The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-06-05
Covinpton and Ohio Railroad-Con-
$50 STONED.

all proportioned to the Importance and
value of the Improvement, 1t must succeed,
and that without delay. There is but one
hundred and twenty-three miles to build
to steamboat navigation, where the road
will meet the trade and travel of the Ohio,
and where its profits will be sufficient to
finish it to the Ohio. No road ever pro-
iected to the Ohio Valley from the Atlantic
tide had such an advantage. Ninety
Seuen miles before II reaches the Ohio It aoN
be receiving the chief advantages to be gained
By striking that riuer Is it possible that
= people can hesitate to devote all their
energies and means to the building Of the
one hundred and twenty-three miles Of
railroad to achieve such an advantage?
We give below the contract as signed.
Now let us 60 to work in earnest:
Memorandum OF n Contract for the Construc-
ton Of the Railroad from Covington 10 the
ohio River.
The following are the parties to the
contract: .-..
FnSt.-John B. Baldwin, George W.
Boiling, Thomas S. Flournoy, and X. III.
Maury, commissioners acting for the State
of Virginia under the following acts of the
General Assembly
/. can act to incorporate the Covington
aud Ohio Railrod Company" passed Feb
ruary 26, 1866.
2. can act to provide for the completion
Of line or lines of railroad from the Wa
-. - h. - -,
passed March /, 1867. ....
econd.-James Burley, Z. D. Ramsdell,
Joel nc Pherson, and John S. Cunningham,
commissioners acting for the State Of West
Virginia under the following acts of the
Legislature, viz:
/. "An act to incorporate the CoviDgton
and Ohio Railroad Company" passed
March l, 1866.
2. can act to provide for the compile
ton of line or lines Of railroad from the
waters of the Chesapeake to the Ohio
river" passed February &c, 1867.
Thrd.-The Virginia Central Railroad
Company.
The Virginia Central Railroad Company
has contracted with the said commission
ers for the construction OF the railroad
from Coyington to the Ohio river upon the
terms and according to the provisions Of
the acts herein before recited, subject only
to the following conditions and stipulations,
which shall be binding only SO far as not
Inconsistent with the said acts, viz:
!. That the amount of money required
to put the road in operation from Coving-
ION to steamboat navigation on the ka-
nawha river, with the necessary buildings
and equipments, not less than five millions,
be not raised within six months from the
date Of the contract by subscriptions of
stock, which the Board of Directors be-
lieve are available, aud they are unwilling
to receive as cash, then and in that case
The company shall be relieved from the
contract if they desire it.
2. The party Of the third part shall, on
or before the first day Of December, 1867,
lille with the Board of Public Works Of
Virginia and West Virginia statement in
writing showing the amount of stock raised
under this agreement and accepted by the
company, and also declaring whether it is
the desire of the company to be released
from this contract, as provided in the pre-
ccdng section. The failure to file such a
statement shall, at the option OF the par
ties of the first and second part, be taken
ana lTtdltu dS ill
ment Of the contract.
3. If the said company shall file such a
statement, and express a purpose to con
tinue the contract with subscription of
stock less than three millions Of dollars, it
shall be at the option Of the parties of the
first and second part to refuse to allow
such continuance, and to vacate and an
nul the contract; such determination of
the parties of the first and second part to
be communicated in writing to the party
Of the third part on or before the LIST day
OF January, 1868, under this or the pre-
ceding section.
4. The company will guarantee to those
stockholders who furnish the funds to con-
struct and equip the road to steamboat
navigation on the Kanawha river, and on
any such additional stock thereafter sub
scribed, four per centum per annum semi
annually as preferred dividend on all the
stock fully paid after the road is COM
pleted to the Ohio river.
S. That all the net revenues derived
from working the road west of Covington
before it is finished to the Ohio river shall
be appropriated to that object.
6. No part Of the earnings accruing east
of COvington shall be diverted from the use
and benefits Of the present stockholders
and their successors until the road is COM
pleted to the Ohio river.
Z. The proceeds of all stock or other
subscriptions hereafter received shall be
applied exclusively to the construction and
equipment of the road west Of Covngton |
until it shall be completed to the Ohio
river, unless otherwise provided in the sub
scription.
s. No loan shall be made pledging the |
property of the company east of COvington |
for the completion OF equipment Of the |
road west Of Covington until it shall have |
been completed and properly equipped to
steamboat navigation on the Kanawha |
river.
9. Ii from any cause the work done |
west of Covington be forfeited, parties |
who become stockholders for the compile |
ton of that part Of the road thereby for
felt their stock, and they shall have no
interest or voice in the management Of the
road east Of Covington after such forfeit
ture.
10. No sale Of the stock now owned by
the State Of Virginia in the Virginia Cen
trail Railroad Company, or of any claims
held by the State against the company
shall be made to any o'her person than
the Chesapeake and Ohio Railroad Com
pany before the LIST day of December, 1867.
ii. The times named and limited III the
section, and in the second and
third sections shall be deemed to be Of the
essence of this contract, and in case of
allure on the part of the parties Of the
irst and second part to notify their option