Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-12-10
IN SPECTATOR AND GENERAL ADVERTISERS
The Valley Railroad Imbroglio.

- - A-AA -. ~ sA-O 49,
The Valley Railroad Imbroglio.
We publish the following editorial of
the Bait. San of the 5th inst, that our
readers may learn tho views held in that
city in reference to the difficulties con-
nected with the Valley Railroad =
1.-THE reply of the finance commission
ers of Baltimore and the president of the
Baltimore and Ohio Railroad to the pro-
position made by the representatives of
the Valley subscribers, mild and tenn
perate as 1t was in tone, was yet so con-
elusive and SO unanswerable that the re-
representatives. of The Valley stock holders
may be excused for becoming angry. It
was natural that they should not wish
paper which was an Indictment of
their whole course, from beginning to
end, to be put upon the record. The
proposition for division of interests,
when it was drawn up by the Valley
stock holders, in their meeting at Lex
iDgtOn on the 18th October last, was &C
companied by threat, and the reply of
Baltimore city and the Baltimore and
Ohio railroad, for the first time in the
history OF this connection, takes enough
notice of these threats to point out their
folly and their impolicy. The advice
given in the reply of our authorities is
wise enough, whether it be needed or
not, for the Valley railroad seems not
likely to be undertaken upon any other
plan, nor is it likely to be either COM
pleted or run at all if the threats of vir-
tual reputation, of vacating the charter
and invalidating the power inherent in
majority of shares in joint. stock
company should be persisted in. Major
Dorman, representing Rockbridge and
Lexington, in commenting upon the
reply, is reported to have denied that
any were made, and yet he himself is
the author OF series of letters published
in the Lexington Gazette, over his own
signature, advocating the position that
the Maryland subscriptions are illegal
and therefore void, and which should be
taken advantage of by the Valley subscri-
bers, and also advocating the withhold
ing of interest on the Rookbridge bonds
hypothecated to the Baltimore and Ohio
as security tor money advanced to save
the road from sale by the CONTRACTORS
Major Dorman was likewise chairman
of the committee which reported to the
October meeting of the Valley stock
holders at Lexington that it was qles-
tionable whether the shares held by the
city of Baltimore and the Baltimore and
Ohio railroad could be legally voted at
a meeting Of the Valley Railroad Com
pany. At that meeting in Lexington
the Valley stockholders proposed by
laws which practically nullified the ma
jority of the stock required the presi-
dent and five of the seven directors of
the company to be citizens of Virginia
and residents upon the line of the road !;
resolved that if the Baltimore and Ohio
railroad did not give satisfactory guaran-
tees to resume work before April l, 1879,
las if that company. had really become
the contractors for building the road,)
that other corporations should be ipvit-
ed to take hold Of it, and that, these re
sources falling, 1--WE will take Immediate
steps for q repeal of the charter by the
General Assembly, or its judicial for
fixture through the State authorities"
Is there no threat in all this? These
resolutions and reports are part of the
transactions out of which the 'propOsi-
ton" of the minority stockholders
spraag, and yet we are tald that there
were no threats made. AS to the pro
position itself, it did not need the con-
elusive reply of the finance commission
ers of Baltimore to show that it could
not hold water. What is the state of the
case? Here are three parties form a
partnership to build railroad from
Harrisonburg to Salem, forming con
nection at either terminus with other
important lines, each agreeing to put up
million dollars. Two of the parties,
in addition to this strictly business con-
sideratiOn, we do not hesitate to say,
were actuated more or less by the sense
of ancient ties and the desire to help q
neighbor. These two pay in their money
and spend every dollar of 1t, and more
also, towards the object of the partner
ship. The third party pays in practically
less than one half of its subscription,
and then, after harassing the other par
ties with ininnctipns and other ahstruc-
tons, Gndiig that tiss work is neces-
saziiy suspended by the stress of the
times, but partly also, it is charged, in
consequence of its own inJudicious con-
duct, comes forward with PROPOSE
ton" that the unfinished structure shall
be divided" so that the majority inter
ests shall be shut out fgG1 the ultimate
benefits of through line" to the Sou b,
and attempts to assist the acceptance of
ILLS pIopOsItioH ny luicdtculuS tuat II
it is not accepted the articles of partner
in subscription of the majority interests
i tie case. We cannot helfeve that the
good sense Of the people OF the Valley of
Virginia can be got to indorse any such
propositions or sustain any such threats.
Nor are we apprehensive that the pro-
posed forfeiture could he secured, even
if the Legislature of Virginia shouid act
in the saiy,t CT the Lexington fesolu
tons. Those who prdpose such thing
would do well TO remember what hap
pened in the case Of the Pittsburg and
ConneIlsville railroad, when the charter
was vacated BY the Legislature of Penn
sylvania, atthe fnstigation of lnfriendly
parties, upon the same plea oftempoFaTy
hon compliance. That Wsang the courts
of Penasy,vania ses right when they
were appealed to, and the courts OF Vir-
ginia might well be expected to do the
same thing should the Legislature OF
that State venture-as is scarcely posi-
BILE it would do-to waltanly deStlNy q
franchise granted aid held upon sucl
terms SIS the charter of the Valley rail
road. If there was statute of Virgins
in existence VIXEN the Baltimore sub
scriptions were made to TIE road which
renders them Illegal, ss eharge BY Mai
Dormah.. the paroles t9 the road III VII
GINA will hardly he allowed to thus TAX,
advantage OF their own wrong.
, It is to be hoped and believed, how
ever that matters in connection with
the Valley road will come to no sucf
J pass as this, but, on the contrary, ina
) all effort will be tnfnea ia tha Opposite
/ No one here can bs Indifferent to tn,
great disappointment Of the people o
: tile Upper Valley that the construction
Of the Rad hs.aag had to BE- So long delayed
The disappoirtinent Of Baltimore ana
; 5les her t9 fully sy.lpathise with them