Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1876-04-29

met again yesterday d. Sdtnoen s'"',o"'
pursuant to adjournment on tuesday.
All the directors were present. The
consideration Of the proposed lease OF
the road to the organization called the
Shenandoah Valley Railroad Co. was
resumed. The proposition OF MIR. Mines,
the recently elected president Of the
Shenandoah Valley Railroad Company
made on Tuesday, it is stated, was to
lease the twentv.six miles Of completed
road from Harrisonburg to Staunton,
Va, for thirty years, for $4,000 a
wear and one-half Of the net earnings,
and a like sum for every twenty-slx
miles of the road from Staunton toward
Lexington as it shall be constructed.
The directors of the Valley road reject
ed the proposition. A modified propo,
sition, it is understood, was discussed
to lease the road to Mr.. Mines Compa-
ny for fifteen years at $4,000 a year
and half of the net earnings, the Shen-
andoah Valley Company to take the
rest of the road as it is completed to-
ward Lexington, Virginia, in sections Rs
of twelve miles, at the rate OF S2O,9oo
year for twenty-six miles the Shen-
andoah Valley Company to give ample
and approved security tor the perform
ance of the contract. THIS or any oth-
er proposed contract must be submitted
to a meeting of the stockholders, which
NAV be called within thirty days, for rat
cation. 1t is understood that MIR.
Mines was willing to accept on the
part of his company the proposition.
The directors adjourned to meet again
to-day to further consider the subject.
MIR. Mines, the president OF the
Shenandoah Company, is largely inter,
ested in iron works in Rockingham and
Page counties, Va, and if the Shenan-
doah Valley Company had ever con,
structed amy line Of road it was de-
signed to reach that region. The Shen-
andoah road, as stated yesterday, was
projected some years ago under the
auspices of Pennsylvania interests, and
Thomas A. Scott, now president OF the
PENNSYLVANIA railroad, was for two
years its nominal president. 1t was
designed, of course, as Philadelphia
rival of Baltimore in the valley, and be-
fore any offerwas made by it for lease
of the Valley road Mr.. Scott was con
suited in Philadelphia. - Baltimore Sun,
of Thursday.
After the meeting OF the Board oil
Directors a conference was held on this
subject by the Directors of the Virgin
ia Valley Railroad on the part OF the
Baltimore aud Ohio and MIR. John
King, Jr., First Vice President of the
Baltimore and Ohio, there being also
present Mr.. z. Z. Pendleton, President
of the Virginia Valley Railroad, MIR.
Decatur Ii. Miller, director on the part
OF the city, and MIR. John T. Crow.
The proposition made by the President
of the Shenandoah Company was dis
cussed. The entire capital stock Of the
road is S3,2OO,OOO, of which the Balll-
more and Ohio owns $l,O00,OOO, the
city of Baltimore 100000, and the
towns and counties of Virginia and in
dividual stockholders the remaining
*l,2OO,OOO The three directors repre-
senting the last named amount are un-
derstoOd to be in favor of the lease.
There being seven IN the Board it re-
quires four votes to accept the lease,
which will then be submitted to the
stockholders. 1t is thought that four
votes can be easily obtained to consul
mate the negotiations now in progress.
Baltimore .American, Of Thursday.
pI 1t is to be hoped that the lease
of the road from Harrisonburg to Staun-
ton will be effected by the Shenandoah
Valley Company. If this is done
connection can be made with the S. v.
r. X. to Harrisonbur. within dis
lance OF seven miles, thus rendering a
line from the Potomac at this town, to
Stanton, a distance of $50 miles, over
100 miles of which belonging to the 5.
V. II. R) are already graded aud ready
for the rails.