The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-12-01

relied to-day, and. that the former will re-
sign after Congress assemblies. TMos. I
Annual Meeting OF the Valley Rail.
read COmpany-Gi0omy Prospects.
.@.r Especial telegram to the DtspatchJG -, ]
STAUN7oN. Va, November 30.-The VAL
ley Railroad stockholders met here to-day,
W. A. Glasgow, OF Botetourt,r presiding.
The report Of President Pendleton shows
that the completed line Of the road betwe cen
staunton and Harrisonburg, operated by the
Baltimore and Ohio Railroad Company, has
for the fiscal year ending September 30th
eutailed loss on the Valley Company of
$6,211, The receipts from passengers were
s13, s61, and from freight s13 534, while the
expenses were 500 .104.
The president says the prospects of the
company are not encouraging. The effect
of the great panic is still felt. Anticipasions
which were INDUCED in of remunerative
business with the Chesapeake and Ohio rail-
road on the completion of the Valley line
to Stanton continue to be unrealized, and
the business from that source amounted to
80 small sum as to make the figures appear
scarcely credible. The local business upon
the line was also light during the year.
While the crops Of the Valley have been
good, the general depression prevailing in
business has materially interfered with
travel as we'll as the movements of merchan'
disc. ,,l..-
The report recounts the rejection of the
offer some months ago to lease the road, and
approves of it. The stoppage Of the work
on the road has proved wise step, which
should have been taken at an earlier date,
and would have been had the extent and du'
ration of the panic been foreseen. Shortly
after the stoppage the company was greatly
embarrassed by the refusal of the Valley
subscribers to pay up, and to-day the unde'
livered assets Of the company are as follows
In bonds: Staunton, $4,000; Rockbridge,
$4,000; Lexington, $4,000; Botetourt,
$40, 900 Roanoke, $500, 600; and $4,000
of the subscriptions of Mcmahon g. Green
Botetourt has made a conditional propo.
sition TO deliver $4,000 more. Rock
bridge has raised the injunction on
those of her bonds already delivered
and a mandanaus has been served on
Roanoke. The total cost of the road so
far has been two millions two hundred and
twenty-three thousand dollars, and of that
amount there has been spent south of Staun'
ton and in the counties Of Rockbridge, Bo.
tetourt, and Roanoke two hundred and
sixty.one thousand dollars more than has
been received from Staunton and the coun-
ties named. Adjourned till evening.
Second Dispatch.
STAUSToN, November 30.-To-night q
supplementary report of the president, max
ing statement of the affairs up to date, was
handed in, in which he states that A. W.
Hartman, c. R. Mason, and Denis Shanahan,
three of the five contractors forming the syn
dictate. have been settled with, accepting as
cash the notes of the Valley Company en-.
dorsed by the Baltimore and Ohio Company
and the remainder in county bonds.
Under this arrangement Hartman. received
$50, 1878 in bonds and $4,000 In cash; Ma.
son received $50, 1862 in bonds and S59.607 in
cash, and Shanahan received S1S,414 in
bonds and S32,7O4 in cash. The report
states that the county Of Rockbridge has
agreed, in consideration Of the company's
entering into an agreement not to call for an
additional quota of bonds until the re-
sumption Of the work, to make delivery
of the stock to the extent of subscrip.
ton already paid, and that the bonds
thus liberated shall be used exclusively
forithe payment Of contractors, and raise the
injunction 1.-THE city Of Lexington having al.
ready done SOY, and made arrangements for
the payment of interest due, thus leaving
due by the company as per final estimate of
the Chief Engineer, to Messrs. McMahon &
Green $40, $50 in cash and S26, 1T in bonds,
and to T. K. Menifee Sic, 1876 in cash and
S12,677 In bonds.
The committee to whom was referred the
report of the president reported resolutions
in favor of terminating the arrangement
with the Baltimore and Ohio company for
running the road, and to lease it for one
year for an amount sufficient to cover the
expense of running it and the wear and tear.
The resolutions were defeated. -
P. P.Pendletop, Of Baltimore, was reele Ct
ed president. The number: Of directors was
reduced to seven, and the following elected :
Decatur Fl. Miller and William Seemuller. of
Baltimore Richard Norris and William Key
ser, of the Baltimore and Ohio railroad; NJ.
G. Hartman, OF Stanton; ]. W. johnson, of
B,tetourt, and William Allen, OF Rock
bridge. -s #
The proposition Of Botetourt county to
deliver an additional amount Of bonds on
certain conditions was accepted. Adjourned
to meet on March 18th. $50 Z. 5
ssTanner Boy " Wins the Race. 2
I. j ..34.3 Especial telegram to the Dtspateh1
PETERSBURG, Va, November 3O.-A race
took piacs at the FART Grounds this evening
between Craw Words Annie Collins, Keeley's
Tanner Boy, and Whites Jack Draper for q