Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1873-04-26
Railroad Observation-Disclosures OF
the NJ. & p. r. K.

cill county concerns and we observe Striking
illustration Of il in their recent arrangement
with the Cumberland Valley Railroad Compa-
nv. in reference TO the completion Of their read
from Martinsburg to the Potomac, which we
commend to the careful consideration Of such
Of our citizens as have charge Of the protection
Of the local interests of our county. 1t seems
that in the recent arrangement made by the
people Of Berkeley with the Cumberland Val
lev Company. the corporate stock Of the coun-
~ of Berkeley, and the private stock Of the
citizens Of that county, have been placed upon
the footing Of preferred stock, and entitled to
full dividends before the stock held by the
PENNSYLVANIA company can receive any divi-
denI at all. Why may not such an arrange
neut be made for the benefit Of the people Of
Jefferson county and why may not the stock
which has been subscribed by the people Of
this county to the Shenandoah Valley Railroad
be placed upon an equally favorable footing
Its TO invite the attention Of our people to
this important view Of their interests that we
take from the Martinsburg Daily Independent
Of Monday last the FLOWING notice Of the con-
tract recently arranged for the completion Of
their road from Martiusburg to the Potomac
river:
A conference was held at the CarrCllton
House in Baltimore on Friday last between
Hon. Frederick Watts, President, and Thomas
B. Kennedy. Esq, Vice-Presideut Of the Cum
terlaud Valley Railroad Company on the one
Part. and Hon. G. j. Faulkner, President Of
lie Martinsburg aud Potomac Railroad Com
pauy on the other part. The object Of this
meeting was to arrange the prelimiuaries Of a
contract for the completion Of the railroad from
the Potomac River TO this place We are
pleased 10 learn that all the main provisions
of this contract were agreed upon by the nvgo-
r,tors. although they will have to be submit
ted u their respective boards for ratification
aud approval
Il is understood that the completion Of this
road. embracing the work and repairs yet to
be done upon It's bed, ballaSting, croSS-tieS yet
10 be purchased. iron rails, switches, water sta
ton. aud depot buildings will require further
| advance Of $4,000 This, II was agreed the
Cumberland Valley Railroad Company would
furnish. upon the second mortgage, and upon
having a representation in the Board Of Direc-
tors. in some measure proportiouate to the
/ LARGE mouied interest which they have in the
work. and adequate 10 the full protection of
theiriuterests. Toaccomplish this representa-
I ton. IL will be necessary 10 enlarge the stock
\ of the company but u Is distinctly under
I stood and AIRED that the stock now held by
. the county Of Berkeley, and by the citizens Of
/ of the county, shall be held and regarded as
PREFERRED STOCK, and be entitled to receive
FULL DIVIDENDS, mot less than eight per cent?
I before the stock held BY the Cumberland VAL
I lev Railroad shall receive any dividends at all.
There were many other matters Of detail
discussed. bat the essential features of the ar
raugemeut are above set forth; and We can
see nothing in the contract, that ought not to
7 be acceptable TO the people Of this county
/ When this second advance of $4,000 is
made by the Cumberland Valley Company, its
advance in money toward the construction Of
our road. will amount to S344 900, while the
county subscription Of Berkeley will be bat
Sl2O 600. aud individual citizens OF the cum
w. but 81 500 In all from this county Sl27,-
500. Il seems 20 US therefore altogether Tsa-
souab.e and proper, that a company which has
advanced Myes dollars 20 our one, should have
o voice in some measure commensurate 10 its
investment, IN the direction aud administration
/ of the affairs Of our road. We presume that
there has not been a moment since they
made their first advance Of money to our road,
that they would not have been allowed a par
tcipatiOn in the Board Of Directors, if they
had expressed wish TO that effect. We
should have been pleased to have had the bene-
it Of their information, and experience III the
construction Of our Improvement There are
two conclusions resulting from this arrange
meut that must be in the highest degree salts
factory % our people. They are:
First, The certain assurance that this road
will now be completed IN the shortest possible
period that energy and money can accomplish
&C. Thj, we have every reason to hope and
believe will be by the fourth Of July next
We DO not mean TO say that the depotS aud
other buildings will be erected by that time.
but that the road will be sufficiently completed
90 enable the cars to Fuu from Harrisburg to
Martinsburg.
Secondly, We have the further assurance
from this arrangement, that all apprehensions
that the county Of Berkeley, or that the indi-
vidual citizens of the county who have sub
scribed Go the stock Of our company, will ever
forfeit their interest 10 that stock by the en-
iJrcsnert Of any mortgage, re wholly without
foundation. Our stock in this county is agreed
90 be placed upon the footing of PREFERRED
STOCK; and 1t Is the earnest wish aud desire
Of the Cumberland Valley Company, that the
pso pie of the county Of Berkeley shall always
retain their interest in the road, as constituting
10 itself one Of the greatest safe guards to the
protection and preservation Of lis large invest
ments IN the work