The Roanoke times. [volume] (Roanoke, Va.) 1890-1895, 1893-02-23

near, TO reel ana to discuss this subject
until you thoroughly understand what
| you are doing. We will be pleased to
hear remarks upon the matter at issue"
Lucian II. Cooke, ESQ, was the first
| speaker Ho said at goes without
saying that the people Of Roanoke feel
very seriously the necessity for securing
additional and competing railroad facili.
ties. The unanimous adoption by this
meeting of tho report just read voices
the feeling Of sen timent here on the
subject believe this meeting repro
sents the almost unanimous opinion of
this city to the effect that it is tho
earnest desire OF the city to secure an
additional railroad-the Chesapeake
and Ohio if it can. But to merely wish
for O -cailroad and to approve plan for
building it will not build it. Unless our
resolutions are backed up by work the
railroad will not be built.
Now, you have heard the proposition
OF tho Chesapeake and Ohio. 1t con-
tains two things. First, the Chesa-
peake and Ohio Railway Company is
willing to put up dollar for dollar for
tho construction from their main line to
Roanoke, and it proposes to put up the
first mortgage bonds of that road. The
people at the other end-that is the
people of Roanoke and Botetourt
oOuh1y law W DuC up GQ9 resi-.
The distance from Roanoke by way of
Finca stle to the Chesapeake and Ohio is
th,rtY-two miles. 1t is estimated in
general way that tho cost of the com
pleted road including everything for
operation will approximate 100000 or
S650,00 Mr.. AXtell in his proposition
uses those figures. If the Roanoke,
Fincastle and Clifton Forge Railroad
Company will undertake the construc-
ton the Chesapeake and Ohio will
guarantee its first mortgage bonds. We
have every reason to believe the Chesa-
peake and Ohio will secure that
amount, though it is not absolutely
promised.
There remains then to be raised by
the friends of the road an equal sum-
For tho purpose of raising the sum the
Chesapeake and Ohio will guarantee
$500, 000 income bonds: that is, income
bonds Will be received 20 the amount Of
10 per cent for incoming or outbound
frcights For Illustration \ Roanoke
merchant receives Il car OF goods from
Cincinnati on which the freight is 500.
The Chesapeake and Ohio will accept i'll
payment $50 in cash and SO in income
bonds. This viii be easily liked This
plan gives value to the bonds, but ONLY
as applied to tho markets along tho
derive value from the net earnings of
the road. out of which their interest is
to be paid. They are n lien upon the
net earnings, but whether dividend pay
ing or not, they can be used in paving
10 per cent. OF freight charges.
THE practical taking of $780, 900 rst
MOI tgage bonds by the Chesapeake and
Ohio leaves S30O,t0O to be raised / do
not think that we can go before COM
munities interested in the road and
negotiate ut par the full amount of the
income bonds, but we can undoubtedly
get eighty or ninety cents on the dollar
1t is proper for us to consider where we
can raise the balance of the money.
Roanoke will doubtedly be most bon
Gifted by the road. We ask the city OF
Roanoke to subscribe 100000 in five
per cent bonds to it's stock.
This will mean S.. 900 year added
to our taxes, $1,000 for interest and
$1,000 for the sinking fund. AS citizt rs
lt Is a pertinent question whether tho
railroad is worth that amount of money.
1t will cost $1,000 year, no more, no
less With hat amount fixed thcre
Will be no further charge. There will
not be much question by anyone who
has the intere SIS of tho city at heart
but what the railroad will be worth
of competing rates it will be worth that
much in coal alone.
"Tou know what the Chesapeake and
Ohio system is. 1t extends through the
great West, it extends to the ocean, it
reaches the great bituminous coal folds
OF the Atlantic slope. 70 have road
OF that character is well worth $4,000 a
year TO the city. You will be asked to
adopt resolution asking tho City
Council to put the question to the people
whether they will vote this amount.
This is not all, however. All of us
must SEQ what we can do toward
taking some of these income bonds
If these bonds can be floatei the
road can be built. Can We float these
bonds? feel sure that when the mer.
chants, wholesale dealers and manu-
facturers of Roanoke consider tho d-
rect and incidental benefits which will
como from the introduction OF this rail.
way and that coming from an invest.
ment in those bonds on their own foot.
ing there will be no hesitation on tho
part of large number of citizens to
invest in these securities.
This matter has been under con sid.
Grafton by this committee of the board
of trade for six months. They have
worked hard to secure these railroad
facilities. The terms may not be the
best that could have been wished. We
could have wished that the road would
nave come without any cost to us, but
the tlmo has not come when we can de-
mand that railroad come in. We have
still got to work to bring them.
This proposition can be carried and
the railroad gotten. Now it remains
for us to carry it through. We will