The West Virginia journal. [volume] (Charleston, W. Va.) 1864-1877, 1869-02-17
Chesapeake and Ohio Railroad.

CucSupcALAo uHN NAlO A~~sA'" Sss>~'
The following article In regard to
this important road is from tho NeU
York Financial Chronicle. and will be
found Of great interest to our readers:
One Of the chief projects Of the State
Of Virginia has, for many years, been
the construction Of railroad which
should connect the waters of the Chcs-
apcake Bay and those Of the Ohio luv-
CT, the distance between Richmond,
Va, and the mouth Of Big Sandy River,
the terminal points, being upwards OF
four hundred miles. 30. -: . !"
Tho Virginia Central Railroad, In
Guiding the Blue Ridge, Railroad, con-.
l.etructed blythe State, oovers q tittic'
more than onc-half Of this line. and to.
gcthcr have cost $6,00O,0U. The Gov
iugton and Ohio Railroad, the con-
struction Of which was undertaken by
the State of Virginia alone, has TO date
cost about S3.250,000. Since the cree.
tion Of the State Of West Virginia
nearly the whole Of the unfinished line
is included within its limits. ..
The important end to be gained by
the completion Of the CovinSton aud
Ohio Railroad led the identical action
Oh the part Of the two Suites most in-
terestcd, and under acts Of the Lcsis-
laturcs Of each in 1867, commissioners
were appointed whose duty il was to
contract with any party which could
give satisfactory assurances OF being
able to complete the road between
Covington, Virginia, and the confu-
cnce Of tho Big Sandy with the OHIO
River. The acts specially referred to
the Virginia Central Railroad Compa-
ms, and provided that i'll case that Com
pany should take the contract. they
should acquire all rights, interests, &C.,
in the work now held by the State
aforesaid, and under the general title
Of the Chesapeake and Ohio Railroad
Company become owners Of the line.
The Chesapeake and Ohio Railroad,
as thus organized, will begin At Rich
mond and run through the Allegheny
Mountains and West Virginia to the
Ohio River, 4 distance Of 405 miles. 4
branch line will also be built from a
point fourteen miles west Of Charles.
ton, West Virginia, to Point Pleasant
thereby making two tcrmini on the
Ohio River and connections with the
network Of railroads already complct
ed or now being constructed in the
Northwest, West and Southwest. Al
Richmond direct connection IS made
with West Point, on the deep water OF
James River. and also with Norfolk
\ line is also projected to conncc
with Newport News, together givinf
T. the road three tcrmini Oh the tide
) water Of the Atlantic Ocean.
On the 3lst Of August, the commits
Sioncrs appointed under the acts aforc
said aud the Virginia Central Railroat
. Company signed n contract. giving Il
! the latter the authority necessary t
: construct the line from Covington, TO
. "cther with all the franchises, &c.
: conferred by said acts, and from tha
Il date the Company assumed the title o
!; the Chesapeake aud Ohio Railroa'
i Company.
The amount Of money required t
complete the road is about $4,000, 0OC
or this about S5,O00.0O0 has been Sc
T. ,rurcd BY stock subscription, and tn
remainder by the issue Of bonds sc
cured by fresh mortgage on all pres
cut and future property OF the Compa
/ my. For this purpose II mortgage o
= Sl0.0O0,000 was secured on the lst da.
f OF October, 1868. the trustees bcin:
{ Phil. G. Calhoun. William Butler, Dun
4 can and William Orton, Of New York
: and Mathew +. Maury. Of Firginin
a The bonds issued under this mortgag,
| have thirty years TO run from Octobc
\ lst, 1863. and are made payable, prin
I cipal and interest, IN gold, either II
4 New York City or London. The.
= bear seven per cent. interest free from
g United States Government tax, payabl
= in gold or sterling at the option Of til
h holders. The mortgage decd also pro
vidcs for an acculnulatinG Sinking
l.. Fund. to commence one year after tn
i completion Of the road. or the tota
y issue authorized $l,0W.0W arc to b
set apart in trust for the payment o
: the bonded and floating debt Of tn
;, Virginia Central Railroad Company
c to whose property, rights, branches
C &c. the Chesapeake and Ohio Railroa'
c Company succeeds. by special nets o
II Virginia and West Virginia, all th
i. property Of the Company is exemp
from State taxation until ten per cent
dividends nre declared from net earn
J.: ;ings upon the capital stock. Th
$ Chesapeake and Ohio ltailrond viii
II pass through country abounding II
s natural resourccs-iron, coal and sal
C being among its principal product.
= 1t will connect the Western water
Il and those ofthe Atlantic by the short
C est line, and its tcrmini find harbor
S capable Of receiving the largest clas
|. of ships. Norfolk has % feet. New
4 port News - feet, and West Point 2
S feet water. The distance from Rich
n mond to Big Sandy Is 405 miles. AM
: TO Point Pleasant 39S miles. From
s Richmond to Cincinnati, by the Chesa
h pcake and Ohio Railroad, the distance
i is 545 miles, 10 Louisville 620 miles, t,
u Chicago 1872 miles and 10 St. Louis 88
@ miles. The shortest existing line
t from Cincinnati to New York Is 10
y miles, from Chicago to New York 9l
t miles, md from Louisvilc to New
Y York SG2 miles. It is thus apparen
!, that the Distances from tho Ohio Rive
J.. TO tide water arc much shorter by thi
D route tlIam any now existing, md alst
J, that It. must, IN the order OF things
q become q. a.compctitor for the commerce,