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

'
ELECTION OF PRESIDENT AND ELECTORS
"A LIVELY sEssIoN-TwO PROPOSITIONS
RECEIVED.
The annual meeting of the stockhold-
ers of the Valley Railroad was held in
this city on yesterday Wednesday,
Mr.. CA. Davidson, of Lexington, was
called to the chair and Mr.. A. Madison,
Secretary of the Company was appointed
Secretary. The committee on credentials
reported the following proxies: BALTIC.
& Ohio r. R., W. B. kayser; Baltimore
City. Henry Duvall; Lexington and Rock
| bridge, Messrs c. A. Davidson, w. A.
Anderson, VIM. Allen, Jas. B. Dorman
and D. +. c. Brady; Stanton, ]. B.
Evans, Isaac Witt and r. w. Burke
Besides these which constituted a large
majority of the whole stock, number of
individual stockholders were present.
PRESIDENTS REPORT.
The annual report of President ?. P.
Pendleton, after reciting the terms upon
which the Valley Railroad was operated
for seven months succeeding the last an
nual meeting land the dissatisfaction which
that arrangement had caused, went on to
state that since June the road had been op-
Grated by the Shen Val. R. R. which last
named Company was paying monthly
rental ofS2, 900. The contract with ref
erence to the payment ofthe rent had been
strictly complied with, and the road was
now being operated to the satisfaction of
both parties.
The company had settled the claims of
the contractors, and its debt now amour
ted to sI94,4S5. No provision had been
made to meet the company's notes due
for that amount, reliance being placed in
the B. & O. R. r. for protection.
The committee to whom had been sub
mitted certain accounts to be arbitrated
between the B. & O. R. R. and the
Valley Road, have not yet completed
their arbitration, but the matters will be
settled satisfactorily
Owing to the increased depression of
business, the road had not been as pros
porous as was confidently anticipated, but
it was hoped that in the near future there
would be revival of business. The
Chief Engineer of the road, Col. James
L. Randolph had resigned his position
but has expressed his willingness to rem
der such services to the company as may
be necessary gratuitously.
THE TREASURES REPORT
showed a balance in the Treasury of
S2.o53.4o. The receipts for rent from
the Shen. Valley R. R. to the Ist of No
vember had been s5.3s3 80 from which
were to be deducted several amounts for.
repairs. Notes endorsed by the B. &. O.
R. R. for amounts paid to contractors,
SI94, 4S5. County and Town bonds held
as collateral by B. & O. R. R. S222:ooo.
ELECTION OF DIRECTORS.
On motion of Mr.. Norris, Mess. D. H.
Miller, Witt and Brady were appointed
a committee to suggest Board of Direc-
tors for the ensuing year. The commit
tee after retirement were unable to agree,
and Mr.. Kayser moved that the meeting
go into the election by ballot.
Col. Hartman moved as a substitute
that the vote be taken zvaa ace, and
spoke warmly to his substitute. He said
that he knew his dictatorship would be
opposed by the B. & O. R. R., for Vice
President King had told him that he had
caused all the trouble When it was pro-
posed to lease the road and lessee could
not be found, Mr.. Kayser had assured
him that could lease be consummated a
fatherly connection would be given at
Harrisonburg. When by the utmost ex-
ertion lessee was obtained the President
of the Board had voted to reject the prop
osition. For eleven years he had served
his constituency faithfully, and it was for
them to say whether or not he should be
sustained as director. He did not want
the position but he did want the endorse
ton of the Valley people, and didn't pro-
pose to be kicked out by the B. & O. R.
/ Ona scaled vote vote Col. HIS. sub
stitute was lost Baltimore and the B.
& O. voting no.
Mr.. Gibbs then stated that it had
been customary for each constituency to
nominate its own director.
| Col. Hartman agreed with Mr. G. and
again insisted that he did not propose to
be struck down by the B. & 0. R. R.
| Mr.. Kayser stated that Col. HIS. direc-
torship was not regarded by the two larg
est stockholders as judicious and in the
interest of the company.
Col. H.-If the city comedies with the
B. & O. R. R. in deeming my official &C
tons injudicious, am perfectly willing
to submit and am glad of it. Since the
road had been operated under the lease
| all courtesies have been denied it by
the B. & O. R. R. No stock connection
had been made and the Springs travel had
been greatly decreased by reason of the
failure to connect. If the road has pros
pered under all of these disadvantages
what would it have done had the B. &. O.
R. R. not thrown every impeachment in
its way. What magnificent results might
we now be realizing had the B. & o. R.
R. complied with its promises. l know
| that am distasteful to the 8. & O. R.
R., but it is because l have studied the
interests of the Valley, and not permitted