The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1868-09-02
LOCAL MATTERS,

CHESAPEAKE AND ONO RA1LRoAD-CoN-
TRACT FOR ITS CoMPLETIoN.-The following
is the contract, as signed, between the COM
missioners of Virginia and West Virginia
and the Virginia Central Railroad Company
for the completion of the line of railway
between Covington and the Ohio river
Me1noran dunn of Contract for the Cons
Struction of the Railroad from CoUingt0qt
to the Ohio Riuer: q, 'r,a ~ 5aE ~tIj~ :
The parties to the contract are: sls- Il
FIrSt.-The commissioners of Virginia
under the following acts. Of the General As
sembly-viz., LIST, An act to incorporate
the Coyington and Ohio Railroad Company"
passed February 26th, 1856; I'D, I" An act to
provide for the completion of a line or lines
of railroad from the waters of the Chesa-
peake to the Ohio river" passed March LIST,
1867 ...,..-..-...
Second. The commissioners Of the State
Of West Virginia, under the following acts
of the Legislatme-viz., 1st, "An act to
incorporate the Covington and Ohio Rail-
road Company passed March l., 1866.
I'd, AN act to provide for the completion
of line or lines of railroad from the
waters of the Chesapeake to the Ohio river"
passed February 26, 1867. Sd, "An act
to amend and reenact the fifteenth section
of an act providing for the completion of a
line or,lines Of railroad from the waters Of
the Chesapeake to the Ohio river" passed
February 2G, 1867 and February 6, 1868.
Thrd.-The Virginia Central Railroad
Company the said commissioners of Vir-
ginia and West Virginia, by virtue of the
authority given them by the statutes al
ready referred to, and in order to secure the
speediest and best construction, equipment,
and operation of the said railroad from o.
vington to che Ohio river according 70 the
true intent and meaning of the oald stat
utes, have contracted therefor With the SAID
Virginia Central Railroad Company as the
party giving the best terms and the most
satisfactory assurances Of having the CAPT
tai, capacity, and responsibility contem-
plated and required by the said statutes !;
and have introduced into the said contract
the following additional stipulation pro-
posed by stockholders of the said Virgil
MIA Central Railroad Company in general
meeting OF the 10th day OF November, 1867,
and accepted by the said commissioners as
being for the bancGt Of their respective
States, and in furtherance Of the purposes
declared by the legislation aforesaid
l. The work to be commenced and COM
pleted in the time and manner provided in
the charter. .........-. ...
Q. The company to guarantee four per
cent. semi-annual dividends upon any stock
which may be subscribed for the construc-
ton Of said road after the completion of the
road to the Ohio river, and in the mean
time said stock shall be preferred in any
dividends which shall be declared by the
company to an extent not exceeding four
per cent. semi-annually. .-a .@..a
8. The company to borrow such sums OF
money at rate of interest not exceeding
eight per cent. per annum as may be neces-
sary, in addition to the funds arising from
stock subscriptions for the completion of
said road, and to execute lien On its pro-
perty and revenues to secure the payment
~ the principal and interest Of such loans
Provided, That subscriptions may be re-
ceivcd to be applied to the construction OF
the work continuously from either end OF
the line.
4, The company may guarantee the pay
ment of principal and interest of bonds OF
cities and counties receivable in payment OF
subscription to stock. ..-.
S. That bonds Of cities and counties al
ninety cents in the dollar, and bearing eight
per cent. per annum interest, convertible
into preferred stock may be received in pay
ment Of subscription Of stock. .... --
6. Nothing contained, in eny contract
made by this company shall have the effect
to deprive the present creditors of the COM
pany of their claims for satisfaction out OF
the present property of the company; and it
shall be the duty of the president and di-
rectors, before executing any further lien
on the present property of this company, to
secure by mortgage any portion OF the
funded or floating debt not heretofore Sc
secured that cannot be promptly paid OFT IN
the ordinary administration of the affairs OF
the company.
And the said Virginia Central Railroad
Company having undertaken and contracted
to construct the said railroad on the terms
and conditions aforesaid, it is hereby de-
clared and certified that the said company
shall hereafter be known as "The Chesa-
peake and Ohio Railroad Company" and
is entitled to all the benefits Of the charter
of the Covington and Ohio railroad, and to
all the rights, interests, and privileges
which by the statutes aforesaid are con-
ferred upon the Chesapeake and Ohio Rail
road Company when organized.
In testimony whereof the Commission
ers of Virginia and West Virginia have
set their hands and seals. And the said
Virginia Central Railroad Company has
caused the corporate seal Of the company
to be affixed, with the signature of Edmond
Fontaine, president of said company, this
31st day Of August, 1868.
Coop ExAMPLE.-Mr. franklin Stearns
is about to set an example to other extern
siye planters, which it is hoped will be
GENERALLY followed. He is devoting q por-