Lewistown gazette. [volume] (Lewistown, Pa.) 1843-1944, 1860-03-15
SpnburY and Erie Railroad.


sunbury and Erie Railroad.
We publish below bill relative to the
Sunbury and Erie RAILROAD Company, by
which the State agrees to relinquish It's in
terest as first mortsagee in favor of new
issue cf ponds to be made for the purpose
of completing the road. The alternative
seems to be that either the State must it,
self embark once more in railroading, and
thus reopen the treasury doors to the pee
ulations formerly practiced, or suffer the
managers to complete it by this new issue
Of bonds Ia this view Of the case, we be-
lieye the taxpayers would stand IN better
position by the passage of the bill than to
be again saddled with nest cf plugderers
who would make SECOND Portage Railroad
job out of it--flr, with the Railroad un-
completed, the State bonds are worth moth
ING; Yhiie completed, the State would be
more likely to realize its claims than as
matters now stand.
4 Further Supplement 10 tie act Incorporating
The .Su1sJlOy and Erie raiiroad company.
SEC l. BE 1t enacted By the Senate aud
House Of Representatives. cf the Common
lcea{M Of Pennsylvania IN general assembly
met, and 1t is hereJy aacied by the authority
Of tie same: That tie Sunbary and Erie
railroad company be and they are hereby au,
thorized to cancel two millions six hundred
and twenty five thousand dullarS Of the five
percentum bonds now owned by the said com
pany and executed by them under the second
section Of the act entitled " An act for the
sale Of the State canals" approved the 2lst
day of April one thousand eight hundred
and fifty eight and the trustees of the mort
gage executed and delivered by the said com
pany on the nineteenth day of May, one thou
sand eight hundred and fifty eight, to secure
the paynieat Of The said bonds, shall be and
they are hereby authorized and required to
endorse a credit on the said mortgage for tho
full amount Of bonds which may be cancelled
as aforesaid, and the State Treasurer, with
the consent Of the managers of the said com
panv, shall retain the balance Of the -at5
bonds owned by the sad company, amount
ing 70 eight hundred and seventy five thou
sand dollars, and on said cancellation being
made shall credit the said company with the
said balance on account of interest due to the
80
Commonwealth from the said company, for
the period of five years, on and after the thir
ty first day Of January, one thousand eight
hundred and sixty.
SEC. 2. That il ccgsideratior of the great
advantages which must result from .he com
pletion of the Sunbury and Erie railroad, by
the opening up of a large section Of the State
through which it is to pass, and for the pur-
pose Of securing the completion thereof at
the earliest practicable period Be IT FUR
TBE2 ENACTED, That the said company be and
thew are hereby authorized, after the cancel
lation Of the SAID five per cent bonds as men
toned in the first section Of this act to exc
cute and issue three millions five hundred
thousand dollars Of six per cent bonds ID
sums Of one thousand dollars each, the prin-
cipal and interest of all or any OF which may
be made PAYABLE in sterling money Of Great
Britain, in interest thereof at such times and
places as the managers of the said company
may determine and the principal at twenty
years after the first Of July, one thousand
eight hundred and sixty, and shall not be
subject to taxation, and the said bonds may
in the discretion Of the said managers be
made convertible into preferred stock which
they are are hereby authorized to issue from
time to time as the same may bo required by
any Of the holders of the said bonds and the
dividends upon such preferred stock by
mortgage of the entire line of their railroad
and its appurtenances finished and to be An
ished, inc hiding all the rolling stock and real
estate now owned, or which may be acquired
and owned by them. together with their
rights, liberties and franchises, which said
mortgage shall be and forever remain the
first lien on all the said property, until the
same shall be lawfully satisfied of record
subject only to the mortgage of one million
of dollars heretofore executed by the said
company on forty miles Of the said line of
road extending from Sanbury to Williams.
port
Sec. 5. That two and a half millions of
dollars of said bonds authorized to be issued
by the second section of this act, shall be de-
posted in the office of the State Treasurer, TO
be delivered TO the said company pari passu,
gith the progress Of the work in the same
manner as was provided for the delivery of
the bonds authorized and required by this
act to be cancelled.