The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-08-16

fences, same vs. Levy Lehman, bignmy; same vs..
David Connors assault ana battery; same va William
Lockwood burglars tools; Same VI. Annie T. woton,
grand larceny
UNITED STATES SUPREME COURT.
DECISIONS
WASHINGTON, d. c., August is. 1871
THE cuEsArEAKE AND ONO RAILROAD coMPAsY--cHAE-
PROM TAXATION.
No. 655 The Chesapeake and Ohio Railroad Com
pany, plaintin In error, The Commonwealth OF Nir
GINA and three other cascsiu error TO the supreme
Court OF Appeals OF the state Of VIrginia-Each of
these presents the same question THAT a
tract for some exemption from taxation made by
legislative offer OF the State and acceptance oil the
offer by tho company not controvcrted, but the
tent of the exemption is the matter in question be-
tween the parties To ascertain what that IL is
necessary to review the legislative acts which made
the offer accepted by the company. Preparatory TO
such examination II may be well also TO notice
antecedent facts stated in tho record.
On the 18th day OF February, 1853, an act OF tho
Legislature OF Virginia was passed authorizing the
Board OF Public Works OF that State to construct
railroad from Covipgton TO the Ohio River, on state
account, under which act tho construction was COM
mcnced and prosecuted by means OF State appropra-
tions made from time to time until tho work
rested by tho ato civil war; The completion OF tho
road, however, deemed object OF great impor-
lance TO the poope Of Virginia. and on the Goth Of Feb
ruary, 1885, an act was passed. entitled 'An act To
corporate the Covington and Ohio Railroad Company"
the provisions OF which shall presently notice.
Tho State having then been divided the Legislature OF
West Virginia. to which State tho road was deemed
equally important. lew days after passed similar
act also entitled IAN act to Incorporate tho Coving-
ton and OHIO Railroad Company" Ust
The object OF both these statutes the com plctou
OF the same road ny ono and the same corporation.
The act or Virginia declared that the persons upon
whom tho benefits OF the charter might thereafter be
conferred, and VINO might be organized hereinafter
provided, should ibereupon be constituted corpora
lion under the name OF ''rhe Covington and Ohio
Railroad Company" aud should have all the rights,
interest and privileges III aud 10 the Covington and
Ohio Railroad and It's appurtenances then belonging to
the State OF Virginia. GU certain conditions now
necessary to be noted BY the seventh section Of tho
act the State reserved right TO connect point
within It's limits with tho railroad OF said company
any OF its branches any canal or railroad in which
the State had interest, and tho section
declared that taxation upon the property OF said
company shall be imposed BY the State until the
year on IT'S cap,tsL" Tho nnth section appointed
i've Commissioners to act in conjunction with equal
number who might be appointed by West Virginia,
whose duty II was made TO offer the benefits OF the
charter to capitalists so as TO secure the speedest aud
best construction equipment and operation of the
railroad To this end they were empowered 10 con-
tract with any parties and to introduce into the con
tract any additional stipuations Tor the benefit of tho
State In urtherauce OF the purposes declared aud not
inconsistent with the act And 1t was further enacted
that such contract should be TO all intents pur-
poses as much part of Tho charter us had been IN
cluded In the act at the time Of ITS passage
Tho act OF February 26. 1866, proved Intellectual
Tho Covington and Ohio Railroad Company was not
formed Tue Commissioners were unable TO lind par
tics able and willing accept the charter contract
with them on the terms proposed BY II. Accordingly,
Virginia, aud the 1st of March, 1867 the Leg,sa-
turs OF Virginia, each passed another act, entitled,
IAN act to provide Tor tho completion ofs line or lines
OF railroad from the waters Of the Chesapeake to the
Ohio River" The Two acts were Of like Import. That
OF Virginia, az we'll as that OF West Virginia held
forth two alternative propositions The first
that the Covington and Ohio Railroad Company
which might be organized under the first IN, ght
consolidate with the Virginia Central Railroad Com
pany, the South Side Railroad Company and the Nor
folk and Petersburg Railroad Company, with
more Of them; the consolidated companies, consti-
tutiDg one corporation to be known the Chesa-
peake and Ohio railroad Company, and 10 have y
capital not exceeding $30000,0O0 The act also con-
OF tho Covpgton and Ohio Company The section
gave the consolidated company in case consolida-
ton should be effected, oil the rights privileges and
franchises and properly which might have vested in
either company prior 10 the act Of consolidation Tho
fourteenth section authorized the the
company, to purchase stocks held by tho pay
debts due to the State from either OF the companies
named, and 10 purchase the Blue Ridge Railroad be-
longing 70 the state by the surrender OF Slxto bonds
equal amount tho stock purchased tho debts paid
and the valuation OF the Blue Ridge Railroad respec
lively. sucn was tho hrst alternative proposition
The second made TO the Virginia Central Rail
road Company alone, and 1t was made IN the fifteenth
section Of the act, winch ws-~rbo Virginia
Central Railroad Company may contract VITA the
Covington and Ohio Railroad Commissioners for tho
construction Of tho railroad from Covington to tho
Ohio RIVER and IN the event such contract ID made
the said Virginia Central Railroad Company snail be
known as the Chesapeake aud ONO Railroad Company
shall be entitled 10 all the benefits OF the charter
OF the Covngton and Ohio Railroad, and TO all the
rignts interests and privileges which By this are
upon the Chesapeake and Ohio Railroad when
organized" ..if trsri... fa sfrsaT aF-
No such consolidation as that proposed by this
statute ever took place. II was impossible,
tho Covington OHIO Railroad Company never came
into existence But the second alternative proposed
accepted. The Virginia Central did enter into u
contract with the railroad issioncrs, as author
a "A
Chesapeake and Ohio Railroad Company. BY the con-
tract 1t undertook 10 construct tho unfinished railroad
anu the ommissiorers on behalf OF tho State, en-
gagged that 1t should be entitled TO all the benefits OF
the charter OF the Covington and Ohio Railroad
statute sioresaid. were conferred upon tho CSess'
pcake and OHIO Railroad Company wncn OrgaDized. .
The statutes referred to those passed by leg
isatures OF Virginia and West Virginia IN 1856 and
1867, which VIC have mentioned.
Upon these iacts the Court hold that there was no
exemption express or implied, Of the property OF
Virginia Central road. that had only the limited
immunity given to the Covipgton Ohio Company
and that the consolidated company succeeded To that
immunity only. Affirmed
Mr.. Justice Strong delivered the opinion.
VOLUNTARY BUSINESS OBSERVATION-DISCLOSURES AND
MEMBERsHP--KULEs GOVERNING.
NO. ~ henry u hyde, assignee OIL \ W. Fem, q
bankrupt, painful lu error Frank II. Woods and
United States for the District Of California Tho San
Francisco Stock and Exchange Board is q voluntary
association for business purposes, organized 1862
that city. The membership ~ elective with certain
provisions for right to sell and assign the scat, SUD-
Jcct an election of the purchasing member by the
Board This Is generally done, unless special reasons
appear the contrary and The result that as tho
number Of members is limited tho right 10 seat AZ
the Board has moncycd value. When member
fails 10 perform hts contract or becomes nsovent he
longer DO member OF the Board until he re-
payment but his may be- sold for benefit
or Tor mat Of his creditors among The other members
of tho Board. ETA
Article is OF the constitution O, the Board provides
thai n sales Of seats for account VI delinquent mem
bcrs the proceeds shall be applied 10 the benefit o tho
members Of this Board, exclusive OF outside creditors