Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-02-27
ATLANTIC C0ASTLINE
The PROPOSED CONSOLIDATION BILL
REMOOELLED.
Tho Right OF Acquiring other Roads
Asked for the Richmond and
Petersburg Company.

Tho consolidation bill. as il is now asked
that the General Assembly shall pass it. il
materially different from that which was
eursoriy considered by the Senate Com
miitcc on Roads day before Yesterday.
That draft proposed that the companies
now comprising tho Atlantic Coast Line
and several other railroads crossing or con-
rccunc with their route should be allowed
e. amalcamatc. The new draft is that tho
Richmond and Petersburg Railroad Com
pauy shall be permitted 90 consolidate with
ert Two ur more companies connecting
with 10 and forming North and South
l.r
THE REASON.
In tho informal conversation between
President +. X. Scott and the Senate com
r.itce dav before Yesterday Mr. Scott was
asked q ail the companies named in the blll
ul agreed 10 u. lie said they had not;
TIA, thcy knew nothing about II.
Inquiry was made further as 10 what
Nl.a- Myers thought about II. and Mr..
Soft replied that the Major had never seen
g.. hill. and knew nothing about IL.
NJ Scott. 10 seemed. was acting merely
n. fLc representative of the Richmond and
lccrsturg Railroad Company, though lac
cad he had not had time 10 consult his
Board Of Directors.
However 10 - hardly 10 be supposed that
lr lss made this important move without
o.u-ultug Mr.. Walters and associates, VINO
ovu or reprcseu: controlling interest IN
some of the chief roads between Washing
t.l and Wilmington.
UsTs or CoNsotIpkTroy.
President Scott SAYS that the advantages
o. e1u-olidation would be- twoioid.
FIRST. 10 would enable the line Of $50
N.. - ..
lr operated with more system and econo-
f.r. and would enable the consolidated
lnc moro successfully 10 combat competi-
f.r. for lts business.
second Ina4much "A the hill proposes
tast al the companies which now have
fV.Uption from taxation shall release the
flmc MS ~ T1ff '1J0fiOH many prcIudlCrs
'.lt now exist M influential circles would
removed.
Hctmuk- there is no doubt at all that
1r.uiices DO exist against those compa-
i's which pay 10 money into the State
Treasury.
WILL II rF A CO.
President Scott admits that even though
tlc General Assembly should craut char
t.r iu all respects acceptable that - 10
say. ns nearly acceptable as bills of this
character are usually made there VIII bee
many conflicting views and interests 10 re-
tluIle. After all. there IS only on" thing
e. make stockholders come into the con-
soldation, and that j, s"lf-lnt'rest.
BfLuurm srRErr.
Alr SCOTT was asked Yesterday if tho pro-
posed ilil changed the status ot The Belyi-
l,re street question that is. did u give the
LrW company any more power or any privi-
loee4 m addition 10 what II now possesses.
Ilc said " no that there IS no such
purpose
The KcmodcIied HilL.
Following is the bin IN tho form in which
l:isn now meant toask the judgment of the
General Assembly.
IN 4cf to dtfho,1ro ne Eic'poUd G'id Peters
h0J HqUroCd CDugUsg fo ND7c anil f0n-
S1tnif us Corporate EIqiS. Franchises,
dti PropDry ir,h Ne Rights. Franchises,
anil Property ~ 4Uy amer HGtfrodd 'o'n-
PAM 0r C1npCuies ForuHJ C0i''pu0ts
CONNECTION irih sad Hio,moad ami Pc'crs-
burg Edaroad toDpalH Gld cW Edct
OhD.
/. Ec u enacted hy he Gn0ni assembly n
Vruui1. That II shall he lawful for the Rich
mond and Petersburg Railroad Company
end any other Tallrunl company or COM
paui,- in or out Of this State forming
continuous connection thcTcWitil and with
each other o. consolidate and merge with
and INTO each other their respective cor
porate rights, property. and franchises un-
NNT the name OF llt AlNiNil| AfA~l ittti-
Nav Company. upon such terms, stpula-
tons. aud conditions not inconsistent with
the laws of Nlrgluiaas may br agreed upon
lv aud between the respective boards oI
directors of SAID companies, executed un-
Ger their several corporate seals and ap-
proved hy vote of majority ot the
stockholders thereof az any annual meet
.us or any special meeting called for
that purpose after thirty days nOtlc" IN
one or more newspapers published III the :
citv or town M or nearest 10 which ls the
principal Office of the said several COM
l4nle-.
= That when such agreement shall have
been thus approved by the stockholders Of
tlc respective companies accepting the
terms of this act and the fact of such ap-
Ilnval certified hv the secretaries of the
connective companies thereto under seal
-tYl have been filed IN the office OF tine
~tcrrtary of the Commonwealth, the SAID
Wpules agreeing az aforesaid snail Toe
taken g. be one corporation IN law 10y ne
at.rr~ud name of the Atlautic-Coast Kall-
V.y Company. possessing all the property,
n .v,r-. rights and franchises Of the scve-
q. cnmnauics consolidated and merged a.
a- r,.aid not inconsistent with the general
N- of Virginia, and subject Ia all the
debts and ohhgations. restrictions, dis
ai rites. and duties OF each Of sald COM
ltrIn-. save so far a. modified 10y the pro-
VISIONS Of TINS act: provided. however,
'i.t should the Richmond. fredericksburg
ana Potomac Railroad Company accept
fI- terms Of this act and consolidate ana
merge IL. corporate rights, franchises, auu
property with and into the SAID Atlantic
C.a,t Halfway Company, and the state ot
lrluia bee one of the stockholders IN sald
Richmond Fredericksburg and Potomac
I.Irnld COMPANY at the time OF Sucn
consolidation and merger, the same shau
ro. b. c1ectual and bludng on sald last
i.u,d company unless and until the terms
thereof have been approved hv the Board
O' Public Works of Virginia SAID consoll-
dated company shall have It's principal Of
t.riu the state OF Virginia. ,.
. b.dt.i. frh.r ea,qcfsd. That IN addition
o.. th-rlehts, powers. and privileges set out
-r the several charters of the companies 70
t.. said agreement of consolidation, the
sad Ataauc-Coast halWay COMPANY
i. and 10 - hereby, authOnZed, with the
consent of majority of It's stockholders
l'accucral OF special meeting thereof, Tor
t.a purpose Of c0nsohdating the indebted
r..- ~ the several companies composing
t.e same, or for paving OF smd indebted
f,-s Or Tor raising such sums on money as
r.y Pee needed from time 10 time III the
lAgement and prosecution OF us bus!-
r,e-. IT, issu. its bond or other evidences
ot indebtedness 10 an amount sufficient
t.r the purpose and secure the same 10y
I.r rtaagc or mortgages on all or any part
nj fif4 rights, property, and franchises
z. IL shall be lawful TOR the SAID ATTAIN /
te-Coa-t Railway COMPANY when organ !
llal a- hereinbefOre provided, with the /
consent oi q majority OF us stocRholuers, /
present at any general or special meeting /
thereof. 90 make and carry out contracts /
f. ttv u,e operation or lease of any con /
meeting lncor lines Of railroad. located or /
constructed N this or any other State, /
Upon such terms a may be agreed upon |
orer4,ug the same. aud to use, complete, !
ana operate aud maintain such road or /
fal.. ia accordance with such contract or /
i.a>c. and such company or companies /
win which IL may make such contract or Z
r..tract, are in like manner hereby au- /
''0rlcd and empowered 70 MAKE anu ."tiS /
Ont tn. same provided, however, that the /
lie Of road or company with which II may /
= c1utract shall not be parallel or com /
l,.ug line.