time, those who shall thereafter
subscribe tothe number of shares aforesaid,
their successors and assigns, into body
polite and corporate, in deed and in law.
by the name. style, and title, designated by
the special act Of assembly"
Mr.. Vantrece, of Potters Mills, said he
thought that every question as to orgauiza-
ton ought to be postponed. A great
number Of farmers, owing to the backward
ness Of the season could not be present,
and there was feeling Of dislike to-
wards electing Board until there was a
reasonable probability of a completion Of
the work, and it would be gratifying to
many if action on this subject be post
poned until fuller meeting. New York
can be approached as well without char
ter as with it, and committee Of three or
four might be sent to see what could be