The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1875-01-14

Was Known 10 Tue SLOCkuCtQerS L0aC tQ1S
statement only gave the condition of the
finances Of the road up to last October, and
that no approximate idea of the present con-
diton could be ascertained by reading it
that since the suspension of the work on the
road the engineers had been busy getting up
estimates of the amount Of work done by the
contractors, and they had not as yet had time
to complete their work, and hence no accu-
rate statement of the financial condition of
the company could be presented at this meet
ing. Hetherefore moved that the statement
made by the Finance Committee be referred
to a committee Of the stockholders for exami-
nation, and report on it at the next meeting
of the stockholders.
This motion was not at all in accordance
with the wishes of many of the stockhold-
ers, who did not want the matter postponed,
and warm debate arose as to whether
report could not be furnished to this meet
ing.
Colonel Hartman moved to pass by the
motion offered by Mr.. Keyser and to call
upon the chief engineer (Mr. Randolpb) to
give to the meeting statement OF the final
estimates, as near as he could, up to the
present time. Upon the adoption Of this
motion MIR. Key ser made statement on be-
uull vi NIL uC
bad not yet completed his calculations
of the final estimates, and hence could
give no accurate statement of the financial
condition of the company. This being the
case. Hon. Randolph Tucker inquired if
there was not some paper in the possession
of the president of the company which
could be read giving an approximate state
ment Of the condition of the company and
nf
road between Harrisonburg and Staunton
since October 1, 1874.
In reply Mr.. Garrett read q paper CIV
ing the approximate expenditures and liza
biities of the company, and showing that
SIG 900 had been expended upon the road
between Harrisonburg and Staunton since
October 1st, and that the whole amount ex.
pended upon that portion OF the road was
31,3T, 795.
On motion of Mr.. Miller, of Baltimore,
the resolution first offered by Mr. Keyser
was then taken up, and after being amended
was adopted as follows:
"Resolced, That the estimates Of receipts
and disbursements submitted by the board
of directors to the stockholders be received
and referred to q committee to be appointed
by the Chair for examination and report to
an adjourned meeting of stockholders to be
held on the 22d of February, 1875, at T. d.,
in the city of Staunton, and that all accounts
of receipts and expenditures and Of assets
and debts be reported up to date of meeting"
The committee which had been appointed
some months ago for the purpose OF leasing
the road from Harrisonburg to Staunton for
not less than $50. 900 per year reported that
they had no bid to report
Tot,pol Hartman then on behalf OF The
minority, reported that he had bona tide
bid from MIR. r. q. Bicker at $780, 900 per an
mum, and that the bid would be raised to
$50, 900; but he had been Informed by the
proxies of the Baltimore and Ohio Railroad
Company and OF Baltimore city that they
came with instructions to vote against leas-
ipy the road even il $4,000 were offered.
Here a very animated discussion arose
upon the manner in which the Baltimore
and Ohio has treated the Valley road, and
was participated in by Hon. Randolph
Tucker, NJ. G. Hartman, Robert Garrett,
and William Keyser.
Mr.. Tucker wanted to know how it was
that the Baltimore and Ohio Company found
it to their interest to pay seven per cent.
rent on the cost of construction OF the road
from Winchester to Strasburg, and six per
cent. on the Manassas Gap road, and yet
were only paying two per cent from Har-
risonburg to S.auntop.
Mr.. Keyser explained that it was because
the Baltimore and Ohio Company owned
these roads that it could afford to pay these
rents.
Yes:"replied Mr. Tucker, "she COD do "
when she owns the road, and therefore is
only paving money from one pocket into
another but when she only owns third Ia
terest ia road she finds it to her interest
to pay only two per cent" MIR. Tucker
stated that he wanted the Baltimore anGOhio
COMPANY to have the road, but he wanted
them also to pay fair price for It. be CON-
planned in earnest terms OF the great hard
Ships suffered by the county Of RockbriGse.
They had subscribed their money for q rail-
road. and have taxed themselves heavily to
paw the interest on the subscription, and all
the return they get for it Is dirt embank-
ments and bitches.
air. Keyser showed that the full aGonnt
of the subscription Of ROckbridge county
bad been spent within the county.
Mr.. Tucker slamed that that was no
answer to his complaint that the coalition
on which the county had nude it's subscrip-
tion was not only That the amo1ns Of the
subscription should be expended in the
county, but taat the Company seuld D9ila a
road through the county, tue estimatea coss
of which was two million Of dollars, ana
that the bonds of the county were 70 oe
used in about the proportion o. ~ per cenl. u
bonds to Taper cent. nmonex.to De eApeuu-
| ed by the company. He claimed tnat tue COZ.
ditious had not been coDpAed "hn, anu tnas
the hypothecaton Of the h0nds el tne countS
to the Baltimore and Ohio kiiaroao Comnat
was neta proper use OF them; anu taA
therefore the county OF Roekoriose, ac'aass
under his advice, had refused to pay the Ssa'
oons upon. the bonds held Sy the BaltiMess
and Ohio Railroad Company. de sdAes'
that the people Of Rockhridge were aeaa
and willing to pay the interest on lne's NOD
in the hands of the proper owners, aho ! GA
1.-The money was in the treasury with W nic
to do so.
The discussion was long and iAter estin
one. but have not the time to give you
full account OF 1t.
Colonel Hartman moved that the stool
holders should lease the road bGS Ween S.aui
ton and Harrisonburg.
MIR. Keyser moved 10 refer the leasing
the road to a committee, aud called for
| scaled vote, which, on being taken, resuite
: in favor OF referring by a large rnajority.
{ W. A. Anderson, Of Lexington, tht
, offered the following rs.solntion:
t "Resolued, That s,e above committee !
e authorized 10 use THE 1lr efferts TO get bidde
. fortbe lease Of the Valley road By adyertis
o ment in the Vir2 mia paper"
i. Colonel An0' eIson supported nib fesoi
ton with an interesting and able speech
after which The resolution was adopted.
d Mr.. Rob ut Garrett, after giving mii
count Of what had been done ior the van