The Somerset herald. [volume] (Somerset, Pa.) 1870-1936, 1874-01-21

The last annual report exhibited
the floating debt at five thousand five
hundred and eighteen dollars and
twenty cents During the year it
has been reduced three thousand two
hundred and forty-two dollars and
eighty.fve cents. OF this amount two
thousand three hundred and TWEEN
ty-five dollars aud sixty-scven cents
was paid to Tie contractors
There is yet due and owing TO the
company by persons who have not
paid their subscriptions Of stock, the
sum of four thousand eight hundred
and fifty dollars. &he most efficient
means will at once be employed to
collect every dollar that possibly can
bccolccjed. How much ofthi unpaid
stock can be collected il is impossi-
bic TO say, but il is confidently ex-
pectad hat enough will be collected
to pay the balance due the contrac-
tors.
The Peansyiyaii. Railroad Com
paay holds ti!tse,s thousand dollars
of tha second liS itgage bonds, IS
collateral secnIiiyin thc lease which
this company has Bonn 1t for the roll
ING sock NOW % Our road. This
lease terminates oltthe 20tEof Fehraa-
~ next. Neeotiesions will he had
the proper time 81 extend the lease
or purchase The rolling stock.
The Legislature at its last session
passed the following act authorizing
the extension Of our road 20 johns
town:
Section /. Ee it enacted 5y the Senase
and House of Representatives OF the COM
monwealth Of Pennsylvania in General
Assembly met, and it is hereby enacted by
the authority of the same, thai the Somer-
set and Miperal Point Railroad Company
are hereby authorized 20 extend iheir rail
road from Somerset, Somerset county, 20
) Jonnslown, Cambria county, to connect
with The Pennsylvania Railroad, and
ioc thai purpose they are hereby au-
tho;iZed add empowered to increase their
capital sock eight hundred thousand dol
lars, and thcir bonds similar amount,
with the same privileges and restrictions
coniaiDed in their acSof incorporation and
,he several supplements thereto subiec, to
the payment to the Commonwealth of the I
sane tax for increase Of capital sock, and I
10 the same manner as prescribed in the
original act aud supplements. Proric el', (
thai the privileges hereil granted shall in I
no wise conflict with the rights, privileges
and franchises here csoie gran ed to The /
Johnstown and Somerset L. Il. Company. /
SECTION ,. TIat the said company is /
ferehy authorized to receive donations OF I
land or other property or receive the same 4
in payment of subscri piou or in exchange
for stock Oh such tc' ms and conditions as /
may be agreed upon between the company
and he parties so donating, subscribing or
with fall power aud authority /
10 said company to hold, use, sell or o,her-
wise dispose Of said property, f ON lime TO
me: PrOrifedhCperer, That all lands aud /
properly or The proceeds derived from the
pop IT, so donated, contributed or Ieceiv-
-d IN ,aymegt or exchange for stock, shall
be us / exclusively 10 aid in securing the
lldn lie construction aud equipment of
.he halfway OF the company.
Tlis act was approved 10y the Gov
ernor on the 18th of August last. and
The cnrolrnenttaS was promptly paid.
l'he act was accepted by She Board
IF Directors at itst meeting held on
he 30th of August Arrangements
we're then made 10 speedily push this
:XteusiOn to successful tcrmina-
ion. The Financial crisis" +" through
which We are now passing, precipita
ed upon the country by the failure
IF eel tain large and well known bank
NO houses, has for the time being,
Frustrated all rail- oad enterprises
The enterprise has not been abandon
81, but will he vigorously and ener-
,elica.ly pushed forward whenever
money matters become easier and our
business men resume active opera
ions. The extension of this road to
jOansLown, is Of the utmost impUr-
ance to the people living in the north
m part of the county. rs well as to
he stockholders of this company. 1t
will give our people railroad connec-
ion with the Pennsylvania Railway \
It. Joinstown, and the Pittsburgh.
" Washington & Baltimore Railway mt
,liuera. Point, and it will enrich the
:ountry through which the road pass
5, and afford a speedy market fJi all
,inds Of produce.
Respectfully submitted.
A. II. COFFROTH. Il
pr.aij.uf