The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-05-27
The Central and Covington and Ohio
Railroads.

The Central ana loving ION siiia oAio
Railroads.
4 contract for the completion of the
Coyincton and Ohio railroad was on Satur-
day prepared, in conformity with the pro-
position contained in the resolution una
n;mously adopted by the meeting of stock
holders of the Virginia Central railroad
on Thursday last. 1t met the approval of
the Virginia and West Virginia Commits
sioners of the Covington and Ohio rail
road, but was only signed by one of the
three present from West Virginia. The
Virginia Commissioners and Colonel Nc
PETERSON, of West Virginia, signed it, as
also did Colonel FoNTAINE on behalf of
the Central Railroad Company.
Messrs. RAMspELL and CUNNINGHAM, of
West Virginia, stated that they had re-
ceived an invitation from the West Vir-
ginia Central Railroad Company to be pre-
sent at meetingin Wheeling on the Sd of
June: that this invitation was received
prior to the notice of the meeting OF the
Virginia Central Railroad Company in this
CITY: and that as they supposed the SUBJ
iect of the deliberations Of the meeting in
Wheeling would be the Covington and
Ohio railroad, and possibly Some PROPOSE
ton for relieving the enterprise of any
complications that may grow out of the
chartering of that company to build
road on part of the line of the Covington
and Ohio railroad, they deemed it proper,
as an act of courtesy as well as prudence,
to attend the Wheeling meeting before
signing the contract. They expressed their
approval of it, and had little or no doubt
that they would sign it Immediately after
the meeting in Wheeling. Both gentle
men earnestly urged that the Virginia
commissioners and the Central Company
should be represented in this meeting.
Major PAXTON, agent of the company, will
be present. but we fear none of the Eir-
ginia commissioners will be able to attend.
The West Virginia commissioners i'm
pressed all with whom they held inter
course on the important work submitted in
part to their charge with their sincere de-
yotion to that work and their frankness
and courtesy.
The West Virginia Central Railroad
Company, which will hold the meeting in
Wheeling above alluded to, was chartered
by the West Virginia Legislature, with au-
thorty to construct railroad along the
line of the Covington and Ohio railroad
from Catettsburg, at the mouth OF the
Big Sandy, to Charleston, kanawha. Cat
lettsburg is one of the proposed termini
of the Covington and Ohio railroad. The
other is at Point Pleasant, at the mouth OF
the kanawha river. The two routes branch
of short distance below Charleston. To
what extent this charter of the West Viz
ginia Central may interfere with the Co
vington and Ohio railroad remains to be
seen. 1t is not probable, however, that it
can be more than temporary and trivial.
The plan adopted by the Central Rail
road Company, in accordance with which
the vet incomplete contract was drawn,
guards the Central Company from any liza
bility or outlay whatever until S5,0O0,0OO
are raised and expended, or so much of 1T
as may be necessary to finish and equip the
road to the falls of the Kanawha river-the
head of steamboat navigation, that will be
under the system of river Improvement
about to be carried out. Six months Is
given to raise this sum. After this eXpen-
III ti.p nf al IN mo
falls, the Central Company agrees that the
entire property in the consolidated roads
east and west of Covington-may be
pledped to secure loans for the completion
and equipment OF the road to the Ohis
river. The contract guarantees to the
stockholders in the Covington and Ohio
railroad permanent preferred dividend OF
eight per cent. per annum from and after
the completion Of the road to the Ohio.
The entire length Of the road is 223 miles.
From Covington to the Falls of kanawha
is l26 miles; thence to the Ohio, 81 miles.
The State has expended $500, 00O-nearly
all on the part of the road between Coving-
ton and the falls.
The eight per cent. assured dividend Is
q valuable feature of the contract, and will
make an impression upon capitalists; but
I'm Justice to those who may raise the means
10 finish the road to the Falls of kanawha,
thew should be assured a dividend upon
their investment up to that point after the
road is in operation to it. For there the
road will be put in possession OF the trade
and travel from the Ohio as completely as
these may be controlled by steamboat
transportation which for freights is better
than railroad. Nor do we see why the
property of both roads east and west OF
Covington should not be pledged TO secure
q loan to finish the road from the Falls to
the Ohio as soon. as the five millions to
finish il TO the Falls are duly subscribed
That sum would be a sufficient guarantee
of the intentions Of the subscribers and of
the carrying Of the work to the Falls. The
permission so TO pledge the property with
out waiting for the completion to the Falls
would so facilitate the work that the whole
would be completed to the Ohio very
nearly as soon as the section TO the Falls,
which embraces all the difficulties of mag
nitude On the entire route. These two
modlh cations Of the contract ought to be