The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1884-01-16
The Norfolk and Western Extension
Company.

| The corporators named. and who. by an
unheard OF provision in the NTH section OF
the bill. became the president and Board OF
Directors OF the corporation upon their ac-
ceptance Of the law, are John W. Robin
son, NJ. Il. Tate, and y. l.. Terry. from
Virginia, and +. J. kimball. i. W. Clarke.
| L. A. Rollins. John G.. Bullitt, {. ii.
Clarke. and Joseph |. Doran, from Phi!a-
delphia.
All Of these gentlemen from Philadel-
phia, il Is known, have in recent wears be-
come largely identified with and interested
| in Virginia railroads and Virginia railroad
securities. j. j. Kimball is the same who
| in the year 1873 figured as the president
OF the Shenardoah-Val Railroad Con-
struction Company. Amongst the other
five Philadelphians named are several
others vino were largely interested in the
stock and profits OF this same cOnstruc-
ton company. and who now compose for
| the most part the management OF the .Shen-
landoah-Nallcy Railroad Company and The
Norfolk and Western Railroad Company.
Their career in Virginia had its beginning
in the SYSTEMATICALLY Valley Railroad Con-
struction Company. organized in 1873.
| The construction company having obtained
the control OF one million OF dollars OF
worthless stock in the Shenandoah
Valley Railroad Company by trade with
another construction company. known
rs the Central Improvement Company,
another Philadelphia corporation, was
| enabled 10 make a contract nominally with
the SYSTEMATICALLY Railroad Company,
| but really with itself. by which it acquired
| not only nearly all the stock in the rail-
road company. but, with unimportant eX-
ceptions, all the mortgage bonds, county
bonds, and other securities OF the railroad
company. BY reason of this contract for
construction the counties OF Jefferson,
Clarke. and Page, who furnished their
bonds in exchange for stock, and which
formed originally the only basis OF credit
which the enterprise had, hold to-day
S45O,000 OF stock which is not worth upon
the market 10 cents per share OF 800.
As soon rs the SYSTEMATICALLY Valley rail-
road had been constructed some distance
beyond Luray, +. j. kimball, the presi-
dent of the construction company, was
made the president OF the railroad COM
pany, and the directors OF the construction
company became also the directors OF the
railroad company. About this time, SOrged
with the securities which had been ac-
CURED under their construction contract
with the SYSTEMATICALLY Valley Railroad Com
pany, this same syndicate purchased the
Norfolk and Western railroad. The two
roads have been since operated practically
under the same management.
The foregoing sketches briefly the rail-
road operations in Virginia OF the gentle
men from Philadelphia whose names are
among the corporatOrs mentioned in this
bill. The powers proposed to be granted
by this bill are without precedent IN Viz
ginia legislation; they are simply mon
strous. They will turn over to the dedd
hand Of this corporation an empire OF the
finest timber, coal, iron, and other mineral
as well as agricultural lands to be found
in the two Nirginias. II this bill becomes
a law private enterprise in all the section
traversed by the lines OF road and their
branches of this syndicate in all the
avenues of mining and manufacturing will
be at the mercy OF this giant monopoly,
and the lands OF the landholder will
become comparatively valueleSs in his
hands, bacauSe none but the monopoly
can purchase them and none but the
monopoly utilize them.
The I'd, Sd, and 4th sections OF this bill
confer the power to purchase, own, and
Use land in every way that an individual
can use it. without limit as to quantity.
Not only land can be 50 held, but personal
propertV, bonds. and stock OF every kind.
Under the provisions OF the bill they can
Law out and build cities and towns; they
can farm land; they can purchase and ope-
rate every railroad in the State, construct
ed or to he constructed, and are empowered
TO construct new railroads from Virginia
into North Carolina and Tennessee. 1t is
difficult to conceive OF anything that an in
dividual can do, from the keeping OF Il
procery-store at Il cross-road, or keeping a
hotel at Il station. up through all ramifica-
tions OF business to the operating OF FUR
mace or rolling-mill, that this proposed cor
uoration is not empowered TO engage in.
! II is even authorized under the 4th section
to loan money on mortgage and give GER
titicates therefor"
II Is this syndicate who already own the
| famous Luray Cayerns in Page county and
keep hotel 10 the magnificent Luray Inn,
operated in connection with the caverns.
! They have purchased and hold some five
hundred acres Of land at the southern ter
minus OF the Shenandoah Valley railroad,
which they have converted into the grow
ing city of Roanoke, with some 6,0O0 in
habitants, where city lots are sold at so
much foot: they have penetrated the
counties OF Southwest Virginia and OF
West Virginia in advance OF the location
OF their roads, and have purchased and
! leased for comparative pittance thousands
and tens OF thousands OF acres OF the finest
coal lands OF the two Nirginias. They are
said to be acquiring now by purchase and
lease the control Of the best numbering and
mineral lands in those sections OF the two
/ States. What is to be the future OF peo-
ole whose most valuable lands are TO pass
into the hands of foreign syndicate, and
who are TO be excluded. by reason or ina
bility to compete with a gigantic corpora
ton, from engaging in the business OF mill
ing. mining. and manufacturing, Is serious
question. What cOrportion or individual
would venture i'm competition with this
corporation TO manufacture iron, 10 mine
coal, to saw and sell lumber, or engage in
ary OF the many branches OF milling OF
manufacturing. where the products nad TO
be transported OH railroads controlled by
this syndicate? A slight increase III the rates
OF transportation necessarily produces
suspension and bankruptcy, ana the syn
dictate steps In and purchases their pro-
perry ut its own figures. VINO VIII buy
coal, iron, or lumber lands with the pros
pect almost certain before them OF oeing
thus frozen out! This act empowers the cor.
POI ators TO engage in the smallest species OF
business. They can keepa'avern, grocery
store, run grist-mill, or engage III ylnins
that an individual can. Ihe oniy cues.
ton Is. WIN 1t payY Let tins Dill pecol lI,,
a law, and this Philadelphia syndicate wiz
not only have cornered IRON, anu coai.
lands, but the coal and iron itseIl' anu on.
people along the line OF these roads ,nuss
pay for these necessaries OF lie wnat snese
corporators, IN their office on SCUM In'ru