The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1871-11-16

ACROSS. THE CONTINENT.

The, Zee Mt perfection OF the SAFE OF tnt
Louisville, Cincinnati and Lexington Rail
road, to the Chesapeake aud Ohio Road, OF
its representatives, consummates Ink ii
one of the most gigantic Railroad chains thai
has ever been conceived in this country. L
the contemplated scheme is carried out, the
waters Of the Chesapeake Bay will be brought
in direct communication with the slopes Of
the Pacific Ocean, along the 3Sth parallel
under the direction Of the management of the
Chesapeake and Ohio Railroad Company
The terms Of this important negotiation are
condensed by the Courier Journal, as fol.
lows:
| The Louisville, Cincinnati and Lexington
Railroad Company sells to the Chesapeake
and Ohio Railroad Company-to G. P. Hun.
tington, VIM. Fl. Aspinwall, A. A. Low.
Jonas G.. Clark, Richard Irwin, Phiny Fisk,
VIM B. Hatch, John Echos, and their ass
sociates who may sign this contract-one
million of dollars, being twenty thousand
shares, of fifty dollars each, of additional cap
ital stock in the said L. G. & i. R. r. Co.,
IOt Aft tiuuQIGu tHUuSduQ VOiilIO, UC!uS dt tHC
rate Of twenty FIVE dollars per share, or fifty
cents on the dollar, for the said one million
Of additional stock, which the company has a
right to issue and sell, payments to be made
therefor in cash or as fast as shall be requir-
4 ed to meet the liabilities of the company
| Provided, The purchasers agree to purchase,
and do purchase, all or so much Of the res
naming stock Of the company outstanding as
may be transferred and lodged for transfer
with the secretary and treasurer of the COM
pany within sixty days, at the price of sixty
cents on the dollar, or thirty. dollars per
share, in good negotiable bills Of said spur-
chasers, at ninety days from and after the ex-
piration of said sixty days notice, bearing
six per cent interest; or at the price of sixty
five cents on the dollar, or thirty-two dollars
and fifty cents per share, in such bills bear
ing like interest, but in three equal Install
ments of six, twelve, and eighteen months;
the stakeholder selling to have the option to
accept the thirty dollars per share in the bill
at ninety days, or the thi1ty-tWo dollars and
fifty cents per share in the bills at longer
date; the stock to be transferred and issue to
said purchasers on being thus settled for,
| but not to be delivered but retained by the
President of the Louisville, Cincinnati and
Lexington company as collateral security for
the full and final payment of the bills given
for the purchase thereof. Ia like manner
the one million Of additional stock is to be re-
tanned by the company selling, as collateral
security, until finally paid for.
OF course, the contract does not compel any
4 individual stock holder to sell his stock, whilst
| tho hoe hound to fol al h,* 10
offered within the time; and they unhesitat-
| ngly express their desire to take up all they
can, believing they will be able in few years
to make the stock immensely more valuable
than the price they pay. But the company
covenants and guarantees that the purchasers
shall obtain under the contract at least six
thousand shares (three hundred thousand
dolars) of the outside stock now held by in
| diyiduals, at the price and on the terms and
within the sixty days. time provided in the
contract; in default Of which the purchaser
may buy that amount in the market, and the
company shall pay any excess they may have
to pay for it above the contract price
| The parties and persons named in the con-
tract as purchasers are jointly and severally
bound for the full performance of all its COW
enants; and, as at least four or FIVE Of them
have the general reputation of being New
York millionaires, there can be no doubt
the contract will be faithfully carried out,
and no bill they may give permitted to be
dishonored.
| It will be seen from the above that our fell
lo#~citizen, Gen. John Eehols, is one Of the
contracting parties. .r
AS part of this grand scheme to span the
continent and unite the waters Of the Atlantic
and Pacific, the completion Of the Chesapeake
and Ohio Road is important As to its pro-
gress, the Journal says:
The construction of the Chesapeake and
Ohio is being pushed with energy and deter
mination. It. is in operation from Rich
mond, Va, to White Sulphur Springs, Va,
on the cast end. On this end the road is
ready for the iron from Huntington, near the
mouth ofthe Big Sandy, to the falls of the
Kanawha, about ninety miles. The low water,
which interferes with the transportation OF
MATERIAL is all that is. now delaying this por-,
| ton of the road. This leaves gap Of about
ninety miles from the KanaWha Falls 10 meet
the construction trains on the eastern end -
The work is all being done in the most SUBJ
stantial manner; the masonry is superior to
that of majority of the roads in this coun-
try, costing we are Informed, about sS27 600
per mile; the grades are much less than those
of the Pennsylvania Central or the Baltimore
and Ohio, the maximum grade being 29a
feet to che mile; the worst ravins are filed inv
stead of bridged with substantial trestle
work one immense fill having employed
four hundred men for three years, 4
The New SEDATIvE AND IT'S DANGERS.
The London Lancet calls attention to the
enormous manufacture of the new sedat1ye
drug, choral. 1t states that it is sold by
tons week, and quotes letter from Baron
Liebig, affirming that one German chemist
manufactures and sells half a ton every week
OF course, no such quantity is used in medi-