Delaware gazette and state journal. (Wilmington, Del.) 1883-1902, 1892-08-04
A MORTGAGE FOR ONE MILLION.
Given by the Wilmington g. North
ern Railroad Company.

1
the recorder of deeds in the court
house Tuesday mortgage o.
| S1,000,000 between the Wilmington &
| Northern Railroad Company, cor
| poration, the states of Delaware and
Pennsylvania and the Pennsylvania
| Company for Insurance on Lives and
the Granting of Annuities of Phila.
delphia. The mortgage is the largest
recorded at the office at the court house
| for some time.
The Wilmington s. Northern Rail.
road Company was organized and
created corporation on the 1st day
of january, 1877, under the act Of
General Assembly of the Common.
wealth of Pennsylvania, and under AN
act of the General Assembly of this
State, entitled IAN act to incorporate
| private purchasers of the Wilmington
d. Northern Railroad Company, passed
at Dover on February 22d, 1871"
The Wilmington 81 Northern Railroad
Company of Pennsylvania was duly
consolidated and merged with the Viii
mington T. Northern Railroad Company
of Delaware under and by virtue Of IN
act of the General Assembly of Penn
sylvania, approved March oath, 1866
and the act Of General Assembly Of
Delaware, passed February ed, 1877,
above referred to- This action was duly
ratified by resolution Of majority Of
stockholders of both companies on
March 2Sth, 1877.
A mortgage on its main line and
branches situate in this State and in
Pennsylvania was accepted, which mort
gage was executed by the party of the
first part to Victor du Pont, John s.
Gerhard and William d. Smith on
December 1st, 1887, to secure bonds to
theamount of 81 100000, bearing interest
at the rate of 5 per centum per annum.
In accordance with authority given by
stockholders on the 31st day Of October,
1887, and the 14th day Of July, 1891,
S560,000 of said bonds were issued.
AT a meeting held by majority of
the stockholders at Coatesville, Pa, on
July 21st, 1892, certain resolutions were
read and adopted.
For the purpose of retiring all Of the
bonds of the company which have here
tofore been issued by paying off the
same when the same shall be due and
payable, or by securing surplus of
same or any part thereof in exchange
for bonds hereinafter mentioned. Should
such surplus be deemed expcdient by
the directors Of the company and for
the purpose OF cffecting the cancellation
of all bonds of the company which re-
main unissued, and for the purpose Of
providing for the discharge of all of
its existing liabilities and for other
obligations in the judgment Of
the directors 10 promote the interest
of the company, an issuance of bonds of
this company to the amount of al ,000,-
900 was authorized, the aforesaid bonds
to be in sums of $1,000, payable in 40
years in gold coin of United States of
America Of the present weight and firm
ness or its equivalent in value, and bear
ing interest at the rate of s per centum
per annum, quarterly in like gold coin
or its equivalent in value, without de-
duction by reason of any tax or assess
ment which the said railroad company
may be required to retain or deduct
therefrom by any law Of the United
States or the states of Delaware and
Pennsylvania and to be known as the
general mortgage bonds Of the Whining
ton ~ Northern Railroad Company.
The directors We're also authorized
and empowered to cause to be executed
u mortgage to the Pennsylvania COM
pany for insurance on lines and granting
of annuities Of the city of Philadelphia,
in the state of Pennsylvania, trustee of
the railroad of the said company, situate
in Delaware and Pennsylvania; the
main line extending from French street
in this city to Hugh Junction in Bcrks
county, Pennsylvania, and all other
lnne- md nvtanainpp 1i1i,fr1
turnouts, or which may be acquired by
said railroad company by construction
or otherwise, together with all the roll
ing stock, equipments, lands, tencments
or hercditaments of the company and
revenues derived from said railroad
company or other property, and all cor
porate and other rights, privileges, APP
purtenanccs and facilities acquired or TO
be acquired, connecting with or relating
to the mortgaged premises; bonds to be
redeemable in 1889, with interest quar-
terly.
The bonds will be issued in sums of
81 900 each and will be numbered con-
secutively from to 1000.
Five hundred and sixteen of the said
general mortgage is to be set aside for
the purpose of retiring 1,032 existing
outstanding bonds of the company Sc
cured by the mortgage executed on De-
cember LIST, 1887, to Victor du Pont,
John S. Gerhard and William d. Smith,
when the same shall become due and
payable.
Two hundred and fifty of the said
general mortgage bonds are to be set
apart and reserved in the custody of
the trustee, for the sale and only pur-
pose of acquiring, by construction or
otherwise, of new branches, extensions,
cut-offs, loops or railways, whether of
same gauge or Of different gauge, to be
operated by steam, or electricity, or may
be deemed expedient by the directors of
the company.
Two-hundred and thirty -four of the
general mortgage bonds will be used for
the acquisition, by construction or
otherwise, of locomotives, passenger cars,
freight cars and other rolling stock and,
equipment; for the purchase of real
estate, improvements or otherwise, for
use in connection with said railroad;
for discharging any liabilities of the
company existing beyond its indebted
ness.
The corporate seal of the company
was affixed TO the mortgage in regular
form and also the names of Henry A.
du Pont, president; Il. b. Shurter, sec
rotary. The officials OF tine Pennsyl-
yania Company for Insurance on Lives
and Granting of Annuitcs signing the
instrument were Lindley Smith, presi-
dent, and W.P Henry, secretary.
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