The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1876-04-06
VALLEY RAILROA d.
STOCKHOLDERS MEETING-LIVhLY DIS
CUSHION

| III lllt NlllVt VI bHTDbI " nulllBWH lhhL TIluNy
evening, The object Of the meeting, as announced
was to discuss the praclicabIity of finishing the
road TO Canton this season, though in the hot dis
cusSon thai occurred, that matter was but lightly
touched MesSTs King, Farmer and SaxIon were
the directors present Mr., SaXtOn was the first to
speak, lie said the original Intention Of the direc
tors was to build the road from Cleveland 10 Bow
erstOwn which was against their own interests, as
BOwerStown is on a railroad which Is run directly
by the same company that controls the r., TT ".
& C. Road through Canton. Headyorated strongly
q connection with the Marietta d Pittsburgh Road
at Canal Dov r, and went 50 far us to urge com.
binatiOn with the managers of that road. This
connection, he sad would afford the Valley Rail.
road more business betterconnections, and would
furnish Cleveland with cheap coal from Dover
| they could strike the b. d o. Road at Cambridge,
which would afford the best facilities for trlnsler
| ing shipments; thence from Cambridge south to
| Wheeling This route would cost about the same
as the Buwerstown route though the latter route
| w0nld strike the river further north and also
strike the g. " P, r r., which Is also controlled
| by the Pennsylvania Central Company and would
| give the Valley Road as much trouble as possible
| Akron, Canton and Cleveland too would be most
benefited by dropping the BoWertown route
Another thing they could get money to finish to
the Marietta d &Pttsburgh connection, but 1t would
be difficult matter to procure funds to complete
the other route. He had consulted with the dIec-
tors of the Marietta & Pittsburgh Road, and stated
that they would furnish money and that tn, had
appointed a committee TO meet the directors of the
Valley Railroad and talk upon the matter. Also
thought the other directors of the Valley road all
himGplf uptinu Il,
wishes Of the stockholders, Tue Marietta d Pitts
burgh directors had entertained lavoraby aprop
ositon to furnish S2,OOO,OOO to complete the Valley
Railroad to Dover, and to take the bonds of the
Valley Company at par aud an equal interest in
the road, He demonstrated by his own figures
that the road could not be finished even to Can
ton by selling the bonds al 70 cents on the dollar
and allowing that it could be finished to this
point, it would not pay; the road has now cost to
Canton $l39O0O more than the original estimate
Mr.. Farmer said the road would pay so per cert
of earnings when finished to Payne's coal bank
but he didn't know ofany road SO miles long that
was making much. He said if the road was
finished only to Paynes coal bank, it would soon
change hands. Could get help from the dire, tors
of the Marietta C Pittsburgh road and thought
best to do so.
Mr., King-We are waiting for proposition
from them.
Mr.. Saxton-Are they not waiting for lis to make
a proposition?
Mr., King-No proposition, such as you have
named has ever been ntimated by them
Mr. saXton then read CONF unicatlon, which
he said had been written by Mr.. King to the Ma
rietla & Pittsburgh men.
Mr. King-Never to my knowledge has there
been proposition from anybody within the past
two years to furnish US money.
Mr.. Saxton-One of them said in my presence
that they would takethe bonds of the Valley Rail
road Company at par for equal shares of stock as
bonus. Within the past three or four days
received a communication from one of them to
that effect
Mr.. King-You did not attend meeting of our
board, when committee was appointed to meet
the NJ, & P directors, did you?
Mr. Saxton-I don't res ember.
Mr.. SaXton then went on with his speech His
idea was to complete the road TO Dover on first
mortgage bonds and then to issue second mort
gage bonds and complete it to Wheeling.
After he had closed, Mr.. King arose and said he
had come here on a sudden call from Mr.. Saxtln
to defend his sideofthe case. lfr. SaXtOn'S card
informed him that the question for discussion
would be whether they shC uld complete the road
to Canton this season or not. This was net what
he understood to he the object of the meeting, He
was in favor of building the road this season, and
all other directors the same, and no doubt stock.
holders too. There are two ways of practising de.
ceit he said -one is by suppressng facts and the
other by untruthful speaking. Mr., saxton had
practced both. The directors had never received
IL
rectors of the Marietta Il Pittsburgh Road though
the directors of the Valley Road were not in the
least opposed to the connection with that road if
it could be effected to their interests Early in the
organization of the Valley Railroad Company
they had received proposition from the M. & P.
Directors to consolidate the roads, lUhen We had
finished Curs" They might be willing to take
bonds at low figure and control the stock but
were not ready to make direct proposition One
of the Valley Railroad board had attended a
meeting of the NJ & P. Directors in New York,
but no proposition was made to him, formally OF
informally, and Mr.. Warner President of their
board, attended meeting of the Valley Railroad
Board in Cleveland. and COntradcted Mr. Sax.
tons statement that any such proposition had
been made by them and they absolutely refused
to take the Valley Railroad bonds at par, on the
conditions named by Mr.. Saxton. Mr.. Field, of
the NJ & P. Board also said they would not make
or accept such proposition. He had recently
written to them several times on the same point
and received no satisfactory replies. Had re.
ceived repeated assurances that the Valley Com
pany could place their bonds safely, at good, fair
rates As to going to Payne's coal bank, and stop.
ping there the idea had not been entertained:
wanted to push the road throu to Akron and
Canton as fast as possible; if the idea was only to
finish it to the coal bank, they had power now to
raise bonds for that much Stockholders, by
large majority, were in favor of an ultimate con-
nection with the B. 4 0. Road and Wheeling, but
they wanted to control their own property and
see that it was run in their own interests and that
was the end they desired toaccompiSh. The Ma
rietta E Pittsburgh Board of Directors is comnosed
of shrewd Wall street operators, and should they
get control of the Valley Railroad stock, it might
be to the disadvantage of the company. Mr.. Sax.
ton may talk all the figures he rleases but the
Valley Railroad cannot be finished without in.
crease of capital He has made insinuations but
the books are open the course of the directors
open for investigation, and they stood clear, all
except Mr. Saxton working in the interests of the
He wanted all the stockholders to
VOte OIL ApIll lllu, anu nave IuelT proxy postal
card, with power of attorney on the reverse side
and send bymail to Secretary Clarke, and if they
cannot attend in person, to vote free and unin-
huenced.
Mr. Saxton (who had been searching papers)-I
charge Mr.. King with knowingly misrepresenting
facts, Mr.. King knew of meeting of the Marietta
board in New York, when they expected him
there to make proposition, and he diu not at
tend.
Mr.. King-That is absolutely false.
Mr. saxton-The board except myself, are
against the Marietta connection.
King-Who, for instance?
SaxtOn-You are, Messrs, Farmer and Payne
Kng-I am not, if it can be done in our inter |
est. Mr.. Payne is not, and Mr., Farmer is here to
answer for himself.
Farmer-I am in favor of it, and always have |
been.
saxton-You all voted against resolution to |
make proposition to accomplish thatconnecton |
all except myself, voted to lay it on the table.