Railroad Promotion And Capitalization in the United States
Railroad Promotion And Capitalization in the United States
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355.
»L. 1833-4: 196. •Ibid., c. 385.
168 LEGISLATION AN ELEMENT IN PROMOTION Maryland chartered the Susquehanna Bank and Bridge company, with power to employ half its funds in the banking business.* In an amendment to the charter of the Delaware and Hudson canal granted by New York in 1824, the com- pany was given the right to exercise banking powers during a period of twenty years.^ New Jersey, the same year> granted a charter to the ''Morris Canal and Banking com- pany" which gave the enjoym...ent of banking functions through a term of thirty n^ne years.* Maine, which in 1823 had authorized a lottery for the benefit of the Cumberland and Oxford canal, chartered "the Canal bank*' in 1825, with authority to invest one-fourth of its paid subscriptions in the stock of the canal company/ The directors of the Blackstone canal announced in 1831 that they had received a charter for a bank to be operated for the benefit of the company. Shareholders were privileged to duplicate their holdings of canal stock with shares in the bank; and three- fifths of the funds thus raised by the bank were to be ex- changed for stock of the parent company.* The same year, the ''New Orleans Canal and Banking company" was chartered by Louisiana to construct a waterway from Lake Ponchartrain to the Mississippi at New Orleans,* \\Tien the Western railroad project w^as in danger of aban- donment in Massachusetts, a proposition was made for the incorporation of a ** Western Railroad bank," to be capitalized at $5j00o,ooo.' The time w^as thought favorable, for it was in that year that the charter of the second United States bank expired.
What to read after Railroad Promotion And Capitalization in the United States?
You can find similar books in the "Read Also" column, or choose other free books by Cleveland, Frederick Albert, 1865- [from Old Catalog] to read onlineMoreLess
To quickly assess the difficulty of the text, read a short excerpt:
355.
»L. 1833-4: 196. •Ibid., c. 385.
168 LEGISLATION AN ELEMENT IN PROMOTION Maryland chartered the Susquehanna Bank and Bridge company, with power to employ half its funds in the banking business.* In an amendment to the charter of the Delaware and Hudson canal granted by New York in 1824, the com- pany was given the right to exercise banking powers during a period of twenty years.^ New Jersey, the same year> granted a charter to the ''Morris Canal and Banking com- pany" which gave the enjoym...ent of banking functions through a term of thirty n^ne years.* Maine, which in 1823 had authorized a lottery for the benefit of the Cumberland and Oxford canal, chartered "the Canal bank*' in 1825, with authority to invest one-fourth of its paid subscriptions in the stock of the canal company/ The directors of the Blackstone canal announced in 1831 that they had received a charter for a bank to be operated for the benefit of the company. Shareholders were privileged to duplicate their holdings of canal stock with shares in the bank; and three- fifths of the funds thus raised by the bank were to be ex- changed for stock of the parent company.* The same year, the ''New Orleans Canal and Banking company" was chartered by Louisiana to construct a waterway from Lake Ponchartrain to the Mississippi at New Orleans,* \\Tien the Western railroad project w^as in danger of aban- donment in Massachusetts, a proposition was made for the incorporation of a ** Western Railroad bank," to be capitalized at $5j00o,ooo.' The time w^as thought favorable, for it was in that year that the charter of the second United States bank expired.
What to read after Railroad Promotion And Capitalization in the United States?
You can find similar books in the "Read Also" column, or choose other free books by Cleveland, Frederick Albert, 1865- [from Old Catalog] to read onlineMoreLess
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