Daily intelligencer. [volume] (Wheeling, Va. [W. Va.]) 1859-1865, 1860-02-29

rrr.u, tho CINCINNATI oOmmerelal.l
Sale OF enc Cincinnati and DEnrrIetta
Railroad at chiIlIcothe ON Saturday.

| Railroad at ChtllIcOthe on Saturday
We received, on Saturday, in time for
an evening bulletin, dispatch from Chill
! liCothe, announcing the sale of the Ma
rctta and Cinciuuau Railroad and nll the
| property, of whatever nature, thereuuto
belonging, Ly Orland Smith. rs Receiver,
under a decree o. the Ross County Court.
The price paid was two hundred thousand
| dollars, that sum beiGg the minimum
! fixed by the Court. The property was
purchased for the account OF Ebenezer VI.
Ferrie and Thomas Wide Powell, OF
London; Noah L. Wilson, of Chil!icothe,
| Francis J. Hascltine, OF Zt!eski, ard David
Gibson and w F. Roelofson, of this city,
Trustees under the coupr0mise agreement
for capitalization.
The Mlrietta and Cincinnati Railroad
Company was incorporated By an act OF
the Legislature in 1915, as the "Belpre
and CidcihMati Railroad Company" In
1851 the Company wa3 authorized TO
change its name to chat OF the Marietta
and Cincinnati Railroad Company. The
originH! idea of the projectors of this
/ magnificent enterprise was TO build II road
Through the rich agricultural, coal and
igcn sections OF Southern Ohio, With Il
view TO 81 direct line between the ParkcrS-
burg terminus of the Baltimore and Ohio
road and the city OF Cincinnati. 1t WIS
| subsequently u OutlO " 1li1-
rietta direct, and from that point to carry
one Division of the line 10 a Wheeling
connection with the Pennsylvania Central,
aud another tfilmUus in Railway history
ns the Independence line, to point ON the
Northwestern branch of the Baltimore and
Ohio road-the junction to be formed not
fir from Cornwalls Station. This branch
of the 81. & c., was TO cross the Ohio 81
few miles above Marietta. Thus it was
proposed to have IN alternate line to
Philadelphia direct, aud to Baltimore
direct. To the support Of this scheme the
city of Marietta and county of Washington
came forward very literally, and the
Pennsylvania Railroad itself subscribed
and paid seven hundred and fifty thousand
dollara.
Tire road has been completed from
land on the Little aiami to Marietta-
about 1856 milcs-and un Independent
Company has completed a road, connect
ing WITH the N. & c.. SCOTS landing on
the Ohio, 10 within about thrae miles of
Pnrkersburg. There are, in round num-
bers, invested IN the Marietta and Gin
cinuhti Road thirteen millions Of dollars,
viz:
First Mortgage Bonds Unpaid 1nteros. 1000
ffiS' TEi5d DO DO DO Do d. d9 do.. 5000
DcLts 2:59993O
OoO
The Courts, finding the Railroad Com
4 pany insolvent and unable 10 raise the
money (sly one million Of dollars} ueces-
Isary to complete tic line, ani unable even
to keep the road in operation To-: half a
year longer. made a decree 10 sell the en-
tire property under the mortgages.
The ''schcme" which has been agreed
4 Upon by majority of the pnr,ica inter-
eStcG, ineluGing ti.e mortgages, the gcn-
cral creditors, stockholders, &c, was thus
stated during the recent discussions before
the Legislature.
THAT Law shall lie pnssci, enabling
the Court to pass the franchise by the sale,
or declaring that it does or shall! pass, ana
authorizing the purchasers To issue new
etock, and organize anew, by issuing stock
to the several parties in interest, according
10 the agreement OF the parties aforesaid,
to wit: preferred six per cent. stock to the
full amount Of their per cent, bonds,
and for the money necessary 10 finish tbs
road, which they are TO ADVANCE; preferred
6 per cent. stock To the third rnurignCc, to
less than half the amount of their claims,
and common stock 70 the general creditors
and stockholders, 10 the amount of ST.
500. 900, to be apportioned so as to give to
the creditors double the rer ceutaGc giten
to the stockholders. TEc first and second
mortgages to advance money to finish the
road, and to pHy certain claims of opera
tivcs and others preferred hy the Court,
and ordered by the decree to DC paid out
OF, tine purchase money"
Ia Il letter written bya bond-hOlder to n
gentleman in this c;;:, subsequent TO the
decree of sale, tie following language wNs
used, wlieh We reproduce, TO show the
! i,-:. 80 - &c
''lf the i.'dachtSc or charter can he made
TO PASS under a sale on tilo decree, the
4 mortgages nre willing to purchase, and
complete the road, and continue it III OPP
Grafton. IL the present state Of doUot,
whether the franchise or charter would so
ipass, without an enabling act. no one will
purchase Even with sRch an act. q sale
cannot be made to produce amy considera-
BILE part OF the mortgage debts, mnch less
Anything to reach the general creditors or
the stockhoiders. Without the law, tbs
road must be a5CRdonei, and lost 10 the
pMbiic, with the loss of the total amount
= Of the general debts and the stock, and the
greater part Of the mortgage dchts, because
n sale would produce only the value OF tie
movable materials OF the road, which
with doubtful power to remove :hcm)
would be a mere Irifla. The road without
the franchises is vaiucless. 10 capitalists
or purchasers, the d3aJt whether the fran
chise would pass, without the law, is the
same ia eject rs the TsGittYj- because no
capitalists would inEcstundcr crsuch
a doubt ~
With the merely personal relations of
the parties most influential in carrying
through the measure ~hicawas finally
consummated, ut CbiIiicOthe, .we uow have
nothing 10 do. We are to regard the fact
that under an agreement hctw4en a major
ity OF the parties in interest, a new cou,Fa-
ny has been formed who claim they hare
secured not only the property bat the Ji'Gn-
chise, SO that the decision Of the Supreme
Court of the State can affect theia title. 90.