Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1868-09-11
Chesapeake andOhio Railroad

OHGSUlDCUhC UHUONtO IbUUFOUU-
Contract TOR its Completion.
The following is the contract, as signed,
between the commissioners 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:
Memorandum of Contract for The Construc-
ton Of the Railroad from Covington TO the
eli. ohio RiUer:
The parties to the contract are
First.--The commissioners OF Virginia
under the following acts Of the General
Assembly, viz: LIST, An act to incorporate
the Covington and Ohio Railroad Com
pany," passed February 26th, 1866; End,
" Au act to provide Tor the completion OF a
line or lines of railroad from the waters of
the Chesapeake to the Ohio river" passed
March /, 1861.
Second.-The commissioners of the State
of West Virginia, under the following acts
Of the Legislature, viz: LIST, " An act to in
corporate the Covington and OHIO Railroad
Company" passed March ], 1862; End, can
act to provide for the completion of a line
or lines of railroad from the waters of the
| Chesapeake to the Ohio river" passed Feb
ruary 20, 1867; 3rd, IAN act to amend and
re-euact the fifteenth section of an act pro-
vding for the completion of line or lines
of railroad from the waters of the Chesa.
peake to the Ohio river" passed February
| &c, 1867, aud February 6, 1866.
Third.-The Virginia Central Railroad
| Company, the said commissioners of Vir-
ginia and West Virginia, by virtue of the
authority given them by the statutes already
referred to, and in order to secure the
| speedest and best construction, equipment,
and operation OF the said road from Coving
ton to the Ohio river according to the true
intent and meaning of the said statutes,
| have contracted therefor with the said Vir-
ginia Central Railroad Company as the
| party giving the best terms and the most
satisfactory assurances of having the capital,
capacity, aud responsibility contemplated
and required by the said statutes and have
introduced into the said contract the follow
ing additional stipulation proposed by the
stockholders of the said Virginia Central
Railroad Company in general meeting on
the 29th day OF November, 1867, and ac-
cepted by the said commissioners as being
for the benefit of their respective States,
and in furtheTance OF the purposes declared
by ths Legislature aforesaid, viz:
/. The work to be commenced and COM
pleted IN the time and manner provided in
the charter.
2. The company to guarantee four per
| cent. semi-anuual 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 timu
said stock shall be preferred in any divi-
bends which shall be declared by the com
paDy to an extent not exceeding four per
cent. semi-annually.
Tho cpmuAny "A borroYv cucb err,s -
money at rate of interest not exceeding
eight per cent. per anuum as may be neces-
sary, in addition to the funds arising from
stock subscriptions for the completion of
said road, and to execute a lien on its
property and revenues to secure the pay
ment OF the principal and interest of such
loans: Provided, That subscriptions may
be received 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 of stock.
D. That bonds Of cities and counties at
ninety cents in the dollar, and bearing eight
! per cent. per annum interest, converted
into preferred stock, may be received in
payment OF Subscription OF stock.
b. NOlnlDB contained IN any contract
! made by this company shall have the effect
to deprive the present creditors of the com
pany vi their claims for satisfaction out o
= the present property Of the company; anC
il shall be the duty of the president ant
! directors, before executing any further lier
on the present property OF this company, Il
secure by mortgage any portion ofthe fuudet
= or floating debt not here tOfOre so secured
that caunot promptly be paid of in the ordi
nary administration OF the affairs of tn,
5 company.
G And the said Virginia Central Railroad
Company having undertaken and contracted
= to construct the said railroad on the term
and conditions aforesaid, it is hereby de
clared and certified that the said compan,
shall hereafter be known aS "The Chesa
~ peake and Ohio Railroad Company" aut
y is entitled to all the benefits of the charte
of the COvington and Ohio Railroad, and 4
the rights, interests, aud privileges which
+ by the statutes aforesaid are conferred upo
J the Chesapeake and Ohio Railroad Com
% pany when organized.
"a In testimony whereof, the commissioner
"a Of Virginia and West Virginia have Sc
"a their hands and seals. And the said Viz
GINA Central Railroad Company has cause
the cooperative seal Of the company to b
l. affixed, with the signature Of Edmond Fou
u tame, president Of said company, this 3ls
u day Of August, 1868.