The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1892-03-03
Millions for Virginia.


$7O,0O0,00O in new bonds and stocks.
There were present President Ingalls, in
the chair; w. P. Anderson, of Cincinnati
G. D. Dickie, of New York; G. FL. Costa,
of New York; Decatur Axtell, II. T.
Wickham, John P. Branch, of Richmond.
1t was reported by the secretary that
449, 900 of the 100000 total shares of stock
were represented.
The meeting was a formal one for
official consideration and action upon
certain plans which have been pendill
for the past two months. Among these
was the acceptance or rejection of an
act of the Legislature of Virginia, en-
titled 'an act to authorize the issue o.
additional be nds aud stock by the Ches
apeake and Ohio Railway Company and
defining the purposes to which they may
be applet l." approved December %, 1891.
and the acceptance or rejection of a GERS
tain other act of the Legislature of Wiz
ginia entitled IAN act to authorize the
Chesapeake and Ohio Railway Company
to construct or acquire branches or ex>
tensions and to issue its mortgage bonds
thereon, or to hold stock in and guaran
tee the bonds of corporations owning
such branches or extensions" approved
December 90, 1891.
On motion these were accepted, and
the President and Board of Directors au-
thorized to create mortgage upon the
property to the extent of So 900, 600, and
l. I'M
also authorized to increase the capital
stock of the company to such an extent
as may become necessary.
This was done in order to provide for
the acquisition and construction of
branch lines, and for conducting inns
provements, double tracking, and the
retirement of the preferred stock
President Ingalls, informed the stock
holders that the company had acquired
control of the Ohio and Big Sandy and
the Elizabethtown, Lexington and Big
Sandy roads.
When the meeting adjourned a session
of the Board of Directors was held, and
the mortgage was signed and various
contracts ratified.
In an interview with Dispatch res
porter Gen. ingalls, said that $50, 200, 900
provided for would be used in taking
up the old bonds and nearly all the rest
will be spent in Virginia. The line from
Clifton Forge to Hinton, distance of
40miles, will be doub tracked; million
dollars will be used at Newport News in
constructing yards, piers, tanks, and a
station; Lynchburg will get u good share
in the way of extra tracking, hand
some station, etc. Mr.. Ingalls, stated
that contract had just been made for
fOrty-six new locomotives, thirty five Of
which will be built at the Richmond
Locomotive and Machine Works; 500
coal cars will be made by the En-
and twentysix passenger coaches by
Barney & Smith, Dayton Ohio. A good
deal of money will be expended in inn
provements at Richmond.
The contamination of this gigantic
financial arrangement means great
deal for the entire Chesapeake and Ohio
system, and especially for this Immediate
section. The double-traching of the
road from Clifton Forge to Hinton, is in
response to imperative business de-
mands. The developments that are
going on in the iron districts of Virginia
and the coal regions of West Virginia, con
tiguous to the main line of the road Jim
pei enlarged facilities for their aecommo
dations. These developments are yet in
their infancy, and with ready transpor
tation they will progress far more rapidly
than they have in the past. There is
enough iron ore, within radius Of 25
miles of Clifton Forge, to feed all the
were they in existence. With the ores
and coal present and the market ample,
it is a question of transportation and
mining capacity that remains to be met.
The mining operations aust, in the nature
of things. be arranged by private capital.
In degree, this is limited, as yet, but
with assurance that every ton of ore and
every bushe of coal will find quick
transit to the waiting market, capital
will not hesitate to embark 10 such en-
terprises.
In a conversation. a few days ago,
with an intelligent gentleman of the
Valley, Mr.. Ingalls, said it was his pur-
pose to SO equip his road that every car
load of freight, of whatever nature, Of
fered along tie line, would have imme-
date accommodation. Cars and en-
gines have been ordered to correspond
with the comprehensive plans of the
sagacious president, and as rapidly as it
is possible to effect it, improvements and
additions will be made to meet all pres
ent and future demands. The passenger
accommodations now are unsurpassed in
the United States; and these will be en-
larged and modernized, until the Chesa-
peake and Ohio becomes the ideal rail
road of the Continent
The year opens auspiciously for this
section and we hope to see unusual ac
ITCHY in all lines of enterprise, as the
winter breaks and the season returns for
more extensive and industrial business
operations.
The Norfolk and Western Railroad