Morris Canal and Banking Company

Encyclopedia : M : MO : MOR : Morris Canal and Banking Company

The New Jersey Legislature chartered the company on December 31, 1824, as a private corporation for the purpose of building the Morris Canal.

The corporation issued twenty thousand shares of stock at one hundred dollars a share, providing two million dollars of capital, which was divided evenly between funds for building the canal and funds for banking privileges. The charter had provision that the State of New Jersey could take over the canal at the end of ninety-nine years. In the event that the state did not take over the canal, the charter would remain in effect for fifty more years, after which the canal would become the property of the State without cost. The banking privileges were dropped when the company was reorganized in 1844, leaving the corporation as canal-operating business only.

From Wikipedia, the Free Encyclopedia. Original article here. Support Wikipedia by contributing or donating.
All text is available under the terms of the GNU Free Documentation License See Wikipedia Copyrights for details.