[A.]
_Sketch of the Proceedings of the Troy and Greenfield Railroad
Corporation, from its organization to the surrender of the Road
under the mortgage, and the adoption of the work by the
Commonwealth._
The charter of the Troy and Greenfield Railroad, was granted in 1848,
and authorized the construction of a railroad with one or more tracks,
from a point on the Vermont and Massachusetts Railroad, at or near
Greenfield, to some point on the line of New York or Vermont, convenient
to meet or connect with any railroad that may be constructed from any
point at or near the city of Troy, on the Hudson River in the State of
New York. Its capital stock was limited at $3,500,000.
The corporation was authorized to contract with the owners of any
contiguous railroad leading into or from either of the States of Vermont
or New York, for the use of the whole or any part thereof, or for the
running and operating the two railroads conjointly, or for the leasing
of such contiguous road, or for any other road, or for the letting or
hiring of their own road to the owners of such contiguous road, or of
any other road which composes a part of the railroad line between the
cities of Boston and Troy, of which the Troy and Greenfield Railroad
shall be a part.
The first meeting under the charter was held June I, 1848, at which
subscription papers were voted to be issued and circulated, in order to
organize the corporation. In 1849, March 16, the subscribers to the
stock held their first meeting, and organized under the charter.
At the annual meeting, February 6, 1850, the stock was apportioned among
the neighboring towns as follows:-
Ashfield, 60 shares.
Charlemont, 400 "
Colrain, 150 "
Conway, 50 "
Greenfield, 700 "
Hawley, 120 "
Heath, 120 "
Leyden, 30 "
Monroe, 50 "
Rowe, 100 "
Shelburne, 400 "
Buckland, 150 "
Florida, 120 "
Adams, 1,000 "
Williamstown, 800 "
Clarksburg, 40 "
Hancock, 50 "
Deerfield, 150 "
Bernardston, 40 "
Gill, 80 "
Whitingham, 00 "
Reedsborough, 00 "
Stansford, 00 "
0,000 shares.
It was also voted to apportion the directors among the towns in the
following manner, to wit:--
North Adams, 3; Florida, Rowe, Heath and Monroe, 1; Colrain, Buckland
and Hawley, 1; Shelburne, 1; Greenfield, Deerfield and Conway, 3;
Williamstown and Whitingham, 2; Charlemont, 1; and one director at
large.
Before the annual meeting in 1850, the directors had voted to assess
three per cent. upon each share of the capital stock. This vote was
passed April 11, 1849, and on the first day of October in the same year,
they voted that the construction of the road from the State line at
Pownal, Vermont, to Adams, and from Greenfield to Shelburne Falls, be
put under contract as soon as sufficient subscription shall have been
obtained therefore, and that the two ends aforesaid shall be constructed
simultaneously.
1850, January 28, the treasurer had received the sum of $2,203.94, and
had paid out on bills approved by the president, $2,203.57, leaving a
balance in the treasury of $0.37.
Sundry assessments amounting in all to 75 per cent. upon the
subscriptions, were afterwards voted, the last on the 6th of May, 1852.
These assessments were rescinded by a vote passed July 23, 1858, and it
also voted that the several amounts heretofore paid by individual
stockholders, except on assessment laid April 11, 1849, be credited to
their several accounts on assessments now or hereafter to be made.
1850, October 28, the contract with Messrs. Gilman and Carpenter, was
ratified, and on the 29th, the president was authorized to execute it.
The Committee have not found this contract nor any record stating its
provisions.
December 27, 1850, a committee reported that the whole amount of stock
subscribed, was $250,800, of which $7,200 was payable in land damages
and materials for the road; and that Messrs. Gilmore and Carpenter had
subscribed for 500 shares of stock, to wit, $50,000.
On the 7th day of January, 1851, the directors voted to break ground the
next day, and on the 27th of May in the same year, they voted to expend
a sum not exceeding $25,000, in experiments upon the east side of the
mountain, at or near the mouth of the proposed tunnel.
In 1851, the corporation petitioned the legislature for a loan of the
State credit for two million dollars; but the application was
unsuccessful.
The failure to secure the aid of the Commonwealth, appears not to have
discouraged the corporation, for on the 7th of August, 1851, the
directors voted that they would proceed forthwith from Adams to the New
York line, and simultaneously incur all the necessary expenses to make
thorough experiments with such machines as promise to facilitate the
construction of the tunnel, and when the road is begun from Greenfield,
it shall be after an arrangement is made to construct it to the foot of
the mountain in Florida and connect in some way with the road at North
Adams.
The Troy and Greenfield Railroad Corporation having directed its
attention to a connection with the Troy and Boston Railroad Company
through a portion of the State of Vermont, and a charter having been
obtained from the legislature of Vermont, incorporating the Southern
Vermont Railroad Company, whereby such connection could be made, a
committee of the directors of the Troy and Greenfield Railroad Company
and of the Southern Vermont Railroad Company made an agreement, subject
to the modification or ratification of the stockholders of each company,
"that the stock of both of said companies and their franchises from said
Greenfield to the west line of Pownal, in the State of Vermont, shall
become and be one joint, consolidated stock and interest, with equal and
common rights and privileges to the stockholders of both companies;" it
being understood that an application shall be made to the legislature of
Vermont for a change of the name and style of the joint corporation
mentioned in the said Act of the Vermont legislature. This report was
made to the board of directors, and it was voted that the same "be
accepted and adopted, recorded and placed on file." Subsequently the
Southern Vermont Railroad was leased to the Troy and Greenfield
Corporation on a perpetual lease for $12,000 per year; and the 21st of
April, 1860, it was purchased by the Troy and Greenfield Corporation for
the sum of two hundred thousand dollars, with money advanced to the last
named corporation by the Commonwealth. In the report of the
commissioners on the Troy and Greenfield Railroad and Hoosac Tunnel, the
Southern Vermont Railroad is estimated to have cost from $110,000 to to
$125,000 only.
In 1858, another application was made to the legislature for a loan, but
with the same result as in 1851. In both instances, committees reported
in favor of the application.
In 1854, the application was renewed, and was successful. The Act was
passed on the fifth day of April, 1854. By the first section, the
treasurer was authorized to issue scrip, as certificates of debt, for
the sum of two million dollars, to be expressed in the currency of Great
Britain or in federal currency, as the directors of the Troy and
Greenfield Railroad should elect, to bear an interest of five per cent.,
payable semi-annually, and redeemable in thirty years, for the purpose
of enabling the Troy and Greenfield Company to construct a tunnel and
railroad under and through the Hoosac Mountain, in some place between
the "Great Bend" in Deerfield River, in the town of Florida, at the base
of Hoosac Mountain, on the east, and the base of the western side of the
mountain, near the east end of the village of North Adams, on the west.
The scrip was to be delivered to the treasurer of said Troy and
Greenfield Railroad Company in the manner and upon the conditions
following:--$100,000, when it should appear to the satisfaction of the
governor and council that said company had obtained subscriptions to
their capital stock in the sum of $600,000, and twenty per cent. upon
each and every share of said six: hundred thousand dollars should have
actually been paid in, and seven miles of their railroad and one
thousand lineal feet of their said tunnel under the Hoosac, in one or
more sections, of size sufficient for one or more railroad tracks,
should have been completed.
$100,000, when ten miles of their said railroad, in one or two sections,
and ten thousand lineal feet of their said tunnel, in one or more
sections, should be completed.
$100,000, when fifteen miles of their said railroad, in one or two
sections, and three thousand lineal feet of their said tunnel, in one or
more sections, should be completed.
$100,000, when twenty miles of their said railroad, in one or two
sections, and four thousand lineal feet of their said tunnel, in one or
more sections should be completed.
$100,000, when twenty-five miles of their said railroad, in one or two
sections, and five thousand lineal feet of their said tunnel, in one or
more sections, should be completed.
$100,000, when thirty miles of their railroad, in one or two sections,
and six thousand lineal feet of their tunnel, should be completed.
$100,000, when thirty-two miles of their railroad, in one or two
sections, including all the line east of Florida, and seven thousand
lineal feet of their tunnel, in one or more sections, should be
completed; and for each additional portion or portions of said tunnel of
fifteen hundred feet, in one or more sections, completed by said
company, $100,000, subject to the condition that the last $200,000
should be reserved until said company, or their successors, should open
their railroad for use from Greenfield to the line of the State in
Williamstown; and subject also to the condition, that, prior to the
second delivery of scrip, thirty per cent. of the same shall have been
paid in cash to the treasurer of the company by the stockholders
thereof, in addition to the $120,000 to be paid prior to the delivery of
any scrip; and that upon each application for scrip, in pursuance of the
law, and prior to the delivery thereof, thirty per cent. of the scrip
then applied for shall have been paid by the stockholders to the
treasurer of the company until the $600,000 subscribed for has been paid
by the stockholders.
The Act further provided, that the treasurer of the company, within
three months from the receipt of any scrip, should pay to the
commissioners of the sinking fund created by the Act, ten per cent. on
the amount of scrip so taken as a sinking fund; and after the road
should be opened for use, twenty-five thousand dollars should be
annually paid to said commissioners for the same purpose.
The Act further provided, that the said company should execute an
assignment, as a pledge or mortgage on the railroad, with its franchise
property and income, conditioned to pay the principal sum of said scrip,
or so much thereof as the sinking fund should be insufficient to pay,
and the interest, as the same became due; and that said company should
assign all the interest it then had, or might afterwards obtain, in the
Southern Vermont Railroad Company.
In 1855, the legislature authorized certain towns on the line,--to wit:
Ashfield, Buckland, Conway, Colrain, Charlemont, Deerfield, Greenfield,
Hawley, Heath, Rowe, Shelburne, Adams, Florida, and Williamstown,--to
subscribe three per cent. on their valuation, respectively, to the
capital stock. This Act was not fully complied with on the part of the
towns, and $125,000 only is reported to have been realized from that
source.
In 1855 a contract with E. W. Serrell to construct the work was reported
to and accepted by the directors. This contract does not appear among
the papers of the corporation, and its terms cannot be stated.
At the same time the capital stock of the corporation was by a vote
increased to $1,500,000, and a location designated as the east line on
the railroad near Cheapside was adopted. This singular resolution was
also passed:--
_Resolved_, That the direction of the engineering operations within the
Hoosac Tunnel after the location of the line is adopted, and plans
perfected for the same, be left with the contractor, excepting the
measurements for monthly and final estimates and the final acceptance of
the work.
1855, July 18. Mr. Serrell having proposed to subscribe the sum of
$600,000 (less the amount of the new subscription made by others,)
provided the company would make such allowances as would enable him to
dispose of the proposed issue of $900,000 of bonds advantageously, the
directors voted to add $300,000 to the contract prices of the work, and
that said $900,000 bonds as provided by the contract should be issued as
soon as authorized by the stockholders, and placed in bank by the
trustees to the credit of such persons as shall deposit against the same
cash or railroad iron equal in value to sixty-five cents on the dollar.
The said bonds to be taken by said Serrell at par and so estimated in
his contract.
At this time sixteen hundred and thirty-five shares of new stock had
been subscribed, amounting to $163,500.
The trustees alluded to in the foregoing vote were selected by a
committee appointed for the purpose, and with power to execute to them a
mortgage. They were J. V. C. Smith, Paul Adams and John G. Davis, all of
Boston. The mortgage was executed, and is known in the history of the
road as the "Smith mortgage." A resolution explanatory of this
transaction was passed August 16, 1855, in the following words:--
"_Resolved_, That, whereas by the terms of the provisions of the
resolution of July 18, 1855, by which it is provided that the bonds of
the company to be issued, are to be placed in bank, &c.; therefore, as
explanatory thereto, be it
_Resolved_, That it is not intended thereby to prevent the operation of
the contract, but that the said bonds are to be delivered to Serrell &
Co., on the warrant of the engineer, countersigned by the president and
treasurer, whenever the engineer shall draw therefore on monthly or
final estimates."
1856, February 7. The president reported to the directors that a
contract had been redrafted and concluded with Messrs. Serrell, Haupt &
Co., which was read, accepted and ratified, and the committee
discharged. This contract was probably dated January 31, 1856, but the
Committee have not been able to find it among the papers of the
corporation.
1856, May 22. The directors voted, that in case Messrs. Serrell, Haupt &
Co., would enter into an agreement to carry on the work of the Troy and
Greenfield Railroad Company, in compliance with the terms and conditions
of the loan Act, until 2,000 feet of the tunnel should be completed, the
corporation would substitute bonds instead of stock in all payments to
be made on account of work to be done to that time.
The treasurer was authorized to give the acceptance or notes of the
company, to an extent equal to the whole indebtedness of the company to
said contractors, upon which to raise money to carry on the work.
That the company would pay or allow to said contractors all discounts or
losses to which they might be required to submit, provided such
discounts or losses did not exceed the rate of 15 per cent. per annum.
That the trustees of the mortgage bonds should deliver to Mr. Herman
Haupt one hundred thousand dollars in the bonds of the company in
addition to payments due for work, said bonds to be sold or hypothecated
by him, and the proceeds applied to the work. The bonds to be charged on
account of the contract if not returned when the second payment from the
State shall have been made.
1856, July 28. H. Haupt and W. A. Galbraith notified a dissolution of
the firm of Serrell, Haupt & Co., and proposed to enter into a new
contract.
E. W. Serrell notified that Messrs. Haupt and Galbraith were authorized
to surrender the old contract.
The stock subscription of Edward W. Serrell and E. W. Serrell & Co., was
transferred to H. Haupt & Co., the latter to furnish a guarantee that
the assessments due and to become due should be paid.
E. W. Serrell resigned his office as a director in the company, and was
appointed consulting engineer. W. A. Galbraith was chosen a director.
1865, July 30. A contract was made with Herman Haupt, William A.
Galbraith, C. B. Duncan and Henry Cartwright for the construction of the
road and tunnel. The firm name of the contractors was H. Haupt & Co. By
the provisions of the contract all work done under previous contracts
with E. W. Serrell or Serrell, Haupt & Co., was to be credited to H.
Haupt & Co., and all payments under said contracts were to be charged to
H. Haupt & Co., and credited to the Troy and Greenfield Railroad. "The
road from the eastern terminus at or near Greenfield from some
convenient point on the Vermont and Massachusetts line, as the same now
is or hereafter be located," is assumed to be in all about forty-two
miles in length.
"This contract includes the graduation, tunneling, masonry and bridging,
superstructure, fencing, depot buildings, switches, turn-tables, water
and fixtures, and in fine all labor and materials necessary for the
construction of the road are included in this contract." The right of
way to be provided and paid for by the railroad company. The work to be
completed and finished in the best manner, for which the Troy and
Greenfield Railroad Company agreed to pay H. Haupt & Co., "the sum of
three millions eight hundred and eighty-three thousand dollars in manner
following, to wit: Two millions of dollars in the bonds of the State of
Massachusetts, to be issued under the Act by which the credit of the
said State is loaned to said corporation, nine hundred thousand dollars
in the six per cent. mortgage bonds of said company, five hundred and
ninety-eight thousand dollars in the capital stock of said Troy and
Greenfield Railroad Company, and three hundred and eighty-two thousand
dollars in cash." The work of constructing and completing the road was
to be done in compliance with the loan Act of April, 1854. One hundred
and fifty thousand dollars to be expended by the contractors in depot
buildings and necessary rolling stock, cars, engines, &c. under the
direction of the board of directors. The stock subscription of E. W.
Serrell and of Serrell & Co., amounting to five thousand nine hundred
and eighty-seven shares, was to be transferred and assumed by Haupt &
Co., payable in compliance with said Loan Act with the understanding
that the assessments on the stock were to be paid by the performance of
this contract in stock credits as provided in the contract, and the
stock taken by the contractors at par.
This contract further provided, that on the receipt of the several
installments of State bonds, the contractors should pay to the sinking
fund the ten per cent. specified in the Loan Act, in consideration of
which Haupt & Co. should retain whatever sums was realized from the
exchange and premium on the bonds. The payments were to be made monthly,
on estimate of the company's engineer. The cost of the materials and
work upon the line, exclusive of the Hoosac Tunnel and its approaches,
was assumed to be one million eight hundred and eighty thousand dollars,
and the estimates were to be made in the relative proportion that the
part done bore "to the whole amount of materials and work to be
furnished, and done at the price named." The Hoosac Tunnel and its
approaches were estimated at two million dollars for a double track, and
the monthly estimates were to be in proportion to the amount of work
done on the approaches, and the length of tunnel excavated.
The contract further provided, that, with the assent of both parties,
the tunnel might be constructed for a single track, in which case no
abatement was to be made for the first three thousand feet; but for the
excavation beyond that point, the sum of twelve dollars per lineal foot
was to be deducted from the contract price.
The above are the essential provisions of the contract under which H.
Haupt & Co. performed their work upon the road and tunnel until February
18, 1858, except as the same was modified and changed by votes of the
directors. The contract was reported to the board of directors, and
approved by them August 6, 1856. On the same day the directors voted to
request the trustees to recognize H. Haupt & Co. as contractors, instead
of E. W. Serrell, and to issue the bonds to said H. Haupt & Co. on the
estimate of the engineer and the order of the trustees.
They also voted to change the location of the road at the West End, in
accordance with plans marked A and B.
Under date of July 10, 1857, there appears upon the records the
following:--
A preamble, "stating that the efforts to raise money for building the
road had proved unsuccessful; that no payments had been made the
contractors for more than a year, * * * *; that the work could only be
carried on by the continued efforts * * * * and personal credit of the
contractors.
"Therefore voted, that the whole of the State bonds that may be issued
in aid of the Troy and Greenfield Railroad Company shall be exclusively
appropriated to work done, or to be done, upon the tunnel, in compliance
with the terms and conditions of the Act authorizing the loan of credit,
and with such other conditions and modifications as the legislature may,
from time to time, make and establish; but said H. Haupt & Co. shall not
be held subject to any other conditions whatever, so far as respects the
work done upon the tunnel; and any State scrip that may at any time be
delivered to the treasurer of the company, shall be promptly handed to
the contractors; the contractors, on their part, to comply with the
conditions of the present Act, and with such other conditions or
modifications as may be introduced, and to have the benefit of any
extension of time or increase of compensation by the State.
Second. Any new or additional subscription that may be obtained, shall
be applied to payment of the present contractors for work done, or to be
done, by them, and to no other object; and any subscriptions that may be
collected west of the Hoosac Mountain, shall be applied exclusively to
the completion of that portion of the road.
Third. The present subscription east of the Hoosac Mountain may be
collected and applied to the payment of other liabilities of the
corporation, and the treasurer is requested to prepare, without delay, a
full and complete list of all such liabilities.
Fourth. Any commissions for procuring or collecting subscriptions shall
be paid by H. Haupt & Co., in consideration of which, and also of the
premises, the payment of graduation, masonry, bridging, and
superstructure on the road, exclusive of the tunnel, shall be two
million dollars, with the addition of such sums as may be required for
the right of way, if this item shall be paid by the contractors. Of this
amount, nine hundred thousand dollars shall be in mortgage bonds of the
company, and the balance in cash, to as great an extent as can be
procured, the remainder in stock at par; and the directors of the Troy
and Greenfield Railroad Company shall use their best endeavors to
increase the cash subscriptions as much as possible.
If new parties be introduced, or desired by H. Haupt & Co., the contract
may be redrafted, and these conditions and changes incorporated; the
committee for this purpose shall consist of the president and Alvah
Crocker, with power to execute it finally, if not inconsistent with the
present contract, or with the changes hereby authorized. It is further
agreed and understood, that nothing herein contained shall be so
constrained as to invalidate the existing contract with said Haupt &
Co., or vary its conditions, except so far as herein expressed or
necessarily implied."
On the 18th of February, 1858, another agreement was made by Herman
Haupt and Henry Cartwright with the Troy and Greenfield Railroad
Company, and such others as might be associated with them; and who upon
signing the contract were to be considered as parties to the same; as it
bears the signatures of D. N. Carpenter, President for the Troy and
Greenfield Railroad Company, and H. Haupt & Co., by H. Haupt, and no
others, it may be presumed that Messrs. Haupt and Cartwright are the
only persons comprising the party of the first part.
This contract recites that every attempt to procure new or to collect
old subscriptions to the capital stock of the company, since the
execution of the former contract with H. Haupt & Co., have proved
unsuccessful; that the contractors had prosecuted the work for more than
two years without any payment having been made to them as required by
existing contract; that there appeared no possibility of procuring means
for the further prosecution of the work, except by the continued
efforts, increased expenditures, and personal credit of the contractors
themselves; and that H. Haupt & Co. propose to release the Troy and
Greenfield Railroad Company from the cash payments required by the
contract, and to assume themselves the labor of procuring and collecting
subscriptions, and of carrying on and completing the Troy and Greenfield
Railroad and Hoosac Tunnel in such manner as will comply with all the
conditions of the Loan Act. The parties therefore agreed.
That H. Haupt & Co. should comply with all the conditions of the Act,
approved April 5th, 1854, whereby a loan of credit was given by the
State of Massachusetts in aid of the construction of the Hoosac Tunnel,
and should have the benefit of any changes that may hereafter be
obtained, or extensions of time that may be granted; but they shall be
subject to no other conditions or restrictions other than those
expressed in this contract.
That the road shall be so constructed that its gradients should not
exceed those in each direction which exist or may hereafter exist
permanently on other portions of the line between Troy and Boston; that
sharper curves than were in ordinary use in other parts of the line were
to be changed at the expense of the contractors, and trestle work or
temporary bridging was to be replaced by permanent structures at the
expense of the contractors as soon as practicable after the completion
and opening of the whole line.
That H. Haupt & Co. should have the benefit of all existing
subscriptions, and of all they might procure; also of any revenue that
might arise from the use of the road, or any portion of it when
completed, until their claims on the company were discharged and paid;
and to secure this end, the payment of all other debts of the
corporation was to be deferred until that of the contractors was
satisfied. The real estate of the corporation not required for the
purposes and use of the road, was to be sold or applied to meet present
liabilities of the company; and Haupt & Co. were to maintain the
organization of the corporation and pay its necessary printing expenses,
by paying to the treasurer annually a sum not less than five hundred
dollars.
The State bonds were to be appropriated exclusively to the construction
of the tunnel. The State scrip delivered to the treasurer of the company
was to be promptly handed to the contractors.
The compensation to be allowed to H. Haupt & Co. was to be as provided
in the resolutions of the directors, passed July 10, 1857.
The payment for graduation, bridging, masonry, and superstructure on the
road, exclusive of the tunnel, was fixed at two million dollars,
exclusive of any payments that might be made for the right of way. Of
this amount, nine hundred thousand dollars was to be paid in mortgage
bonds of the company; the balance in cash, to as great an extent as cash
subscriptions could be secured; the remainder in stock at par.
The bonds and stock of the company to be issued to H. Haupt & Co. when
required, to an amount equal to the work done, estimating it by the
proportion it bore to the whole amount performed and to be performed.
H. Haupt & Co. were authorized to collect subscriptions to the capital
stock of the company, and their receipt for money was to be accepted by
the company as evidence of payment. By the execution of this agreement
all former contracts between the same parties were agreed to be annulled
and cancelled.
H. Haupt & Co. was recognized as the firm name under which the parties
of the first part were associated, and then to be conducted. Copies of
this and the preceding contract will be found printed verbatim in a
report of a committee of the House of Representatives in 1860, of which
Mr. Kimball, of Boston, was chairman. It was reprinted in 1861, and is
House document No. 406, of last year; and it may be profitably consulted
for other valuable information touching the doings of the Troy and
Greenfield Corporation and the contractors therewith.
1858, May 25, the directors assented that the iron delivered by the
Rensselaer Iron Company for the road should remain the property of the
iron company until the same was paid for, in accordance with an
agreement of H. Haupt & Co. with the iron company.
From a report of a committee of the directors made to the board July 23,
1858, it appears that at the date of the report, seven thousand four
hundred and fifteen, shares were subscribed for unconditionally by
parties who appeared to have been solvent at the time of subscribing.
That three thousand four hundred and fifty shares had been subscribed
for conditionally, or, by parties who were not solvent, or whose
subscriptions could not be collected.
That of the conditional subscriptions, the greater part had been or
would be complied with; of these nine hundred and thirty-nine were
subscribed by the towns not included in the published lists.
Upon two thousand four hundred and thirty shares of the unconditional
subscriptions, including those of Gilmore and Carpenter, twenty per
cent. only had been paid.
That upon six thousand five hundred and nine shares, subscribed for
unconditionally, twenty per cent. or more had been paid in cash.
At this date it appears that the whole number of shares subscribed for
conditionally and unconditionally, was ten thousand eight hundred and
sixty-five.
At this meeting of the board the clerk was directed to place upon the
record the names of all the stockholders, with the number of shares held
by each, on which twenty per cent. or more had been paid. The record
shows the number of shares to be six thousand six hundred and
forty-eight, and the amount paid on the same two hundred and sixty-seven
thousand five hundred and sixty-nine dollars. Against the name of H.
Haupt & Co. was set the number of five thousand shares. At this meeting
the directors also voted to fix the capital stock at one million five
hundred thousand dollars.
1858, September 3. The last vote was reconsidered, and it was voted that
the capital stock be fixed at [Note: amount missing] as represented by
the list of stock reported at the previous meeting.
The directors also voted as they had previously done, to rescind all the
assessments heretofore voted, except the assessment of three per cent.
laid April 11, 1849, and then voted an assessment of ten per cent. upon
each and every share in the capital stock of the company, payable in
thirty days. Between this date and September 14, 1859, nine other
assessments were voted, the whole amounting to eighty-eight per cent. of
the par value of the stock.
By another entry upon the records, under date of November 3, 1858, it
appears that Williamstown and Adams subscribed to the capital stock of
the Troy and Greenfield Railroad, ninety-three thousand dollars, upon
condition that the payment should be made in town scrip, maturing in
thirty years, and to be issued whim the road was completed between Adams
and Troy; half the interest on the scrip to be paid by the Troy and
Boston Railroad Company. Mortgage bonds of the Troy and Greenfield
Railroad Company, in amount equal to said subscription, were to be
deposited in the Adams Bank as security against loss of stock from such
a contingency as a sale of the road by the _bona fide_ holders.
Immediately following this entry upon the records are recorded these
votes:--
_Voted_, To accept the subscription on the condition stated, that the
contract with the Troy and Boston Railroad Company be altered to allow
said company to pay the interest on the scrip directly to the treasurers
of the towns; that bonds to the amount of ninety-three thousand dollars
be prepared ready for delivery, and that Mr. Haupt and the treasurer be
a committee to carry this vote into effect, as also any change of
contract with the Troy and Boston Railroad Company.
_Voted_, That the trustees of the mortgage bonds of this corporation be,
and hereby are, requested to deliver to Mr. H. Haupt and the treasurer,
ninety-three bonds of one thousand dollars each, to be deposited by them
in the Adams Bank, in compliance with the conditions and requirements of
the votes of towns of Adams and Williamstown, &c., &c.; sixty bonds to
be appropriated as security for Adams, and thirty-three for
Williamstown.