Railroad Reorganization, Volume 4

Front Cover
Houghton, Mifflin, 1908 - Railroads - 402 pages
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Page 220 - An act [to amend an act entitled an act] to aid in the construction of a railroad and telegraph line from the Missouri River to the Pacific Ocean, and to secure to the Government the use of the same for postal, military, and other purposes, approved July first, eighteen hundred and sixty-two," approved July second, eighteen hundred and sixty-four.
Page 211 - Stock, given at a meeting of the Stockholders called for that purpose, and the consent of the holders of a majority of such part of the Common Stock as shall be represented at such meeting, the holders of each class of stock voting separately.
Page 264 - Company until the whole capital named in this act of incorporation is taken up, by complying with the terms of subscription; and no mortgage or construction bonds shall ever be issued by said company on said road, or mortgage, or lien made in any way, except by the consent of the Congress of the United States.
Page 225 - ... westwardly to the initial point of the Union Pacific at the one hundredth meridian, and to connect with the latter road at that point. Subsequently, and in 1866, the Kansas corporation, whose name had meantime been changed to the Union Pacific, Eastern Division, was authorized to so change its line as to connect with the Union Pacific at a point not more than fifty miles westward from the meridian of Denver. Acting upon this, the company did change its line so as to make the same extend from...
Page 339 - A railroad company engaged in interstate commerce should not be permitted, therefore, to issue stock or bonds and put them on sale in the market except after a certificate by the interstate commerce commission that the securities are issued with the approval of the commission for a legitimate railroad purpose.
Page 306 - ... cancellation, of Prior Lien 4 per cent Bonds, and when these are not obtainable, then in the purchase, at not exceeding 100 per cent, and the cancellation, of General Lien 3 per cent Bonds, and that the remainder shall be used for betterments and additions to the mortgaged property. As it now stands, the System in its form of incorporation and capitalization, is a development without method or adequate preparation for growth. Scarcely any single security is complete in itself. The Main Line Mortgages...
Page 312 - Iowa Southern & Missouri Northern Railroad Company, the Newton & Monroe Railroad Company, the Atlantic Southern Railroad Company, the Avoca. Macedonia & South-Western Railroad Company and the Atlantic & Audubon Railroad Company, whereby was created the corporation known as the Chicago. Rock Island & Pacific Railway Company.
Page 133 - The junior bondholders petitioned the court saying the ("friendly") creditor "did not file his bill in good faith on his own behalf and on behalf of all other holders of bonds, but at the request and for the benefit and protection of the men who were then managers of the Philadelphia and Reading Railroad Company and the Philadelphia and Reading Coal and Iron Company, and that the suit was not being pressed with due diligence.
Page 142 - May 31, 1887, owns all the railroads formerly belonging to the Philadelphia & Reading Railroad Company; and It controls the roads heretofore leased to that Company, either by transfer of the old leases or by new leases made since November 30, 1896. It leases from the Reading Company the railway and marine equipment which it uses in the conduct of Its business, and a number of wharves and warehouses on the Delaware River between South street and Queen street, Philadelphia. Under the foreclosure sale,...

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