The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-05-06
paper predicated upon Virginia securities, and
that the Baltimore financiers would have little


paper predcated upon Virginia securities, anl
that the Baltimore financiers would have littls
to do with it.
Col. Hartman expressed regret at the resig
nation OF the President, and begged him to re
consider. Mr.. Garrett returned thanks, and
said that the step had not been hastily taken
as he had previously announced his intention te
resign and that his private business demanded
his attention. lie would gladly render any as
sistance in his power 20 the incoming Presi
dent.
| Col. Hartman then moved an acceptance Of
the resignation which was carried, and the
same gentlemen nominated P. F. Pendleton,
Of Baltimore, for the vacant position. At this
time it was ascertained that quorum was not
present, wfereupon, Col. Harman withdrew
| his motion and Mr.. Garrett was declared Pres
| ident still.
| Decatur IT. Miller, ESD, OF Baltimore, said
that he hoped Mr.. Garrett would not insist up
on retiring until the fall meeting of the Direc-
tory, at any rate. lie knew that the position
had been thrust upon Mr.. Garrett, who, or &C
count OF his youth, had been reluctant
to accept. Mr.. CARROTS administration had
been thoroughly satisfactory. Mr.. Miller then
moved that committe be appointed to wait on
the President and request his continuance in Of
flee until the fall meeting, at least. The COM
mittee, after retirement, reported that Mr..
Garrett had consented to administer the affairs
of the company until the meeting Of the Direc-
tors.
REPORTS, &C.
Mr.. McLane reported that proposition had
been received from the supervisors Of Botetouft
and RoclSbridge, which would be submitted to
the next meeting.
Maj. D. Sanahan, from the committee ap-
pointed to examine the accounts Of the con-
tractors with the company, reported that by
the estimate Of the chief engineer, the compa-
NY owed the contractors $780, 900 in cash and
$3.50 in bonds After closing his report he
spoke Of the embafrassments Of the contractors
and the disappointments they had been subject
ed to, in a most earnest and pathetic manner,
and said that they had invested the last dollar in
supplies used on the road; that they had been
ordered to suspend without notice; that since
that time they had been unable to obtain dol
lar, and they had been forced to sacrifice their
property in order to III btedness in
Cured during the progress Of the work. He
had hoped that something would be accom-
plished at this meeting, but it seemed that they
were only to add it to their long string Of dis
appointments. Maj. 6hanahan's remarks were
listened to with much attention and loud
ly applauded at their close.
On motion, the meeting adjourned to meet
at the call Of the chair. Lexington, it is pre-
sumed, will be the place, and the time before
the 10Th instant.
OPINIONS OF THE DIRECTORS.
OF course, the Directors Of the road all feel
very much disappointed at the result OF the
meeting, az they had fully expected to have
matured some arrangement for the immediate
adjustment Of the debt to the contractors
President Garrett does not despair Of being
able to make an3 amicable settlement, and
thinks that i'll the course Of q few days some
thing will be done to place the affairs OF the
Company in o more favorable position. Mr.
keyser is not so sanguinc, and thinks that the
action Of the city Of Stanton and the Couu-
ties, will force the Contractors to institute suit.
Other'prominent officials Of the road express
q more cheering opinion, and indulge the hope
that the Counties and StaUnton will reconsider
their action and thereby relieve the road Of its
cmbarrassments and enatle the prosecution OF
the work south OF Stanton to go on. LII con-
sequence Of the low price Of iron and the
chaapness and abundance Of labor, they are
satisfied that tile road could be completed to
Salem at much less cost than was originally
estimated. As a paying investment, the road
once completed to Salem would be one of the
most valuable pieces CT road in the United
States, as it will connect with the Baltimore &
Ohio at Harper's Ferry. cross and connect with
the Chesapeake &. Ohio at Staunton and con-
meet with the Virginia & Tennessee at Salem.
Besides it would be the means Of developing a
vast amount Of the dormant resources Of the
State.
II the counties and towns do not come to
terms the road will be sold at the suit of the
Contractors and bought by the Baltimore and
Ohio Railroad and the City of Baltimore, the
largest stockholders. Tn this event, the Valley
would lose all it has invested and be disappont-
ed in not getting q road. The necessary funds
might be obtained by a mortgage on the fin
ished road but no such mortgage could be ne
gotiated without sacrifice in the present de-
pressed condition OF Railroad securities.
VIEWS OF THE CONTRACTORS.
AS matter of course, the Contractors are also
disappointed. They consented through their at
torney, not to bring suit on last Monday, provid-
ed the Valley Railroad Counsel would agree to
waive the rule day, and await the developments
Of the meeting to be held on or about the 10th,
at Lexington. They are disposed to be as len
lent as possible, and therefore have postponed
any positive action until it is ascertained that
an amicabe settlement cannot be made.
ANTIQUITIES Capt. M. A. Miller showed
us the other day brass button that had been
thrown up in digging a foundation, recently on
his premises, in this city, from depth Of six
feet beneath the surface. It had device on it
Of pair of English pheasants, and from it's APP
pearance had been buried for scores Of years.
7 ey1o Sro, 4t,oE1