The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-04-04
Sale of the Chesapeake & Ohio Railroad.

As advertised, the sale of the G. & o. R.
R. together with all its franchises, rights
and privileges, took place at the Chamber
of Commerce, Richmond, last Tuesday at
u NJ.
Just before the crying commenced, and
after the terms had been announced. the
auctioneer read statement from the Mayor
of StauEton, who was present, setting forth
the intention of the city to hold the pur-
chasers of the road liable for the fulfilment
of the contract, by which the city had do.
mated the lands for the workshops &C.
Genr Wickham answered by saying that
the conditions of the contract had already
been complied with and the deed delivered.
The Richmond State gives the following
account of the purchase &c.:
A. S. Hatch, Of New York, representing
the first and second mortgage bondholders
of the road, bid s2,750,0O0. The crying con-
tinued for fifteen or twenty minutes, and
there b. ing no bid, the property was declar-
ed sold to A. S. Hatch, C. P. Huntington,
A. A. Low, Isaac Davenport, Jr., and John
Carter, a committee of purchase and re.or-
ganzation for themselves and others, as the
highest bidders.
This committee represent the first and Sec
ond mortgage bono-holders. Thereare $l5,.
100000 in the first mortgage of six per cent.
bonds, and OF this amount $l4, 079,0G0 are
already represented by the committee of
purchasers. There are $l2, 1871, 900 in the
second mortgage of seven per cent. bonds,
and of this amount $ll ,0O0,7S7 are repre-
sented by the committee. The privilege is
extended to the holders of the remaining
first and second mortgage bonds to join,
which it is said they will do,so that the action
will be practically unanimous. The amount
paid for the road-$2, 750, 00O-does not, of
course, represent its prosp ectiye value, but
is nominal figure, covering the amounts
due for interest, and certain liens Of the
| Virginia Central Railroad Company, &c.,
&c., as provided in the terms of sale.
| Ninety days was given, by the terms of
sale, for the purchasers tosettle. Within that
time the committee above mentioned will
effect an organization by electng board
of directors, sc. 1t is thought that there
will be little or no change in the present
management. The zane of the road will be
technically changed, but we are assured by
Mr.. Hatch that nothing will be done inimica-
Bile to the interests of Virginia, on the contra
be to secure through western connections.
Mr.. Hatch says he cannot tell what the
Western connection will be, but he is GER
tain that one or more of the projected lines
between huntington and Cincinnati will be
completed at an early day. He referred to
the road about to be built between Ports
mouth and point opposite Huntingdon
The company undertaking that line prom-
ses to have trains running between those
points by next fall. That would give us an
outlet to the West through the Scioto VAL
ley.
Then the projected line on the south bank
of the Ohio River between Cincinnati Tor
Newport, Ky.,) and Huntington will proba-
bly, be pushed at once, and the eighty odd
miles of road between Big Sandy (Gwelve
miles below Huntingdon and Mt. Sterling,
KY, which would give connection be-
tween Richmond and Louisville.
Mr.. Hatch is of opinion that it is only
question of q short time as to the compile
ton Of all three of the routes mentioned.
The amount for which the property sold
is more than sufficient to cover the bonds of
the Virginia Central Railroad Company out
standing, with past due interests on the
same, expenses, foreclosures, &c., and all
claims having priority OF and per cent.
bonds OF the Chesapeake &c Ohio Railroad
Company, the amount of such prior liens
being understood to be about $2,000,O00. |
AS the sale will unquestionably be satisfac-
tory to all parties there can be no doubt of
its being ratified by the court