Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1867-01-22
Coyington and Ohio Railroad.

Virginia upon the subject of the Covington and
Ohio Railroad had meeting in Baltimore a
few weeks since, at which they agreed upon a
plan for having this great work constructed In
the event that Messrs Pell & Co. should fail,
within reasonable time, to undertake it. The
scheme agreed upon by this joint commission
will have to be adopted by the Legislatures of
Virginia and West Virginia, but there seems to
be but little doubt that it will pass both of these
bodies The Dispatch publishes the following
abstract of the provisions of this bill as present
ed to the House of Delegates
1t provides
l. That under the act of Virginia and West
Virginia. passed last winter, to incorporate the
Covington and Ohio Railroad Company it shall
be lawful for that company to consolidate with
the Virginia Central Railroad company, with
the Southside Railroad Company, with the
Norfolk and Petersburg Railroad Company, or
with one or more Of said companies, on terms
agreed upon by stockholders in general meet
ing.
9 Should the Covington and Ohio and the
Central railroads consolidate, then all the rights
and interests of the State in the Virginia Cen
trail railroad, including stock held by the State
in said company, and debts due from said COM
pany to the State, as well as rights of the State
in the Blue Ridge railroad THAT part of the
Central line from Mediums river in Abe
marie, through the Blue Ridge tunnel to Way
nesboro', in Augusta shall be transferred to
the consolidated company.
3. Should the Covington and Ohio Railroad
Company consolidate with the Southside Rail
road Company, the rights and interests of the
State in the Southside Company: and its stock
in that company, and debts due the State by
that company, shall be transferred to the con-
sOlldated company.
f. Should the Covington and Ohio Railroad
Company consolidate with the Norfolk and Pc
tersburg Railroad Company, then there shall
said road, and claims against it, to the conso-
dated company.
s. The companies which may consolidate
under this act shall constitute one corporation,
and shall be vested with all the rights, fran
chises and property belonging to either compa-
ny, and shall be known as the Chesapeake and
Ohio Railroad Company"
6. Should the consolidation of the compa-
MES not be effected at the same time, the com
pany may afterwards consolidate with the re.
naming company or companies.
I. In consideration of the transfers made by
the State to the Chesapeake and Ohio Railroad
OOHpduy, tldt CoUupdily SIidl COuplcee CItc
railroad from Covington to the Ohio river with
in six years after its organization, in style and
with grades and curves not inferior to those a.
dopted by G. B. Fisk, late chief engineer Of the
road. The company is permitted to strike the
Ohio at Big Sandy or the mouth of the Kama
wha or to have a branch to each place.
8. Should the Southside railroad, and the
Norfolk and Petersburg railroad, or either of
them, consolidate with the Covington and Ohio
railroad then, in consideration of the property,
&C., conferred upon the consolidated company,
it is required to complete railroad from Lynch
burg to Covington, or some point on the Cen
trail railroad, within six years from the CONSOLE
dalton.
9. Provides that in case the consolidated
lines fail to complete the work indicated within
six years, the State is to be entitled to stock in
the Chesapeake and Ohio road to the amount
Of that owned by her in the separate companies
before the consolidation, also to the amount OF
the cost of the Blue Ridge railroad, and the
Chesapeake and the Ohio railroad is to pay all
debts due the State by the consolidating roads
before the consolidation.
TO- Imposes a tax of one mill per ton per
mile and one mill per passenger per mile on the
consolidated roads and branches in Virginia, to
be paid to that State, and the same tax ON the
part Of the road in West Virginia, to be paid to
IulC OAHU ttiA SiidI NC III iicu VI ali
taxes.
H. Reserves the right to the State to con-
meet other works of improvement with the con-
solidated lines, and prohibits internal discrimi-
nations against any connecting work.
II. Subjects the company to any general law
on charges and transportation which may apply
to all other companies.
Is. Capital stock not to exceed $50, 900, 900 !;
company may borrow money at a rate not ex-
ceeding eight per cent, secured by liens on
property and revenues.
IA. Company may acquire 5,000,0 900 acres of
land but shall not hold more than enough for
the use of the road at the expiration of ten years
after its completion.
15 Company may elect such number Of
stockholders as it deems proper; the State shall
have no representation in its annual meetings.
Is. Stockholders to have one vote for each
share they hold.
II. Vacancies in the Board of Commission
ers of the Covington and Ohio railroad to be
filled by the Governor of the State in which the
member whose death or resignation occasions
the vacancy resided.
Is. Books of subscription where opened.
10. The company thus consolidated to give
notice within thirty days after the organization
to the Board of Public Works, with copy Of
terms of consolidation.
20 and 81 Law. when passed, to be COM
municated to Governor of West Virginia, and
enacting clause.