Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1879-01-24
Valley Railroad Matters.

| On Tuesday night, Mr.. Robt. w. Burke
Chairman OF the Finance COMMITTEE ie
| ported to the Council some facts asked for
| concerning the $4,000 and $4,000 manu-
script bonds delivered to the Baltimore 4
Ohio r. r. Co., in 1871, in payment OF
80 per cent Of Stauntons %loo,
600 subscription to the Valley Il. Il. Co
but the bonds not to be Of effect unless
Baltimore perfected her own subscription
to the road of 81 100000. The report says
the bonds were delivered to and receIpted
for by the B. & O. Co., and that Balti
| more perfected her million subscription
When Staunton got her bonds printed
she delivered them to the amount OF
her first subscription of 100000
but has delivered none for he1
second subscription, that being in dispute.
In the meantime the committee report
that she has received no certificate of
stock for the 100000 and that neither the
$4,000 bond nor the $4,000 bond have
been returned to the city. The commit
tee recommend that though the 1000
subscription is in dispute it would be
best to provide for the payment of inter
est on it in case the matter should go
against the city. The Council instructed
the committee to write the B. Il O. Co.,
and inquire about the two manuscript
bonds.
At the same meeting of the council Mr..
-. I.
neighboring county, which is to be
sent to the legislature for adoption. AZ
ter a lengthy preamble it says the Valley
r. R. Co. shall resume work in twelve
months; finish the work to Lexington in
two years, and to Salem in four years.
If it fail to do this its charter shall be for
feited, as also shall be its right 20 collect
any subscriptions unpaid at the time Of
the forfeiture; the Attorney General of
Virginia t, proceed against the company
by writ of quo 1uarraato, and the Circuit
Court at Richmond to have exclusive
jurisdiction OF cases arising out of the
forfeiture. In case of forfeiture, the CON-
peted part of the road shall be sold AS one
lot, and the unfinished portion as anot er
lot of the assets, but among the assets
shall not be included any unpaid subscrip-
ii rs, nor shall such be collectable. The
money realized from the sale,to be divided
pro rata among the owners.
Provided, that If the company resumes
work and finishes the road, and Roanoke's
subscription is not made valid in four
years, then the company may take their
road to some other point on the A. M. &
q. road thar Salem. The company may
also build its road to some point on the
Tennessee line, not more than twenty
miles west of Bristol Goodson. Should
the road be sold, the purchaser is entitled
to all the franchises now held by the
company.
Mr. Ransom after reading the bill said it
seemed to have been drawn with as much
consideration for Staunton's interest as
forthose Of the county from which it came,
and for which county his sympathy was
very strong.
Mr.. John B. Evans said the only ques-
ton for the Council was as to where Staun-
toms interests lie. 1t was not matter in
which our sympathies should be allowed
to govern us.
On motion of MI. J. T. Byers the bill
was referred to a special committee with
instructions to confer with the City At
torney and Geo. NJ. Cochran. The gener-
al view of the council was that the city did
not intend to take any steps which would
entangle her in costly litigation which
may follow any interference of the
legislature with the Valley R. r. Co.'S