The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-12-27
chesapeake and Onto Raflroad-Let'
ter from Kanawfla.


/ fu.RIEsroy KANAwHA COUNTY, WEBT VA,
December 20, 1867. !
Editors Of the Dispatch:
Our people have read with great plea
sure the proceedings of the late meeting
of tho stockholders of the Virginia Gen.
trail Railroad Company, and are extremely
gratifed with the liberal terms proposed
by the company for raising the means to
construct the Chesapeake and Ohio rail-
road. The company propose to guarantee
s per cent. annual dividend upon all the
stock subscribed for the construction of
the work after tho road is opened to the
Ohio river; and in the event any dividends
are earned before the road is completed,
the subscribers to the new stock are enti-
tied to such dividends to an extent not
exceeding per cent. per annum on their
stock. The company also propose to mort
gage their entire road from Richmond to
Covington for the purpose of raising Tin
addition to the stock subscriptions the
money necessary fer the completion Of the
work. The stockholders of the Virginia
Central Railroad, in fact, agree to sur
render their property in 2O5 miles of
finished road for the, purpose of raising
the money to complete the road to the
| Ohio river.
If such terms had been proposed to the
people Of West Virginia when they voted
on their subscriptions I doubt whether
there would have been scarcely vote in
opposition.
The counties of Fayette, Kanawha, Ca
bell, and Putnam, have voted (Sl,25O,OOO)
one million two hundred and fifty thousand
dollars. These counties have q taxable
property of less than S9,000,0O0. They
have voted about fourteen per cent. OF their
property to the construction of this road.
| The county Of Wayne will no doubt sub
scribe 100000; which will make 81 $780,
600 subscribed by the counties extending
from Gauley to the Ohio river. A small
loan, say 100000, with these subscrip-
tons, will be sufficient to complete the
ninety-five miles of road from Gauley to
the Ohio river.
Cannot the counties extending from eau
ley to Richmond, including that city, sub
scribe sufficient amount OF stock TO Sc
cure tho completion Of the one hundred
and thirty miles of road from CoVington to
Gaulcy
The greatest anxiety is felt in this val
lev as to the result of the vote in Rich
mond on the 3lSt instant. There may be
no cause for. our approximations, but we are
nevertheless anxious about the result.
Should Richmond vote against the sub
scription Of stock, she says, in substance,
she desires no intercourse with West Vir-
cina or the great West, and our people
must look to some other point on the
Chesapeake with which to form a railway
connection.
Upon the terms proposed by the Central
Railroad Company the amount OF tax
which will be paid by city or county
will be extremely light.
If Richmond votes 100000 it settles
the question that 81, 500, 900 will be raised
in Virginia; West Virginia has already
voted 81 100000, and it perfectly certain
that 81 900, 900 more will be subscribed by
Monroe, Mercer, Raleigh, Nicholas, Poca-
hontas, Boone, Mason, Wayne, &c. The
company will thus commence the work
with stock subscription Of S5,O00,OOO.
The sum of 52,5OO,OOO will open the road
from Covington to Greenbrier river on the
east, and from the Ohio to the mouth of
Gauley on the weSt-in all distance Of
one hundred and twenty miles, leaving an
intermediate section Of one hundred and
twenty -four miles. For this section there
will remain s., 500, OO0 of stock subscription.
Mr.. Whitcomb"" estimates the nett reve-
nues of the Virginia Central Railroad
Company for 1S67-'GS, after paying ex-
penscs and interest on present debt of
company, at $4,000; for lS6S-'69, road
open to White Sulphur, S2S0,OO0. Net
revenue for two years, $460,000. The
nett revenue for lS66'67 verifes the cor
rectness Of this estimate.
When the amount of stock, S5,OO0,OO0
is subscribed, the road will be placed un-
der contract, although the company IS a au-
thorized to commence with S3,50o,ooO;
There is no question that the additional
100000 will be raised if the company
demands it as condition precedent to the
commencement of the work.
The S5,OOO,O0O of stock will be called
for-say in two years-in instalments:
The whole amount Of interest which a
city or county will pay during the two
wears will not exceed per cent. on its
subscriptions.