The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-07-20

The trains on the Valley Railroad between
Harrsonburg and Staunton have resumed thei
regular trips, aftera suspension Of over tt'
months. Arrangements have been effected
with Hon. VIM. Mines, Jr., President of TIN
Shenandoah. Valley Road, by which lease b,
| the month at 50, 900 has been cons,lmmated
and The hope is entertained that negotiation
will be favorably closed for continuation o
| the lease for fifteen years at 100000 per an
nun and half of the net profits.
The sctiye operation of the Road is q grea
relief to the Valley. The anomaly, in this pro
gressive age, Of one of the best construct CT
railroads in the State, running through {
wealthy and thickly populated country, lying
idle, has been, we hope, permanently disposed
Of. 1t was strange condition Of things that
presented to the authorities of the Valley
Railroad, the alternative of allowing then
road to be operated at q losz, or not at all
The Baltimore and Ohio Company had been
in possession Of it for two years. The system
OF operating it had tendency to bankrupt the
Valley Company, and it was determined to
sonabe interest on the Investment. The r. &
O. Road was notified that the conditions OF
possession must cease on the LIST OF May, and
the Stockholders instructed the Directory to
lease it to any solvent parties for $1,000 per
month, temporarily, and for Is years at $780,
900 per annum, and half the net earnings
The Baltimore and Ohio Company refused to
become bidder. Mr.. Mines, representing
the Shenandoah Valley Company, agreed to
accept the offer of the Valley Co. Directors,
and after veNatious delays, occasioneq by an
noying technicalities, has placed the rolling
stock on the road, with the purpose Of carry
ing out faithfully the conditions of the lease.
The character that Mr.. Mines sustains relives
the matter of all doubt as to his purpose, and
gives assurance that if fairly met and dealt
with, the continuance of the trains will be q
fixed fact,
The question now comes up i'll respect to the
fifteen years lease, in which the people OF the
Valley and Baltimore City are alike deeply in
terested. Can it be made with advantage to
these two large stockholders? We answer it
can, and to prove the correctness of our opin-
ion we lay before the people of the Valley and
Baltimore City, the condition of the Valley R.
L. as it now stands, its liabilities its resources
and its prospects, well satisfied that Il careful
consideration of them will lead to the conclu-
sion we have arrived at.
The capital stock of the Valley r. r. is own
ed; one million by the B. & 0. R. r., one mil
lion by the City of Baltimore and twelve hum
dred thousand by the counties and towns
along the line Of the road. The Valley Com
pany has exhausted every means to induce the
B. & 0. r. r. to take the road at a fair valua-
tion For two years the latter company man
aged the completed line between Harrisonburg
and Staunton, but declined to allow to the
Valley r. r. what it was justly entitled to
the short lines rates on the twenty-six miles,
but only allowed it a pro rata Of mile for mile
on the 204 miles from Staunton to Baltimore
Then it is remembered that this short line vi
talized the entire lower portion of the road, its
Importance is manifest and the injustice of the
Valley road was plunged into debt each year,
and bankruptcy must have ensued had not the
stockholders determined to take the matter in
to their own hands. 1t cannot be commended
then that full justice has not been done the B.
q y. Road, and now it remains for the Valley
Company to take care of itself.
Ii the lease is made to the Shenandoah Val
ley Railroad for fifteen years, in connection
with the Western Maryland Road, in which
the City Of Baltimore owns three millions dol.
lars, it will vitalize four millions dollars of the
sumberlng capital of that city, or nearly twice
as much as it owns in the B. & 0. 1t will Sc
cure to the city Of Baltimore, when the Shen.
| andoah Valley is completed, the nearest thro'
line 70 Cincinnati and St. Louis by seventy.
five Or eighty miles, allowing for the difference
in the respective grades, and when the Valley
Road is completed to Salem it will give to Bal
timore another great through line to New Or
leans and the cotton fields. Both Of these
lines will be independent of the B. e O.. r. r
The city Of Baltimore can command these two
great arteries OF trade without investing one
dollar more than has already been expended
and at the same time can attach the Valley o
| Virginia. indissolubly to its interest. All tina
| is now needed to effect that object, and to re
alize the advantages promised in the compile
ton of the road to Salem, is a determined ant
united effort on the part Of Baltimore and TIL
Valley.
| The indebtedness of the Valley Road
5000, 900, and it has in bonds 1922, 600, with
claim against solvent company Of sS0,000.-
If the bonds were sold at q sacrifice the det
could be liquidated as it falls due. The Va
ley Co. has also, $532, 900 in the bonds c
Staunton, Lexington, Rockbridge, Botetoul
and Roanoke, not yet delivered, which, whe
! delivered, the B. & O. Co. is bound to take
contract at so cents on the 81. The Compan
then has available assets sufficient to complet
the road to Fairfield, distance of "a mile
South of Staunton. The line so complete
will give the Valley road and annual rental {
$40, 900 and one-half the net earnings. TIL
remaining fifty-nine miles to Salem can be fiji
ished by using portion CT the first mortgae
bonds. not one dollar of which has been use
or issued.
Let Baltimore and the Valley then unit
lease the road from Harrisonburg to Staunto
for fifteen years, and with determined effo
push it on to completion, and the hopes of tt
Valley people will yet be realized and the il
! >E D.,Jt RI