Philip Dater WATERTOWN AND ROME RAILROAD Samuel F. Phelps. 66 66 BOARD OF DIRECTORS AND OFficers, 1859–60. ،، John P. Yelverton... WILLIAM C. PIERREPONT, President. 66 William Lord ......... Brownsville, R. E. HUNGERFORD, Treasurer and Secretary. PRINCIPAL OFFICE. .Pierrepont Manor, N.Y. ....Watertown, 66 66 WATERTOWN, Jefferson Co., N.Y. LENGTH OF ROUTE-Rome, via Watertown, to Cape Vincent.......... 96.76 miles. Second track, sidings, turnouts, etc., 11.12 miles. ROLLING STOCK-Locomotive engines.. ... 17 Cars (8-wheel)-Passenger, 11; baggage, mail and express, 8; freight, 280. 299 The Watertown and Rome Railroad Company was chartered on the 17th April, 1832, but not organized until the 6th April, 1847. Construction was commenced in November, 1848, and the road was opened for business in sections as follows:-from Rome to Camden, 18 miles, in October, 1849; to Richland, 42 miles, in January, 1851; to Adams, 59 miles, in July, 1851; to Watertown, 72 miles, in September, 1851; to Chaumont, 86 miles, in January, 1852, and to Cape Vincent, 963 miles, in June, 1852. In 1853, the Watertown and Rome Company guaranteed the bonds of the Potsdam and Watertown Railroad Company, to the amount of $800,000, bearing date 1st Dec., 1853, and payable as follows: $200,000 in 11 years from date, $200,000 in 16 years, and $400,000 in 21 years. The Potsdamn and Watertown Company having made default in the payment of the interest on these bonds, the Watertown and Rome Company have advanced $56,142 on account of the same.-(See Potsdam and Watertown Railroad.) SHARE CAPITAL--Authorized, $1,500,000, in 15,000 $100 shares. Paid in, $1,498,500, in 14,985 FUNDED DEBT-$685,000: described as follows— 1st Mortgage, 7 per cent, coupon bonds. -$375,000 -issued at various dates from 1850 to 1855, and payable as follows: $45,000 in 1861; $45,000 in 1862; $57,000 in 1863; $49,000 in 1864; 845,000 in 1865; $47,000 in 1866; $50,000 in 1867; $12,000 in 1868; $12,000 in 1869; $10,000 in 1870, and $3,000 in 1871-all on the 1st of September in the several years; interest payable 1st March and 1st Sept., in New York. 2d Mortgage, 7 per cent., coupon Sinking Fund bonds.. -$310,000 -dated 15th August, 1855, and payable 1st September, 1880; interest payable 1st March and 1st September, in New York. The total amount provided with this mortgage was 800,000. For the retirement of these bonds, a Sinking Fund was created by the payment thereto of a sum equal to one and a quarter per cent. on the whole amount of $800,000. At the date of the last Annual Report, the amount of bonds retired by this fund was $46,000. The sinking fund is to be invested in these bonds at par, or below; or in case these cannot be obtained on the terms specified, then in interest-paying State bonds worth par in the city of New York. COST OF ROAD AND EQUIPMENT $2,159,502 : in detail as follows -8774,625 | Land, land damages and fences. 43,216 Engineering and agencies.. INCOME ACCOUNT FOR THE YEAR ENDING 30TH SEPTEMBER, 1859. Total... .$178,199 126,036 28,542 165,136 43,453 $67,566 33,404 107,273 52,369 44.955 57,428 ..$362,994 TREASURER'S ACCOUNT FOR THE YEAR ENDING 31ST DECEMBER, 1859. The Company publish no general statement. COST, EARNINGS, EXPENSES, ETC., YEARLY. Cost of MileYear. Road,&c. age. 1850 $603,457 24.00 1851. 1,133,397 72.00 1852. 1,693,711 96.76 1853 1,957,991 96.76 1854. 2,040,543 96.76 1855. 2.068,063 96.76 1856 2,096,910 96.76 1857. 2,159,693 96.76 1858 2.159,295 96.76 1859. 2,159,502 96.76 724,203 8 yrs.18,072,562 870.08 1,202,216 1,708,298 129,933 3,046,860 1,687,540 1,359,320 Aver. 1,807,256 87.01 120,213 170,829 12,993 304,686 168,754 135,932 90,525 7 NOTE. Since the close of the fiscal year, ending September 30, 1859, the Company have declared a dividend of 10 per cent. out of net earnings, payable in the Sinking Fund Bonds of the Company. GENERAL RAILROAD LAW OF THE STATE OF NEW YORK. As all Railroad Companies in this State organized since the passage of this Law have been formed under its provisions, to which also all companies previously organized are subject, a copy of the Law, with the more important Amendments thereto, is given as an appropriate supplement to the history of the Railroads of the State. This Law was formed in pursuance of the provision of the 1st section of the 8th article of the Constitution of the State, which is as follows: "SECTION 1. Corporations may be formed under general laws, but shall not be created by special act, except for municipal purposes and in cases where, in the judgment of the legislature, the objects of the corporation cannot be attained under general laws. All general laws and special acts passed pursuant to this section may be altered from time to time, or repealed." AN ACT TO AUTHORISE THE FORMATION OF RAILROAD CORPORATIONS, AND TO REGULATE THE SAME, PASSED APRIL 2, 1850. Organization of Railroad Companies. SECTION 1. Any number of persons not less than twenty-five, may form a company for the purpose of constructing, maintaining and operating a railroad for public use in the conveyance of persons and property, or for the purpose of maintaining and operating any unincorporated railroad already constructed, for the like public use; and for that purpose may make and sign articles of association, in which shall be stated the name of the company; the number of years the same is to continue; the places from and to which the road is to be constructed, or maintained and operated; the length of such road, as near as may be, and the name of each county in this state through or into which it is made, or intended to be made; the amount of the capital stock of the company, which shall not be less than ten thousand dollars for every mile of road constructed, or proposed to be constructed, and the number of shares of which said capital stock shall consist, and the names and places of residence of thirteen directors of the company, who shall manage its affairs for the first year, and until others are chosen in their places. Each subscriber to such articles of association shall subscribe thereto his name, place of residence, and the number of shares of stock he agrees to take in said company. On compliance with the provisions of the next section, such articles of association may be filed in the office of the Secretary of State, who shall endorse thereon the day they are filed, and record the same in a book to be provided by him for that purpose; and thereupon the persons who have so subscribed such articles of association, and all persons who shall become stockholders in such company, shall be a corporation by the name specified in such articles of association, and shall possess the powers and privileges granted to the corporations, and be subject to the provisions contained in title three of chapter eighteen of the first part of the Revised Statutes, except the provisions contained in the seventh section of the said title. Filing Articles of Association. SEC. 2. Such articles of association shall not be filed and recorded in the office of the Secretary of State, until at least one thousand dollars of stock for every mile of railroad proposed to be made is subscribed thereto, and ten per cent. paid thereon in good faith, and in cash, to the directors named in said articles of association; nor until there is endorsed thereon, or annexed thereto, an affidavit made by at least three of the directors named in said articles, that the amount of stock required by this section has been in good faith subscribed, and ten per cent. paid in cash thereon as aforesaid, and that it is intended in good faith to construct or to maintain and operate the road mentioned in such articles of association; which affidavit shall be recorded with the articles of association as aforesaid. Evidence of Incorporation. SEC. 3. A copy of any articles of association filed and recorded in pursuance with this act, or of the record thereof, with a copy of the affidavit aforesaid endorsed thereon or annexed thereto, and certified to be a copy by the Secretary of this State, or his deputy, shall be presumptive evidence of the incorporation of such company, and of the facts therein stated. Additional Stock. SEC. 4 When such articles of association and affidavit are filed and recorded in the office of the Secretary of State, the directors named in said articles of association may, in case the whole of the capital stock is not before subscribed, open books of subscription to fill up the capital stock of the company, in such places and after giving such notice as they may deem expedient, and may continue to receive subscriptions until the whole capital stock is subscribed. At the time of subscribing, every subscriber shall pay to the directors ten per cent. on the amount subscribed by him, in money; and no subscription shall be received or taken without such payment. Directors and their Election. SEC. 5. There shall be a board of thirteen directors of every corporation formed under this act to manage its affairs; and said directors shall be chosen annually, by a majority of the votes of the stockholders voting at such election, in such manner as may be prescribed in the by-laws of the corporation, and they may and shall continue to be directors until others are elected in their places. In the election of directors, each stockholder shall be entitled to one vote, personally or by proxy, on every share held by him thirty days previous to any such election; and vacancies in the board of directors shall be filled in such manner as shall be prescribed by the by-laws of the corporation. The inspectors of the first election of directors shall be appointed by the board of directors named in the articles of association. No person shall be a director unless he shall be a stockholder, owning stock absolutely in his own right, and qualified to vote for directors at the election at which he shall be chosen; and at every election of directors, the books and papers of such company shall be exhibited to the meeting, if a majority of the stockholders present shall require it. And whenever the purchaser or purchasers of the real estate, track and fixtures of any railroad corporation which has heretofore been sold, or may be hereafter sold, by virtue of any mortgage executed by such corporation, or execution issued upon any judgment or decree of any court, shall acquire title to the same in the manner prescribed by law, such purchaser or purchasers may associate with him and them any number of persons, and make and acknowledge and file articles of association, as prescribed by this act, such purchaser or purchasers and their associates shall thereupon be a corporation, with all the powers, privileges and franchises and be subject to all the provisions of said act. Officers. SEC. 6. The directors shall appoint one of their number president; they may also appoint a treasurer and secretary, and such other officers and agents as shall be prescribed by the by-laws. Subscription and Non-payment. SEC. 7. The directors may require the subscribers to the capital stock of the company to pay the amount by them respectively subscribed, in such manner and in such instalments as they may deem proper. If any stockholder shall neglect to pay any instalment as required by a resolution of the board of directors, the said board shall be authorized to declare his stock, and all previous payments thereon, forfeited for the use of the company; but they shall not declare it so forfeited, until they shall have caused a notice in writing to be served on him personally, or by depositing the same in the post office, properly directed to him at the post office nearest his usual place of residence, stating that he is required to make such payment at the time and place specified in said notice; and that if he fails to make the same, his stock, and all previous payments thereon, will be forfeited for the use of the company; which notice shall be served as aforesaid, at least sixty days previous to the day on which such payment is required to be made. Stock, Transfers, etc. SEC. 8. The stock of every company formed under this act shall be deemed personal estate, and shall be transferable in the manner prescribed by the by-laws of the company, but no shares shall be transferable until all previous calls thereon shall have been fully paid in; and it shall not be lawful for such company to use any of its funds in the purchase of any stock in its own, or in any other corporation. Increase of Stock. SEC. 9. In case the capital stock of any company formed under this act, is found to be insufficient for constructing and operating its road, such company may, with the concurrence of two-thirds in amount of all its stockholders, increase its capital stock from time to time, to any amount required for the purpose aforesaid. Such increase must be sanctioned by a vote in person, or by proxy, of two-thirds in amount of all the stockholders of the company, at a meeting of such stockholders, called by the directors of the company for that purpose, by a notice in writing to each stockholder to be served on him personally, or by depositing the same, properly folded and directed to him, at the post-office nearest his usual place of residence, in the post-office, at least twenty days prior to such meeting. Such notice must state the time and place of the meeting, and its object, and the amount to which it is proposed to increase the capital stock. The proceedings of such meeting must be entered on the minutes of the proceedings of the company, and thereupon the capital stock of the company may be increased to the amount sanctioned by a vote of two-thirds in amount of all the stockholders of the company as aforesaid. Liability of Stockholders. SEC. 10. Each stockholder of any company formed under this act, shall be individually liable to the creditors of such company, to an amount equal to the amount unpaid on the stock held by him, for all the debts and liabilities of such company, until the whole amount of the capital stock so held by him shall have been paid to the company; and all the stockholders of every such company shall be jointly and severally liable for all the debts due or owing to any of its laborers and servants, other than contractors, for personal services for thirty days' service performed for such company, but shall not be liable to an action therefor before an execution shall be returned unsatisfied in whole or in part against the corporation, and then the amount due on such execution shall be the amount recoverable, with costs, against such stockholders; before such laborer or servant shall charge such stockholder for such thirty days' services, he shall give him notice in writing, within twenty days after the performance of such service, that he intends so to hold him liable, and shall commence such action therefor within thirty days after the return of such execution, unsatisfied, as above mentioned; and every such stockholder, against whom any such recovery by such laborer or servant shall have been had, shall have a right to recover the same of the other stockholders in said corporation, in ratable proportion to the amount of the stock they shall respec tively hold with himself; and all laws whereby the stockholders, officers and agents of any railroad corporation are made individually liable for the debts or liabilities of such corporation beyond the provisions contained in the act entitled "An act to authorize the formation of railroad corporations, and to regulate the same," and the acts amending the same are hereby repealed. Representative Stock. SEC. 11. No person holding stock in any such company, as executor, administrator, guardian or trustee, and no person holding such stock as collateral security, shall be personally subject to any liability as stockholders of such company; and the person pledging such stock shall be considered as holding the same, and shall be liable as a stockholder accordingly; and the estates and funds in the hands of such executor, administrator, guardian or trustee, shall be liable in like manner, and to the same extent as the testator, or intestate, or the ward or person interested in such trust fund would have been, if he had been living and competent to act, and held the same stock in his own name. Payment of Laborers, and how enforced. SEC. 12. As often as any contractor for the construction of any part of a railroad, which is in progress of construction, shall be indebted to any laborer, for thirty or any less number of days' labor performed in constructing said road, such laborer may give notice of such indebtedness to said company in the manner herein provided; and said company shall thereupon become liable to pay such laborer the amount so due him for such labor, and an action may be maintained against said company therefor. Such notice shall be given by said laborer to said company, within twenty days after the performance of the number of days' labor for which the claim is made. Such notice shall be in writing, and shall state the amount and number of days' labor, and the time when the same was performed, for which the claim is made, and the name of the contractor from whom due, and shall be signed by such laborer, or his attorney; and shall be served on an engineer, agent or superintendent employed by said company, having charge of the section of the road on which such labor was performed, personally, or by leaving the same at the office or usual place of business of such engineer, agent or superintendent, with some person of suitable age. But no action shall be maintained against any company under the provisions of this section, unless the same is commenced within thirty days after notice is given to the company by such laborer as above provided. Acquiring Title to Land. SEC. 13. In case any company formed under this act is unable to agree for the purchase of any real estate required for the purposes of this incorporation, it shall have the right to acqu re title to the same, in the manner and by the special proceedings prescribed in this act Petition to Court-what it must contain. SEC. 14. For the purpose of acquiring such title, the said company may present a petition, pray. ing for the appointment of commissioners of appraisal, to the supreme court, at a general or special term thereof held in the district in which the real estate described in the petition is situated Such petition shall be signed and verified according to the rules and practice of such court. It must contain a description of the real estate which the company seek to acquire; and it must, in effect, state that the company is duly incorporated, and that it is the intention of the company, in good faith, to construct and finish a railroad from and to the places named for that purpose in its articles of association; that the whole capital stock of the company has been in good faith subscribed as required by this act; that the company has surveyed the line or route of its propose 1 road, and made a map or survey thereof, by which such route or line is designated, and that they |