The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-12-28
TIE Valley Railroad.


Valley Railroad, at Camden Station, Balti
more, did not result in any satisfactory ar
rangement for the future operation Of the
road. From present indications, we are in
clined to the belief tina. this Baltimore and
Ohio Railroad Company. will, In all proba-
biilty, resume control, upon what terms, OF
course we are unable to say. Mr.. Mines may
submit proposition that will be acceptable
to the stockholders, when they meet on the
18th. We append the proceedings Of the
Directors, as reported in the, american OF
the 18th:
The Board OF Directors of the Virginia Val
ley Railroad reassembled yesterday at Cam
den station for the purpose Of receiving addi-
tional propositions for lease of the road.
AN the members Of the Board were present.
A communication was received from Thomas
S. blair of the National Security Coal, Iron
and improvement Company. Withdrawing
the proposition made by him the previous
day, on the ground that no modification in
tic offer can be made by him without the
consent of the stockholders OF his Company.
Which lie would not be able to obtain for
some time to come. Whenever the Direct
ors Of the Valley Railroad shall deem the
proposition as made by him on Wednesday
satisfactory, he would be pleased to hear
from them.
The proposition from Mr. Mines, the Pres
ident of the Shenandoah Valley Railroad,
which was submitted yesterday, was fol- a
continuance OF the lease OF the road from
Harrisonburg to Stanton at $4,000 per
month, with the privilege Of the permanent
lease of the road at any time upon as good
terms as are offered by any other company.
The temporary lease is to terminate upon
thirty days notice being given by Mr.. Mines
to the President OF the Virginia Valley Rail
road. The Board did not believe this pro
position to be Of any advantage to the com.
pany, and several of the members expressed
themselves to the effect that the present lease
is preferable to the one proposed, as the new
proposition would leave the Valley Rail
road at the mercy Of Mr.. Mines, who re-
serves to himself the right to annul his part
of contract upon giving thirty days notice,
while it does not give the same prerog alive
to the Virginia Valley Railroad Company
It was also remarked that the proposition
would interfere with the further construction
OF the road, which the company Is anxious
to complete as far as Salem.
Mr.. Mines proposition was rejected, and
ed to confer with Mr.. Mines and obtain a
modified proposition, which is to be submit
ed to meeting Of the stockholders OF the
Virginia Valley Road on the 2Sth OF Deem
Der, 10 which time the Board adjourned.
Mr.. Pendleton, as directed. had consul
tation with Mr.. Mines at Barnum's last eve
ming, when the latter promised to have an
other proposition prepared in time for the
meeting. Mr.. Mines also stated
that he desired to secure for his company a
lease of the road on advantageous terms, and
would offer as reasonable terms as any other
corporation.
The present lease will terminate on Janu-
airy lst, Mr.. Mines having given thirty days
notice on December LIST, that the existing
arrangements are to cease on that day. Ii
no satisfactory conclusion is reached at the
next meeting Of the stockholders, the rolling
stock owned by the Shenandoah Valley Rail-
road will have to be removed from the road
-, Nr Ha pp.aci6anf ami
Mr.. Boyce, Vice President of the Shenando-
ah Valley Railroad, left this city for Phila.
delphia last night. 1t is stated by members
of the Board of Directors of the Virginia
Valley Railroad that the proposition OF the
National Security Company could not be en-
tertained by the Directors on account OF the
insufficiency of security. The lands owned
by tine company in Virginia have been part.
ly paid for in notes, and four flfths Of the pro
perty still remains unpaid for. The matter
of the lease now stands in the same position
as it did before the meeting OF the Directors
last Wednesday.
The Baltimore Sun OF the 18th mas the fol
lowing in reference to the Valley Railroad
from which it will be seen there is 4 posi-
bility of the read again remaining idle afte
the Ist of January, 1871:
It is understood that the Shenandoah Va
ley Railroad Company, of which William
Mines, Jr., Of Page county, Va, is Presi
dent, has given the stipulated notice OF thir
~ days for the termination Of the lease Q
the Valley Railroad on the LIST OF Januar
next. This lease, (which was for the twenty
six miles OF finished line between Harrison
burg and Staunton, it will be recollected, wa
given the Shenandoah Valley Company i
June last, at Il rental Of $4,000 per montl
the lessee placing $4,000 worth of rollin
stock upon the road as security. The Balti
more and Ohio Company which had bee
previously working the road in connectis
with its own line for the Valley Company
had given it up on the 1sr OF May in prefe
ence to paying $4,000 per year rental,
demanded by the Valley Company, in al
cordance with the Instructions OF meetln
OF the stockholders held sol uetime previous
A loss of some $4,000 per annum resultln
! to the Valley Company from the working b
the Baltimore and OHIO Com pany had occ;
stoned much dissatisfaction among the vi
ginia interests in the Upper Valley, and q
ter some unsuccessful efforts there to lea
| to other parties, and final notice to term
ate the arrangement with the Baltimore al
Ohio, and various meeting of the Director
in Baltimore, the lease to the Shenandoah
Company was effected, with the consent
the representatives of the city OF Baltimore
well as those OF the Baltimore and ONO Tof
on the terms stated, with the privilege
either party to terminate it OH thirty day
notice. The prosecution OF the work OF co
strt,ction on the line beyond Staunton n
been continued for year or mere AFTER G
financial panic Of 1873, and Until indeed Il
whole subscription OF one million doIla
each by the city OF Baltimore and the Bal
more and Ohio Railroad in casl. had been {
haustea; then it had TO be stopped, givi
rae TO difficulties with the Virginia interee
that is. the counties and towns on the iii
which had made subscriptions in their oV