Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1871-05-16

Inat reels no more fOrlOrn,
Oh, Deaths fair brotherl how divine
Must be that slumber deep,
More sweet, more calm, more free than thine
When his Beloved sleep.
From the New York Evangelist.
The Chesapeake and Ohio Railroad.
TO the Bandholdes of the Chesapeake and
Ohio Railroad Company!
New YORK, May l, 1871.
In accordance with the custom we have
adopted, of keeping the holders of Bonds ne
gotiated through us, informed of matters
which may be Of interest to them, We desire
to accompany the payment of the semiannual
interest due this day on the First Mortage
Bonds of the chesapeake and Ohio Railroad
Company, with brief statement Of the oper-
ations OF the Company since it came under its
present management, and during our connec-
tion with it as Financial Agents; the progress
of the work on the extension of the road to
the ohio Rlver; the present position Of the
affairs of the Company; and its remarkable
promise for the future.
The pamphlets heretofore issued by us have
contained full and detailed history of the
road, description Of IFS route, connections,
etc., and many important details which it is
unnecessary to repeat in the brief limits of the
present statement, and with which you are
doubtless already familiar
Since the First Mortgage six per cent. Loan
Of the Company for SIS, 900, 900, now in pro-
cess of negotiation, for the purpose of extend
ing the road to the Ohio River, as great East
and West Trunk Line, was first placed upon
the market, about ST 600, 600 have been sold.
The proceeds FROM the sales Of the Bonds
have kept the Company amply supplied with
means for vigorously pushing forward the work
on the extension of the road between the
White Sulphur Springs (the present western
terminus, to which the road is completed and
in operation, 227 miles from Richmond). and
the final western terminus on the Ohio River,
and have been economically and judiciously ap=
piled to that purpose.
The rapidity with which the Bonds are now
being taken, in exchange tor Five-Twenties,
and for new investments, insures the early sale
of the emaining balance of $S,000,0 900, which
will yield an amount sufficient for the compile
ton of the work.
For various reasons it was deemed impor-
tant by the Directors, that the western end OF
the road, from the Ohio River to the vicinity
of the Falls of the Kanawha, distance OF
about 40 miles, should be completed at the
earliest day possible, and consequently large
proportion of the labor and resources at their
command have been directed, during the past
year, to that end,
The capital of the State (West Virginia) is
situated at Charleston on this section Of the
road, about go miles east Of the Ohio River
terminus.
Moreover, by the completion Of this section,
the celebrated Kanawha coaI-felds are opened
at once to the Western markets, which are
now drawing immense supplies of bituminOus
Goals from Pittsburgh, $50 miles further up the
river.
The bituninous Goals of the Kanawha de-
ivered over this ecfion of the Chesapeake and
Ohio Railroad, at point on the Ohio River
so much nearer and more accessible, will sup
ply large portion Of this demand, and thus
bring an active coal trade westward into imme-
diate development.
Between 1000 and 5000 men have been con-
stantly employed upon the work, which has
rapidly progressed toward completion.
The grading, bridging, culverts, etc., are
nearly ready for the iron on the section re-
ferred to, the ties are on the ground, the rails
are purchased, and it is expected that the lay
ing of the track will be commenced during the
present month, and that this division of the
road will be put In operation during the COM
ing Summer.
In the meantime the work on the interme-
diate section, between the Falls of the Ka-
nawha and White Sulphur Springs, is all un-
der contract and being carried forward, so as
to be ready as soon as the tunnel at the Big
Bend of the Greenbrier can be opened.
This tunnel is being rapidly excavated, and
the entire extension will be completed and the
road put in operation as a continuous through
line from the tide waters of the Chesapeake
Bay to the Ohio River, and prepared to re
| ceive the extensive through business which
| xr,tbip Ettlo MI than from
| this date.
During the past year the completed portion
| of the road now in operation from Richmond
| to the White Sulphur Springs, 227 miles, has
| been thoroughly improved. About Is miles
| of the iron has been replaced with new rails Of
the best quality, and important additions tt
| the eoui pment have been made, in new loco
motives, cars, etc.
The earnings of this portion, as local road
without through connections, have been yer!
satisfactory, reaching nearly $S00,000 for th'
past year.
The certainty of the early completion of tn,
road to the Ohio River has stimulated grea
activity in preparations for the development O
the mineral and agricultural resources along it
line, which have only awaited its completion tt
assume an importance unexcelled by those O
any other section of the country.
The fertile valleys, the coal, iron, salt, lum
ber. and other natural riches of Virginia an,
West Virginia, have long attracted the atten
ton of settlers, iron manufacturers, miners
and capitalists and now that the Railroad i
bringing them within the range of pro6tabl
Improvement on an enlarged scale, the token
of rapid and immense development of agri
cultural, mining, and manufacturing industr
along the line of the road are appearing o.
every hand.
| Extensive purchases of iron and coal land
have been made within the past year, an
preparations are being made by capitalists an
practical coal and iron workers for operation
on a large scale.
/ Real estate, at various points along the line
and especially at Charleston, the capital G
West Virginia, has largely advanced in value
At the western terminus Of the road on tn
Ohio, where its various railroad and river cor
nections with the West, Southwest, and North
west, will concentrate, an important and thr
wing business centre-for which the location
admirably adapted must rapidly arise. |
anticipation of this, the Company have dec
ded to locate their machine shops, rounc
houses, ETC., at this point, and contracts hav
already been made for their erection.
At the same time the West and Southwe
have become thoroughly awakened to the in
| IL Lo n .