The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-05-01

tcrial repairs for fully ten years. The com.
mittee regretted that the superstructure OF
this road had been made so expensive, but
said it had been done with reference to
an anticipated heavy iron and coal
freghtage from its connection with the Ches-
apcake and Ohio railroad at Stauutou. but
which so far had not been realized. The gross
receipts Of the road for the past year were
S3S, $50, and the net earnings 81, 149. The
Baltimore and Ohio Company have run the
road upon basis Of q prO-rdte on all through
earnings, and the local earnings have all gone
to the Valley railroad itself. The committee
had only received one otter to lease the road.
That was the bid Of Mr.. Robert G. Bickle
to take the road for ten years at the yearly
rent of S30, 900. The committee recommend
that the bid be rejected. AS to the compile
ton Of The road from Staunton to Salem, the
committee state that 1t is impossible ut pre-
sent TO 90 on with this work, aud they re-
commend that no further construction Of this
work be prosecuted, and thatul expenses OF
the management be reduced to minimum.
The financial statement, submitted with the
report OF the committee, shows the assets of
the road 10 be 100000, and its liabilities
$685. 900.
MIR. W. 4. Anderson, Of Rockbridge, sub
United a minority report, expressing dissat-
isfactIon with the report Of the maj ority in
several instances, but more particularly and
earnestly With regard 70 the amount charged
by the Baltimore and Ohio Railroad Com
PAW for rails furnished the Valley road.
The rails cost 1884, 492, or Sl4, 1853 per mile,
when the engineers estimate had only been
$4,000 per mile. He complained that the
Baltimore and Ohio Railroad Company had
charged the Valley road 800 per ton (after-
wards reduced to $S5), when they could have
purchased at from $50 to $50 per ton. This
report was the subject of much discussion,
but finally Mr.. heyser succeeded in showing
that the whole transaction bad been per-
t.ctly Legitimate one, and all parties seemed
satisfied; that though their charges were
high they could be made no ground OF com.
plant against the Baltimore and Ohio Com
pany.
Colonel a. W. Hartman called attention to
the fact that the financial statement showed
that 100000 Of Stanton bonds had been
delivered to the contractors, when in fact
they bad received but $4,000.
| Mr.. kcyser explained that it was an error,
| but that he had been informed that it had
! been paid.
Judge Shetfey stated that the $4,000
wo aid have been paid long ago but that the
| bonds.
Mr.. c. Il. Mason complained, good hui
moredly but seriously, of the many hard
ships the contractors had been compelled to
undergo ia con, et, uence OF the suspension OF
work and the scaling of their estimates.
Mr.. keyser claimed that no injury bad been
done the contractors by the reduction caused
by the rec'asstication OF the work by the
chief engineer: that that was in their con-
tract" written in the bond" He had been
using bis best efforts to br;1g about such
state OF affairs that the contractors might be
paid. He, too, regarded it as hard upon The
contractors, but he hoped that arrangements
were now being effected which would bring
them out of their difficulties.
Major Sn.nahau claimed that there was
due the con .ractors $1S3,000 in cash, but that
the statement given by the company reduced
mis- amount SO greatly that lie could not uu-
derStand how there could be such differ
ence.
Mr.. W. \. Anderson explained that as he
| understood it there was no difference be-
tween the company and the contractorsas to
! the amount DUE but as to the proportion to
! be paid in bonds and the proportion in cash.
The great question was how could this debt
| be paid. He stated that u plan had been
w
| bil,ty would accomplish the desired result,
provided the county of Rockbrdge and the
company would make mutual concessions.
Mr.. NJ. &. uarman moved that the report Of
the minority be approved and the charge for
rails be allowed. General Echols favored
the resolution.
Pending this resolution, Mr.. Randolph
| Tucker stated tina! the first difficulty to be
DISPOSED of is the difference between the
| company and the contractors, and that this
might be settled he moved that the accounts
| between the contractors and the company be
| referred to Shanahsn and keySer for settle
ment. This was carried.
| There was considerable discussion on the
motion Of Colonel Hartman, but substitute
! offered By Judge Shelley referring the mat
| ter to the board of directors to adjust the
accounts between the Baltimore and Ohio
Company and the Valley Railroad Company,
subject to the approval of the stockholders,
was adopted.
Mr.. keyser called attention to the fact that
the Baltimore and Ohio Company had not
voted on this resolution.
Tue bid OF Bickle was brought up by
Colonel Hsrmau, but after some little spar.
ring it wus passed for the present. Ia this
connection Mr.. keyser stated that the Bati-
more and Ohio Company would give as lib
eral terms to the lessee as any road would
give under similar circumstances. In reply
10 questions MIR. Keyser stated that the VAL
lev road was being run as cheaply now as 1t
could be done, aud that so far from paylrg
six Der cent. on its cost OF 81, 4O0, 600 10
ve,r, its experience so far was that II would
fall tar short Of doing that during the next
year. ,.,,,
There was much talk over the little earn
ings of the road, but 1t resulted IN nothing.
Finally Mr.. keyser, about II O'CLOCK,
stated that if the jrjunction on the Roch-
bridge bond was removed, and the So0,0oo
vet ,Tue by Staunton paid, the contractors
would be paid up.
Mr.. iXer, OF the City Council of StauDton,
Objected to the payment of the SOC, COO. he
did not th ink it was due.
Mr.. Key, YER stated that if the Rockorldge
:n;unction v ere removed the company would
onIy demand $4,000 in bonds, and the
s3I0 600 would not be asked for until the
work on The roa, / vas resumed.
Finally, comu. ittee, consisting Oh eo M Is
Allen, Mr.. Keyser, Dir. McLanc. anu u. =. u.
Harmap, was appoip ted TO confer wltn tne
Rockbridge delegates and WIN Inc olaun'o'
City Council and report this morning ~ -
O'Clock. to which hour thu, meeting ADJOURN
ed. "~'
PosrAL.-A new post.ofice is estao'sneo
at Meadow View, Washington cou:"y, w.
on Line route from Lynchburg to bris'Un' w
tween Emory and Abingdon, Wha ~ W
rs KanS M