The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-01-28
For The Valley virginian.
Valley Railroad.

tdu5y AalUUdu'
We, feeling deep interest in the completion
of the Valley Railroad from 1Iarrisonburg to
Salem, in <11f111 the the city of Baltimore
been pal Gilmore & Ohio R. r. owns
one mill also paid that amount,
the county ESSs and private stockton,
ders own hundred thousand dollars and
have paid 10 ask and bonds all but about $685.
coo; TIT Company has iii The hands of the
Treasufef fay $2S3;00O of the bonds OF the
a ID town q, Lexington; the Company
has real estate which can be sold for about $780,
900, which it has no present. use for, having
bought it to secure rights Of way. The Comps
ny owes AZ debt of about 100000. The Road
from Harrisonburg to ftaHnton, a distance OF
26 miles, has been finished alta cost OF about
81, 100000, and for nearlyla year to the 3Istof
December, 1874, it has been operated by the
BALTIC. & Ohio r. R. and has yielded to the Val.
ley r. r. Co. Sc, 700. At the meeting Of the
stockholders of the Valley r. r. Co. in the city
of Staunton, on the 18th of January, 1875, an
offer for lease for ten years from responsible
party at $50. 900 per annum for the finished
road from Harrisonblfrg to Stanton was made,
the rent to be paid in seni-annual payments
and unquestionable security for faithful and
specific performance proposed to- be given4 and
the road bed to be kept III repair, and the balance
of the road, as finished in sections of - miles,
to be rented in the same proportion. The
Proxies representing the city OF Baltimore, to-
gether with the Proxies representing the B. &
o. r. R.. announced to the stockholders that
they had come to this meeting instructed not
to lease the finished road even at 1000 per
ann1rl.
Now for plain statement of facts:
1t was the original plan. as submitted to the
Commissioners Of Finance of the city OF Balti-
more, after expanding the 100000 of stock
subscriptions, to place mortgage of s., 600 0oo
OIL the whole road from Harrisonburg to Salem,
which was shown to be sufficient to complete
the road. [See printed Report Of the Valley
r. r. Co., filed in the Mayors office of the city
of Baltimore.] The bonds of the counties and
towns are guaranteed by q bond executed to
the city of Baltimore, with ample security, to
bring eighty-five cents on the dollar. No mort
gage has ever been recorded in the towns and
counties on the line of the road. Now if the
road is leased from Harrisouburg to Staunton
to responsible parties for even $50, 900 or $780,
900, which is llnquestionably only one-half OF
its reh value, q mortgage cenla pc mace avall,
able of $4OO, 600 or 100000 cn this completed
road from Harrisonburg to Staunton, and ar.
rangcments made to pay off the Indebtedness OF
the Company and prevent the road from being
forced to sale, and in q very short time work
could be resumed between Staunron and Salem.
upon Which, the Company has already eNpend-
ed nearly one million and quarter OF dollars.
anu The WORK COulu Uc III oCCGlOds3 llu
although it would take three or four years to
do it, still the interests of Baltimore city and
the other stockholders would be saved from
loss and the. enterprise made success, and
a GREAT short line secured to Baltimore city from
Baltimore to New Orleans, &c.
We appeal to Baltimore city, through her
able Mayor, the Hon. Joshua Yansant, to send
Proxies to the adjourned meeting OF the stock
holders of the Valley r. r. Co. to meet at
Staunton on the 22d Of February, 1875 instruct
ed to lease the finished road from Harrisonburg
to staunton. provided the injunctions Of Lex
ington and Rockbridge are dismissed and that
the city of Staunton, the town of Lexington
and the county of Rockbridge are prepared for
simultaneous delivery of the bonds called for
by the Company through its President, and
the interest due on the bonds be paid at once.
Ii this course is pursued, we are satisfied that
confidence will be re-establsled and that this
great enterprise will be q success.
We hope the Baltimore papers will copy this
. wv VALLEY OF VIRGINIA.