Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-01-09
TO BUILD A NEW LINE
THE CHESAPEAKE AND OHIO TO HAVE
THEIR OWN NORTHERN CON-
NeCTlON.
Three Bills Looking to This End offered
in the House--Foreign Loan Asso-
ciations-Oysters, &c.

!
the Chesapeake and Ohio railway system
more direct northern connection than 1t
has ever yet had.
These are their titles in the order Of their
introduction:
To authorize the Chesapeake and Ohio
Hallway Company to construct or acquire
10y purchase or otherwise and 10 maintain
and operate and mortgage branch of us
railway from any point on its present lines
east OF the Blue Ridge Mountains to Alex
andria OF Quantico orany other point on the
Potomac river by such route as the COM
! pany may select.
/ TO incorporate the Potomac and Pied
mont Railway Company.
To authorize counties, cities, and towns
TO aid m the construction Of the Potomac
and Piedmont Railway Company. and for
that purpose TO subscribe 10 ITS capital
stock and TO acquire It's bonds.
All Of the bills were referred 10 the Com
mittee on Roads.
THE ETw COMPANY.
The corporators named in the Potomac
md Piedmont bin are NJ. =. ingalls,. Of
| Cincinnati: q. II. Coster and Samuel Spen-
( Ger. OF New York: and ". j. Robertson
and 7. .. Barbour. of Virginia.
They wish 10 construct and operate
line Of railway of standard gauge from
Alexandria or Quantico. or any other point
on the Potomac river. by such route as
the company may select 10 any point or
points on the line OF lines now operated Ivy
, the Chesapeake and Ohio RAILWAY Com
( panv east Of the Blue Ridge Mountains
They may merge OF consolidate with any
connecting railroad or railway company
or companies upon such terms az may DC
agreed upon.
| NAY HTLp OTHER INDUSTRIES.
II shall be lawful for said company to
subscribe to and hold shares in the capital
stock Of any mining, manufacturing, or
Improvement company or TO unite, merge
or consolidate with any mining, manutac-
turing. or Improvement company.
The capital stock shall not be less than
100000 and may be increased to S5,000.-
900.
The gentlemen named as corporators
shall constitute the first Board OF Di-
rcctors.
/ When the sum Of 100000 is subscribed
/ the stockholders shall be convened for the
/ purpose of organizing the company.
ITS CONSTRUCTION.
! The construction of tho road shall bo
/ begun within two years from March J. 1880,
md shall be completed within five years
thereafter.
The faxes due the state shall be pad in
y
WHIT II MEANS.
As stated in the opening sentence the
combined object Of these bills is TO give
the chesapeake and Ohio their own north
crn connection.
this system haverealizcd their need of such
an ACQUISITION. and several times has the
subject been discussed. 1t has now come
to that point that they must either build
such q road or suffer great Inconvenience
and perhaps injury 10 their business.
The Chesapeake aud Ohio now gets its
nasscncors ard freight to Washington
from Charlottesville ciG the Nlr-inia Mid
land, and the two cannot always make
their schedules TO suit each other With
the new line to connect with the Peunsvl-
Vauia road near the Potomac river the
Chcsapeake and Ohio can arrange
schedules TO suit both their western and
northern business.
FOREIGN LOAN ASSOCIATIONS.
The Scnutc Committee on General Laws,
of which Mr.. Stubbs of Gloucester, Is
chairman. met in the Office of the Clerk OF
,he Senate yesterday morning and spent
several hours in the consideration Of the
bill introduced bv Mir. LOyensteln relating
To building and loan associations not Ill
corpOrated IN tins state.
There was a full committee. and IN the
room were number oi persons Interested
in tins important matter. Mes-rs. Is. Rand.
Wexford and :. s. j.. Patteson represent
I'd some foreign corporations, and among
those in attendance in the Interest Of the
home corporations were Mr.. William ii.
Sands aud Captain c. +. Lochr.
The subiec, viii ne further considered on
Friday. when several amendments Will pro-
latly Toe proposed. Those representing
the foreign concerns express their willing
ness TO put mp money where the blll re-
Quircs deposit of bonds with the state
Treasurer. but insist that It would be
hardship on them to requirea an investment
IN bonds for which they have no use IL
their business.
The bill provides that any building or
loan association or company not lncorpO-
rated under the laws of this state desiring
TO 10 business IN Virginia shall deposit
with the Treasurer bonds Of the State Of
Virginia or Of the United states or bonds .
of the cities of Richmond, Petersburg, /
lvnchburg, or Norfolk Of the cash value /
of $4,000. II tho bonds so deposited he .
registered bonds the company shall
at the same time deliver 10 the
Treasurer power Of attorney authO-
rizing him to transfer the said bonds, or
any part thereof, for the purpose OF pay /
inv any of The liabilities provided for in /
this act Tie Treasurer shall require any /
such company % make good any doprecia-
tion or reduction IN the value of the said |
securities, and he SHALL IN the month of
December OF every year, examine al sccu- |
rites SO deposited with him for the pur-
pose of asccrtaining whether any of them
have deprecated or been reduced IN yalue.
The Treasurer at the time of receiving said
bonds shall give 10 the company authority
to draw the interest thereof. as the same
may become due and payable. for the use
of the company; such authority 10 con-
tinue in force until the application be
made TO the Treasurer for sale OF said
bonds as provided in the third section
thereof.
3. IF the said company fail to pay any
final Judgment. order. or decree rendered
against il by any couli OF tins Stat having
jurisdiction over the subject ithinnnety
days after the rendition of such Judgment,
order or decree. the Treasurer shall, upon
the application Of the person IN whose
favor the Judgment. order, or decree was
rendered. proceed to sell az auction such
an amount of the said bonds as. with the
interest in his hands. will pay the sum due
and expenses OF sale, and out Of the pro-
ceeds Of said sale pay said sum and eX-
penses; provided that the party making
such application shall give 10 the company
or any agent N this State ten days' notice
of his intention 10 make the same.
THE souTHsIDE COMPANY.
The bill introduced in the House by Mr..
Joynes TO provide a new charter for the
Land and Improvement Com
pany is designed TO extend the privileges
now enioved by that corporation.
10 authorizes the construction or pur,
chase OF gas. water, and er-plants and
works for themselves or other persons or
and 10 make contracts Tor
renting out or leasing the same. The CON-
pany is also authorized 10 build and ope-
rate the street railways, for which fran
chiscs have been granted II By the
cities Of Manchester and Rchmond
over the lines or streets on which SAID
privileges have been granted. and over
such lines and streets O. the Councils OF
said cities may hereafter grant them the
privilege to use. and into the counties OF
Chesterfield and Henrico over such lines
and roads rs the Board of Supervisors OF
said counties NAV hereafter grant themthe
TO use for that purpose; and
shall be empowered 10 construct such
bridges across the James river as may be
necessary for the same.
The capital stock is 20 be not less than
l0O. 900 nor more than 81 900, 900. aud real
estate may be held not exceeding 1900
acres in any one county. The principal
Office is to be in Manchester.