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

I the company's affairs up to date-his firs
, report reaching only to Sept. 3oth. Il
: stated that A. w. Hartman. e. r. Mason
I and Dennis Shannahan, three OF the five
contractors forming the syndicate, Which
is suing the company, have been settled
with, accepting for the amount due them
, in cash, notes of the Valley r. r. endors-
/. ed by the Baltimore & Ohio r. r. CO., and
the remainder in county bonds, as agreed.
Under this arrangement the settlements
stand as follows:
Bonds. Cash.
Hartman ,......S 25, 373.......-.... S45, 600
Mason 80 652.............. 49, 07
Shanahan ........... 1S,414..." 81, 7O4
The county of Rockbridge has agreed, in
consideration of the company entering in
to an agref ment not to call for an addl-
tional quota of bonds till the resumption
of the work, to make delivery OF the stock
to the extent Of subscription already made
and that the bonds thus liberated shall be
used exclusively for the payment OF con-
tractors, to raise its Injunction; the city of
Lexington having already done so and
made arrangements for the payment Of
interest due, thus leaving due by the COM
pany as per final estimate of the Chief En-
gineer to
McMahon & Green, S4O,s50 $26. IL
T. K. Menfee, 16,436 1867
The President recommended IN his re-
port that the number Of directors be re-
duced to 7 that the fiscal year Of the com
pany end Sept. S0th, and that the I'd We'd
nesday in November be the day for the an
nual meeting of stockholders.
A committee consisting Of .Messrs. Wm.
A. Anderson of Rockbridge, Jno. 3. Evans
Of Staunton and Alex Rieman proxy of
the city Of Baltimore was appointed to
take the Presidents report, but Mr.. RE
man declining for ga special reason" not
given, MI. VIM. A. Burke of Staunton
was appointed in his place. The meeting
then adjourned until Il O'Clock P. NJ.
REPORT OF THE COMMITTEE.
On re-assembling, Mr.. w. A. Ander-
son, Chairman of the Committee, made
the following report:
The heavy loss that has attended the OPP
Grafton of the completed division Of the
road, under the existing arrangement
with the Baltimore Il Ohio Railroad, is
source of regret. The statement furnished
by the President and Directors in their re-
ports. shows Il loss of Sc 21l.l3, for the
year ending September 30th, 1875. This
statement does not include any allowance
for wear and tear of the road, or an &C
count of the proportion of costs of admin
| istration properly chargeable to the COM
pleted portion of the road. When these
! items are added to the account, it will be
found that the loss actually sustained by
the company will greatly exceed the sum
reported.
It is impossible for your committee, with
the debt before them. to decide as to the
fairness Of the arrangement under which
the road is now being operated, but look
ing a the results, they are satisfied that
| it would be disastrous to this company to
| continue that arrangement, and they re-
commend that it be discOntin ned at once
In this connection, without intending
to intimate that the present management
! of the company has been eXtravagant. but
Oh the contrary, applauding the strict
economy which seeIus to have been observ-
ed during the past year in the conduct of
| the affairs of the company, we would re-
commend that every expenditure not
necessary for the preservation of the prop
erty Of the company be avoided.
| We concur in the recommendation OF
| the President and Directors, that the
Board of Directors be reduced to seven
and the President. il this be done so as to
give representation in the board to the
several interests REPRESENTED by the stock
holders.
We also concur in the recommendation
as to the time to be fixed for tile terminal
! ton If the fiscal year Of the company, aud
the time for holding the annual meeting
Of the stockholders.
In furtlierance of these views. we re-
spectfully submit the following resolutions
for the consideration of the stockholders.
| | Resolrea, That the following bylaws
be adopted:
1st. The Board of Directo1s Of the com
pany shall consist of thu President and
seven Direct rs, who shall be chosen an
nually, rs now provided by The charter
and bylaws Of the company.
End. Tie annual meeting OF the stock
| holders shall be held on the second We'd
nesday OF November ID each year.
Cd. The fiscal year Of the company shall
terminate on the 30th Of SCI tember in
each year, and all accounts and reports
shall be made up to that date.
2 Resolred, That the Board Of Directors
be instructed to yacate Ill Offices and t.
DISCHARGE all employees not essential to
the preservation Of the property of the
company, and to reduce all the other eS-
penses of administration to the minimum
figure consistent with the existence Of the
company and tho protection OF its pro-
perty.
8. Resolred. That the Board of Direct
ors be instructed to at once proceed to ter
inmate the present arrangement under
which the road from IIarrisonburg to
Staunton has been operated by the Balti
more 81 Ohio Railroad, and the Board be
authorized to make lease of the road or
period not exceeding one year. upon
terms that will at least cover the current
expense of the road, including Herewith
fair allowance for wear and tear and for
, expense Of administration.
4. Resolved, That the Board of Direct
OTIS be requested TO report to the stock
holders at as early a day as practicable,
J what settlement, if any, can be made Of
J the accounts between the Valley Company
, and the Baltimore Il Ohio Railroad Com
rany.
In support of his report Mr.. Anderson
sad that while $6,2ll was the only de-
felt set down he did not think less han
$50, 600 would cover the whole loss OF the
year, including the wear and tear Of the
road.
The resolutions Of the report were taken
up seriatim and those recommending the
adoption of the Presidents recommended
tions regarding the the reduction OF the
number of Directors, the time of the fiscal
wear and the time Of the annual meeting
were all adopted.
That one providing for the termination
of the arrangement with the B. & Q. road
discharging employees, nc, was discussed
freely but briefly.
SIXTY DAYS.
Mr.. VIM. Allen, of Rockbridge, said il
had been said that. the abruptnesS of The