The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1892-07-21
1T Is ROTTEN,
SAYS RECEIVER BoLe OF THE VALLEY
RAILROAD,

And an Application for Power to Issue
Certificates and Make Extensive I'm.
provements Will be Filed in a Few
Days.
The bondholders Of the Valley railroad
are up in arms and the outlook is that
there will soon be an interesting legal
battle between them and the recently APP
pointed receivers, Messrs. Henry M. Keim
and j. X. Bole. The receivers have filed
notice on the Central Trust company Of
New York, the trustee of the bonds, that
on July 26 or soon thereafter, they will file
before Judge Kicks in the United States
court, an application for power to issue
receivers certificates 70 such amount as
may be necessary to build a new depot
and properly equip the road. At meet
ing Of bondholders, representing 81, ,0O0,-
900 Of the 81 900, 900 bonds, held yesterday,
II was decided to oppose the granting Of
this application, and q committee was ap-
pointed TO represent the bondholders.
"The application" said gentleman
who attended the meeting, sis enough to
justify the court In removing the receiv
ers, and we shall take every step that may
be necessary to protect our rights. Under
this application the receivers might issue
certificates amounting to s., ,000, 900. II Is q
scheme Of the b. q o. railroad company
to freeze out the bondholders. The re-
ceivers are interested in the b. & o. and
will do all In their power to assist that
company in getting full possession of the
Valley railroad"
Receiver Bole was asked last night for
an explanation of the proposed action Of
the receivers in asking permission to
issue certificates, "The Valley road,n
said Mr.. Bole, "is in wretched condition
from one end to the other The road must
be rebuilt between Cleveland and Akron,
distance Of thirty.six miles. The road
bed is rough, many of the ties are rotten
and the bridges are In q dangerous condi-
tion. The rolling stock is far from
ade quate. A number Of the locomotives
are fit for nothing but scrap, the passen.
ger cars are not fit for a white man to ride
in and many of the freight cars are sadly
in need Of repair. The. Valley company
has almost no facilities for repairing. 1t
has one little shop that is utterly made
quate and many cars are unfit for use
simply because we have no facilities for
| repair work. There are not enough side
tracks and this fact has caused constant
delay in moving trains. Some cars
loaded with coal have been on the tracks
and we are constantly harassed by ship
pers who cannot get their coal delivered.
The Valley does not own foot of ter
min ha
depot has been declared unsafe by Build
ing Inspector Morse. We might have a
splendid coal road and excellent facilities
for taking passengers to Chicago. Next
year, when the worlds fair is held, we
| ought to secure large share of the pas
senger traffic to Chicago. We have made
a careful inspection of the road and will
have a detailed statement of its condition
prepared by experts for presentation to
Judge Kicks. On account Of the impera-
tive necessity of improving that condition
we shall ask to have receivers certih-
Gates issued.n
ut 10 claimed by the bondholders that
under the application you might issue GER
tificates amounting Of IS, 100000. Do you
expect to issue to that amount2"
"By no means. II we are authorized to
issue certificates for $4,000 we shall be
satisfied.n
"Itis claimed that this move is scheme
of the b. C o. to take possession Of the
Valley and freeze out the bond
holders 2''
THAT is not true. II the bondholders
want to take possession of the.road and
pay the B. & o. for its interest suppose
they can do SO. As q citizen of.Cleveland
am interested in seeing as much compe-
tition as possible and hope to,,:see the
Valley controlled by some trunk line that
does not now have good facilities for get
ting into Chicago from. Cleveland. The
B. & o. could furnish excellent transpor-
tation to Chicago II it had control of the
Valley, and il the Valley were put in first
class condition. If the bondholders resist
this application do not know that we
shall push 1t, but we shall show Judge
Kicks the condition of the..road. Supt.
johnson deserves great credit for running
the road as well as he has. 1t Ia rotten
from end to end and the wonder is that he
has been able to keep things running.
There are now about $4,000 in unpaid
bills and some firms have refused to sell
to the company. About 81, 800 per month
has been paid to other roads for the use
| of cars, ,'-Cleveland Plain Dealer.