The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-03-27

| THE NEWS FROM NEW YORK-TIIE DAN
yHLEROAD INCREASING ITS EQUIPMENT.
We are greatly pleased to be able to an.
nounce 10 our readers that the authorities
OF the Richmond and Danvile railroad
completed last evening the lease OF the At
lanta and Charlotte Airline railroad.
The railroad situation for the last few
days has been intensely interesting and ey-
citing. The Richmond and Danvllle Rail-
road Company and the Biltlmorc and Ohio
have been understood to be competing upon
different terms for the Atlanta and Char
lotte railroad. The latter road 1863 miles in
lengthy extends from Charlotte, in the
southwestern part OF North Carolina,
through South Carolina to Atlsnta, Ca,
making connection with the Richmond and
Danville at Charlotte. IL has been under.
stood for some time past that the Baltimore
and Ohio Railroad Company intended to ex-
tend the Midland road from Danyille to
Charlotte and TO seek consolidation with
Atlanta and Charlotte. The construction
OF such "A road would make Baltimore
rival TO Richmond for the southern trade OF
North and South Carolina aud Georgia.
The Interests Of Richmond are The interests
Of the great feeder. The Richmond and Dan
willie road. For several weeks the Danyile
~ IL " - ttiItu. ubNf Dttu VII lUt
alert to avert the Threatened invasion Of
RichmOnd'S commercial territory. TO ac-
cOmpsh his several propositions have been
made 10 the Atlanta and Charlotte people.
At the annual meeting OF stockhold lders,
March Q, 1881. the Richmond and DInyllle
offered to Irase the Air Line, guaranteeing
the interest upon all its bonds and five per
cent. dividend upon its sock, payable IN
scrip for five year.. and after five years in
cash; also, to spend $780, 900 per annum
over and above earnings in improving
and equipping the road for ten years.
This proposition was not accepted.
Since then various negotiations have been
pending for purchase OF Il majority OF the
Airline securities or for lease. On FRI
day direct proposition was made by the
Air Line directors to lease the road 10 the
Richmond and DIDvilc upon the terms
above mentioned, except that the D per
cent. dividend on stock should be paid in
cash and $500, 600 security nut mp as "A guar
artee that The terms would be complied
with. Yesterday the representatives Of the
Richmond and DanvIlle company accepted
TINS offer. a, 4 z. VI. the stockholders met,
and Mr.. Garrett. representing the Baiti-
more anu Ohio company, appeared In per-
son and proposed to lease the Airline
upon the terms offered by the Richmond
and Danvilc company, raising their bid 10
6 per cent. diyidcud on the stock. lie was
told that hc was 100 late, the contract being
already closed.
The Richmond and Danville Company
takes the road as it stands, pi;ing for ils
Use the interest. at per cent, on the mort
gage debt OF S4.1j0 900, the interest at 6
per cent. on S450,000 income bonds, and
| no N M sfnpl - -un 0nn
The stockholders Of the Atlanta and Char
tote Air Line have confirmed the lease,
and given directions to complete the con-
tract, possession 10 be given on the I'd OF
April next.
THE NEWS BY WIRE.
The following special telegram to the
DiSDQtch from Mr. William l.. Royal was
received last evening:
NEW YORK, March 2G.--Thc Dlnville
railroad succeeded this evening in ofIrcting
Il lease Of the Atlanta and Charlotte rail-
road. after one Of the biltereSt and most
hotly.c3niestcd fights that ever took place
amongst railroad officials. The Danvile
agrees TO plv interest upon all the bonds Of
the Atlanta and Charlotte, and 10 pay per
cent. upon lis stock. They put up $500, 900
as guarantee. Al the end OF the final
negotiatiOn The Baltimore and Ono
railroad came forward with an offer
to guarantee the interest on the
bonds, and 10 pay q per cent. on the stock.
the principal men in the Atlanta and Char
iOtte Airline management al once declared
this an act OF 'punic faith that they had
allowed the Danvie Company to traffic
with them through long series OF negotia-
tons upon the belief that their offer would
be accepted. and they refused TO consider
the proposition OF the Baltimore and ONO.
TOO much praise cannot he given by the
people OF Richmond 10 the intelligent and
per>istment management OF the Danylle
people, and especially to General /. NJ.
Logan, for The Just benefits that have been
secured to Richmond by this lease. was
present At the various stockholders meet
ing aud Witnessed the proceedings. Rich
mOnd euchIes Baltimore this time.
THE RICHMOND AND DANvILLE RAILROAD.
AS said before, the citizens of Richmond
are u be congratulated upon the above an.
nOuncemCnt OF The lease. which Will so ma.
tcrally add 10 the wealth Of the cily. The
managers OF the Richmond and DanviIIe
road took charge Of IT after the war with
only l4l mites OF road, IN n worn condition,
The equipment being very much dlapidated.
The complpy has now under lis control
over ,422 miles Of road, extending 10 Au-
glIsta aud Atlanta, Ga, and Point OF Rock.
Tenn. Al the latter place il connects with
the East Tennessee system OF roads OF over
600 miles. under the management OF C0lenPl
Cole. who will row doubtless send his
frei9htS over the Richmond and Dlnylle
road instead Of over the Atlantic, MS>iS-
Sippi and OhiO, rs formerly, the distance
being about the same.
The Danvile road. by means OF its con.
nection with the Western North Carolina
railroad, offers superior advantages 10 Colo
mel Cole. The curvatures are easier, and
the grades much lighter on that route than
they are on the Atlantic, Mississippi and
Ohio road, and transportation can be
effected over Il at n much less cost. The
Richmond and Danville Company have, it
is understood. on account OF its new access
SionS. decided TO increase its equipmf at by
the purchase of twelve M0gul engines and
one thousand bOX-c1rS. which will be placed
upon the road as soon as they can be built.
In the mean tine the company ask the
indulgence Of their shippers, As the
business OF the road has Ottstripped
its enormous capacity beyond the most
sanguine expectations OF its best friends
Only recently eight 1logul engine,
and 200 lIeight.cars were added TO
the carrying capacity OF the road, which
failed 10 meet the demands OF It's customers,
and the new orders will consequently be
completed with all possible speed. 1t Is
suggt sted that the attention OF the Com
mercIa Club. the Tobacco, Grain, and Cot
ton Exchanges be called TO the importance
Of aiding the projected extensions OF this
great feeder OF Richmond. and also 10 the
necessity OF securing twenty-five feet depth
OF water in the James river.
| HrNRICO NEWS The UeDricQ County