The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1868-03-25
4)55,25e,sse
If these four Northern Ines
4814222

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If these four Nor |iern Ines --
can average, 1884 ,222
then distance, grade cost and climate, and
central position, from the centre of the lnte-
rior to the centre of the Atlantic coast, with
an immediate outlet and inlet Of coasS trade
and foreign commerce, must insure an even
tual profit larger than that now derived from
the Baltimore and Ohio Railroad. At a mod
crate calculation, we may estimate the earn
ings Of the Chesapeake and Ohio as soon as
completed, at ten millions per annum; St.
Louis and Memphis, and Cincinnati and Lou
isville, the centres of the Ohio must have ac-
cess to Ocean, more direct than chat by New
Orleans, southwark, Or by Parkersburg, north
ward. And climate will eventually compel
Chicago herself, to avoid the bound OBJ,
structions of Northern ways and to descend
Southwark for the marts Of expectation. The
-four and pork spoil in the climate of New
Orleans and the Gulf Of Mexico, profit is de-
stroyed by time and distance; and labor is
lost by frost. The Chesapeake and Ohio
Railroad then can honestly by every fair and
reasonable estimate, by what is known by ex-
perience of operating roads, guarantee to
Stockholders per cent per annun,; and re-
4 EN- that pledge by double that per cent.
And this brings us to review the contract
Of the Va. Central Railroad company for COM
pleting tie Coyingtop and Ohio Railroad. -
1t is due and proper to say that this contract
is made with all the solemnity of sanction by
State and corporate authority. The parties
are the two States of Virginia and West. Vir-
ginia, under the respective ACTS passed in the
years 1866 81, acting by Commissioners Of
known capacity and character, and Of the Sd
part, the Virginia Central Railroad company.
They modified or renewed their contract on
the 29th of Nov, 1867; 1st As to the COM
mencement Of the work End AS to the
guarantee Of 1 per cent per annum, in semi
Fannual dividends upon stock subscribed, after
the road reaches the Ohio river.
Ord. In the mean time. the stock now sub
scribed is preferred in any dividends which
may be declared not exceeding per cent.
4th The company to have power TO borrow
at rate not exceeding s per cent. per annum;
and TO execute liens on its property and reve-
nue. to secure loans in addition to its subscrip-
lions Of stock.
9th No portion of the work on the Gov
ington and Ohio shall be put under contract,
until 81 millions Of stock be applicable to a
continuous line to the Ohio river, shall have
been subscribed.
9th. Subscriptions may be directed by sub
scribers to be applied to the continuous line
from either end.
7th. The company may guarantee the bonds
of cities and counties for subscription to stock.
9Th. The bonds thus guarantceable by the
company, bearing s per cent interest, convert
ible into preferred stock, may be received at
so cents in the dollar, in payment Of subscrip-
ton of stock.
9th. The claims Of creditors Of the Central
Railroad, not to be impaired for satisfaction
out of the present property Of the company.
10th The Central Railroad company, be-
fore executing any further lien on its present
property, is to secure by mortgage any por-
ton of its funded or floating debt. not already
secured that cannot be promptly paid of, nc.
1lth This contract was made ON the Both
of November, 1867, and time was given the
Central Railroad until the LIST day Of May,
1868, to obtain 81 millions Of subscriptions
to the stock.
lztE. In SIX mOnths from the certfncafe TO
be given that the requisite amount Of sub
scription is obtained, the company is to com
mence, and within six years to complete the
Chesapeake and Ohio Railroad according to
the charter
18th If the subscriptions for stock to the
amount of 81 millions are not obtained by the
1st of May, 1868, then the contract is at an
end unless renewed by the parties.
18th, The Central Railroad is obliged 20