Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1875-12-03
THE VALLEY RAILROAD MEETING.

THE VALLEY RAILROAD MEETING.
THE ANNUAL REPORT OF THE president
So, Geo SUNK LAST YEAR-PROPOSITION
TO DISCONTINUE TIE OPERATIONS OF
THE ROAD TED-ELECTION OF
OFFICERs--THE PROPOSITION FROM
BoTEToURT coND1TIoNALLY Ac
CEPTED,
&C., &C., &C.
The meeting of the stockholders of the
Valley Railroad company was held in the
Office of Messrs. Sheffey & Bumgardner,
on Tuesday last, at noon, Mr.. W. A.
Glasgow, of Botetourt, presiding, and Mr..
A. Madison, secretary pro. TEN. of the
company, acting as secretary On examin.
ing the credentials it was found that the
majority Of the stock was represented;
Vice President VIM. Keyser representing
the B. & o. Railroad; Alex. Keenan,, re-
presenting the city of Baltimore; Jno. B.
Evans, Staunton; W. A. Anderson and
Chas. Davidson, Lexington; W. A. Ander-
son, J. w. Abrams, and D. E. G. Brady,
Rockbridge, and VIM. A. Glasgow, Bote-
tourt. AS usual, the Valley men thought
they had ''sure thing of it this time" as
it had been widely rumored that the city
of Baltimore would vote with them, and
the first act of its representative declining
to act ON committee ''for a special
reason raised their hopes but all their
expectations were dashed at his first vote
PRESIDENTS REPORT.
The report OF President. 2. p. Pendleton
was read.
REPORT OF THE PRESIDENT.
The report says that the completed
portion of the road between Harrisonburg
and Staunton has been operated during
the year under an agreement with the
Baltimore & Ohio r. r. Co., and the loss
to the Valley Railroad Co. for the fiscal
year, ending Sept. 80, 1875, was S6,2l1.13.
The receipts during the year were. from
passengers $13,S61 and from freight $13,-
$27, Ss5, and the expenses were
SS3333 1913, lO465. Under this agreem ent, made
in February, 1874, the Baltimore 4 Ohio
Company furnished the cars and engines
and worked the road. The President says
the prospects of the Company are not en-
couraging. The effect of the panic of 1878
is still seriously felt, and nowhere more
than in railroad receipts The anticipa
tions which were INDUCED in Of remunera-
l. vuifb q GopCanpaEl. II Ohio
road, on the completion of the Valley
line to Staunton, continue to be unrealized,
and the business for the past year from
that source amounted to a sum so small
as to make the figures appear scarcely
credible. The local business upon the
line was also light during the year, whilst
the crops of the Valley have been good the
general depression prevailing in business
has materially irterfered with travel as
well as the movements of merchandise.
The rejection Of the offer to lease the
road at the stockholders meeting, in Janu-
ary last, because it would embarrass the
Company should an opportunity to negoti-
ate a mortgage loan occur is noticed, and
a history is also given Of the action OF the
Board of Directors in stopping the work
on the road, the wisdom of which time has
fully indicated. It was fully saewil by
the late panic that under the influence of
an abundant money market and cheap
credit the railway enterprise of the
country, was stimulated to an unhealthy
degree, and many roads were projected
and built in advance Of any demand for
them. The development of our resources
and the increase of the population is
looked to to correct this difficulty, but un-
til that does so it is not probable that the
loan contemplated by the Ya1l y Company
Some compensation, however, may be
found in the fact that the decline in labor
and material will enable the road to he
at much less than the first esti-
mate for it, whenever work is resumed.
Had the nature and extent of the panic
been fQfeseen the work would have been
stopped Il at much earlier date than was
done, but the Directors, in common with
most similar bodies, INDUCED the hope Of
an early reaction.
Shortly after the suspension the Board
was greatly embarrassed by the Valley sub
scribers, who declined to make further pay
ments. -Hockbrdge and Lexington en-
Joined the use Of their bonds already de-
livered, amounting to $207 GOO, and de-
clined to pay the interest maturing in
January last, notwithstaEding that sum
equal to the full amount of said bonds had
been spent within the limits of the county.
Upon the completion of the final estimate
of the chief engineer, the company found
itself indebted to the Syndicate to the
amount of SlS1 ,22l cash, and Sl13,743 in
bonds, and in consequence of the action
referred to, without available assets to
meet it, except the completed portion of
the road.
STOCK SUBSCRIPTIONS.
The following payments on account OF
the Valley R. r. subscriptions have been
made:
City of Staunton ...................S l0O,00C
hDcKDflugG oIt-OoO
Lexington ........... ...~. $4,000
Bntetourt ....... ACKNOWLEDGEMENTS. 6000G
Baltimore ACKNOWLEDGEMENTS. 100000
B. a. O. r. R........ ................. 1000 .00G
leaving unpaid from staunton So 900;
Rockb1idge, $4,000; Lexington, S12,0C0:
Bosetourt, $4,000. The county of Roam
oke, which subscribed 100000, has paid
nothing.
There has also been received from indi
vidual subscription in cash and settle
ments on account Of the $4,000 subscrip
ton of Messrs. Mcmahon, Green 4 Go.
SIG. 4e1 leaving S45, SIS still due.
The company's counsel reports the sta
tus Of the unpaid subscriptions as follows
Rockbridge refuses to pay the $4,000, be