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

the road, for the report showed that, still
the fact Of the company's loss was shown
in too strong light for it to continue the
arrangement. 1t would be simply ruin.
Gus.
Col. Harman thoughtit would be best to
give notice that the termination would
take place April 1, 1s76nand let things
stand just as they are for the present.
| RETRENCiIMENT.
MI. Davidson said orders had been is
sued to reduce the expenses Of the COM
pany to the very lowest amount, aud prob
ably by next spring the financial showing
would be better.
MI. Brady thought the resolution for
the termination of the contract could be
adopted now and the date fixed afterwards.
Mr.. Allen spoke of a former proposition
| that had been made to the Baltimore Il
Ohio CO., to run the completed portion of
the Valley road for its current expenses,
but the offer had not even been noticed.
Mr.. Davidson said 50 900 expenses had
already been reduced by an arrangement
with the G. q o. road, by which their
track to their passenger depot was used
free, in return for similar privilege
granted the G & 0. on the Valley con-
Meeting track.
Mr.. Andersou-That is a small item in
an annual loss of nearly $50 ,000and besides
if that arrangement was made with M.
Tyson the receiver, it viii probably be alb
rogated in a month. But our complaint is
not of eXtrayagallt management; it is tie
contract john W. Garrett himself could
rot make the Valley read pay under its
present contract with tie 3. u O. Go. 1t
is an arrangement which our company can
not control that makes the loss. No postz.
ponement till Spring shonld be had, for IL
is in tie coming months, January, Febru-
airy and March that the Valley Company
loses most.
Mr.. Davidson--I understand our &C
counts are kept by the B. & O. Co. [ have
always understood that where two men do
business and one of them keeps the books
the one that doesn't keep EN- don't make
any money, (laughter).
Col. Hartman said the bookkeeping was
not the question; the pro rating of short
line with a long line, was where the Valley
Co. lost and not in bookkeeping.
THE PROPOSITION TO TERMINATE THE
c NTRACT DEFEATED.
Mr.. Davidson made a motion to lay on
the table the resolution to terminate the
contract.
Mr.. Rieman, the proxy of the city of
Baltimore, said he should vote for the mo-
ton as he was unwilling to take the roads
out Of hands in which it might be made
profitable.
The motion was then adopted.
AN APPLICATION FOR MERCY.
Mr.. Keyser offered resolution which
was unanimously adopted inStructing the
Board Of Directors to appointa committee
to wait on the Baltimore & Ohio Board Of
Directors and see if better terms could not
be obtained.
The Conventions resolution for appoint
ing a committee to obtain a settlement of
accounts with the B. 81 O. Co., was adop-
ted as was resolution that when the meet
ing adjourn it adjourn to meet on March
18TH
SALARY OF THE PRESIDENT.
MI. Keyser, before going,into the cleo
ton Of officers moved that the salary of
the President be fixed at $1,000 per annum.
Mr.. Davidson thought the sum too
much.
Mr. Keyser said if the President locked
after the affairs Of the Valley R. r. he
would earn his salary and the company
woull not grudge giving it.
- The resolution was adopted.
ELECTION OF PRESIDENT & DIRECTORS.
The President and seven Directors were
then elected as follows: p. P. Pendleton
of Baltimore, President, and Decatur II.
Miller and WIN. Seemuller OF the city Of
Baltimore, VIM. Kayser and Richard Nor
ris, Jr., Of the B. 6 o. R. R. Co., NJ. G.
Hartman of Stanton, VIM. Allen Of Rock
bridge and j. W. Johnson Of Botetoaut,
Directors.
Mr.. Davidson thoughtas the Valley r.
Z. VAS very unpopular with the East Viz
Virginia members Of the legislature and
Maj. johnson who had been elected dlrec-
tor was also a member CT that body, the
fact might impair his usefulness as a legis-
later. He moved to substitute Mr.. w A.
Glasgow in his place but the motion was
not adopted.
THE PROPOSITION OF BoTEToUUT AC
CEPTED WITH CONDITIONS.
Judge Sheffey produced the proposition
of the Supervisors of Botetourt to COM
promise. They propose if the company
gives them free bridge across James
River and makes a road to certain point,
&C., and will not call for more bonds till
work is resumed, and then call for them
in the proportion of 81 900 in bonds for
$4,000 of new work done; to deliver S45,-
900 more of bonds now, and make no liti-
CATION about future deliveries The COM
pany on recommendation of Judge Shelley,
and Chief Engineer Randolph, accepted
| the proposition on condition that the fu-
| ture deliveries be made on the scale of
! 81 900 Of bonds to 81 ,00e Of WORK ard that
the county procure the proper legislation
| to enable the company to do what it asks.
| The meeting then adjourned till March
18th
The MAIN STREET IMPROVEMENT
This work Of improvement, in which the
City Council have 50 cleyerly managed to
middle matters by informal legisll ton is
again up. Some of the property holders
having escaped the payment Of the full
amount assessed against them, by the de-
cision of the Circuit Court are raising
tla1at.