Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-01-15

Col. Randolph, the Chief Engineer, now
came forward and had a brief consultation
with Mr.. Hartman, in which Mr.. keyser
joined. Mr.. Keyser then submitted q
statement to the meeting on behalf OF Col.
Randolph. He said that on the suspension
of the work there were 81 miles OF untln-
ished work, which the Chief Engineer had
been directed to take up. and since tfen
the entire corp had been engaged at It,
An idea might be formed Of the extent OF
the undertaking when it was stated that
cross section had to be taken every 100
feet in every mile of graduation. These
cross sections had just been completed,
and the calculations had not yet been
made. 1t was utterly impossible to state
in round numbers what the cost would be,
and it would be better to wait until full
statement could be made. 1t was incom-
petent for a director or stakeholder to re-
port an approximate statement.
Mr.. Hartman President last night
said he was prepared to make the state
ment in full.
Mr.. Garrett-Col. Hartman, said it was
to October 1st. [ told you l had no objec-
ton to your seeing it, but as had no copy
1 could not let it go out, but you could go
to my room and see it.
Secretary Ker-(looking at the Presi
dents report) There are charges here OF
Garrett, Thornburg & Co. and r. O'Hard
nm to Novnmhar 30th
Mr.. Garrett-That is supplement Col
Hartman asked for. 1t is there accidentally
Mr.. R. w. Burke moved shat the report
be printed
Mr.. Hartman thought the printing was
right, but wanted it read first.
EXPENDITURES.
Hon. J. Randolph Tucker-Have there
been any expenditures by the compan.
since October list?
Mr.. Garrett-Yes, by order of the Board
who directed the filing up OF trestl
work, and some other things along Thu
completed line to the amount of abou
$4,000
Mr. Tucker-Is that all?
MI. Garret-That is about ali; there are
none other that am aware of.
Nh Hannah think that money has
been expended outside of that trestle work
How is it about the work around Staun
ton?
Mr.. Garrett-A Y has been made her
which was made necessary by the actor
of the G. & o. Road, with whom our con
tract was about to expire.
Mr.. d. H. Miller, proxy of Baltimor
city, moved that the report be referred t.
a committee to report to a subsequen
meeting.
Mr.. McI4aughlin--Th is a charge il
this report of a balance due the b. u y
r. r. Is that company chargedHith wha
it owes the Valley r. r. Co.?
Mr. Garret-Of course. Whatever i
due the Valley r. r. will be paid whel
there is q settlement.
Mr.. Keyser renew my resolution TO-
reference Of the report to q committee t.
report to a subsequent meeting.
Nh. Tucker-And that the Board of Di
rectors furnish at that meeting a full state
ment of the debts and assets OF the com
! pany up to the day. We want to know
how we stand We want to know wheth
er we are dealing with a company with in
tegrity of purpose OF whether we area
sea.
THE 22n0 OF FEBRUARY.
Mr.. Hartman named the 22nd of Feb
tl,a ,J,,vY j,n hoo
ing as the Chfof Engineer informed hin
that his statements would be ready by thai
day. That day was fixed, and the hour
P M.
COMPLETED ROAD.
Mr. Hartman handed a bid from MI
Robt. G. Bickle to lease the 26 miles O.
completed road between Harrisonbhrs
and Staunton, at $50 900 afterwards chang
ed to $4,000 per annum for ten years
He said that though the minimum prescri
bed by the Board of Directors in it's resolu
ton was $50, 900 he presented this bid tt
test the willingness of the meeting. Tht
Road was now yielding only $4,000 per an
mum and the bid was four times as large
as this. He had urged the lease Of thu
road ON the Directors several times bu
had been defeated. On one occasion hi
had been urged to wait till the $4,000 ,O0(
mortgage had been made. This bid forced
the bidder to keep the road and all it's ap
purtenances in good repair and in ten days
after it's acceptance he would give gooC
security to do so.
NO LEASE.
Mr.. Keyser said that the proxies of the
city Of Baltimore and the B. & 0. r. R
Co. were here with positive instructions
not to vote for the lease and to oppose it
They would oppose it if it were double
the sum named.
Mr.. Tucker-Then, as [ understand you
the city of Baltimore and the B. Il 0. r.
r. r. Co. think the road ought to bring
more? l do too: (applause) think it ought
to bring more than $1,000. (Applause.)
Mr.. Keyser-The Baltimore & Ohio
Railroad in the first year Of it's existence
did not pay its expenses, still less pay
Sc. 700 above them. Such is the history Of
nearly all new roads, but the Valley Rail-
road, while yet an infant, notwithstand-
a great financial pressure, has been more
fortunate. The Pennsylvania Central in
the early days Of it's existence had to call
on its stockholders to pay it's interest. If
this lease of 10 years is made it will be
practically an abandonment of the road to
Salem. If the state of the road is SO des-
perate, as that we shall lease it at u per
cent on the cost, l am at a loss to see
how we are to get its bonds taken.
MI. Tucker-H an infant can't make
more than $500, why not take $4,000.
MI. Keyser-Your lease proposes to keep
it an infant for ten years.