The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-03-16
Especial Telegram 10 the Dispatch. {,

Si1AoS rhOM nj. ANDEhSONr CF ROCh-
BRIDGE-GREAT REJOICING AMONG THE
VALLEY MEN.
Especial telegram 10 the Dispa4ch.l
STANTON, VA, March 15.-An adjourned
meeting of the stockholders of the Valley
railroad, with the unexpected result of re.
solving to sever its connection with the Bal.
timore and Ohio railroad, was held here to-
day. 1t was presided over by Mayor La
trobe, Of Baltimore, and there were 29,212
shares of stock represented.
THERE WERE PRESENT
P. P. Hendleton, president Of the road
William Seemuller of Baltimore; Colonel
William Allen, William Anderson, D. C. E.
Brady, J.W. Abrahams, and Judge William
Mclaughlin of Rockbridge; Judge T. D.
Houston of Botetourt; NJ. G.. Hartman and
John B. Evans OF Stanton; Charles A. Da-
wilson Of Lexington, and Richard Morris of
the Baltimore and Ohio railroad.
Judge Shelley, the counsel of the COM
pany, stated that he had this morning re-
ceived and turned over to the presi dent
SIS 900 of the bonds of Botetourt county
paid over under the agreement entered into
with this county.
TIE REPORT OF THE PRESIDENT
and directors says that through the liberaliiy
of the Baltimore and OHIO Railroad Con-
pany the Valley Railroad Company has been
enabled to settle with T. X. Menifee and the
firm Of Mcmahon & Green, the only con-
tractors who remain. unpaid. The report
encloses the report of the committee ap-
pointed to confer with the Baltimore and
Ohio Railroad Company with view to as.
certainng if it would not make more
liberal and favorable arrangement with the
Valley Railroad Company for the use of its
road.
The committees report shows that they
addressed letter to the Baltimore and Ohio
Company showing that the Valley Company
was Suffering an annual loss of $4,000 from
the present arrangement, that being the
amount short of paying expenses last year
and that the present financial condition OF
the Valley Company forbds that the ar
rapgement should be continued.
In reply the committee received report
FROM THE BOARD OF FINANCE
of the Baltimore and Ohio Company adverse
to granting a more favorable arrangement.
The Baltimore and Ohio Company hold
that being one-third partners in the Valley
Company they bear one third of the losses
that the road was built mainly for the benefit
of the Valley of Virginia; that the road was
built in frst.class manner, not so much to
meet the requirements of the Baltimore and
Ohio Company as was represented, but t.
meet the large business expected by the Val
ley Company by itself making connection
with the Chesapeake and Ohio Company
that the present arrangement for working
the Valley railroad is equitable, and would
be profitable but for the depression OF
trade, which ciuses the transportation on
that line 10 be so limited; that revival OF
business will increase this traffic of the Val.
ley road to such an extent as to
RENDER UNNECESSARY ANY CHANGE
of the present arrangement; and that it is
therefore not necessary, as under the present
arrangement the increase of earnings would
De for the account of the Valley Company.
The Baltimore and Ohio Company con-
cludes by calling attention to the fact that it
has Just assumed large responsibilities in
settling with the contractors in order to pre-
serve the Valley road from being sacrificed
By its creditors during the present unpropl-
tious period.
These reports were received by the stock
holders. Their reading was followed by the
reading of the report of the committee ap-
pointed by the directors. of the Valley Com.
pany to examine the accounts Of the Balt1-
more and Ohio Company with the Valley
Railroad Company. They state that the
Baltimore and Ohio Company, October 3,
1875, showed the Valley Company to be in.
debted to it 6,s6l, but their examination
shows on the contrary that the Baltimore
and Ohio Company'S account
has ovgRcHARGED THE VALLEY COMPANY
about 100000. The report Is lengthy and
itemized. 1t claims that the Baltimore and
Ohio Company have oyercharged $4,000 in
the matter of ties, and $1,000 In spikes.
There is difference of about $4,000 in Inc
matter of rails. There are various other
items. such as Jrack-laying, &c.-the total
amounting to 100000 difference between
the two accounts. The committee say that
they believe that the differences referred to
have have arisen from
HIsAPPREHEssIoH AND FROM CLERICAL ERRORS,
and suggest that the whole matter be REFER
red to a committee from the boards OF di.
rectors of both companies for arbitration.
The report wss adopted By the meeting.
Mr. Anderson, OF Rockbridge, offered
resolution to discontinue the present ar
rangements with the Baltimore and Ohio
Company for working the Valley railroad on
the LIST of May, and authorizing the directors
to lease the road for not more than two years
for sum which shall cover the expenses Of
operating the road. The proxies of Bal.
timore voted with the Valley county proxies,
and the resolution was adopted. The BaAi-
more and Ohio proxy voted against 1t.
The meeting adjourned. Its action has
created great deal of rejoicing among the
Valley men. FEN.
The Atlantic. mississippi and Ohio
| Cases in the United hsates Court ns
LynchburE-Tne Mastonx Confer Conner.
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