The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1890-09-30

VI hPri, 1881. 4 general mortgage was
made to the amount of Si.113. 900 bear
ing per cent payable semi-annually.
Income bonds for S1.Si374S were iss,,cd
February II, 1883, making a total funded
debt OF So, 146,426, with an interest of
S4o3,6S0 accruing annually. The road
failing to pay the interest, the Fidelity
insurance, Trust and Safe Deposit Com
pany of Philadelphia, the trustee in the
mortgages, brought suit in the Circuit
court OF Roanoke county to have the
mortgages for closed, and asking that
receiver be appointed.
on April l, 1885, Sydney F. TYLER
was appointed receiver of the road by
ouoge blalr, under whose management
II 1Si mas been since, He appointed Mr..
fllckwir superintendent, whose effective
work and wonderful success in devotion
ing the resources of the country through
winch the roadruns is known to our
people and has made him prominent
man in the railroad world. The road
has still failed to pay the interest ON
the debt and current expenses under
the management of the receiver, and on
the Goth of last April Judge Blair signed
decree ordering the sale Of the road.
AS VIII be seen by the plan of re-or-
ganization heretofore published, the
road is expected to go back into the
hands of the Norfolk and Western and
under the management of Mr.. Kimball.
In TINS the road is to be congratulated,
ana 1t VIII certainly meet with the ap-
PROBATION of the people of this city who
look upon Mr.. kimball as the principal
cause of the great and enduring pros
perity of this city and section
Those who arc familiar with tho his
tory and management of the Shenandoah
valley road. and the management of
railroads generally. do not attribute the
financial depression of the road to mis-
management. The road runs alone Tho
foothills of the Blue Rridge and one of
It's principal objects was the develop
ment OF the iron resources along the
route. at the time of its completion
there was general depression in bust
ness generally, and especially in tho
iron interest. The effect of the depres-
sion was general and especially hard on
new lines. The amount of cash realized
lor the construction and equipment of
the road is as follows:
Common stock issued for
cash ................ S3.696 900
From sale of first mortgage
DOnuS ......... oo5o toO
From sale of general mort
gage bonds ............. 4.050.077
rom salc Oh income bonds. l,S43,T
Total .$ll. S4o 623
This is an average of a little over
$4,000 per mile, which is not extraya-
gantly high The fact that the Norfolk
and Western was successful under tho
management that could not make the
Shenandoah Valley pay is sufficient
proof that the failure was not due to
acknowledgement. The traffic on the
road did not meet the expectation of the
projectors, hence the financial dcprcs-
sion. Under the receiver the road has
been managed with satisfaction to all
concerned, and its business has con-.
stantly increased.
General Freight Agent Pope. of the
Norfolk and Western, also of the s,hen-
andoah Valley, said to TIMES reporter:
The business of TIE road is better now
than mt any time in it's history and is
increasing constantly Mr. Pope is
also agent for the Great Southern Dis
patch line, of which the Shenandoah
Valley is part. and said. .Wc have.
beyond doubt, the best all rail route to
the South. Had the same prosperous
condition of this section prevailed when
the road was first completed there would
have been none of this financial depres-
sion for the road would have paid from
the start.