Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1874-12-18
THE COUNCIL.

THE VALLEY RAILROAD-PRESID
! GARRETT WANTS THINGS KEPT QUIET
DIRECTOR HARMAN's STATEMENT OF
THE MATTER-STAUNToN DOES NOT
WANT TO PAY ANY MoRE-THE OLD
CITIZENS AND THE TAX.
&C., &C., &C.
The meeting of the City Council Tuesday
evening was unusual y interesting. 1t was
quite a full one, there being present
Messrs. Abby, Bagby, Bickle, Burke, Evans,
Funkhouser, German, Hoge and Witt.
President Bickle presiding.
THE FINANCE COMMITTEE REFUSES TO
DELIVER MORE BONDS TO THE
VALLEY RAILROAD COMPANY.
Mr.. Evans, from the Finance Committee.
said that they had an interview with Judge
H. W. Shelley, counsel of the Valley 4.
r. Co., night or two since, at which he
asked the delivery to the Co. Of the addi-
tional $25, 900 of the city bonds in payment
of their su scription, which request the
committee declined to accede to. From
what Mr.. Evans could gather, the road was
about to be sold out and the stock Of the
city and the other stock also absorbed. MI.
E. had always contended that the COM
| pany had not complied with the terms on
| which the city's subscription was made,
,, one of which was that Staunton should be
a point on. the main line from Harrisonbarg
! to Salem. There was no such line and
and Staunton's subscription was not due
until there was. Judge Sheffey had in
formed the committee that if Staunton
did not hand over the funds mandamus
would be obtained to compel her to do it.
STATUS OF THE AFFAIRS OF THE COM
PANY-WHAT THE BALTIMORE & OHIO
CO. HAS DONE AND WHAT PRESIDENT
ROBERT GARRETT IS DOING.
Col M. II. Hartman, one of the Directors
of the Valley R. r., made statement to the
Council regarding its affairs. 1t was brief
and clear. He read figures showing that
the assets in hand, including $276 cash in
the hands Of the treasurer, the $4,000 due
in money from the city of Baltimore, the
$4,000 due from Staunton which the FL
nance Committee refuse to deliver, and
the bonds of Rockbridge co. and town OF
Lexington, amount to $229,075, and The
assets subject to call, including Rockbridge
and Lexington bonds, amount to 1000,
making total of assets of S517 1851. The
total indebtedness is $418,521, leaving a
surplus of $9S, $50 in the hands of the CON-
Dany and, when we add 100000 of Roanoke
bonds, 900 of Staunton bonds and
$4,000 of Botetourt bonds to be paid if
the work continues-a total surplus OF
$489, $50 in favor of the company. The
suspension of the work had been occasioned
by the refusal of further aid by the Balti-
more & Ohio Co., presenting the extraor-
binary spectacle Of q great work with a
surplus of assets, in fair way tn COM
pletion and several millions already ex-
pended, forced to stop operations. The
Baltimore & Ohio Co. had assumed for it.
so which was made by Messrs. Johns
Hopkins, himself and others some time
since, so the first guarantors were no long
er responsible.
TWENTY-FIVE MILES OF THE ROAD AT
TWENTY-THREE DOLLARS A DAY.
for the use Of the completed road between
Stanton and Harrisonburg for seven
months $5.O1S. They declined to lease the
road already built at per cent, though
they pay for the lease of the road to Stras
burg and the Winchester road. President
ought not to advertise for proposals for
lease and that all matters relating to it
should be reported to a meeting of the di-
rectors and not to meeting Of stockhold-
ers. He wanted the thing
sMOTHERED UP
in directors meeting. He had insisted
that such report should be made to tile d.
rectors, though the resolution adopted on
the subject said "stockholders." He had
been informed Of his mistake, but tele
graphed here Monday demand for the orr
ginal, which Col. Hartman said he did not
send, but took the precaution to have certi-
fed copies made and sent on to him. Col.
LII. hoped that Staunton would pay the rest
of her bonds. Itwas needed to pay eontrac-
tors, who, if they did not receive it, could
seize the road, and when put up at auction
it would certainly fall into the hands of the
put into it be lost.
Mr.. Evans-You say that there was a
minor ity report. Where is it?
Mr.. Harman-The minority report is the
exhibit made by Mr.. CARROTS side Their
statement was used as the basis for the
report have made.
Mr.. Burke-If we paid the $4,000 more,
wouldn't that go with the rest?
Mr.. Kayser-$25, 900 would go but lit
tie way to paying $41s, ZOO.
Mr.. Harman-The Council can wait I'M
til the meeting of the stockholders Janu-
airy 18th, and theE decide about the S25,0OO
and also the $50, 900 subscription. Ii the
road were leased, we might make mort
gage enabling us to go on with the work.
Mr.. Ker-Don't you think the whole
difficulty arises out of the intention Of
THE BALTIMORE & OHIO co. TO GET Pos
SESSION OF THE ROAD?
MI. Harman-I wouldn't like to say
that, though the Parkersburg and Con-
nellsville reads went the same way.
Mr.. Burke-My idea of the matter is,
they want to gobble up the road.
MI. Witt think the Directors of the
Valley r. L. shave acted b ably in allowing
the B. Il O. road to run it for such small
pay.
Mr. Harman-For one 1 attempted to
prevent it. The charges of the B. u 0. Go.
against the Valley Co. have been enor-