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Senate. Comm. on Railways and Canals. Report on loan to Berkshire Rail-road Corporation, 1842
Senate No. 38 In February 1842, the majority of the Committee on Railways and Canals declined to support the Berkshire Rail-Road Corporation's
request for a loan. However, a minority member filed a report and a bill. There was a financial history of the railroad to date; a little more than
$98,000 had been spent on construction. The road would be the final link between the Western Rail-Road and the Long Island Sound at Bridgeport,
Connecticut via the Housatonic Railroad. There were large possibilities for business in the Connecticut, Massachusetts, New York triangle. Even before its
completion, the Berkshire had sharing arrangements in place with the Housatonic Railroad. The Berkshire offered all its property and materials as
security for $25,000 worth of scrip now and $25,000 more when the line was done. Other railroads had asked for and received much more--fair was fair. An
Act to aid in the completion of the Berkshire Railroad, 1842. The Treasurer was authorized to issue scrip for $50,000 at 5%/year, payable twice a
year, redeemable in twenty years. He would deliver $25,000 in scrip to the railroad now and $25,000 when the railroad and its depots were complete.
The shareholders had to agree to the arrangement and be willing to pay the interest. (Digitized from a microfilm copy of title originally held by the
Library of Congress).
Title:   The majority of the Committee on Railways and Canals, to whom was referred the petition of the Berkshire Rail-road Corporation, praying that the Commonwealth will loan them its credit to the amount of $100,000, have had the same under consideration, and Report ... .
OCLC Number:   1409805175
Available Volumes
NameFiche CountOnlinePaper Backup
Vol. 1YesNo