The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-01-17
The oovington and Ohio Railroad.

Joint commission Of Virginia and West Vir
ginia upon the subject Of the Covinetot
and Ohio railroad at their meeting IN BAT
timore last week, had agreed upon
scheme for the construction of that grea'
work by Virginia enterprise and credit II
the event the capitalists In treaty for the
contract to build 1t should fall in their ct
forts to secure the capital for that purpose
Such had been the changeful character o.
the prospects and promises of those eno,. :
1t was thought every way proper CONSUL" SUI,
ine the welfare of the vast domestic in'sr-
ests concerned, to make some piepaia''on
for accommodating the important work In
some other manner. This was necessary
% avoid delay and secure the early CON-
pletion Of the road.
As we understand IL, should PELL s. Co.
secure now within reasonable time the
means to build the road, this plan proposed
By the commission will give way to them.
As to the prospect for their success there
is . difference Of opinion. Some think
that they will very probably soon have the
means to close the contract and 60 ahead.
Others do not believe this will be the case.
The plan Of those gentlemen is understood
to be to secure the whole sum before be-
ginning the work. Few if any railroads
are constructed in this manner. There
are none in this country. The vast amount
or money swallowed up in railroad ne
cessitates a system Of credit as auxiliary
70 cash capital of small amount. And
when roads are completed, an average OF
about two-thirds remains in credit in the
form of debt, which has to be liquidated
gradually by earnings. The wonderful
success with which the immense sums re-
auired for this purpose have been COM
manded is the best proof of the profitable
operations Of railroads, and the faith placed
in them as good property. Their sccuri-
ties, now regarded reliable, must as the
country increases in wealth and popula-
ton become the very best investments in
the land.
But recurring to the point concerning
Messrs. PELL s. Co., under these circum-
stances it may be reasonably conjectured
that they have undertaken at least more
than ordinary in railroad enterprises, and
that 1t would not be surprising were they
to fail. If they do, then We have the
scheme of the joint commission, should
it pass the Legislature of Virginia
and West Virginia, to fall back upon.
It's friends are confident Of its pas
sage through both bodies; our commits
sioners believing that our Legislature will
approve it, and they having the assurances
of those Of West Virginia that the Legis-
lature of that State will do likewise. The
decision of PELL & Co., whatever it may
be, will be arrived at in short time.
THE SCHEME
by the commission has been APP
proved by the Committee Of Roads of the
Virginia House of Delegates, and will be
reported to the House. 1t provides:
/. That under the act of Virginia and West
Virginia, passed last winter, TO incorporate the
Coyington and Ohio Railroad Company II
shall be lawful for that company 10 consoll-
date with the Virginia Central Railroad Com
many, with the Southside Railroad Company,
with the Norfolk and Petersburg Railroad
COMPANY, or with one more of said com
panies. on terms agreed upon by stockholders
in general meeting.
2. Should the Coyington and Ohio and the
Central railroads consolidate, then all the
rights and interests of the State In the VIZ
pinia Central railroad, including stock held by
the State in said company, and debts due from
ssid company to the State, as well as rights OF
the State in the Blue Ridge railroad THAT part
of the Central line from Mediums river, i'll
Albemarle, through the Blue Ridge tunnel to
Waynesboro, in Augusta, shall be transfer
red 10 the consolidated company.
8. Should the Covington and Ohio Railroad
Company consolidate with the Southside
Railroad Company, the rights and interests of
the State in the Southside Company, and its
stock In that company, and debts due the
State by that company, shall be transferred to
the consolidated company
4. Should the Covington and Ohio Railroad
Company consolidate with the Norfolk and
Petersburg Railroad Company, then there
shall be q similar transfer of all rights and
stocks in said road, and claims against 1t, to
the consolidated company.
g. The companies which may consolidate
under this ACT shall constitute one corporation,
and shall be vested with all the rights, fran
chises, and property belonging to either COM
oany. and shall be known as the Chesapeake
and Ohio Railroad Company"
9. Should the consolidation Of the companies
not he effected at the same time, the company
NAV afterwards Consolidate with the remain
ing company or companies.
7. In consideration of the transfers made by
the State to the Chesapeake and Ohio Railroad
Company, that company shall complete the
from Covington 10 the Ohio river
within six years after its organization, In a
style and with grades and curves not inferior
TO those adopted by q. b. FISK, late chief en-
gineer of the road. The company is permitted
10 strike the Ohio at Big Sandy or the mouth
NJ the Kanawha, or to have q branch to each
place.
& Should the Southside railroad, and the
Norfolk and Petersburg railroad, or either OF
them, consolidate with the Covington and
Ohio railroad, then, in consideration OF the
&C., conferred upon the consolidated
company, il IL required TO complete q rail
road from Lynchburg 10 Covington, or some
point on the Central railroad, within six
years from the consolidation.
0. Provides that in case the consolidated
lines fail to complete the work indicated
within six years, the State is to be entitled 10
stock in the Chesapeake and Ohio road to the
amount Of that owned by her in the separate
before the consolidation, also to
the amount Of the cost Of the Blue Ridge raii-
road, and the Chesapeake and Ohio railroad IS