The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-05-06
sValley Railroad.

TORS AND CONTRACTORS.
Pursuant to adjournment the Stockholders
of the Valley Railroad met in this city on Mon
day evening last at 7.30 p. m. Judge Nc
Laughlin was called to the Chair and Maj. jed
Hotchkss appointed Secretary.
large majority Of the Stock was represent
ed; Jas. L. McLane, proxy for Baltimore city;
Vice President Keyser, for the Baltimore ahe
Ohio Railroad; proxies from the towns ana
counties along the line OF the road and num-
Der Of individual stockholders being present
THE MAJORITY REPORT.
The report of Mr.. Keyser, Chairman OF the
Special Committee, appointed at the last meet
ing was read. 1t showed the financial condl-
ton Of the company to be as follows:
Receipts-Ciy of Baltimore subscription o 81 200 co.,
dviaua su be ao l s cash advances
timore and Ohio department ofsuppes 10 in5ef
a. cash o slss oo Richard Randolph ST. 3d. Edmund
Pendleton SIS As; total s2,252,l73 rs
| EXPENSES
Engineers return, orth of staunton $3.50 sos 7s en-
gineers return south of Sannon) $2l,o37 3d. engin-
GERS (N1ason Co.. a5e692l 76; engineering,
oT sois5 IL eng n SOUTH ss5ss "a e. gsn a
ST. right of way expenses north So a52 o5 right OF way
south slls s5s Isl right Of way expenses south q
g. road department l35528 40; miscellaneous, ss,ol
IL interest 1913 1874 80; treasurer baanee IN handO %,
| 9ss &c. total, 81 252, 173 Is.
1t also gave an account Of the management
Of the road which had been operated pro rata
| with the Baltimore and OHIO upon all through
traffic, the Valley Railroad receiving the benefit
! of the local trade, and showed that the gross
earnings for the past twelve months, had been
$3S, $50, and the net earnings s1,149.
The committee had carefully compared the
accounts with the vouchers returned and found
them correct, and the chief engineer had also
made thorough investigation with the same
result. Much disappointment had been occas-
ioned by the experience of the past twelve
! months, and while the committee were con-
vinced that the road had been well and thor
oughly constructed, yet, in view OF the develop
ments, they we've satisfied that less substantial
aud costly work would have answered. A large
trade had been anticipated from the Chesa-
peake and Ohio, which had failed, and the I'M
parallel financial blow that had Frustrated al
most every corporation in the country, had
contributed to the unexpected results that had
initiated so grievously against its prosperity
and usefulness. There was some satisfaction,
however, in knowing that no material repairs
would be necessary for the next ten years.
After duly advertising the committee had re-
! ceived but one offer for the lease of the road,
and that from Robt. G.. Bickle, for the term of
ten years, at $4,000 per annum. In submit
ting this bid the committee advised thas it be
rejected.
The committee We're Of opinion that the pros
ecution Of the construction south OF Staunton,
was impracticable and should be deferred until
greater confidence is restored in money affairs
MINORITY REPORT.
VIM. A, Anderson. of Rockbrdge, Chairman
Of tie committee, submitted report which in
complaining Of the cost Of the rail, says:
cat all events the baltimore and Ohio Railroad Com
pay did the york during the years IS pa, the greater
part Of it after February l. 1873 The charges which it
made against the Valley Railroad Company for the w.
and materials furnished aggregate 1854 492 50 1863
% per mile The engineers estimate of September 20,
1872 for mile Of track was CO. or $685. for the
twenysix miles, of which $500 per mile or ssl 1870 for
twenty six miles was for rails. This estimate was based
upon 800 ton as the price OF iron ra The laying az OF
TENDER the crisis Of the financial panic which
then visited the country the first charge for rail being
this time the completion Of the york Of track
laying Stanton the charge made by the Baltimore
and Ohio Railroad company, in rails first $50 per
ton but subsequently the whole cunt for rails was
freights Good raj Is could have been obtained during
all this period according the best information have
err rail was than at first contemplated that near
hundred tons Of rails used mile which at
mile $3.50 ooo for the twenty sixmiies, saving OF
So upon the engineers estimate and of7 IL upon
and Railroad company. The report estimates that
the work should not have cost over 3a09 instead OF
a,84 600.
REPORT OF THE CHIEF ENGINEER.
The report of Col. Jas. L. Randolph, chief
engineer, explained that while the cost CT the
rail had exceeded the engineers estimate
(Which had been made for a sixty pound rail,
when sixty-four was used q much better rail
had been adopted and the character Of the
work was first class in every particular, and
would compare favorabIy with that Of the B. &
O. r. r.
He said:
You will perceive that the actual cost of material in
Guiding freight and ballast exceeded the estimate by the
of 509 or less than five cent and this excess
is satisfactorily or by the Increased Weighs
quantity Of ballast used all of which have tended to i'm
prove the er OF the road ana the cost OF
in completing the line from Staunton to Salem. less
ciay as the traffic south Of Stanton viii not PROBABLY
be as heavy that north on account OF the connection
with tt Chesapeake and Ohio railroad
He concluded his report by saying that 'a close
tiny of the accounts leaves believe that
there have been any improper charges to the Valley
Company"
ASSETS AND LIABILITIES.
It was shown that the assets of the Company
were 5000, 900 and its liabilities s323,0Go.
MR.. KEYsER
said that the contract for the rails about
which Mr.. Anderson had complained, had been
made with the 3. s. o. r. r. before the de-
cline in iron, and at time when the indica-
tions pointed to an advance, and that the rails
had been imported, and were regarded by all
good railroad men as vastly superior to any
manufactured in this country. Had the price
advanced, the b. & O. r. R. would have full
filled the contract. The Valley Railroad had
| been projected and built at q time when the
| completion of the G. 81 O. r. r. was con-
tidently looked forward to, and calculations
made based upon the traffic of that road. As
it is, those expectations would never be realiz-
ed until blast furnaces were established. AS
al investment, the road had been improbable,
and it might be years before it paid per cent.
on the 81, 100000 expended en- it.
Col. A. W.. Harman stated that the report
claimed that the contractors had received
slO0. 900 in Staunton bonds, while the fact was
that they had only received s75, 900.
Mr. Kevser repOrted that the officers Of the