The star of the north. [volume] (Bloomsburg, Pa.) 1849-1866, 1861-02-13
Sunbury & E R.-LOOk out for a Swndle.


We notice that Mr.. Ball, of Erie, has IN
lrodcced bill in the State Legislature,
providing Tor the relief of the Sunbufy and
Erie Railroad Company, which proposes,
among other things. TO change the name of
the Company, 10 give them power 10 issue
bonds 10 the amount of IS 900 900, TO be
covered by first mortgage, on the whole
OF the road, finished and unfinished, loco.
motives, cars, real estate, and iE fact every
thing on which The Company have claim.
That the State of Pennsylvania shall cancel
its present mortgage OF So, 500 600, which is
now a FIRST mortgage, and which was given
to the State for her Canals, in 1858, and
shall receive therefor second mortgage,
( ukich skaR not bear ime,ess unfil January,
1927
There, is not that moiesil Why cannot
these schemers say at once what they mean
and lhen everybody wolld understand 4
Would il not be Just as easy FOR them TO say
that they want the State to cancel the bonds
she holds and make them a present of So
| 500, 900, (for this proposition amounts to
| this,) as 10 talk about second mortgages
i
and that sort of thing. In 1858 we were
told that if the State would let this corpora
lion have her Canals for S8. SOC, 600, and
allow it TO issue bonds TO that amount they
could complete their road, beyond doubt,
and most people supposed they could, from
the statement then made by the Company.
| Now they come and tell us that they were
mistaken, and they need the small sum oil
! s5. .O00. 900 more TO further their operations.
The managers in this concera have faIsified
to the people once, may they not be doing
SO again
We are not opposed TO The construction of
this road but are opposed 10 the manner
! in which It's means have been sQuandered.
/ We believe that had the manage ment been
in the hands of the honest friends of the
road-men who wonld have looked TO its
interests and completion FIRST and secondary
| considerations Rfierwards--lhe work would
have been completed by this Time, with the
means aud assets already in lis possession
But, unfortunately, il has been in the hands
OF sci of adveniurers, whose only care
seems 10 have been their own pockets
We have now a litile par phle. before US,
published by the Company, in November
last, which contains, among other things
an estimate of the total amount required
vel TO complete the road. coniaing even the
cost of water stations and fencing, which
foots up So ,264,0 ,0O9- Against this, on the
very same page they show the assets in
the hands of ihs Company TO be s4,7ss,
576 is This, according TO our arithmetic
would leave balance 70 the hands OF the
Company, after entirely completing The
road, of 81, ,sO5.576 IS. II This be true. We
should like 10 know what the Company
want with the IS 600, 900. asked for Mr.
BaIps bill. Ii is true that the President o
tie Company, Mr.. William G. Morehead
, and one Jay Cook, who, we believe is
! Director in the Delaware Division Cana
Company, have recently opened Shawn:
shop in Philadelphia which may nee'
some capital, but we scarcely think the
will need so large an amount. The trut
5 is, we believe there is a bad leak some
: where in the concern, and in order TO s,o
| il we would recommend the friends of III
J road and The stockholders generally to hav'
new deal and cut, and clear the board :
Do this, and the community will have som
: hope that :he rompany's means will b
J properly applsad. and the work pushed 0
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