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Joint Special Comm. on Memorial of the Western Rail-road Company. Report, 1841
Senate No. 35 On February 18, 1841, a Committee of seven men considered an application for state support from the Western Railroad Corporation. On
February 24, 1841, the Committee sent a report. There were two questions: How would additional support affect the work and How would the finances of
the Commonwealth be affected? The Committee offered a short history of supporting the railroad; the last big amount provided was in 1839. The
Committee said the railroad had to go forward--too much was at stake. Most of the high dollar construction had been completed and the eastern part of the
tracks was starting to make money. The Corporation had made an agreement [p. 23-30] to use the railroad from West Stockbridge to Albany, which was
wise. P. 32-36: An Act to aid the construction of the Western Rail Road, 1841. The treasurer would issue scrip for $1,000,000, paying 5% interest twice
a year. When records showed that half of the previous [1839] aid package had been spent, the treasurer would send one third of the new assistance to
the corporation. When the present shareholders had paid an assessment, more money would be released. When they paid a second assessment, the
remainder of the money would be released. The corporation would establish a sinking fund to pay the interest on the scrip. There would be a gradual
decrease in the number of directors chosen by the state. (Digitized from a microfilm copy of title originally held by the Library of Congress).
Title:   Ordered, that Messrs. Hubbard and Bates of the Senate, and Lincoln, of Hingham, Giles, of Cambridge, Stevenson, of Boston, Chamberlin, of Dalton, and Avery, of Marblehead, of the House, the committee who have under consideration the application of the Western Rail-road Corporation for aid from the State, be directed to ascertain and report the number of stockholders in said corporation ...
OCLC Number:   1422028142
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo