The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1878-01-21
] LOCAL MATTERS.

4
introduced In the Senate on Saturday by
MFR. Wortharn 3.for the formation Of the
James River Valley. Railroad Company are
Ur. w. T. Walker, Judge John A. Mere
dith, Franklin Stearns, Esq, and Mr.
Charles i. Todd. The road is proposed to
! be built to Lynchburg, Buchanan, and Cliff
ton Forge, and the cities, towns, and couR-
tiles through which the said road may pass
are authorized to vote subscriptions to the
preferred capital stock OF said company, in
| form and manner prescribed by law regula-
| ting city, town, and county subscriptions
to Incorporated companies. The subscrip-
tioDs by city or town shall not be taken into
account In estimating the Indebtedness OF
| such municipal corporation in reference to.
the limit Of indebtedness now prescribed
by their respective charters.
The capital stock OF the company is to be
designated as follows: First, two millions
Of dollars in shares OF one hundred dollars
each shall be. known and classified as pre-
ferred stock, and shall be entitled to SEMI
annual dividend OF four per cent. when
ever the net earnings admit OF it; second,
all other stock to an amount not exceeding
four millions Of dollars shall be classed and
known as common stock, which shall be en-
titled to a dividend out Of the net earnings
OF the company after paying first the in
terest on the bonded debtof the company,
and the dividend on the preferred stock. =.
The incoTporators are authorized TO open
books for the purpose OF receiving subscrip-
tions to the preferred stock to the extent Of
two millions Of dollars, and to require the
payment OF not less than ten per cent OF the
amount so subscribed at the time Of such
subscription, with authority to rejectany
subscription offered by any paFty who may
by them be considered not sufficiently SOL
vent for the amount OF such subscription:
that whenever two hundred thousand dol
lars shall have been paid in by parties sub
scribing stock, then an election shall be
held, after giving ten days. notice OF time
and place, published in one Of the newspa-
pers in the city OF Richmond and one in the
1t shall be lawful for the company to issue
its bonds in such sums as they may deem
proper, to the extent Of S1,600,0O0, bearing
Interest at the rate Of six per cent. per an
mum, payable semi-annually at such point
as the company may designate-said bonds
to be used first for the purpose Of acquiring
title TO the rights, franchises, ana 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 its franchise, real and per-
sonal property, and all its other property
which it may hereafter acquire, including
it's road-bed, rolling stock, equipments,
branches, income, and other things, or any
part or parts thereof.
The company is authorized to purchase
from the James River and KanaWha Com
pany all their real and personal estate, prlVl-
Ieges, and franchises, OF every kind Whatso-
ever, subject to all liens OF the creditors OF
the James River and Kanawha Company.
Whenever the stockholders in the James
River and Kanawha Company shall consent
to the sale of the property and all rights OF
every kind belonging to the James River
aad Kanawha Company to the James-Riyer
Valley Railroad. Company, on condition
that the railroad company shall assume
or provide for the payment OF all the
debts Of the said James River and Kanaw-
ha Company, and for the issuing to the
stockholders of said company two millions
of full.paid common stock, which shall be
divided among the stockholders pro rata as
two millions are to the whole amount OF
stock, in shares Of fifty dollars each, except
when necessary to issue stock in amounts
less than fifty dollars, to make proper divi-
sion. The remaining two millions OF COM
mon stock shall be held by the company
until the last asses,m1nt OF tue pr.sorred
stock shall be fully paid by the party hold
ing said preferred stock, then said stock.
holders shall be entitled to receive equal
amount of common stock.
The company is authorized to consolidate
with the Buchanan and Clifton-Forge Rail-
way Company, and to pay stockholders other
than the James River and kanawha Com
pany the amount which they may have paid
for their stock, with interest.
After the first election OF the officers OF
the James-River Valley Railroad Company,
under the provision OF this act, there shall
be an annual election of directors, of whom
five are to be elected by the holders OF pre-
ferred stock, one by the bondholders OF the
company, and three by the holders Of COM
mon stock; but no person shall be elected u
director unless he be stockholder or bond
holder, and in the event there shall be no
bondholders, then the directors who would
be elected by said bondholders shall be
elected by holders Of common stock.
The said James-Riyer Valley Railroad
Company shall organize and commence
work in four months, and finish said rail-
road within two years from the passage OF
this act !: Provided, the James River and
Kanawha Company shall transfer to the
said James. River Valley Railroad Com
pany their property, franchises, and privi-
leges within the said four months.
There are one or two other bills before
the Legislature for the construction OF
railroad to Clifton Forge, the main features
of which have already been published in the
Dispatch.
REApPoRTIONMENT.- The Joint Committee
on Reapportionment, General Bradley T.
johnson chairman, will meet again tenor