Page:Federal Reporter, 1st Series, Volume 4.djvu/58

 ■4e PEDEBAIi EBPOBTBR. �island,. in the river Schuylkill ; thence by the best route to a point upon the line of the Pennsylvania Eailroad, within one mile east of George's run, at the village of Hestonville; thence by the line of the Pennsylvania Eailroad, by the most direct and practicable route, to a point upon the line of the Philadelphia, Wilmington& Baltimore Eailroad." �By a supplement to thig charter, passed in 1861, the Juuc- tion Eailroad Company was authorized to "make a complete line of railway from a point on the Philadelphia & Eeading railroad, at or near the bridge at Peters island, to a point on the Philadelphia., Wilmington & Baltimore Eailroad, at or near Gray's ferry bridge, by the most convenient and practi- cable. route." �By further legislation the company was authorized to bor- row |500,000 upon mortgage of its property and franchises, and, upon this security, a loan of that amount was negotiated upon the authorized guaranty of it by the three companiea named. �The .stock of the company was taken and ia now held by the Pennsylvania Eailroad Company, the Philadelphia & Eeading Eailroad Company, and the Philadelphia, Wilming- ton & Baltimore Eailroad Company, except a few shai'es which are held by individuals. �At the organization of the company, in 1861, the president of the Pennsylvania Eailroad Company was elected its presi. dent, and occupied that position until 1867, during which time the whole line of its road was located definitely between its prescribed termini. Under his direction a large sum, to- wit, about $870,000, was expended in its construction, and the whole of the road, except that part between Market and Thirty- ûfth streets, was compieted by it. �This intervening part was constructed by the Pennsylvania Eailroad Company, and was held by the supreme court of Pennsylvania to be the property, of that company, and this decision must be regarded as conclusive so far as the legal ownersliip of that link is concerned. But, in view of the admission that the Junction Eailroad may have rights touch- ing the use of the section of road referred to, the decree was ����