The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-12-14


Road. even if other things suited WON'T ny
know how to go about raising money IN Euro ,,
and in addition you are SO last Lar ana am SO SLOW
Thanking you for the intimation contained ir
your letter and your very kind consideration iol
'nsss''' : an VIZ Guy Il. E. LEE.
Col. NJ. Ct. Hartman, President Valley r. r.
Gen Lee. after his election as President OF the
virginans. visited Baltimore City, and through
his influence, Baltimore City subscribed one mil
lion Of dollars to the stock o. the Valley r. K; 20
was passed appointing committee to visit Bait
more and tender the presidency Of the road to
the people of the Valley OF Virginia and never
missed an opportunity to do all N ms power 10
che VALLEY s ~ Pie Road owing
to his age, but recommended the election OF
Robert Garrett, who the Board at once elect.
ed President to succeed Gen. Lee. Mr.. Garrett at
once entered on the duties OF the office and OBJ
tanned a large additional subscription in the
County of Rockbridge. and In cauyassing for the
additional subscription, it is said by citizens OF
Rockbridge, used as an argument that the Balti-
more Ohio r. Il. Co. would take the road on q
lease completed. paying six per cent on cost OF
same.
Afterwards at meeting of the Board Of pirec-
tors OF the Valley Railroad Co. at Camden station.
probably q year had elapsed, j.. W. GARRETT,
President of the Baltimore & Ohio R. r. Co., ad-
dressed the Board and said, whilst his son. Rob'ts
Garrett. President of the Valley Railroad Co..
i was not authorized to say that tn Company
would take the Road upon a lease as conpie1lea
| at SIX per cent, he had no doubt that the Haito
s. Ohio r. R. Co. would lease the Valley Il r. as
completed at per cent on the cost OF the roa %
Mr.. j. w. Garrett has cf anged his mind ana Is
not willing. or the Baltimore OHIO Railroad co:
is not willing, to pay any per cent on the COST o,
the sd. but responsible parties nave peen
found who are Keeping up the repair of
he road and paying $1,000 Il month rent Tor tne
CO peted road, 20 miles, from Harrisonnuag 81 10 60
| ings in addition. Now, give the Valley kaiiroad
| connection with Shenandoah Valley Railroad
and Western Maryland Railroad to Staunton' ana
| a new line with connection with Chesapeake
| Ohio Railroad at Staunton, and connect ONO 3
Mississippi Salem and the net earnings In ad-
dition to the Road. will soon show what o paying
| Road the Valley Railroad Will pc; Al that une
will sustain their own interest, and the Road will
| be finished IN less than two years.
In the Spring the Valley Ea Il, "a 1T1
was completed at cost OF about one million three
| hundred and seventy five thousand dollars, and
| was turned over to the Baltimore Ohio Railroad
Company by the Board OF Directors OF the Valley
! Railroad Company under contract to operate It
earnings of the road the Baltimore Ohio Rail-
| road Company charging for the use OF engines,
.any under this contract operated the road until
| the annual m citing Of the Stockholders OF the
Valley Railroad Company in the month OF Noy.m M
| Der, 1875 they bringing the Valley Railroad Com
| pany In debt about 5000 per annum. At the ad-
| journed meeting OF the Stockholders. the City OF
| Baltimore was represented by tho present Mayor
| OF the City, the Hon. j. C. Latrobe and VIM. see-
| muller, ESQ, Of Baltimore. and resolution was
adopted by the meeting to give the Baltimore
road on the LIST day Of May 1876 unless it could be
| leased to them on terms that would at least pay
for keeping up tho repairs o: the road and pay the
| expenses OF its management meeting OF the
/ Board OF Directors of the Valley Railroad Com
pany was called. tc meet in Baltimore, think, in
| March, 1876, when the Board in vain, tried to get
| the Baltimore & Ohio Railroad Company 10 lease
| the road upon any terms different from those they
| nai been operating it on. At this meeting the
| Board determined that $4,000 per annum was the
h omR 20 ks fne
a resolution was offer ed to allow the Baltimore
! Ohio Railroad COMPANY to take the road at $lo.-
| 100 per annum, which was lost, and a committee
| OF three members Of the Board Of Directors
| Messrs VIM. Seemuller. Richd Norris. ir, and NJ.
| G. Harman were appointed to lease the road fol
| two years. at q sum not less than 100000 per an
| mum for the section between Harrisonburg and
Staunton, and in sections Of IL miles same pro.
| portion until the road was completed to Salem.
will here state that above one million and quar-
er OF a9ars nave 9sen sne
| The Committee succeeded in getting proposition
| from Hon. VIM. Mines il, President OF the Shen-
| ished part Of the road, from Harrisonburg to
Staunton, at $4,000 per annum. and in sections OF
half the net earnings CT the road as completed
provided the Company would lease them the road
proposition to the Board OF Directors of the Com
pany sometime in the latter part OF April, 1876
and on LIST day OF May the baitimore OHIO Ran.
the Company, and 1t remained idle until July 1876
Alta meeting Of the Board OF Directors Of the
Valley Railroad Company proposition was made
by VIM Keyser, end Vice President of the Balti-
more & Ohio Railroad Company, which was unan-
imously adopted by the Board. that if the shenan
doah Valley Railroad would reduce the time of
the lease from 20 years to 10 years. the Board
If, President Of the shenandoah Valley Railroad
Company, accepted the modification.
But Messrs Keyser. Norris and Miller voted
o ne aaa he
Shenandoah Valley R. R. Co.. not only to put $780,
9oo rolling stock on the road which was to be for
to give Penal Bond Of s25O.OOO which Mr.. Mines
agreed to do, and also to put up $1,000 forfeit,
The vo e in the Board being to to accept Mr..
Mines proposition, at this time, p Pendle
ton. the President Of the Company, claimed the
right to vote. which tied the Board and the ques-
ton was lost. and the Lease was not made and
proposition Of lease was withdrawn by Shenan-
Then meeting Of the Stockholders was called
to meet at taunton, in May, 1876 at which reso-
the road, by the month, at $1,000 per month TAX
ing the rolling stock OF the company leasing the
road, as security for the lease.
called. which met in Baltimore, in May. is7s. at
the Baltimore and Ohio r. II co., It was leased
by the Board TO the shenandoah Valley R. R. Co,
= 900 per month either haaayng the
tice. The Baltimore and Ohio Railroad Co. re-
ported the loss Of the road for the time they run
it, to be about $780, which is part OF the year to
ly, 1876, and the Valley Railroad Co. has receiv-
and will receive to December lst. about Sl0,-
- and At the meet Of the stocklolders of the
Valley Railroad Co at Staunton, on the 18th day
shenandoah S Valley Railroad co., to Continue the
lease at 1000 per month, the Valley Railroad Co.
gsng tne o wn . me oad per
ties. and the National Security Coal and Iron Co.
Of Pttsburg, proposed to lease the finished road
mile. putting $780, 90 rolling stock the road to
be forfeited II rent was not promptly paid, with
to Salem, in sections Of IL miles and pay
rent for:t. viz: $1,000 per mile as completed, ia
st Bonds at ss5o rhs
was referred to the Hoard OF Directors Of the VAL
ley 81 C. to f asS Fa
road Co. to meet at Staunton, 18th OF Decem |
her, 1875 The Baltimore and Ohio Railroad CO.
Railroad Co.. Baltimore city. one million the |
Counties and Towns and private Stockholders in |
the valley Of Virginia, $.soo O0o-sa2,O,ooO with
these facts. propose to state as nearly as posi-
ble from recollection. how the Valley Railroad |
IS about ssssoo to pay which the Dat i ans
ohio Railroad Co. hold as collateral for their en-
lorsatlon ss92.oo, which the Baltimore and Ohio |
Board to assume the Bond Of Johns Hopkins, VIM |
ris, Jr.. A. G. Hartman and others, given. guaran.
teeing the bonds Of the Counties and Towns to |
bring go cents on the dollar in construction of the
work.
The Bonds of $4,000 held by Baltimore and |
Ohio Railroad CO. as collateral, will bring 4257 |
ley Railroad Co OF s37 go The Valley Railroad |
Co. claim that the Baltimore and Chic Railroad !
Co. owe them this amount or more, but say that
amount is coupon city bonds. then we have about
$550.e0o in Town and County Bonds left not yet |
used to pay of balance of the debt with 100000 Of
city cnty bonds the residue will be near $500 900
in County and Town Bonds. which will about fin |
ish the road from Staunton to Fairfield. distance
Of u miles. this done, and we have completed |
road so miles Then use the lss ,ooN LIST mort
gage Bonds, or say one and half million OF
them, and it will finish the road to Salem and
the Valley Road being leased at $1,000 per mouth.
and another offer OF $4,000 per month.
There can be no reasonable doubt that the road |
can be completed in the next two years. and when |
the situation is understood by the people OF the
Valley of Virginia and Baltimore city, it cannot |
be doubtad the road will be at once pushed to |
completion.
Now the interest Of the people OF the Valley Of
Virginia the people on the lire Of the Chesapeake
and Ohio Railroad, commencing DIT Richmond the
people Of virginia on the line of the Atlantic. |
ohio and Mississippi Railroad, commencing at !
Salem and running to Bristol are all interested in
the completion OF the Valley Railroad and, al |
though the Baltimore and Ohio Railroad Co. may |
not be interested in opening the new lire to the
West and South, surely all will agree that the in
terest Of the city OF ltimore viii be greatly ad.
the Shenandoah Valley and the upper Valley Of |
Virginia. Look at the immense iron and coal re- |
QiOnS 1t will develop and bring this grea. ~ IN.