The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-02-13
6THnJAMEs.aIvEn'R 'RAaIwAY.


NE = = ~ 11s - = =
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l.A MODIFICATION OF THE ORIGINAL
/ sGHEMEA REpny.Ts on I'M ri sTIR-s,f5sgMIr.
a., ~. ',,r1I, M, opnrrY,
=. :. =. Z s.
- HAS BEEN ll rLAS Ie
/ BE REPORTED; TO THE COMMITTEE Oh
| ROADS ON FRIDAY--FULL TEXT OF TEE
Law ASKED FOR. 3
81: -. q. 81 9. - !
stt'i5s 5 5.5 S. Z, i s ~
a subcommittee uf the Committee OF,
Roads and Internal Navigation or the SEN
ate having been apnointed TO consider tbe
yariouy bills and uropositions submitted to
them with reference to the construction Of
ftbe James.Riyer Valley railroad from Rich.
mond to Clifton Forge. have perfected the
Stearns bill which is published below. The
| work was completed on Monday night. and
| will, it is believed. meet with the approval
Of both houses of the Legislature. AS viii
| be seen from the bill, no subscriDtion is
asked from Richmond or the cities and conn
1 ties along the line Of the proposed road.
The bill is as follows:
1. Be 1tenncfed bu the General Asse,nbiuof
| V;ro;nin. That Dr, w. n. Walker Josenh
| r Anderson. Cvr,is H Mcf,ormicI FronI.
| I'm Stearns. Jesse How. Thomas Rntfer
and Charles r. Todd. or sT1cb Of them as
may acoe r,t fhe nroyisions az ih;s act and
sncb rersons as NAV become associated with
! them In tha manner hereinaiter arov;ded
! shall he and thev ore hereby constityted .
hndv nolitic and cornorate bv tbe name of
tbe James. Riyer valley Railroad Comnany
md hv that name shall have nh tho notyers
r;obts and franchises necessary . II yron
| to locate constrnct and n,aintsin ra;Iroad
from the citv Of Richmend ami tide.water fer
with the right TO build the necessary
| wharves and docks in its vicinity. thence
up the valley OF the James river to Lynch-
burg. Buchanan, and to Clifton Forge.
9. The capital stock OF said company shall
be designated and known as follows First,
| So. .00O. 900 in shares OF 500 each shall be
known and classified as preferred stock
and shall be entitled to semi-ai1nI,al liyi.
dend of four ner centum whenever tbe NET
earninus. admit of it.. second. aII other stock
to an amount not exceeding So. .000. 900 shall
| he classed and known az cormon STOCK.
which shall be entitled to dividend ont Of
the net earnings of the company after nav.
in@ firsf the interest on the bonded debt NJ
the company and the dividend on the nre-
ferred stock.
| 8. The persons heretofore named, or a
majority of them, are hereby authorized to
open books for the purpose of receiving
subscriptions to the preferred stock to the
extent OF 50, ,OOO, 900, and to require the pay
ment of not less than ten per cent. Of
the amount so subscribed at the time Of
such subscription, with authority to reject
any subscription offered by any party who
may. by them be considered not sufficiently
solvent for the amount OF such subscrip-
tion; that whenever 100000 shall have been
paid in by parties subscribing stock, then
an election of nine directors shall be held,
after giving ten days. notice of time and
place, published in one of the newspapers
in tbe citv Of Richmond. and one in the city
of T,ynchbrrg. also the election and an
nointmept OF such other officers rs NAV be
necessary for the management of the affairs
of the company; and thereupon they shall
have and exercise all general powers and
functions Of corporation, and be subject
to all the restrictions imposed by the laws
of this State applicable to ointernal-improYe-
ment companies, except so far as may be
changed or modified by the provisions of
this act. III aa
4. 1t shall be lawful for said company to
issue its bonds in such sums as they may
deem proper, to the extent Of S1,600,0 900,
bearing interest at the rate Of six per cent.
Der annum, payable semi.annualy in lawful
money Of the United States, at such point
as the company may designate-said bonds
to be used first for the purpose Of acquiring
title to the rights, franchises, and property
of the James River and Kanawha Company;
the remainder Of said bonds to be the gen
eral fund OF the company; the payment OF
said bonds to be secured by mortgage or
deed OF trust on it's franchises, real and per-
sonal property. and all other property which
it may hereafter acquire, including its road
bed, rolling stock, equipments, branches,
income, and other things, or any part or
parts thereof.
/ s. Said company is hereby authorized to
purchase from the games hlYer ana ha,
naWha Company all thelr real ana personal
estate, privileges, ana 1ranchlses OF every
kind whatsoever, subject to all liens OF the
creditors OF the said James River and
Kanawha Company, and the said James
River Valley Railroad Company are en-
powered to occupy any portion OF the canal
property for their road-bed, and any por-
| ton Of said canal property not occupied for
railroad purposes may be used and held by
them for canal or hydraulic purposes, under
the franchises of the James River and
Kanawha Company, and neither the real or
personal estate, or any rights, privileges, or
| franchises, hereby acquired, shall be for
| feited for non-user, or on account OF the
transfer or sale Of the same to the James
River Valley Railroad Company.
6. Whenever the stockholders, represent
ing majority OF the stock in the said
| James River and KanaWha Company, at q
general or a called meeting, shall consent to