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Scrip of the Commonwealth, issued in aid of the Eastern Railroad Corporation, and to be paid and cancelled by that corporation, in the year 1859– bearing five per cent. interest, worth par, . $20,000 00 Warious notes, secured by mortgages on real estate in this Commonwealth, payable at various times, and bearing interest at six per cent. per annum–supposed to be worth par. A schedule of these mortgages, with the names of the mortgagors and the amount of each note secured by mortgage, accompanies this report, being document marked A, 136,043 00 One note, secured by mortgage on real estate in this Commonwealth, and bearing interest at five per cent, per annum, supposed to be worth par—particulars in document accompanying this report,

marked A, . & © & e © © 20,000 00 Balance of money on hand, January 1st, 1848,

worth par, . o o o so © o 231 92 Making the whole amount of the Massachusetts

school fund, e o o e o . $845,188 25

All the items of property in the foregoing schedule were paid for at par—except that certain portions of the state scrip were purchased at rates under the par value, making a saving to the fund of $13,000; and certain other portions of the state scrip were purchased at rates above the par value, leaving a loss to the fund of $2,359 23: making an aggregate gain on the purchase of the state scrip, amounting to $10,640 77.

The moneys belonging to the school fund, which have been loaned on mortgage, are believed, as far as the committee were able to ascertain, to be competently secured, and they have examined the files in the treasury department, to ascertain that all the notes, mortgages and policies of insurance, were duly on file. With but one or two exceptions, the interest on the mortgages has been fully and promptly paid up.

By the law establishing the school fund, it is provided that the investments of the moneys belonging to the fund shall be made by the treasurer of the Commonwealth, with the approbation of the governor and council.

Western Railroad Stock Sinking Fund.

This fund is the property of the Commonwealth. It was established by the act of April 15th, 1837, which authorized the subscription of one million of dollars of stock in the Western Railroad Corporation, for account of the Commonwealth. The purpose of the fund, as expressed in that act, is the future purchase, or final redemption, of the scrip issued by the state for the payment for the stock in the Western Railroad, and to meet the accruing interest on that stock. The fund was to be derived from the following sources: namely,–the bonus, or profit, if any, on the scrip of one million of dollars, which was to be issued under the act; all dividends of profits which might, from time to time, be declared on the Western railroad stock; one half of all moneys received for the sales of the Commonwealth’s lands in Maine;—and any moneys which might thereafter be received, whether of principal or interest, from the general government, on account of the Commonwealth’s claim for militia services. By an act of February 5th, 1844, $75,000 of the moneys received under the provisions of the treaty of Washington was also added to this fund. The Western railroad stock sinking fund is now invested as follows: namely— Various notes given for lands sold in Maine, upon which some payments have been made, and which are considered as worth their par value, as the Commonwealth holds the lands as security—whole amount of these notes $289,310 68; one half belonging to this fund, . o so o . $144,655 34 Various notes, secured by mortgages on real estate in this Commonwealth, payable at various times, and bearing interest at six per cent. per annum— supposed to be worth par. A schedule of these mortgages, with the names of the mortgagors, and the amount of each note secured by mortgage, accompanies this report, being document marked B, . . . . . . . . 210,500 00

Scrip of the Commonwealth, issued to raise funds to pay for the stock taken in the Western Railroad, bearing five per cent. interest—worth its par value, so * de e o $110,000 00 Balance of money on hand, worth par, . g; 1,240 74

Making the whole amount of the Western railroad stock sinking fund, . so o to . $466,396 08

All the items of property in the foregoing schedule were paid for at par, except that the State scrip was purchased at an advance of $1,142 29 above its par value. The moneys which have been loaned from this fund, on mortgage of real estate, are believed to be competently secured, and the committee have ascertained that all the corresponding documents—notes, mortgages, policies of insurance, &c.—are on file. With but two exceptions, the interest on these mortgages has been fully paid.

The treasurer of the Commonwealth is authorized to invest the moneys belonging to the Western railroad stock sinking fund, with the approbation of the governor and council.

Western Railroad Loan Sinking Fund.

This fund is not the property of the Commonwealth. It belongs to the Western Railroad Corporation, and it is deposited with the Commonwealth, as collateral security for the ultimate payment, by that corporation, of State scrip, which has been issued in aid of its operations, to the amount of nearly four millions of dollars.

By an act passed February 21st, 1838, entitled “An Act to aid the construction of the Western Railroad;” and another act, passed March 23d, 1839, entitled, “An Act to aid in the construction of the Western Railroad;” and another act, passed March 18th, 1841, entitled, “An Act to complete the construction of the Western Railroad,” the treasurer of the Commonwealth was authorized to issue scrip, in the name and behalf of the Commonwealth, to the amount of four millions of dollars. This scrip was to be delivered to the treasurer of the Western Railroad Corporation, for the purpose of enabling said corporation to complete the Western Railroad. The scrip was issued and delivered, according to the terms of the several acts. A bond was taken from the said Western Railroad Corporation, that the proceeds of said scrip should be faithfully applied to the construction of the road, and that said corporation should save the Commonwealth harmless from all loss or inconvenience on account of said scrip, should punctually pay the interest thereon accruing, and fully and faithfully pay the principal of said scrip, when it should come to maturity. As a guarantee for compliance with the provisions of these acts, the corporation conveyed to the Commonwealth, by mortgage deed, their entire road, with its income, and all the franchise and property thereto belonging. By the same acts, which granted the loan of the credit of the Commonwealth in aid of the Western Railroad Corporation, a sinking fund was established, for the future purchase, or final redemption, of said scrip. This fund was to consist of all the premium, or profits over par, which might accrue on the sales of said scrip, and, after the road should be opened for use, an annual sum, out of the income of the road, equal to one per cent. on the whole amount of scrip thus issued by the Commonwealth. These moneys were to be invested, and the principal, and all interest accruing thereon, were to be set aside, to constitute this sinking fund. The moneys accruing to this fund are invested as follows:– Various notes, secured by mortgages on real esstate in this Commonwealth, payable at various times, and bearing interest, at six per cent. per annum, supposed to be worth par. (A schedule of these mortgages, with the names of the mortgagors, and the amount of each note secured by mortgage, accompanies this report, being document marked C,) . e so . $235,500 00 Massachusetts sterling bonds, at five per cent. interest,--being a portion of the scrip issued in aid of the Western Railroad Corporation,-valued at par, . © ge © © . 99,360 00 United States six per cent. Stock,-payable in 1863,-worth something more than par, . $7,000 00 Forty-four shares of the stock of the Boston and Lowell Railroad Corporation,-par value, $22,000, present market value, thirteen per cent advance, e so e s e One hundred and twenty-two shares of the stock of the 13oston and Worcester Railroad Corporation,-par value, $12,200, present market value, sixteen and a half per cent, advance, . . 14,213 00 Two hundred shares of the stock of the Old Colony Railroad Corporation,-par value, $20,000, present market value, ninety-one and a half per

24,860 00

cent., . so so e e . 18,300 00 One hundred shares of the stock of the Boston and

Providence Railroad Corporation,-par value,

$10,000, present market value, ninety-nine per

Cent., . te © to © © 9,900 00

Making the whole amount of the Western Railroad Loan Sinking Fund, at its present value, $409,133 00

The moneys of the above fund, invested in mortgages, were invested at par, and they are believed to be competently sectired. All the documents, notes, mortgages, policies of insurance, &c., are on file. The interest on the notes is generally paid with punctuality. The stocks were, some of them, purchased below, and some above, par, the balance, on the whole purchase, being $5,239 01 above par. The whole amount of stocks, at the present market value, are worth $3,073 00 above par.

The treasurer of the Commonwealth and the treasurer of the Western Railroad Corporation are commissioners of the Western Railroad Loan Sinking Fund, and by them the investments are made.

Charles River and Warren Bridge Fund.

This is a fund, established to defray the charges for repairs, superintendence, and management of the Charles River and

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