The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-12-02
Neeting Of tho Stockholders Of the Valley
Railroad.

Meeting Of tho Stockholders Of the Valley
Railroad.
The annual meeting Of the Stockholders OF
the Valley Railroad. was, held at the Office Of
Shelley & Bumgardner, Asthis city, on last
Tuesday.
w. A. GLASGOW, OF Botetourt, was called to
the chair, and Mr.. Madison, Of Baltimore, ap.
pointed Secretary. ~
The chair appointed Messrs. W. A. Burke
and D. E. c. Brady, committee to examine
credentials and report the amount OF stock
present. The committee reported quorum,
the following being the proxies 5: Baltimore
City, Alex. Raymond; Baltimore and Ohio
Railroad, VIM. Kayser; Botetourt County W..
A. GLASGOW; Rockbridge, Messrs. Abrams and
Brady; Lexington, c. A. Davidson and W. A.
Anderson; Staunton, Jno. B. Evans. f
= The proceedings Of the last meeting were
read. In reference to them, Mr.. Kayser stated
that they were not the original minutes, but
were copies, the originals being in the posses.
sion of Judge Shelley who was then engaged
in the Court room. The minutes were approved.
THE PRESIDENTS REPORT
states that the completed portion of the road
between Staunton and Harrisonburg is opera.
ted under an arrangement with the Balti-
more and Ohio Railroad. The statement
Of earnings and expenses furnished by that
company shows that the operations for the fis-
cal year ending September soth, 1875, have re-
suited in q loss to the Valley Railroad Compa-
ny of $6.2ll. l3 as follows $50, ~
Total earnings, s43. 756.73
expenses, $49. 967 80
Earnings less than 'expenscs,...... $69ll.1
This account has been. made on the basis Of
the agreement entered into between the two,
companies on the I4th September, 1874, the
terms Of which are as follows: 90
The Baltimore and Ohio Railroad Company
will operate the Valley Railroad upon its COM
pletcd line to Staunton upon the following
terms and conditions: - ~
1st. The Baltimore and Ohio Railroad to fur,
nish the requisite cars and engines and to work
the Valley Railroad. End. Pay rolls and &C.
counts OF the Valley Railroad to be kept entire
ly distinct. 3rd, The earnings to be divided
pro rata between the Baltimore and Ohio and
the Valley Railroad companies by mileage
4th. The Valley Railroad to be charged for the
use of machinery, &C., at the usual proper rates.
5th. The accounts to be adjusted at the end Of
each period Of six months.
The results of the years business are any,
fhinU h,,t cstiefoctorv mi tho nroepocte ~ tho
coming year are not encouraging. The effect
Of the panic of 1873 is still being seriously felt
in all departments Of business, and especially
in the business OF railroads. The most flaCter-
ing results were anticipated from connection
with the Chesapeake and Ohio Railroad, but
the receipts show that such anticipations have
been unrealized. Added to this, the local busl-
ness has been far below that calculated upon,
whilst the general depression has seriously inn
paired travel and freight.
Reference is made to the rejection of Mr..
Bickle's bid to lease the road, made at the
meeting of the stockholders, for the reason
that such action would interfere with the ne
gotiation Of a mortgage, should such negotia-
ton be desired, and the Influences which were
brought to bear on the Board Of Directors in
suspending operations on the urcompleted
line are set fourth. The panic Of 1873 had
demonstrated that with all abundance OF
money and good credit, railroads had sprung
into existence when there was no demand for
them and no justification by the trade, and
the reaction had carried with it "a general pros
tration.@ It is true that the development Of
Our resources will, IN some degree. remedy
this evil, but. until such d the case, there Is
not much probability Of. a satisfactory loan
cheapness Of labor, however, will enable the
company to prosecute the work at much less
cost than was estimated for, should it be pre-
pared to resume again. Had the Board been
able to anticipate the extent Of the panic, the
work would have been stopped at an earlier
date, but in common with. similar bodies they
trusted to an early return Of business to its ac-
eustomed channels.
Tie Board has been greatly embarrassed by
the action Of the Valley subscribers in the
non-payments Of their subscriptions. The use
OF the bonds Of Rockbridge and Lexington to
the amount Of 100000, already delivered to
the company, has been enjoined, and the in
terest due in January last remains unpaid,
notwithstanding that an amount in excess OF
the whole subscription has been expended
within the limits Of the county. According
to the final estimate OF the Chief Engineer,
the company is indebted to the syndicate to
the amount Of 4lsl, 22O in cash, and $l13,74O
in bonds, but owing to the conduct Of the SUBJ
scrbers referred to- it finds itself without avail
able assets, except the completed line.
SUBSCRIPTIONS.
TIE following are the amounts paid in:
City Of Staunton ........................9 lOO,OOO
ROckbridge.. 3lo.OOO
lo.VOU
Botetourt .................:......... $4,000
Baltimore. .UUO.OUU
Baltimore and Ohio Railroad. ], COZ, 900
The following amounts are unpaid:
Stanton. ........& 00,UO
Rockbridge ACKNOWLEDGEMENTS. 21N000
Lexington. 1900
f4VUU
Upon the subscription Of the County Of Roa-
noke, amounting to $2OO, 000, nothing has been
paid. From individual subscriptions in cash
and the settlement on account with Mcmahon,
Green & Co., on ga, 600 Of stock, $50. 400 has
been received, aeaxing balance Of 81, 5ls
still due.
The status 81 the unpaid subscription as re-
ported BY Hlfe company s counsel, is rs follows