The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1882-04-06
Virginia Iron Trunk.Railroad.

The following bill has passed the Legisla-
ture and become law. The company pro-
yided for in the first section has been form
ed, with Maj J. G. Green, Of Salem, and of the
well-known firm of Mcmahon s. Green con-
tractors, president The bill is as fellows:
II. That Green B. Roard, John ]. Moor
man, D B. strouse, Reese L. Bowen, I. J. Higgins
hotham JOS Straus, VIM. II. Burns, C. A. Smith, G.. c.
(4ose Jas. H. Dickinson, Thos W. Davis, Saml Il.
Newberry, Sam'l W. Williams, Chas. Payne, VIM.
Eegleston, NJ p Farrier, M. P. spessard, Andrew
Mccartney, Francis T. Sorrel, Jno Trout, David s.
Reed. James Chalmers, Edward Mcmahon, j. Allen
R. Beale, f. j. Chapman, M W. Pettigrew, R. Il.
Logan, Joel @. Green, or such of them as may &C
cent the provisions OF this act, and such persons
and corporations may become associated with
them In the manner hereinafter provided, shall be,
and they are hereby constituted body polite and
corporate, by the name of the Virginia Iron Trunk
railroad company, and by that name shall have all
the powers, rights, and franchises necessary and
proper to create, constitute, and maintain rail-
road, be known as the Virginia Iron Trunk rail-
road; beginning at the mouth Of Catawba, orsat or
near the mouth OF Craig's creek in the county of
Botetourt, and to be run by such route the said
company may deem most expedtent through the
counties of Botetourt Craig, Giles, Bland, Tazewe
and RUSSELL passing near Bickley's mills, on the
SaltyiIe and Coal mine railroad in said county of
Russell, and thence down Clinch river, or through
Big Moccasin gap, IN the county Of Scott, to some
point on the line of the State Of Tennessee. And
the said company shall have power to extend the
d
or near Lexington in the county Of Rockbridge.
And the said company shall have power build any
branch roaas WHICH may oe necessary 70 reacn val
branch road shall exceed twenty miles in length,
and to purchase and hold mineral lands, and to
work the same In order to furnish tonnage for the
road.
2. The capital stock of said company shall not ex-
coed four million dollars, to be divided into shares
not less than twenty dollars 1t shall be
lawful for the persons here1nbefore named, or apy
twelve Of them, to organize the company by the
4 q NJ q Dr69tdADt Of
such other officers as may be necessary and there
upon shall have and exercise all the general pow
and functions OF corporation, and be subject
to all the restrictions imposed by the laws Of the
State applicable to internal improvement compa-
MES, except far as the same may be changed and
modified by this act. But the said company shall
commence the construction of the said road un
til there is subscribed by Individuals counties or
corporations, at least the sum Of five hundred thou
sand dollars; and any connecting railroad compa-
ny may subscribe to the stock Of the said com
pany.
s. The board Of directors shall have power to issue
bonds in sums of not less than hundred dollars
EACH and bearing interest at not exceeding eight
per centum. the principal and interest of which
shall be payable at such times and places as the
board of directors may determine, and may secure
the same by one or more mortgages on the road
franchises incomes, and the real and personal prop
erty of the company, such parts thereof as may
be designated in the mortgages; and the said COM
pany may sell, lease, otherwise dispose of any
lands properties acquired under this section and
may lease Its road, rolling-stock and equipments,
or any Of them, to any other corporation.
4. That any county along the line Of the said rail-
road or any Of its branches Is authorized In the
manner prescribed by law to subscribe to the CAPT.
tai stock Of said railroad and to this end 1t shall be
duty Of the county court of each of said counties
to cause vote to be taken in the county Of said
court in the manner prescribed by law, at such
times the president Of the Virginia miner al and
gypsum railroad company shall require, and to is
sue bonds in such forms, running such length Of
time and bearing such interest, payable semiannu-
ally, at such places the county may deter
m1ne And 1t is provided that upon any subscrip-
ton being so made by any county, the board Of
supervisors or such other authority whose duty 1t
be to levy the taxes for such county, shall
nually, in addition to lev1es for other purposes,
make levy sufficient to pay the interest on the ag
gregate amount Of bonds Issued by such county
der this act, and also per centum for sinking
fund to Off the principal of said bonds in thirty
four years.
S. Subscriptions to the stock of said company may
be made in money, materials, Or land, and said
company may also acquire land by gift or purchase
and shall have power to hold and sell the
provided, that the amount of land SO held at any
one time shall not exceed one hundred thousand
acres.
6. The said company is required to complete the
said railroad within three years from the compile
tion Of the Richmond and Allegheny Railroad Com