The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-08

citizens. after making suitable eonlpeusa-
tion, ia run tllclr private trims over tho
Trucks, much as 81 man would 20 across
a. toll-brldge III buggy. Other restrlc.
lions nre moro important as to the case
4 In point. Under the charter. the road
can have no vlce-president. The number
OF directors Ia prescribed and the capital
stock is limited.
Growing business and modern demands
compelled some change. The State, 1t
was held by the courts. could not reuenl
the charter. and tho company continued
until the present day to pay no taxes.
But the company is willing to forcgo this
privilege now. The present law would
permit amendments to the charter. but
there was come question as TO whether
the company. by obtaining these amend-
.ments would not relinduish lta privileges
and still be burdencd with the antiqunted
restrictions and disabilities. 1t was
deemed wisest to surrender the entire
old charter and get IL new charter under
the statutes OF to-day, and Sois is what
the bills, II enacted. will allow. The
road will secure IL modern charter from
tho Corporation Commission and Will
then be on a plano with the other rail-
roads operating in Virginia. The State
taxes 1t Will pay will amount to about
$4,000. The corporation and county
taxes will increase this amount to nearly
$50 900.
Concerning the merger. no definite step
has yet been taken, but 1t will In all like
lihood occur. The bill simply makes the
merger possible. II 1t shall be desired ut
Some future time. The Washington and
Southern Line is thirty miles long, form
Ing the northern extension OF the Rich
inond and Washington Into Washington.
/ II has recently been absolutely recon-
structed at n great expense. The road
has now an Indebtedness In stocks and
bonds of about $7.000,0oO. Until the re-
construction is thoroughly complete. the
earning capacity In It's now condition
determined and other essential details
ascertained, 1T would be Impossible to
reach basis for a merger
The Proposed Changes.
In discussing the proposed changes.
Judge Leakc. OF course, confined him
self to an explanation of the three bills
themselves. One of these amends the
..act concerning corporations. which be-
came a law without the Governors sig
nature May 81. 1903, and another recites
this. proposed amendment in a separate
act under this new law.
ANY railroad corporation existing at
The time OF the passage of the act or
thereafter organized under any charter
heretofore granted by the General Assem-
bly, o. the State OF Virginia rtay sur
tender it's entire charter and effect and
accept n now charter under the general
laws OF the State and thereby obtain as Its
rev charter all privileges. powers Of ati-
.ority not inconsistent with the general
laws OF this State, which might be OBJ
t.ii,ed and enjoyed by any railroad COM
pany organized under the provisions Of
an act concerning corporations which
became la won May TwentS-first nine
teen hundred and three. or any amend
rients thereto; provided, that any such
CORPORATION which shalt hereafter so sur
render its entire charter and accept a
new charter hereunder shall be conclu-
sfvely presumed to have thereby sur
render its entire charter and accept a
new charter hereunder shall be concur
siyely presumed to have thereby sur
rendered every exemption from taxation
and every non-repealable feature OF It's
charter and of the amendments thereof,
and also all exclusive rights or privileges
heretofore granted TO 1T by the General
Assembly and not enjoyed by other cor
porations of a similar. character. and
to have thereby agreed to thereafter hold
Its charter, and franchises and all
amendments thereof under the provi-
sions and subject to all the require
fnents, terms and conditions of the Con-
stitution of Virginia. and of any laws
passed IN pursuance thereof, so far as
Is -