The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-04-30
Ohio River Northside Railroad

.a.oo,,t convention at tronton, ono, uNt III
{ incipna,i on the 9th instant. ~ WV
,,;,,oo i con,posed of three men IRON each
county through which the pr0p'Seo mH
Masses The Hon. BsS. EddLESToS' oi o.1'
c;nnsti, presided. II was dec'oea 'na' IN
,o,r n huild the road SHAFT De eaheo
{, r,o cincinnati, Ohio River aud Virginia
p,,l-o.d Compaay." Its capita'is to be hree
,,;,,;ous Of dollars OF stock, 10 DC sey'eo oe'
s.yrcd stock, with power to issue one d''i'ton
,r common stock after the road IS peait, saiu
las, stock to be sold at par, In shares OF one
hundred dollars eaob, for the purpose oil
eouipninr he road; the deferred stock not
10 receive dividends until there is an excess
Of earnings over aud above what is necessary
10 nav the interest en- the common stock.
Mr.. DWIGHT. of Hamilton county, pre-
pared the plan, and in presestng II ne gave
his views of the financial basis Oh "hich
railroads should be built. He contended
that roads should be built on funds Oh which
there should be no interest paid By the com-
many until the road was at work and paying
profits. lie thought that the issuing OF bonus
and selling them at discount, and paying
interest upon them frsm the beginning, had
broken down many railway companies, and
caused railroad property 10 be forced to sale
by foreclesed mortgsg es, resulting IN sacr'nces
that annihilated al! the property OF indiv'-
dual and county subscriptions, and transfer
ring all to capitalists who did nothing TO-
wards building the road. He was close
calculator, and wanted the road to be oui't
with money, and not upon bonds sold at
sacrifice.
This Is q debatable question. Very few
railroads have been built in this way. Fee"
could have been SO built. Moncyed men have
been inducedto buy railroad bonds at low
figures whe would never have invested dol
lar in building roads. They have thus as
sisted the Hsrculean labor, and first and last
they have lost millions.
We shall be very glad if Mr.. DvIGHr and
his colleagues succeed in building their pro-
posed road in this manner, but it will be
hard work.
HAcounted on Richmond for one million
i.'e., one-third Of the first subscription OF
three millions of dollrs. Mr.. W. W. -joaN-
SON, president of the Second National Bank
Of Irontou, in letter TO the meeting, also
indu!ged the hope that Richmond would aid
in the construction Of the road.
The committee sent TO the IrOnten Con-
yentiou by the Cincinnati Board OF Trade
made report to the Board, in which they
represcnt that the Ohio River road to Hunt
ingten isvery important to Cincinnati. They
declare it necessity to her trade, and eX-
press the opinion that it may be readily built.
They apprehend that unless Cincinnati takes
hold of it the connection with Hunting
ton will be made to some rival city probably
to Chicago; but we think Cincinnati stands
in greater danger from Louisville. beroad
TO that city will cut OF large trade ut a
point more than a hundred miles west Of
Cincinnati. The committee say that
"Whcn this road is built Cincinnati will
have another through line to the seabeard
with better grades than any now existing
1t will have a southern railroad by way of
Richmond, Va, lending to ali points ia the
Caroiinas and Georgia.
"The city Of Cincinnati will have one
hundred and City miles Of local railroad adj
ded to the lines entering the city, from di-
rectien where there is no existing road
from q region full Of population, inSuring a
large passenger business; full of iron and
coal industries now in full, successful, and
profitable operation.
"Therc are upon the line mere than fifty
pig-iron furnaces in blast. One of these, at
Ironton, deserves special notice, being the
largest cver,construcled in this or any other
country, having a capacity to make QUO
hundred and thirty tons of pis-iron daily
This business Of iron and coal will make the
road one Of the best for local business
which business should not be diverted from
this city by other. contemplated resds lead
ing to Columbus, Cleveland, and Chicago
Now, here is inducement strong enough
to make Cincinnati see that the road is built
all the TEST. look to Richmond for msteria
aid With the very best and kiudest feeling
towards our Ohio friends, we cannot hell
telling them that, wealthy and deeply in
terested ashley are, it comes with bad grace
from them to be calling on Richmond tohelp
passed through war, fire, aud calamity. She
has rebuilt her houses ont CT ruins, and tas
recovered from calamity, bat is still suffer-
Ing fro6n that WEAKNESS and exhaustion frou!
a great labor which no community couk
avoid ffam similar cause. Net, she is the
capital Of Virgins, which bus icy her own
means, aided by theschartered pr&ileges she
conferred, completed great road to tie Ohio,
40 miles dong, at cost of more .@an s20,-
100000. Cannot the rich Cincinnati and
the teeming Ohio Riva- Valley baild con-
nection witsa!lS road ats.cost of oniyS3, 000,-
COO: Ought ahey to ask lls to help them?
Richmond* population is say 65, 900
tuls, more thas two,ffths sSf which are ne
ERoes. Prospering. indeed, with a brighter
premise than she ever before dad, she Is yet
not the town to be called on bg the wealohy
communities of the Ohio VALLEY to build u
short road ut their doors after hat she hss
done to meet them on the Ohio. That great
labor has left her burthened wiea heavy
debt. =
Cincinnati is the CaGsrs Of the Chic, aud
her population is progressing towazds $780,
600. Louisville, too, rolls ia wealth, and is
approaching her 100, 900 population. Both
these cities have been counting largely Spon
Rtchnead. They pay compliment to the
generosity and enterprise of our people In
counting SO largely upon US. But they poorly
appreciate the eXhausting misfortunes which