Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1874-03-03
The Richmond and TranS-AIlc-
ghany NarrOw-Guage Rail
way Company.

On Friday last the Governor ap-
proved charter for this company con.
tanning some novel features worthy of
notice. 1t provides for the construc-
ton of a narrow gauge railway trunk
line from Richmond through the fol-
lowing counties, passing 10y or very
lear the court house of eaclI-vlZ :.
Powhatan, Cumberland, Buckingham,
AppomattOX, Campbell, Franklin,
Floyd, Pulaski, Bland, TaZewcll, Rus
sell, and Wise to Pound Gap, on the
Kentucky line. The branches author
lzed are: First, from Bland or TaZe-
well into Washington county, passing
the Salt Works and great Plast l. beds,
and thence down the HOiston To rs
lillrille, and on to Cumberland Gap,
also on the Kentucky lie; Second, u
branch from Franklin through Pat
rick, Carroll, and Grayson, which may
he connected with the most direct line
through Tennessee TO Nashville and
Memphis; Third, an easterly branch
through Charlotte, Luenburg, Bruins
wick, Greensville, and Southampton
to Norfolk, or, if the company choose,
line further forth ria Petersburg to
deep water at City Point.
1t will thus be seen that under this
charter a general system OF narrow
guaSe roads, controlled by one man
agemen5, may be created without con-
flict with existing lines to open to
commerce the lOckedalp mineral treas
ures of many of the richest parts of
Southwest Virginia, and give them an
outlet to tide-water at Richmond.
Petersburg, or Norfolk, and also to
open to Immigration mole than a
dozen of our best counties.
The average estimated cost of the
trunk line and branches does not eX-
coed Sl5, COO a mile-that being above
the average of the more than 1000
miles of of narrow-guage roads i'll the
United States aud Canada.
The plan of raising the money is
novel. 1t is proposed first that the
counties shall subscribe not exceeding
So 900 "a mile. each county subscription
to be paid in single bond for the
whole amount, bearing SIX per cent.
interest, and having twenty years to
run the counties to levy annually
two per cent. additional as u sinking
fund to pay the bonds within twenty
years. These county bonds are not to
be sold, but are to contain OH their
face Al agreement that the railway
company may mortgage them as col
lateral security TO its own bonds
Lands may also be acquired and mort
gagged. II 5000 a mile is subscribed
in county bonds at SIX per cent, it
amounts to a simple guarantee by the
counties that they will annually pay a
sum equal to two per cent. on $4,000
mile-the whole cost of the road
The charter then provides that the
company may issue its own bonds for
the entire sum necessary to build the
road, and secure these bonds by a
mortgage, not only on its charter,
franchises, rOad-bed, and roIling-stock,
but upon all its county bonds and
lands as well. These railway bonds
are to be payable in sterling or Fede-
raj money, both principal aud interest,
at the option of the holder. The sum
to be received annually from the coun-
ties being two per cent. OF the whole
accruing interest on the cost OF the
load, there will remain but four per
cent. as a charge on the earnings OF
the road, and the company will have
but one class of securities out.
We are informed by the patrons OF
this charter that large railway con-
tractors and bankers in London regard
the scheme with so much favor that il
the 5000 mile can be raised in the
manner above stated there Will be no
difficulty in procuring the rapid con-
struction of the entire line the WORK
to be paid in the stock, bonds, and
lands of the company.
A meeting of the corporators has
been called in this city OH the lOth Ol
March 70 organize the company and
take immediate steps to procure the
requisite local subscriptions. which II
is said are indispensable for the success
of the scheme.
The Legislature has provided, fol
the protection of the counties, that The
amount subscribed by each must bt
extended within its OWN limits, other
wise the subscription becomes void.
The charter is very liberal, and II
appears very we'll guarded. Upon the
advantages of the marrow -gUage" and
the management of the road when
built all depends. Resources for trans