The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1849-12-17

n meeting has been called, to take the matter
|,opsiderstion. The citizens Of Portsmouth need
der no apprehension In relation to this matter,
& probability Is that the road viii never be built,
Of courte, the bridge never constructed. The
lators Who have recently made such desperate
b to fill up ptions to the capital stock and
lvsnize an old, dsfuncs railroad company into
I'D give 1t vitality just long enough to enable
to get clear out Of 1t, have met with such poor
IS that it will probably be abandoned. The great
these spectators had, and we believe still have
sw, win not be given up without q struggle,
I've are prepared to further efforts made
INV the public into this movement. Fortunately
|sople have, within the past year or two had their
opened, and are not easily drawn into the
ICES Of Spectators as In former times. The sole
d of those who have brought this new railroad
Amy before the public, IL to realize several hun.
thousand dollars on property which COST them
|Eg, but was given to the parties upon condition
| hey would complete the rost. To enable them
Ike profitable speculation out Of the matter,
have fixed the capital stock at an amount that
|over the estimated cost Of the road, aud the APP
Id value Of the property given to them.
achieve this end 1t appears that all sorts Of decep
are resorted to by these spectators, both at Nsr-
! nd Portsmouth, and in the Northern cities. 1t
RS that at the first named places no individual
fdptions are made to the scheme, bat the corpora
( Norfolk is willing to subscribe 100000 to it,
|ndition that the road be extended some five miles
{pen.ive bridges across the two branches Of Eliza
liver to Norfolk. This it seems, the parties in
| sion of the road would be willing to assent to,
he view Of getting hold Of the Norfolk suoscrip-
put 1t appears they have no right to do this un.
cir agreement with the trustees of the tom OF
mouth, by which the road was conveyed to them.
nevertheless, are giving the idea in this and
Northern cities, that $500 COO Of the funds
4 by them, has been provided in Norfolk and
mouth; and on the other hand are endeavoring to
N the subscription of the $500 900 in Norfolk by
Z the idea there. that the remaining funds they
ed have been procured in the Northern cities
stated that the charter obtained from the State
ginia exempts tho property OF the company from
on forever, and contains n, restrictions as to di.
Is" Now, we deem IL part Of our duty to pre-
deception in these matters, where We can, aud we
nat far from this the company Is subject to the
Il railroad law Of the State under which, when
pital stock expended in the work has been re-
"a dividends. the dividends are Afterwards ''to be
4 Works. 10 as to yield net "proa. equal to six
pt per annum." This holds out no great tempta-
certainly to embark In rebuilding a work
has once gone down for want of business, and
e to spectators a heavy bonus for tbs privi-
engaging ia it. We find, also, tina. one of the
icnr Of this general railroad Law, which the con-
As subject to, authorizes its charter " to be al
amended or modified by any future legislature,
hem shall seem proper,n aud that the legislature
eeially reserved the right to regulate the rae Of
g on said road and on the entire roate from We'll
Baltimore ria Portsmouth, so as to prevent I'M u-
competition to the upper route, In which the
Itself is largely interested and which, Of course'
protected by her against injury BY the Sesbosrd
osnoke Railroad, In which she will have no inte-
evident, however, independent Of these restric-
that there is no tenn tation to capitalist, to
this work, in which it is pretty certain that the
ators in possession Of 1t do not mean to risk any
themselves The last report Of the Petersburg
panoke Railroad Company shows the whole in
Pf that company to be but sl6o ooo This Is the
amount of the trade and travel to be comp sted
the Sesboard aud Roanoke With the Petersburg
banoke Railroad, and Of course the former road
PnIy get portion OF IT, aad yet the SPECTATORS
fessiou Of this road have the hardihood to repre-
pat its immediate business would be $237 400.
bblic may judge from this statement the charsc-
he other statements which have been put forth
ug unsuspecting outsiders Into this hollow
p. An additional proof Of the worthlessness Of
bject Ia found In the circumstance that the mar
ue Of the stock Of the Petersburg and Roanoke
bd. since the Portsmouth Railroad vent down,
|e Petersburg has had the whole trade and travel,
hy been about seventy dollars per share for one
paid though the whole cost OF the Petersburg
including locomotives and cars, was less than It
1t to rebuild the Portsmouth road. While the
ads were in existence, the stock Of the Peters
as worth only $50 per share. and that Of the
outh nothing The stock Of the Sea5oari and
he will be worth no more than the old Ports
was.