Report of the Hoosac Tunnel and Troy and Greenfield Railroad, by the Joint Standing Committee of 1866.Wentworth, Tappan
History
Report of the Hoosac Tunnel and Troy and Greenfield Railroad, by the Joint Standing Committee of 1866.
Wentworth, Tappan
Hoosac Tunnel (Mass.); Railroad tunnels -- Massachusetts; Troy and Greenfield Railroad Company
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.
Public-domain text, read in full here on John Shaqi.
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