The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-09-24
FOLLOWING UP ITS PROJECTS.
The Baltimore Sun Again Dis-
cusses tho Valley Branch.
Fully Committed to an I.xtcnsi ion to Ro-
nnoke--SYhy the Valley Road Has NOT
Been Profitabie--A Statement of It's
Finances--Botctourt's BAD Bargain.

BALTIMORE, Sep. 23.-Under the
caption of the VALLEY Road aud
its Friends the Sun to-day prints
the following editorial:
1T is not improbable that some part
or the responsibility for the hating cf
the Valley branch of the Il. 81 O. ct
Lexington rests upon the directors of
the Valley road. We say '.some part,''
not all. Tho chief impulse to the COM
pletion of the original programme of ex-
tension to Salem should come from the
Is " o., as the b. s. O. at present get
the entire benefit of the existence
the Valley road, and would prof still
more by its extension. AS corpora
ton whose business Is railroading, the
Is. ~ o. ought to be the first mover now
in the completion of an undertaking to
which it is SO fully committed.
But, after all is said, some part of the
responsibility for present inaction rests,
1T must lie confessed, upon the directors
elected November 10, 1889 They should
tancc to the interests they represent.
-Four of them are Baltimore people and,
three are men residing in the Valley.
Of the four from this city. some repre- /
sent Baltimore's holding of 81 600, 600 of
stock of the company. AS the entire
''paid-in stock of the company is s.. 746,-
4d5; and tho Baltimore and Ohio holds
but 81, 100000 of the stock, the control
~ Nnl
the hands of the directors, representing
this city and the Valley.
They can at least mako movement
to extend the road, and if the thing is
lmpracticable, in the nature of things I
they can, by presenting suitable facts
and figures. convince the public that it
is impractcablc. 1t is curious fact
that Il branch extending through rich
agricultural country ard tapping impor-
tant towns like Staunton and Lexington
never earns enough to pay dividend on
Its stock or TO accumulate 4 surplus for
any purpose. Is this due to tho fact
that tho Baltimore and Ohio does not
give the Valley road proper rates on it's
passenger and freight mileage? IL is II
custom of trunk and freight lines to
milk their branches in this way
when owned by contiding communities
but is this the case with the Valley
road?'
We do not assume that it is, but tho
directors on the part of Baltimore, Au-
.ltIsta, -RoclSbridgea and Botetourt owe it.
co the communities they serve to ask
for the books and inform the public.
frst what the road from Lexington to
liarper's Ferry earns, and next what
proportion of these earnings are placed
to the credit of the Valley road proper
rom Lexington to liarrisonburg
1t was chartered in 1866, opened to
Staunton in 1874, and to Lexington in
1883. Botetonrt subscribed some 5000, 600
on condition that the road should tray-.
ersc the county, but though that money
has been paid the road has never entered
the county. There is partially COM
plotted roadbed from Lexington to Salem,
but no locomotive has ever gone south
OF Lexington. The counties have kept
their faith, but the company has not.
Tho funded debt is $3.50, 600 of q per
cent first mortgage bonds. Total earn
ings i'll the year ended September 80,
1889, were S1l6,402; expenses, SSS, SOS;
net revenue, S34, 975. Interest ON bonds
was paid to the amount Of S45, 600, nlssfssz
ing deficit of $1,000 This is remark11
ably poor showing. Tho Baltimore
ana ohio reports not earnings S27, S37,
which, with ''other receipts" brings
the total available revenue" as al
ready stated, up to $34,975. This total
available" is but S565 per mile of road,
through magnificent country, whereas
Poor's Manual gives the average net
earnings per mile for all the railroads of
the United States, good and bad alike,
as 81, III per mile!
The Valley company is authorized, it
appears, to issue $3.50. 900 more of first
mortgage bonds than have vet been is