The Stark County Democrat. [volume] (Canton, Ohio) 1833-1912, 1895-08-01
THE VALLEY DEAL.
How the Acquisition Of Che Valley by
the b. Il o. is Regarded in
New York.


AT the New York end of the recent VAL
ley railroad deal the following is given
out:
The Valley railway contributes that
part of the new line between the cities Of
Cleveland and Valley Junction; the
Wheeling and Lake Erie contributes that
which is between Valley Junction and the
city of Wheeling.
The Wheeling and Lake Erie Company
Is to have the full access which 1t has
long been seeking, to the important ter
minals Mt Cleveland, the largest lake port
except Chicago, including access to all de-
livery and industrial tracks, and espec-
tally to the extensive system OF docks and
wharves which form so important an ele-
ment in the traffic In coal and iron ore.
The Wheeling and Lake Erie also obtains
the right to acquire its own yards, ware
houses, and other facilities in Cleveland,
and connect them with the Valley tracks.
Large expenditures will be made in en-.
larging and improving the terminals and
double track will be built from Brook
line to the city to accommodate the In
crease of business which will result from
the new arrangement
Another feature of the compromise Is a
more and Ohio Company will obtain an
entrance, which It does not now enjoy,
into Toledo over the tracks of the Wheel
ing and Lake Erie road from Creston.
The Wheeling and Lake Erie Company
owns the belt line at Toledo and has ex
tensive terminals in the heart Of the city.
This agreement settles the controversy
over the Valley railway of Ohio, which
will in future be operated by the Balti-
more and Ohio Company, in close alli-
ance with theNWheeling and Lake Erie
Railroad Company, under the above ar
rangement. The fight for control has
been long and bitter.
The Baltimore and Ohio committee had
deposited with them one-third of the first
mortgage bonds and two.thirds Of the
second mortgage bonds. The Wheeling
and Lake Erie Cleveland committee had
under their control two thirds of the first
mortgage bonds and one-third of the Sec
ond mortgage bonds. Neither committee
was in position to put through reor-
ganization without long and tedious
litigation unless q compromise could be
effected. Negotiations began several
weeks ago looking to settlement be-
tween the various interests. After u
number of meetings in Cleveland and in
New York the matter has finally been
adjusted.
The Cleveland committee will allow
the Baltimore and Ohio committee to or
rganize the Valley railway. This was
done ON conditions that contract should
be made between the Wheeling and Lake
Erie and Valley railway companies which
should give to the Wheeling and Lake
Erie whatever use OF the Valley line it
demanded. This contract was executed
at the same time that the agreement was
signed between the two reorganization
committees.
Suits are now pending for foreclosure OF
both the first and second mortgages, and
this settlement will probably lead to a
speedy decision and the withdrawal of all
opposition to foreclosure proceedings. II
is understood that the Baltimore and Ohio
railroad company has already negotiated
a sale of the new bonds on the reorganized
property.