The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-05-06
Y ALLEY VIRGTNTAN.
Stanton, Virginia,
Valley Railroad.


and the City Council, with reference to mat
tiers connected with the railroad interests, will
he found elsewhere in to-day's issue OF the
NIRGINIAN.
While there was no definite or tangible re-
suit reached, SO far as the action Of the stock
holders WAS concerned we are satisfied that q
better understanding was co;,sumn;ated be-
tween the various parties associated in inter
est with the general affairs of the Company
The spirit manifested by the representatives Of
the city Of Baltimore and the Baltimore and
Ohio Railroad, was frank, manly and inspir-
ing. and VIE are led to the conclusion from the
statements made at the meeting. that arrange
nlent2 will not long be delayed by which the
creditors of the Valley r. L. will be accom-
modated. Mr.. I[eyser, Of the Baltimore and
Ohio r. r. Company, and Mr.. McI4ane. proxy
for the city Of Baltimore, spoke to the point,
and infused q feeling Of confidence in the
earnest desire OF those corporations to do all
in their power to place the affairs Of the Val
ley road in q more favorable condition, dis
charge its obligations, and rs speedily as cir
cunstances will admit, enter upon the ac-
tive prosecution of the work again. The City
Council, acting in harmony with the opinion
of its legal adviser, refused to deliver over the
$4,000 i'll bonds voted and subscribed to the
extension of the road from Stanton TO Salem.
The refusal was merely technical, and does not
amount to a substantial question as to the va
Ii lily of the subscription. This $50, 600 was
subscribed On condition that 50, 900
should be subscribed by parties able to pay, and
imasnuch us an Injunction had been obtained
by certain tax payers Of the county Of Roam
oke inhihiting the use of the bonds Of that
county already issued, until the validity Of that
subscription should be adjIdicateC, the city
attorney did not regard the conditions of the
$50. 900 subscription as having been fully COM
piled with until that question was settled. II
Roanoke S subscription should prove not to be
binding, then, it is conteUtled, all the parties
to the agreement would be released. Balti-
more city and the Baltimore and Ohio Rail
road Company have, however. already fully
paid over their subscriptions, and the money
expended in the construction of the work.
This was done upon the presumption CT the
good faith of all the other subscriptions, and
the action CT the tax payers OF Roanoke coun-
iy was not in consonance With the general I'M
Outstanding, and the confidence reposed, and
was the first step to introduce q series OF OBJ
structions that finally resulted i'll suspension
OF the operations Of the. contractors. It is not
seriously doubted but that the decisions of the
courts will be adverse to the pretension Of the
Roanoke taxpayers, and that the county will
be compelled to pay the bonds in accordance
with the terms of Tie subscription. While
there is technical excuse, therefore, SO long
as this point is unadjusted, upon which the re-
flsal OF the city Of Staunton to pay her bonds
may hinge, there is no substantial justice in il;
nor did this shadowy apology for a reason take
away the discretion Of the council in the prem
Uses. They had right to refuse, and they did
so; but viewing it as matter Of public policy,
into which it resolves itself, we think it would
have been more to the advantage of the city,
and the citizens OF the county, under all the
circumstances had the emergency been favor
ably met, iIasmuch as i5Avould have assured
speedy settlement with the contractors, and
the distribution Of large amount OF funds
throughout the community, in the discharge OF
their direct oblig ations, and the indebtedness
of the Contractors. The members Of the Coun-
ell were, however, acting in their official ca
pacity, and we do not raise the question as to
the honesty OF their conclusions. They did
what they believed to be right. no doubt, al
though IN my differ with the determination at
which they arrived.
Throughout the entire proceedings Of IL
stockholders meeting there was manifested a
commendable spirit Of fairness and mutual
confidence. The clear and satisfactory state
ment of Mr.. Kayser, in response to the minor
ity report Of Mr.. Anderson from the eommit-
tee to investigate the financial condition Of the
company, was received with the liyeest salts
faction by every one present. Indeed. Mr.
Anderson's report, criticising the expenditures
in the item Of iron rails, we thought was lily
digested. This was clearly shown by MIR.
Kayser, and after the comprehensive review CT
the facts Of the case by that gentleman, the
point raised by Mr.. Anderson was not again
referred to.
We draw the conclusion from the proceed
ings Of the meeting, the exhibits made, and the
spirit shown, that every effort will be speedily
made to effect an accommodation of the Com
pany's indebtedness to the contractors, and ar
rangemeHts considered to prosecute the i'm
provement to completion as far as Lexington.
While this last point was not publicly mooted,
we incline to the. belief from indications Civ
en-. and the earnest expression Of a desire on
the part Of the representatives Of the corpora
tions of the city OF Baltimore and the Balti-
more and Ohio Railroad, to do all in their
power to further the Interest of the road. We
hope this CONJECTURE will prove correct, and
that within the next twelve months the rich
mineral deposits intervening between Staun-
ton and Lexington will be brought into useful
activity by the agency Of the Valley Railroad
With the road completed to Lexington, and
the iron ores along its route opened, there
will be no possible excuse for delay in estab-
fishing blast furnaces at this point. As Mr..
hayscr said i'll one Of his pungent little speech
cs, the Valley Railroad will never become :.
remuncratiye investment until such industries
are established, and as we haze all the natural
elements for their successful operation. it is
hoped and believed the capital necessary for
the purpose, will also be forthcoming.
Road COMAIIssIONERS.-Uu the rcent
act OF the General Assembly, approved March
%, 1875, to provide for working and keeping il,
order the roads of the commonwealth, Judge