The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1867-06-05

! WHEELING, June4 1901.
| To the PepEe Of West Virg1ni iRteresLed
| IN the construction of The C0UiHgt0II and
| Ohio Raul Road: --.e---.z--sss--zs.-
The undersigned who were appointed
nv the Legislature Of West Virginia,
| commissioners to act in co1iunc-
I ffou with commissioners appoint.
I ed by the Legislature Of Vir-
/ 0inia. with authority to contract for
the construction Of the Covington and
Ohio Rail Road, respectfully represent
| that the efforts Of the Commissioners
extending through a period Of more
than year, 70 induce capitalists "a
undertake the construction Of said
road, have entirely failed, and that in
pursuance of provision contained in
an act passed by the Legislatures Of both
States at their last session, entitled
IAN Act to provide for the completion
OF line or lines of rail road from the
waters OF the Chesapeake TO the Ohio
River" the undersigned, have, in con-
junction with the commissioner OF
Virginia, entered into contract with
the Virginia Central Rail Road Com
Pany for the construction Of said Rail-
road.
By the terms of said act 1t is provided
that In the event the Virginia Cen.
trul Rail Road Company shall
contract for the construction
of the railroad from CoVingtOn to the
Ohio river, "the said Virginia Central
Railroad Company ahall be known as
the Chesapeake & Ohio Railroad Com
pauy, and shall be entitled to all the
benefits OF the charter Of the CovingtOn
Il Ohio Railroad, and 10 all the rights
interests and privileges which by this
act are conferred upon the Chesa peake
I nkFr pufHHnaH ffNnn NvhnFA aS.-
gained"
The privileges conferred by these
charters are eIcee dinghy valuable.
1st. The Company becomes entitled
as graluity, to the work done on the
COvington & Ohio Railroad, which COS
about S, 600, OO0-and to an exemption
from taxation by both States, Of thC
road from COvington to the Ohio river
until the profits shall amount TO ter
per cent on the capital expended.
ID The Company is also authorized
to purchase fIOm the Stale OF Virgins
the Blue Ridge Railroad at its present
value, and pay for it in Virginia Stati
bonds, 70 pay any debts due the Stat
4 Of Virginia from theSVirginia Contra
Railroad Company by a transfer o
State bonds, and 70 purchase the stool
held by the State of YirginiH in tn
Virginia Central Railroad by a tTansfe
OF State bonds.
The Blue Ridge Railroad cost III
State of Virginia about 81 ,S0O, O00, and b,
contract the Virginia Central RailToal
COmpany is entitled to become III
owners Of this work, when certain
) annual tolls which the company has I
a pay, amounts To The cost % the work.
The preseIlt rdliis of The Blue Ridge
Railroad Is estimated at about 500 900
4 Virginia Central RAILROAD owes
the SlAte OF Virginia -,.-..:;..--...;- 2l0,oO0
/ Stock held by the state or Vlrginta
in Va. Central h R......-.---.......- OILS, $50
;75azIss5;
Virginia State bonds are now wort
about fOrty-three cents In the dollar
: estimating that they should advanci
and may be purchased at fifty cent
there would be required to gpurchas
these interests OF the State OF Virgins
: about 81 400, 600, and which cost NOR
than four millions OF dollars.
, The stock held by private per
DeSts doe IndivSiuais ron Viz
glnia Central K. r. Co....-.-,.......-. $50 go
ateraa is20,88i
: Estimating the private stock in th
, road and the debts at par, the entil
road complete from Richmond to Gov
ington. 205 miles, and which has COS
s., 900, 600, and In addition $, coo, 600 ex
pended on the CoyinEton Il Ohio Rail
road, may be acquired by the ChesA
peaks & Ohio Railroad Company q
about 81, 10000. .t1; : .'a
In the year 1850, the net revenue @
the Virginia Central Railroad wa
about $3.50, GOO, when-it as-complete,
to Jackson's Run, u distance OF 19
miles. ~. q.
Sd. The Chesapeake & Ohio Railroad
has the righEtc acquire, notSexceedinI
:, OO0, GOO OF acres of land, In paymen
for subscriptions Of stock ,Or by puI
chase.
There are large tracts OF unimprove,
land in West Virginia, which are nov
vRlueless to the owners, portion c
which might be subscribed to the stocl
, OF the company, and the remainder o.
the completion of the work would NEE
with ready sale. The company may
under this provision, acquire mineru
lands, water power, sites for town
, and Villages, which would be great
ly enhanced In value upon tn
completion Of the work, and tn
proceeds OF the sales OF which gWoIlll
) contribute largely to paying the cost Q
the road.
The road may be completed frou
Covington to the White S1lphu
Springs for about 81, O00, 900, and fro1
| the White sulphur to the coal field
and steamboat navigation of the Kama
Wha, for about 8, zoo, 600. When tn
road reaches the White Sulphur, tn
: richest agricultural portion Of Yves
, Virginia Is tapped, and easy access {
the unriyalled mineral springs G
I GEeenbrier and Monroe will be fur
} nished, which will largely increase thu
, travel and revenues Of the Company
and establish its credit upon q firm
basis.
When the road reaches the coal field
and steamboat navigation of the Kama
Wha, there Is no question that the reve
t nues. OF the company would enable it Il
pay interest and dividends on the en-
tire amount expended and also to com
mand the means 70 make the connec
J tons with the Ohio river at the moutl
} of the Great KanRwha and Big Sandy
The charter ,of the Chesapeake an
Ohio Railroad authorizes the necessar,
means to be raised upon the credit of til
property to be benefited by the road, AM
uIon the gEeEiiis OF the road.
The law authorizes the company +
issue preferred stock and to mortgaR
the road from Richmond to the Obi,
, river.
In the contract between the commits
sloners and the Virginia Central Rail
road Company, It Is provided that 18Th
company will guarantee TO those stock
holders who furnish the funds to con
stTueta and equip the road to steamboa
navigation on the iKanawha, and ol
any such additional stock ,thereafte
subscribed, four per centum semi-an
nually as preferred dividend on all tn
stock fully paid, AFTER the road is com
pleted to the Ohio river.n
The right TO dividends OF all the pres
4 aNRakrnNRNfNnREa IN I1dl-