Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-10-04
Valley Railroad.

A meeting of the stockholders of the Valley
railroad was held in Staunton, Va, on Wed
nesday last. Mr. Robert Garrett, the pres-
dent, presented his annual report, in which,
after recapitulating the history and purposes of
the road and the fact that it is to cost s7,7O0,-
900 to finish it to Salem, on the Tennessee
road, he says:
1.-The work from Harrisonburg to Staunton
is almost completed and the track laying will
be commenced this week. The whole line south
of Staunton has been placed under contract tc
Messrs. Mason, Mcmahon, Menefee, Harman
and Shanahan, who have agreed to take the
bonds at even more favorable rate than was
named in the johns Hopkins negotiations. -
The company has effected mortgage for 3d..
OOO,000 the bonds for which will be issued
from time to time, and will rank high in the
market. The receipts of the company for the
year, up to September lst were 1898, 44 3d.
and the disbursements $685. 80, leaving a
balance in the treasury OF S6,777 50. tie
recommends an additional call for 80 per cent.
Of the subscription, payable as follows: Octo-
Der 18th, 10 per cent; October 23d, III per
cent, and November Sd, 10 per cent.
The report Of the chief engineer says that the
road between Staunton and Harrisonburg will
be finished in November; the iron superstruc'
ture for the bridge will be ready next month.
The heaviest part of the work will be complet-
ed first.
Mr.. Glasgow, of Botetourt, objected to adopt
ing the recommendation of the president for 40
assessment of thirty per cent until the question
of the route by Fincastle was settled, which led
to long debate when the matter was finally
disposed of by the adoption Of resolution di
recting the board of directors to make such as
sessmcnts as they may deem proper, and deter
mine the route through Botetourt as speedily
as possible
Col. VIM. Allen offered resolution, which
was adopted, authorizing the board of directors
to lease such portion Of the road as may be COM
pleted before the next stockholders meeting,
for time not longer than three years, or to
make other provisions for the prompt and prof
liable working of the same.
Mr.. Davidson, of Rockbridge, called attention
to the fact that the time fixed for the compile
ton Of the road was three years, when he was
informed by the contractors that it could be
done 10 two years.
An election then took place for officers when
Robert Garrett was reelected president, and a
resolution fixing his salary at $4,000 per an
mum for the two past years and $1,000 for the
present year, adopted.
The following directors were chosen, one ad-
ditional for Rockbridge being elected: Rock
bridge-Wm Allen and j. 2. Dorman; Bote
| tourt-Ed. Pendleton; Staunton-M. g. Har-
man; Roanoke-J. w. Hansborough; city of
Baltimore t. Baldwin R. Norris and
D. H. Miller Baltimore and Ohio railroad
Johns Hopkins, VIM. Keyser and P. P. Pen
dleton.
OYSTER ENTERPRISE Meals, president
of the New Jersey Land and Improvement
Company, is at St. Michael's for the purpose
of starting new feature in the oyster business
there. The company own extensive tracts Of
land and water rights at Barnegat bay, on the
Jersey coast, said to be the most desirable place