The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-11-16

Val anu OeCdluT II. NlilCI, lOl ID. x W.
r. r., VIM B. Kayser and r. Norris,
jr.; for Valley Interests, Gen. Jno. Ech-
OILS, Col. VIM. Allen and Col. Ed. Pen
dleton.
SALARIES.
A motion was then made to reduce
the salaries of the President and Attor-
ney, but after some discussion they were
left at the same figure, viz: $4,000 per
annum each
THE PRESIDENT.
Messrs. Duvall and Dorman were ap-
pointed committee to wait upon the
President and inform him of his re-elec-
ton. They retired and soon returned
with Mr. Pendleton, who rendered thanks
for the honor conferred upon him, and
promised to manage the affairs of the
Company to the best of his ability during
the ensuing term.
A PROPOSITION
Mr. Anderson, on behalfof the Nation
al Security, Iron and Coal Improvement
Company, a corporation chartered under
the laws of Virginia, and the recent pur-
chasers of the Elizabeth Iron Works in
this county, submitted a proposition to
lease the road for thirty years, at SI,2co
per mile per annum, for the completed
portion, the rent to be paid quarterly in
advance, and the road to be kept in coed
repair The lessee to furnish the road with
an equipment valued at $4,000, which
shall be security for the faithful perform
ance of the contract Possession to be
given thirty days after the signing of the
contract. They also proposed to complete
the road to Salem, the price of construc-
ton being determined by the Chief En-
gineer Of the Valley Railroad, and the
Company's Engineer, and should they
fail to agree, an umpire will be selec-
ted who shall decide. The work to be
completed in sections Of twelves miles,
and payment to be made in town and
county bonds at 50 cents, and Ist morts
gage bonds at S. cents; the first twelve
miles to be completed in six months, and
the entire road to Salem in eighteen
months; work to commence in thirty days
after the signing of the contract. As the
road is completed in sections of twelve
miles, the lease will be the same as of the
portion already completed, and one-half
of the net earnings will also be paid. The
bonds to be deposited in bank, and only
the interest to be paid until the work is
finished
Mr.. Anderson said that the party pro-
posing to lease was the owner Of ex-
tensive coal fields in Montgomery, and
desired the road as an outlet He tho't
the proposition an exceedingly fair one,
and asked that it be referred to COM
mittee. The Company did not offer per
sonal security, but their proposition
might be modified to embrace that,
too, though the security already Of
fered might be deemed sufficient. Fur
Their than that, the Company proposed to
forfeit their lease if the rent was not paid
in thirty days after due, or in case the first
twelve miles was not completed in six
months.
THE SHENANDOAH VALLEY.
At this point, Col. U. L. Boyce, Vice
President of the Shenandoah Valley Rail
raod, stated that the Valley Company
had no legal right to entertain PROPOSE
ton to lease the road, as by resolution
adopted at the last meeting, it had agreed
to lease the road to the Shenandoah Val
ley for the term of fifteen years, upon
condition that the latter Company should |
execute bond in the penalty Of $3.50, 900.
The lease under which the road was now
being operated, was only temporary, and
he had time and again asked the attorney
of the Valley road to furnish the bond
which had been agreed upon, SO that it
might be properly executed, which he was
now prepared to do He then submitted |
proposition asking that the bond be
prepared and the lease entered into, and |
also the alternate proposition that the
Shenandoah Valley road have the option
of taking the road at the highest respon-
sible bid that might be received.
The two propositions were submitted
to committee Of seven, with instruc-
tons to report at III O'Clock, and the
meeting then adjourned to that hour.
On re-assembling at TX O'Clock, Col.
Allen, from the Committee, reported that
they had been unable to give the PROPOSE
lions the necessary consideration, and
asked that the meeting djourn until nine
O'Clock this morning for further report
The meeting then adjourned until nine
O. clock this morning.
SERMON TO THE YOUNG PEopLE.-On
Sunday night last, at the LIST Presbyterian
Church, Rev. VIM. E. Baker preached
sermon directly addressed to the young peo-
pie of the city, it being one Of series deliv-
ed monthly by the pastors of the different
churches, at the request of the Young Mems
Christian Association. His text was from
LIST Samuel, 90;
Sind he had a son DAose name scas Saul,
a choice yoalag man and a goodly.''
Beginning with the early manhood OF the
great King Saul, the minister followed his ca
reerthrough allits varying vicissitudes, to its
tragic close, and then after Analysing the
causes which led to the downfall he conclu-
ded as follows:
The application of this subject leave to
your intelligence. But some may say that
while in the age of Saul, it is perfectly evil
dent that true Diety was INDISPENSABLE tO |