Evening journal. [volume] (Wilmington, Del.) 1888-1932, 1891-03-18

rage Of all the railroads, property aud
franchises Of the said company, which
shall constitute FIRST lien thereon; and
Whereas, A part of such existing
Indebtedness Is represented by two mort.
cages held by the State OF Delaware as
follows. One for $500. 600, made by the
Junction and Breakwater Railroad Com
pany, which became due January /, 1890,
and another for 5000, 600 made by the
Breakwater and Frankford Railroad
Company, which will become due Janu-
airy !, 1898; and
Whereas, 1t Is represented to this
company that proposition has been
made by the said Delaware. Maryland
and Virginia Railroad Company to the
Joint Committee Of the General Assembly
OF Delaware now In session. having
charge OF this matter. that che last
named company would endeavor to
secure the aid and operation Of
this company 10 enable il 20
discharge the debts due the
said state in the manner following: That
this company pay TO the state treasurer
for the use OF the state. on account of
said debts--as loan and advance by
this company to the Delaware. MARYLAND
and Virginia Railroad Company sum
Of $62, 600 the LIST day of July, 1891, and
the further sum Of $172. 1873 80 on the LIST
day of November, 1891 and also ruaran-
tee full payment. both principal and in
terest OF 1886, 600 Of the three per cent.
bonds to be issued by the Delaware.
Maryland and Virginia Railroad Com
pany, which shall be delivered 70 the
state treasurer, in fun payment, salts
faction and discharge Of the said two
mortgages; aud it appearing that the
proposition has teceived the endorsement
and approval Of said joint committee by
the official letter OF the chairman de-
claring their readiness to accept the
same; and
Whereas, A com mittee OF the direc
tors OF the Delaware, Maryland and
Virginia Railroad Company have
earnestly urged this company to lend its
aid in the manner herein specified, and
accept bonds of the issue contemplated
as aforesaid for the cash to be advanced.
and the matter having beens duly con.
sidered, therefore be 1t
Resolved by the directors of tine
Philadelphia Wilmington and Baltimore
Railroad Company, that this company
will pay to the state treasurer Of Della
ware, as an advance and loan to the
Delaware, Maryland and Virginia Rail.
road Company, and as for payment
protanto OF the indebtedness represented
by the two mortgages held by the State
Of Delaware, the following sums OF
money, viz tie sum Gf 49,, 600 on the
first day Of July. 1891. and the further
sum of &lT2. 1853 30 on the firsi
day Of November, 1891, aud that it will
also guarantee full payment. both prin-
clpal aud interest of 1886 600 Of the 8
per cent. bonds to be issued by the Della
ware Maryland and Virginia Railroad
Company and delivered TO the state
treasurer Of Delaware, in full payment Of
both said mortgages, provided such legis
lation shall be enacted by the General
Assembly Of Delaware at its present ses-
sion, SO viii provide for the full satlsfae-
tion and discharge Of record Of both said
mortgages, when the conditions herein
before stipulated shall have been fully
performed; and as win likewise in the
opinion Of its solicitor az Dover invest
the Philadelphia, Wilmington and Balti-
more Railroad Company with the power
and authority to execute such guaranty.
and also to own and hold so many OF the
bonds and so much Of the capital stock
Of the Delaware, Maryland and Virginia
Railroad Company or bonds or the sew
eral constituent companies. SIS Ii may
from time to time acquire.
ATTEST j. G. SIAIHs,
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