The New York herald., 1870-05-16

THE BOSTON, HARTFORD ANE ERIE RAILROAD.
The bill recently reported by the Railway Commit
tee OF the Massachusetts Legislature provides for
additional loan of three and half millions OF dollars
by the State in five per cent scrip, expressed either
In the sterling currency OF Great Britain or in fcde
raj currency, as the Governor and Council shall de-
termtne and payable IN the year 1S90 the loan to be
made on the following conditions:-
No scrip shall be issued until majority OF the
shares of the capital stock Of the corporation shall
have been transferred to- and delivered to- the Tea
surer Of the Commonwealth, to be held by him for
corporation, and said majority OF shares shall
be SO delivered before the first day OF jan
nary next The COMPANY snail have thirteen
Treasurer voting upon the stock transferred TO him.
and shall be persons named and approved by the
Governor and Council. No scrip shall be delivered
until after new election OF officers IN accordance
with the above provisions. nor until the trustees
OF the Berdell bonds shall be persons who
Gil. No scrip shall be issued until an agree
ment has been executed IN manner satisfactory
TO the Governor and Council, that the company will
comply with the provisions of this act; will hold the
Commonwealth harmless from all expenses, loss or
damage on account Of SAID scrip; will pay the prin-
cipal and interest when due, with cost OF exchange
thereon; and until the company shall have de-
livered to the State BeldeN bonds TO the
amount OF 600. No scrip Is to be delivered until
contracts are made with suitable persons for the
completion Of the road between Boston and Hart
ford, within six months from the time OF contract,
son, at FishKill, within eighteen months from the
time Of contract. for less than s2.sooOoo:
No scrip is to be issued or delivered
until all attachments and other liens or incuni-
brances upon the property OF the company--except-
ing existing mortgages intervening between the re.
cording OF the Berdel mortgage and mortgage
to be made under the provisions OF vote OF said
railroad company, to Dwight Foster, Benjamin
e. Bates and Edward G. sherman. trustees
shall have been released, removed or dis
posed OF for the benefit Of the Commonwealth,
and said last named mortgage shall have been duly
executed III such manner as to create, after the
same shall have received all necessary ratification
and continuation, a valid and eiiectual lien upon
the franchises and all the property, real and per-
sonal, now owned or which may hereafter be ac
CURED by the company, subject only to the
Berdell mortgage, and the membranes prior
thereto SO far as they embrace and cover the
same; nor until all the real state, franchises and
other property held ciaimed 10 be held by the
Boston, Hartford and Erie Ferry Extension Railroad
Company, and leased or claimed to be leased
to the Boston, Hartford and Erie Railroad Company
shall have been conveyed to the last named
railroad company, or such provisions and agree
ments shall have been made respecting the same
AZ shall be satisfactory to the Governor and
Council. The scrip the proceeds thereon Is to be
delivered only to the persons who agree TO