The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1875-01-14
VALLEY RAILRDAD.-S STOCKHOLDERS
MEETTNH

President of the Company. Mr. Rob't Gar
rett submitted statistical account of the ex
penditures, aid assets up to November last,
substantially as follows:
In constructing the road from Harrison
burg Staunton, rs miles IL ,377.795 %
In construction, right OF way. land dam
ages &C., on the line between Staun-
ton and Salem, 81 miles .............. 834 500 80
Total amount expended .s2.2ls.sa4 Of
To the above must be added liabilities
To meet which the company iioia avaiia-
bic assets, amounting to.............. 283.6s0 90
Deficiency Observation-Disclosures. $4,000 "
There still remain due to the company the
following stock subscriptions
From individuals (about) .....:..$ 5eOo 90
From counties and towns. $4,000 90
Making total of............. $4,000 W
| The entire subscriptions of Baltimore city
and the Baltimore s. Ohio Railroad, one mil
lion dollars each, had been paid in; and SUBJ
scriptions from private individuals, and corpo-
rations to the amount Of 1928, 000 leaving OF
the latter the amount above stated of $67a, 900
still unpaid.
Afrer the reading of the report, an animated
tand lengthy discussion ensued participated in
| by J. R. Tucker, NJ. G.. Hartman, Mr.. Keyser,
Decatur Miller, and Mr. Garrett, on the past
policy of the company, sc.
| The committee appointed, under reso1u-
sion OF the. board, to lease the road for a sum
not less than $4,000 per annum, made ma
| jority and minority repolt-the first that moth
ing had been done looking to the purpose Of
the resolution, and the latter, submitting
proposition from R. G.. Bickle, ESQ.,, to lease
the road for ten years at $4,000 per annum.
between Harrisonburg and Stanton, and
beyond StaHnton, in sections OF II miles as
completed at the same rate.
| Col. Hartman offered resolution that the
bid of Mr. Bickle, if increased to $4,000, be ac-
copied.
Mr. Keyssr offered a substitute to refer the
whole matter to the committee already APP
pointed, with authority to advertise for propo-
sails, and report to the adjourned meeting Of
Ethe stockholders on the 22d February.
Col. Hartman made an earnest appeal to the
stockholders, ard especially the representatives
of the city of Baltimore, to stand by the VAL
ley and vote down the substitute. He called
for scaled vote, which being giving, resulted
largely in favor of the substitute.
The matters that will come before the stock
holders meeting on the 22d will be full report
OF the operations OF the road up to that date,
receipts, expenditures &C., the future policy
}of the company and the disposition of the
road.
| Mr. Anderson spoke to a resolution he had
offered, substantially the substitute OF Mr.. Key
ser, in very earnest commendation Of tleinteg
rity of his county, critcising with some severi-
| ty the policy OF the B. & O. r. R., &c. Mr..
Gibbs was proceeding to do the same thing. in
not quite so parliamentary language, when he
was called to order. Protesting that he did
| not design to be offensive, he took his seat
At the conclusion of the rambling and desul-
| tory, yet somewhat spicy debate, that consum-
| ed, to no purpose, several hours Mr.. Garrett,
in admirable spirit, stated that he had intended
submitting some suggestions to the meeting
| previous to what had been said by several OF
! the speakers, and the popriety OF what he had
/ intended to submit, was the more apparent since
/ the remarks OF those gentleman. lie therefore
read the following paper, which, while adlai-
| ring the spirit that psryades it, we were sorry
nation of Mr.. Garrett. We think the policy of
the company is to refuse to accept it.:
I REMARKS OF PRESIDENT GARRETT.
| As will be remembered, the Presidency Of
the Valley Company was accepted by me- with
much reluctance. on account of my age, and n
! my judgment, the want of sufficient expert
ence in railway affairs; and at the original silg-
I gcstioa Of the late Johns Hopkins, and at his
earnest request, and that Of others largely inter
ested in the enterprise, as will appear from the
correspondence at the time, and with the fall
assurance that should have from the COM
| n4ence,aent the cordial and unanimous support
| of the Valley Interests Since my election.
which took place on the 5th Of November, 1870
! viz. for over four years past, have served as
your execut,e officer. During this period, it
| is well known to nearly all the members OF the
| Board, that have spent much time and may
add, greatly at the sacrifice OF large private in
terests, in the Valley elnleayorng to push for
wat1T an enterprise which [ always believed,
aud now believe. will not only bea great adj
| vantage to the city Of Baltimore, but through
| the Development Of its mineral and other re-
sources, and of the trade which may reasona-
| bly, be expected to flow over the line, Of meal
c,ilsble advantage to the people Of this great
| Valley.
| At the commencement OF this administra-
| ton. many difficulties were encountered in
procuring in the Valley such stock subscrip-
| tions as were requisite to obtain the aid of the
| city of Baltimore; and this was finally accom-
plished, only after proJracted and laborious ef--
forts. It is proper here to state, and do so
with great regret, that the desire seemed to be
evineed from the beginning with Limited ex-
ceptions in few localities, by those living ON
the Line OF the Road. to obtain, and in many
cases, greatly in CO tr;lst with the history Of
other works built through sections benefited in
ao greater degree than will be the people OF
the Valley by this roasl, to extort every posi-
BILE dollar from the company; thus. greatly en-
barr:tssing it, and that these efforts were not
Edscoultenanced by those upon whom the COM
pany hoped it might rely for the protection OF
| its interests, and from whose influence the
company had expected a much more healthy
feeling as regards the procuring Of rights. of
way and land needed for the company's pllr-
poses
I I regret. deeply also to have to add in this
connection, that from the start, want of plslc.
teal sympathy and effective cooperation was
evineedr and in qlnartersa from which the
company might reasonably have looked for the
fullest aid and support in this section.
i The work OF construction it is gratifying TO
staIe- has verified in cost, am informed, the
original estimates Of the engineer The de
tailed statements Of the company's affairs,
have this clay laid before you. Large as the fig
tlres presented may appear, for the rights Of
way and land, these even were only obtained
after persistent efforts the part OF your exec