Spirit of Jefferson. [volume] (Charles Town, Va. [W. Va.]) 1844-1948, 1872-10-01
: IFromr. the Clarke co,urier5l
Shenandoah Valley Railroad.

John o. Cro,cn, Editor Clarke Courier:
DEAR Sra :-Permit me to call your at,
tention to the following extract taken frou the
Richmond Enquirer, and by it credited to the
stanton Spectator, but the substance of
which originally appeared in the Page
Courier:
eteck hoider. OF the Shenandoah Valley Railroad
held meeting at Front Roysl, Warren county at
gage bonds to the amount of SIS. 600 per mile. in
stead OF $50 GOO, as provided in the contract B.
xa,s r. ,e s9 proxy for p'ge county rei"sed.
.nbsc ripti"n of 900 600 subscrbed by Philip Cot
linz. Eco, as agent for the Central Improve ment
Company of Pennsylvanis, was fraud. and that
through him bis county should lend her seif to
any connivance with a fro udulcnt trspssction
It appears from this extract that the stock
meeting, through the aid of the fraudulent
vote of the q. [. Co, were ordered to issue
SIS, 900 per mile more than was provided for
in the contract for construction, aud that Mr..
Grayson refused to participate in the fraud.
The facts are these:
The directors were ordered to issue S25 600
per mile, because the new contract with the
c. l. Co.. of July last, entered into at Phils
delphia. provided for this amount instead of
$50, 900, the amount provided for in the old
contract This old contract was entered int,
ID.
was rescinded by express provision contained
in the new 1t was modified in several nsr>
ticu'ars. this amongst others, and it is suff-
cient here to say, that for this increase in
mortgage bonds, the Railroad Company Oh
tanned what was considered by the present
board of directors full equivalent, in other
changes made in ITS favor at the same time.
1t is true that B. F. Grayson, the Page
proxy. did refuse to vote in the meeting for
the reason assigned-with this exception the
authority was given unanimously. | appre.
bend that Mr.. Gravson had failed to inform
himself OF the provision OF the new CONTRACT.
The old contract Contemplated the construc
tion ct the road from Shrpherd-town to Ri.
Lick on the Virginia and Tennessee. The
new for the present, provides only Tor the
| construction If the road It's intersection
with the Chesapeake & Ohio, at or near
Staunson, leaving t" the future develop The
line of extension further s"utE, aud west.
Under the old contract the &. 7. 20. were
to take Sl,600.000 in the stock of the rail-
road COMPANY, payable in work on cnn>trnr-
ton. Under the new. this stock was oha,ed
in the proportion that 237 miles the length
of line from Shcpherlst"wn t. hi. Lick
bears to 1873 miles-the length of lin. from
Shepherdst"wn t. the Intersection with the
Chesapeake Ohio. and the G I Co voted
S39S.500 nj stock in the late meeting. instead
| of s. 600 600
Allow me to say in conclusion, that so far
as l know. there is no trouble with the s. V.
K. K. The graduation upon nearly sixty
miles has been completed. Nearly one half
the debt for RICH, of way through Jefferson,
Clarke. and Warren cour ties has been dis.
| charge and al this wi,hour the hynoheca
zion or sale OF but 80. 600 Of Jefferson county
binds There has been no sale ot the Clarke
county bonds, and as yet there is M mortgage
"r incnm brauce Of any kind upon the road bed
or franchises ut the company.
The prospect of an cAt-nsnn north from
Snerherd>t,wn. connecting our valley with
Maryland and Pennsylvania system IF roads.
| is Immediate aud encouraging. aud I think
the facts wnrra' the assertion that the road
is fully emf t'"d t. he ,esal dcd as success full
enterprise. Yours, &c.
a W McDoNALD.
Director S. V. Il. r. Co
September %, 1872.