The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-01-08
Chesapeake and Ohio Railroad


Messrs. FISK & HATCH have put forth a
circular stating plan for the organization
OF the Chesapeake and Ohio Railroad Com.
papy after the sale Of the property OF the
co mpapy. This plan is started since the dis.
missal Of the foreclosure suit by the United
States Circuit Court. 1t is proposed that a
decree for the sale of the property be OBJ
tained from the Virginia court, and that 1t De
on released on behalf Of "the bondbolders
and creditors who shall unite in the plan, "and
thai after the Reorganization Of the company
under this purchase is effected first mortgage
bonds be issued for seventeen millions OF dol.
lars. end second mortgage bonds be also Is
sued for ten millions OF dollars; the first for
thirty wears and the latter for forty years.
FISK s. HATCH conclude their circular as fol.
lows:
nIt is a|so believed that when the Chesa-
peake and Ohio Railroad Company Is reOr-
esnjZed and reesta Dished upon sound ba.
sis. and its future control and policy so dc.
,ermjned as to give to the cities OF Richmond,
louisville, and Lexington satisfactory as
surapce that it will be managed in harmony
with The interests aud plans heretofore en-
tertained hy them, the project for completing
the EIizabethtowr, Lexington, and Big San
dy railroad, by means of subscriptions from
these cities, will be revived and successfully
carried out. This win give to the Chesa-
peike and Ohio railroad one Of the most i'm
poriant of lis contemplated western rail con-
nections and doubtless result in the construc-
ton of one or the other of the projected lines
along the Ohio river to Cincinnati"
We suppose this is the plan favored by
thu New York directors, who raised the
money to build the road from Covington to
the Ohio river. We may imagine difficulties
in the way OF perfectng this scheme. No
scheme will be free from them. But that the
road must be sold, there cannot be doubt.
We may say also that no plan which does
not contemplate and provide for connecting
the Chesapeake and Ohio road with the
western system OF railroads can succeed.
We cannot suppose that any company OF
capitalists would dream OF purchasing the
Chesapeake and Ohio railroad without first
clearly providing for its extension, so that 1t
shall not only connect with the Kentucky
system Of roads, but also with the Ohio sys.
ten, and through that with the roads of the
entire Northwest. s..-
Looking upon the great work, "situated
and circumstanced SIS it's" we have no fears.
It is property Of too much magnitude for
subordnatiop. 1t must maintain its indie
pendent character and integrity. Whoever
may become its proprietors can become so
only upon the condition that 1t shall con.
tinue great corporation, entirely free of
en;apgling alliances and untrammelled, to
pros ecute its own Interests In the best way
to promote its own pros perity and welfare;
and we, hold that that can only be effectively
done by advancing the welfare and pros
perity Of the communities ut its termini and
along the route it pursues.
We contemplate no event that will pre-.
vent the coDsummation Of this theory of its
future. The property cannot stand in its
present state, and it cannot, we believe,
change hands without the conditions we
have stated above. ~,