Gallipolis journal. [volume] (Gallipolis, Ohio) 1837-1919, 1876-08-24

No other propositions were sub
mitted or read. Mr. S. A. NAsE
submitted, and moved the adoption
of, the following preamble and reso
lutions:
WHEREAS, The Stockholders of the
Gallipolis, Macarthur & Columbus
Railroad Company are now convened
in public meeting, pursuant to notice
and call duly issued by the President
of the Board of Directors of said
Company, to take into consideration
the inability Of said Company to com
plete its line of road, and to con.
slider what action the said Stockhold
ers will take upon a proposition fol-
the sale, transfer and assignment oi
said line of road, with its right Of
way, all it's rights, liens, privileges,
easements and property, under and
in pursuance of an act of the Gen.
eral Assembly of the State of Ohio,
passed May 5, 1868. entitled San
Act concerning suspended Rail,
roads,;
AND WHEREAS, The work on said
Company's line of road has been sus-
pended now for period Of near two
years for want of funds and lack Of
means, and the inability Of said Com
pany to further prosecute said work
Now, therefore, we, the Stockholders
of said Company, more than two
thirds in interest of stock represent
ed at this meeting asserting to and
voting therefor, do hereby
Resol lUe, That the Gallipolis, Nc
Arthur and Columbus Railroad Com.
pany has suspended work on its line
Of road by reason of its inability to
further prosecute the same, and the
objects and purposes of said Com
pany cannot be carried forward to
completion by and under said Com
pany by reason of such inability,
caused by want Of money and lack
of means; and that for such reason
it has become necessary, in order to
secure the completion of the said
Company's line Of road, to transfer
said line of road with its right
of way, property and means to some
company that has the ability to, and
that shall and will complete said line
of road as said Company might and
would do, if able to prosecute work
thereon.
Be 1t further Resolued, That in
view, and for the reason, of such in
ability as aforesaid, the said CALI
polls, Macarthur and Columbus
Railroad Company, an incorporation
under and by virtue of the laws of
Ohio, be, and is hereby authorized
and directed to sell, assign and trans
fer the road bed and right of way,
with all the rights, privileges, ease
ments and liens, to the same or to the
said Company belonging, SO far as it
legally may or can do, with all its
unpaid subscriptions, claims and de-
mands, and all its personal property
of every kind and description, to the
columbus and Gallipolis Railroad
Company" with authority to con-
struct and operate Railroad over
the same route as that of said CALI
polls, Macarthur & Columbus Rail-
road Company, corporation under
and by virtue OF the laws Of the State
of Ohio, upon the terms and condi-
tions, and upon the consideration fol-
lowing, that is to say: That the
said Columbus & Gallipolis Rail
road Company shall, through its
Board of Directors, assume the
outstanding indebtedness of the said
GalIipolis, Macarthur d Colum-
bus Railroad Company in any
amount up to, but not exceeding,
Sixty thousand Dollars, $60,O00) and
shall guarantee and agree and en-
gage to complete, equip and operate
line of railway,upon the line on which
the road of said g., McA. & C. Com
pany's road is now located, with what
is known as the compromise gauge,
from Galllpolis to Macarthur, Ohio,
and from Macarthur to, or near, Co.
lumbus, Ohio, or to such other point,
or any other Railroad now built or
that may be built, as will give con-
tinuous and practical railroad con-
neetion from Gallipolis to Columbus
aforesaid; the same to be completed
ready for operating, to the town of
Macarthur, or to, or near Vinton Sta
tion, on the line of the road of the
Marietta and Cincinnati Company,
within a period Of eighteen months
from the date of said assignment, or
CONTRACT, and from such place or
point to Columbus or other point as
aforesaid, within one year there
after. And that In consideration
that the said Columbus and CALI
polls Railroad Company shall and
will SO assume, undertake and guar
antee, and shall well and faithfully
do and perform the same within the
time and period named therefor, the
said Gallipclis. Macarthur & Colum-
bus Railroad Company is hereby au-
thorized and directed to transfer to
said Columbus & Gallipolis Railroad
Company all of its rights, title and
lien of every character and descrip-
tion upon and to aaid Gallipolis. Nc
Arthur and Columbus Railroad, to-
gether with all It's property of every
kind and description, including un-
paid subscriptions and all other
rights of action, claims, accounts and
demands, also all materials, impls-
ments and other personal property;
and as further consideration to the
said Columbus & Gallipoiis Railroad
Company, the said Gallipolis. Near
thur & Columbus Railroad Company
is hereby authorized TO pledge and
to said Columbus & Cali
polls Railroad Company as a dona-
tion, good and valid additional sub
seriptions TO and for said road to the
of t-aptx, thoueaud 1nlJo rs