The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1867-06-07
CEESAPEAKE AND OHIO RAILROAD.
Address OF the West Virginia Conn
WiSsioners.

The undersigned, who were appointed
hv the Legislature Of West Virginia COM
misSioners 10 act in conjunction with COM
mEssionerS appointed by the Legislature Of
Virginia, with authority to contract for the
construction Of the Covington and Ohio
railroad, respectfully represent that the
efforts of the commissioners, extending
through period Of more than a year, TO
induce capitalists 10 undertake the con-
>iruCtion Of said road have entirely failed,
and that in pursuance of provision con-
tanned in an act passed by the Legislatures
a. both States at their last session, entitled
" IN act 10 provide fosthe completion of
q line or lines of railroad from the waters
OF the Chesapeake to the Ohio river" the
Undersigned have, in conjunction with the
commissioners OF Virginia, entered into 4
contract with the Virginia Central Railroad
Company for the construction Of said rail-
road.
BY the terms Of said act il is provided
that, in the event the Virginia Central
Railroad Company shall contract for the
construction OF the railroad from Coving-
ton 10 the Ohio river, "the said Virginia
Central Railroad Company shall be known
as the Chesapeake and Ohio Railroad Com
rluy, and shall be entitled 10 all the bene-
its of the charter OF the Covington and
Ohio railroad, and to all the rights, inte-
rests and privileges which by this act are
conferred upon the Chesapeake and Ohio
Railroad Company when organized"
The privileges conferred by these char
,cr> are exceedingly valuable.
l. The company becomes entitled as a
4. u. \ 4, hn
ton and Ohio railroad, which has cost about
:Gr}o,OJO, and 10 an exemption from tax
alton hy both States Of the road from Co.
yias,ou to the Ohio river, until the profits
lal. amount to ten per cent. on the capital
expended.
,. The company is also authorized to
purchase from the State of Virginia the
B'uc Ridge railroad at its present value,
aud pay for il in Virginia State bonds: to
nav any debts due 10 the State Of Vir-
rtaia from the Virginia Central Railroad
Company Icy transfer Of State bonds,
and to purchase the stock held by the
STATE Of Virginia in the Virginia Central
railroad 10y q transfer of State bonds.
Tie Blue Ridge railroad cost the State
Of Virginia about $l,SOO,O0O, and by con-
tract the Virginia Central Railroad Com
r.rv j entitled to become the owner Of
ilis work when certain annual tolls which
tire company has TO pay amount to the cost
Of the work.
The l.-.>..,t rr'us Of the Blue Ridge
railroad - estimated At about. 100000 90
N..Il.t Central railroad owes
DO" state oI Nirsinia............ %lo,u'o up
sock held by State Of Virginia in
Virginia Central railroad....... 2,ol3,%N9 .
-, ,s2S, ,9eg -
virginia State bonds are now worth
a1ou- lorty-throe cents on the dollar. Is
rMatiug that they should advance, and
may he purchased at fifty cents, there
would be required TO purchase these inte-
r.-', If the State Of Virginia about ST.
10000, and which cost more than four
millions of dollars.
Tie stool, held byprivatc persons
r,....................... Sl,3S2, ,G3l y
Debts due individuals from Nlrgi-
MIA Central Railroad Company l,S>o,6$2 .
SS,220, ,323 -
Estimating the private stock in the road
and the debts at par, the entire road, com
I.eted from Richmond to Covlngton, ZOo
miles, and which has cost $S,OOO,O 900, and,
in addition, 23,0OO,OOO expended on the
Covin.ton and Ohio railroad, may be ac-
..frcd bv the Chesapeake and Ohio Rail-
.o.I Company at about $4,5OO,OOO.
in the year 1860 the net revenue OF the
Virginia Central railroad was about $780,
900 when it was completed to jackson
river, a distance Of l95 miles. ,
.. The Chesapeake and Ohio Railroad
Couuauv has the right to acquire not ex-
carding five millions Of acres OF land IN
rlyment for subscriptions Of stock, or by
purchase. :,
There are large tracts Of unimproyed
and in West Virginia which are now
valueless TO the owners, portion OF which
Mfght be subscribed to the stock of the
c,mpanv, and the residue, on the compile
ton Of The work, would meet with ready
sale. The company may, under thls pro-
vision. acquire mineral lands, water power,
SITES for towns and villages, winch Wou'd
bee greatly enhanced in value upon the
completion of the work, ana the proceeu9
Of the sales Of which would contribute
largely to paying the cost OF the ROAD.
The road may be completed from Co
yiyrton To the White sulphur Springs for
abnut 81 coo, 900, and from the White Sui
ubur to the coal-felds and steamboat naVl-
cation of the kanawha for about Si,loO,-
600. When the road reaches the " Dite
Sulphur, the richest agricultural portion oil
West Virginia is tapped, and easy accessto
the unriyal!ed mineral springs OF Green
brier and Monroe win be furnished, which
will largely increase the. travel and reve-
Dues Of the company, and establish It's
fr.Ii, ,,,.,r, a firm basis.
When the road reaches the coal fields
aud steamboat navigation Of the kanawha,
there is no question that the revenues OF
the company would enable II 10 pay lhte-
res. and dividends on the entire amojpt
expended, and also t. command the means
10 make the connections with tne ohio
giycr at the mouth Of the Great hanaWha
and Big Sandy. ,o,:o
The charter of the Chesapeake and ONO
railroad authorizes the necessary me ans 10
be raised upon the credit OF the property
70 be benefited by the road, and upon inc
credit of the road.
The law authorizes the company TO issue
preferred stock, and 10 mortgage the roau
from Richmond 10 the Ohio rlVer.
In the contract between the commis-
sioaers and the Virginia Central haiiroau
Company it is provided that "the com
paLy will guarantee 10 those stockholders
who furnish the funds to construct ana
equip the road TO steamboat Navigation on
the Kanawha. and On any such additional
stock thereafter subscribed, four per CEN
tum semi annually, as preferred dividend
On all the stock fully paid, after the roau
is completed 10 the OHIO river.
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