Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1876-06-02
THE VALLEY RAILROAD.

RESOLUTION ADOPTED TO LEASE THE
ROAD FOR Is YEARs--BALTIMORE AGAIN
VOTES WITH THE vALLEY-A TEMPO.
RARY RENTING Also IN PROSPECT.
&C. &C.. &C.
When the PSalmist, who saw into the
future good deal, noticed, as the most in
comprehensive of things, "the way of a
serpent on rock" he evidently had the
affairs of the Valley Railroad Company in
view. They had it all over again at the
Stockholders meeting Tuesday, in Staun-
ton and the oratory included Gen. Lee,
the memories that cluster around Rock
brikge, the co-partnership theory, common
sense and uncommon sense, and the usual
feat of one Of the orators offering to pledge
his head to the value of an argument. All
our old friends were present and one new
one, new by virtue of long absence, Major
Dorman of Rockbrldge. The Major said
want of practice made him doubtful about
his ability to address the meeting, but he
disappointed his doubts by making the
best speech of the day, except one by Vice
President Keyser.
When they assembled at 1 O'Clock in
Judge Sheffey's Office the state of the case
was about this. The Baltimore & Ohio
Railroad won't lease the road and pay
$4,000 year and half the net earnings,
and it is lying idle. Some weeks ago the
Shenandoah Valley Company, which has a
charter through Virginia to Tennessee and
has got as far on it's way, on crutches, as
Luray, and is not financially in health, Of
fered to lease the road and give security to
pay for it. But they refused to give the
names Of their security, and were only
willing to bet, as it were, $4,000 that it
would be satisfactory. This looked sus-
picious to President Pendleton of the Val
ley Road who put in his vote making tie
in the Board and preventing any further
progress in that direction at that time; but
not preventing the Shenandoah Valley
Company from appearing with their bid at
the Stockholders meeting Tuesday which
they decided not to do on the ground of be-
ing Till treated" The Baltimore Il Ohio
Co., one-third owner of the Valley road,
and which is the only owner that has been
getting anything back out of it for it's mo-
ney, did appear and with a proposition
through its proxy to lease out the road on
the best available term for Is years with
good security. 1t is the old case of the men
in the well with only one having hold on
the rope. The Baltimore 4 Ohio has hold Of
the rope and amt in such hurry, as its
head is we'll above water, while the men in
the water are foundering about frantically
and damning their ill luck and the B. so.
too. They want any rope, weak OF strong
to get out by, while the B. & 0. don't think
any rope but the one it is well up On is a
good one. In it's favor it may be said that
it is very courteous to the men in the wa
ter, which is a good deal when rightly APP
preciated. These Valley men with the
water in their eyes don't seem to appreci-
ate it..
ORGANIZATION.
The meeting was presided over by Maj. j..
B. Dorman. of Rockbridge, and there were
$4,000 shares represented. The Baltimore Il
Ohio Co. was represented by VIM. Keyser,
and the City Of Baltimore by VIM. Seemul-
len, Rockbridge by W. A. Anderson, j.
B. Dorman, J. W. Abrams and D. E. Bra
dey: Staunton by R. W. Burke and John
B. Evans Lexington by J. B. Barclay and
Chas. Davidson, and among the private
Stockholders were Messrs. M. G.. Hartman,
John W. Abby, W. j. D. Bell and others.
Among the Directors present were M. G..
Hartman, Decatur Miller, VIM. Allen,
Richard Norris and President Pendleton
1t was said that Mr.. Joyce of the Shenan-
doah Valley Company was in the city but
he did not appear.
THE DISCUSSION.
The campaign was opened by Col. M. G..
Harman, who said he thought the S. V.
CO. had been badly treated by the rejection
of their offer at Baltimore, and would not
offer another proposition to this meeting.
He called on Baltimore to stand shoulder
to shoulder" with the Valley. He ended
his remarks by Offering a resolution ap-
pointing committee with authority to
lease the road at $4,000 per annum and
half the net earnings for Is years, and in
sections of IL miles as fast as completed,
the action of the committee to be subject
to the approval of the Board of Directors;
and also authorizing the temporary rent
ing of the road at $500 month until
permanently leased
THE HACKERS OF THE s. V. co.
Vice President Keyser. of the B. & o
Co., explained the bad treatment of the S.
V. Co. as not bad atall; that they asked for
a Is years lease when the Board of Direc-
tors had no power from the stockholders
to make lease for more than two years.
AS to their security, if, as Col. Hartman
had intimated, it was the Pennsylvania
road, the backing was very good, but the
Board of Directors had no such intimation
as that it was the Pennsylvania road. He,
the speaker, happened to know that neither
the Pa. r. nor the Cumberland Valley
road, which was also limited at as one of
the securities, had any intention Of back
ing the Shenandoah Valley. MI. Keyser
failed to see why, if the S. V. could make
their proposal thirty days ago, they couldn It
make it again now. MI. Keyser showed
the B. & o. road in the light of friend
instead of an enemy Of the Valley Co., and
spoke of his efforts with Valley men in
getting Baltimore city to subscribe to the
road. 1t was mistake, he said, to think
that the Valley R. r. was the only way
the B. & o. had to the South; it had
another route, IS miles shorter. He said
the Western Maryland R. R., spoken of in
connection with leasing the Valley R. r.
was not financial success, He offered a
resolution authorizing the Board of Di-
rectors of the Valley r. R. to lease the
road for Is years on "the most favorable
terms which could be obtained - unnr