The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1878-05-30
miscellaneous.
THE VALLEY RAILROAD.

AB will be seen by reference 10 our local col.
umns a meeting was held In Cleveland on Wed
nesday, at the ofice Of the Valley Railway Com
pany, attended by propinent gentlemen, to take
into consideration the propriety as well as neces
slty Of completing the Valley Road In the Inter
est Of the city OF Cleveland, The road runs IN
almost direct line from Cleveland to AXIOM
from thence to Canton In Stark county and Is but
sixty miles in length. 1t passes through the rich
coal helds OF Summit and Stark counties, and
strikes heavy beds of coal only thirty'three miles
from the city From Canton TO Straitsville Is LOG
miles, and between these two places road 10 now
being constructed, Al StraitsVlle this road Will
reach the vast coal regions Of that territory with
its enormous layers Of coal thirteen feet IN thick
ness Cleveland Is the nearest lake port 10 this
region and Is the natural outlet for all this vast
wealth, Aside from this, Cleveland Is the great
manufacturing point In Northern Ohio, and the
cheap coal 10 be furnished by this road will pro.
vide for her the necessary fuel for her manuiacto
ries at q most reasonable and profitable rate. Al
ready the road bed is graded for the Valley Road
and the track is reported as In excellent condi.
ton. Already about $500 900 has been expended
upon the road, a large share OF which has been
paid by the enterprsing cities Of Akron and Cau-
ton. TO complete and equip the road and put 1t
In compete running order only requires the sum
OF abou S6i0,000, To raise this sum the directors
propose to sell sufficient first mortgage bonds
upon the road at Seventy.hye cents on the dollar,
bearing seven per cent. goa uuGl interest The
debt of the road, which must be paid in addition,
is only about $4,000, If the road is completed
here will be due the company about 100000
stock subscriptions In other words, a prompt
subscription Of one million dollars at seventy five
cents on the dollar will complete the road, pay Its
debts, and place 1t In running oder
The city has already paid for the lease Of the
canal bed a large sum to aid this road. If this
subscription can be made, then the road can issue
Its bonds to the city and the debt due 1t will be
saved. As the road is limited iuis power to Issue
bonds beyond S25 900 per mile, 1t will readily be
seen that these mortgage bonds will be valuable
property, and the interest on so small an amount
can be paid from the earnings of the road. What
was true in 1873, when our city was so eager to
secure the building of the road is true to-day.
Akron and Canton in good faith have done their
best to secure It's completion, Their citizens sub
scribed money beyond their means in some cases,
for the public good, on the pledged faith that
Cleveland would furnish her share Of the expense.
The road is certainly too valuable franchise to
be abandoned, and 1t seems poor policy to permit
the road to be sold to pass into the hands of
strangers to Cleveland and be controlled by men
who care nothing for her interests,
The Valley Road, as we have said, can be fin.
ished, at the present low prices of labor and ma.
terial, at far less iprice than the original esti
mate, 1t seems poor policy for our citizens at
large, our great capitalists, manufacturers and
business men, to permit this property to pass be-
yond their control, There can beno question but
the original plan of building the road to connect
Cleveland with the vast mineral wealth of Sum
NIT and Stark counties and of straitsville was
Judicious one. Our people warmed to the enter
PRISE and the city promptly responded by giving
its aid. The latter was mistake, and should not
have been done until the building and compile
completion Of the road was settled beyond queB-
tlon. But now that the city has done so much,
the outlay should be secured If possible. This
can be done If the money can be raised on the
bonds. There really seems no good reason why
the money should not be forthcoming and the
road built It's advantages to our city are too val
liable to be thrown away lightly Cleveland Her.
aid