Shenandoah herald. [volume] (Woodstock, Va.) 1865-1974, 1867-05-02


noeso. The bill was sent ID the House
q. Delegates for its concurrence.
General Meeting ofthe Stockholders of
the Manassas Gap Railroad.
[Fromthe Alexandria Gazette, April "a. j 81
In pursuance Of the published call, the
Stockholders of the Manassas Gap Rail-
road met in general meeting, in the cham
Der of the Common Council, in this city,
at noon to-day Robert Beverly, of Eau
quier, in the Chair, and S. NJ. Yost, of
Rockingham, and Daniel Morgan and
Edgar Snowden, Jr., Of Alexandria Sec
retaries
Messrs. Timothy Taylor Of Loudoun,
E. Lewis Marshall and Thomas r. Eos
ter, Of Fauquier, and Samuel Q. Bagot,
of Alexandria, were appointed commit
tee on proxies.
The committee, after ar examination,
reported that large majority of all the
stock was represented, which report hav-
ing been adopted, Mr.. Marshall, Presi-
dent Of the Company, read the following
report: e.5 ~
TO the Stockholders. Of the Naasassas Gap
RaiAoqd: *'
The Board has called this meeting of the
Stockholders for he purpose of determining
the question Of the transfer of the charter and
of the Manassas Cap Railroad to the Orange
and Alexandria Company, upon certain condi-
tons. f'3.t s2 500 5'stst a4f K
/. The policy Of the proposed measure was
brought to your consideration at the annual
meeting in November last, when it was accept
ed by resolution giving ..autlority to the
President and Directors to negotiate with, and
transfer to- the Orange and Alexandria Rail
road Company, the property, franchises &C.,
of the MANASSAS Gap Railroad Company,
which passedswithout dissenting voice, .a'o,
The requisite legislative authority has been
obtained-the act recites the terms Of agree
ment between the two companies, and recog-
nises their acceptance by both as condition of
the consent of the Legislature to the relinquish-
ment of the stock shares of this company be-
longing to the State, and the basis upon which
the authority to make the transfer is given,
The terms recited in the act are: stThe trans
fer Of the charter fra achises, property, and
rights, together with the stock shares belong
ing to- the State, to Alexandria, the counties,
and to individuals Of the Manassas Gap Com
.,.any :, to the Orange and Alexandra Railroad
Company, upon condition that the Orange and
Alexandria Company shall assume the pay
ment of the deb,s of every kind Of the Manas-
sas Company and rec onstruct the road from
Manassas j Junction to Harl;sonburg, the work
to be finished in Two years; THAI IN ease OF fail
uric the property, &c, is TO revert to he Stock
holders Of the Manassas Company that the
charges on transportation are to be pro rata
upon the two roads that two Directors are to
beaded to.the Orange and Alexandria Board.
one. to be, chosen from the Valley and the 9th
er from the Piedmont counties that the Or
ange and Alexandria Company may take the
name Of the Orange Alexandria and Manas-
sas Company. The act allows such supple
mental negotiation as may be wanted to carry
out the proposed measure.
. The terms of the agreement are deemcd fair
by the Board. There has been some objoc-
ton made to the REIMBURSEMENT Of the stock
as required. The surrender Of the stock is at
the same time the representative Of property,
ana by the vote it gives, of power. No idea
of dividend on the Manassas stock was expect
ed, and therefore, as property, it has no value.
The stock of the Orange and Alexandria
Company has now market value, the ex-.
change Of the stocks would therefore not only
be unfair, but would be robbery to the extent
that it would diminish The value of the Orange
and Alexandria stock, by the addition to its
amount. AS the representative of power, the
votes the stock gives would give tothe holder
control Of the management Of the road the
transfer being virtually q sale Of the road,
the effect of retaining the stock would be, to
keep in the hands of the Manassas stockhold-
ers the control Of the property they had sold.
to the exclusion Of the purchaser. The Ma
nassas line is, however, saved from any dam
aging mana cement by the representation al
lowed in the Board, and the condition recited
that the charges shall be the same ON the two
lines Of road.
Experience has demonstrated the propriety
and necessity Of the contemplated transfer
Our friends in the Valley-determine as all
people in this age Of progress are determined,
to, bring to their MIDST a railroad, were this
winter diverted from the immediate embrace of
an alternative scheme which would have been
fatal to Manassas by the certainty ofthe spec
dyreeonstruction of the Manassas road, which
this combination of the Orange and Alexan-
dria and Manassas offered them. They re
turned promptly to the cid scheme as soon they
had assurances Of its successful prosecution
Not only is this restoration of Manassas a sub
ject of congratulation, but it is pleasing re-
Election that this consolidation brings under
one management aud one policy all the Valley
and Piedmont interests centering at Alexan-
dria, and give increased power over their di-
rection ~ li3 .f'si4 t4 51-
In making surrender Of their trust the
President and Directors find justification III
the dearth of resources, consequent upon the
devastation. of the road by the effe Its Of the
war. Their past record shields them from the
imputation of shrinking from the task OF re-
suscitating theroad, if its state ofdelapidation,
and paralized credit, offered a hope of making
the prompt movement which the circumstances
of the case require. Your Board has given
ample evidence Of faithfulness and vigor in the
work of the past Before the war they had
virtually completed the road to Harrisonburg
"a distance of III miles, crossing the Blue
Ridge, two considerable rivers, and threading
the Valley, bridged large streams every five or
six miles, one Of them with bridge six hun
dred feet in length, ana the height only sec
end to the bridge over the Appomattox The
Manassas road is equal in grades, curvature
alignment, durability, and finish of structure,
and made at no greater cost than any of the
main lines of similar character. With a
passenger revenue amounting to about one
tenth Of that of the main lines, this road to
Harrisonburg, together with sixty miles Of
road on the Independent line and Loudoun
Branch, have been made with a comparatively
small bonded debt, whose product will cover
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