Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1868-09-08
The Chesapeake and Ohio Railroad.

The Chesapeake and Ohio Railroad.
Menaoraduna ola Contract for the Construction
Riuer. Wv - - :
| The parties to the contract are :
| FIRST The Commissioners of the State OF
Virginia under the following acts of the General
Assemby-viz 1. IAN act to incorporate the
| Covington and Ohio Railroad Company" pass
ed February 26th, 1866 2. IAN act to provide
| from the waters of the Chesapeake to the Ohio
1 river passed March 1st, 1867
| SECOND. The Commissioners of the State of
West Virginia, under the following acts of the
Legislature-viz l. San act to incorporate the
Covington and Ohio Railroad Company" pass
ed March lst, 1866; 9 San act to provide for
the completion of line or lines of railroads from
the waters of the Chesapeake to the Ohioriver, ;"
passed February Goth, 1867; 3. AN act to
amend and re-enact the fifteenth section of an
act providing for the completion of line or lines
of railroad from the waters of the Chesapeake
to the Ohio river passed February twenty
| sixth, eighteen hundred and sixty-seven. ~
| Passed February 9th, 1865 = ( &. = f'e5 p
THE VIRGINIA CENTRAL RAILROAD COMPANY.
THIRD. The said Commissioners of Virginia
and West Virginia, by virtue Of the authority
given them by the statutes already referred to,
and in order to secure the speedIest and best
construction, equipment and operation of the
said railroad from Covington to the Ohio river,
according to the true intent and meaning ofthe
said statutes, have contracted therefor with the
said Virginia Genital Railroad Company as the
party giving the best terms and the most salts
factory assurances of having the capital capacity
and responsibility contemplated and required
by the said statutes, and have introduced into
into the said contract the following additional
stipulations proposed by the stockholders of the
said Virginia Central Railroad Company, In
general meeting on the 29th November, 1867,
and accepted by the said Commissioners as being
for the benefit of their respective States, and in
furtherance of the purposes declared by the
legislation aforesaid, viz:
L: The work to be commenced and completed
In the time and manner provided in the charter
= The Company to guarantee four per cent
semi annual dividends upon any stock which
may be subscribed for the construction of said
road after the completion of the road to the
Ohio river; and, In the meantime, 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.
8. The Company to borrow such sums of
money, at rate OF interest not exceeding eight
per cent. per annum, as may be necessary in ad-
dltlon to the funds arising from stock subscrip-
lions for the completion of said road, and to
execute lien on its property and revenues to
secu.e the payment of the principal and inter
may be received to be applied to the construc
ton of the work continuously from either end
of the line
4. Ihe company may guarantee the payment
of principal and interest of bonds of cities and
counties receivable in payment of subscriptions
to stock.
5. That the bonds of cities and counties at
ninety cents in the dollar, and bearing eight per
cent interest per annum, convertible into pre-
ferred stock, be received in payment of sub
Scrlptlons OF stock.
e. Nothing contained in any contract made
by this company shall have the effe:t to deprive
the present creditors of the company of their
claims for satisfaction out of the present property
of the company. Il -<1-4 .@,s-
And it shall be the duty ofthe President and
Directors, before executing any further lien on
the present property of the company to secure
by mortgage any portion of the funded or float
ing debt not heretofore SO secured, that cannot
be promptly paid off in the ordinary administra-
ton of the affairs of the company
And the said Virginia Central Railroad Com
pany having undertaken and contracted to con-
struct the said railroad on the terms and con-
ditions aforesaid, it is hereby declared and
certified that the said company shall hereafter
road Company and lis entitled to all the ben
efts of the charter of the Covington and Ohio
Railroad and to all the rights, interests and
privileges which by the statutes aforesaid are
conferred upon the Che. apeake and Ohio Rail |
road Company when organized.
In testimony whereof the Commissioners of
Virginia and West Virginia have hereto 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 ofsEdmund. Fontaine. President of
said Company, this 3; $lst day Of August 1863
GEO w. BoLLING, FSeal /
THos. S. FLoURNoY, Seal |
W. j. ROBERTSON, Seal.
Commissioners Of Virginia
JAMES Burnley, ISeal. 3
T. d. RAMsDELL, - [Seal. i |
JOEL MCPHERSON, fSeal.
JOHN S. CUNNINGHAM, ISeal.
Commissioners of West Virginia
E. FoNTAINE,
~ President We Cartrel Co Irooc 10