Said corporation may, in the exercise of its discretion, erect, maintain and operate such railroads as may be necessary for connecting manufacturing establishments situated upon or connected with its premises, or enjoying power privileges from it with any line of railroad or any harbor, and such power lines, telegraph lines or telephonic lines as may be reasonably necessary or convenient in the business of said corporation. Said corporation may acquire and hold such tracts of land along the line of its canal and water courses as may be reasonably necessary or convenient for the conveying of water or electricity or other power and storing it and dispensing and dividing it among those who wish to purchase or lease it for any of the purposes mentioned in this act, or for the purpose of erecting manufactories or mills or other commercial establishments.