The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1876-03-16
THE VALLEY RAILROAD.

HE WALLED hA14leOxA0s
MEETING or THE sTOCKIIOLDERS-REPO
OF The coMMITTEEs-THE ROAD TO PASS
FROM THE CONTROL OF THE BALTIMORE
AND OHIO ON THE 1sT OF MAY.
A meeting OF the stockholders OF the Valley
Railroad was held, pursuant to call, OH We'd
nestlay evening, ut the compapy's office in this
city
Mayor I,atrobe, Of Baltimore. was called to
the chair, and Mr.. A. Madison, Secretary OF
the company, appointed Secretary, with the
different members of the press present as as
sstants.
On motion the chair appointed Judge shef-
fey, Richard Norris. Jr., and G.. A. David
son. q committee to examine cgaentia!s, and
ascertain the amount OF stock present. After
retirement, the committee reported 29,2l2
shares represented, which being large ma
jorty of the whole stock, the meeting proceed
ed to the transaction of business.
The following were tile proxies: Baltimore,
Mayor T. c. I.atrobe; Baltimore & Ohio Rail
Road, Richard Norris, Jr.; Rockbrldge, D.
C. e. Brady, w. A. Anderson and j. w.
Abrams; Lexington, C. A. Davidson; Bote-
tourt, L. D. Houston; Stauuton, John B. Ev-
| ans.
After the reading OF the minutes Of the last
meeting, Judge Shef1ey stated that at his in
stance the legislature had passed an act
amending the charter OF the Valley Railroad
so as to adjust the difficulties which had arisen
at Buchanan, and that recently he had repre-
sented to the supervisors OF Botetourt county
the condition of tie Valley Railroad, and up
on that representation they had delivered to
him $4,000 in county bonds which he had
turned over to the President of the road.
The Secretary then rea the,
REPORT OF THE COMMITTEE,
composed of the President D. II. Miller and
Richard Norris, Jr,, in response to the resou-
lion passed at the last meeting, which was
| tsResolved that the stockholders of the Valley
Rail Road request the Board to appoint com
mittee of three, with the President as Chair
man, to present to the Board Of the BALTIC. &
| Ohio Company, q statement Of the financia,
condition of the Valley Road, and the Difficult
ties under which Il labors, and 10 request Of
it q more liberal and favorable arrangement
for the use of its property in the futurc.''
The committee gave resume Of the opera
ton as well as the cost of the finished read, &C.,
ard referring to the agreement under which
the road is operated, and the fact that by that
agreement the road failed to pay expenses by
$4,000, Independent of the wear and tear, and
referring also to the additional expense incur
red in order that the read might correspond
with the Is. &, O.'s other branches, say that
under the circumstances they think it would
be equitable that the Baltimore & Ohio
should give credit to the Valley Rail Read for
fair interest OIL the total expenditures, par
tcularly on the excess Of 100000 incurr d
for their be neit, either in the shape Of stip-
ulated rental or all allowance Of arbitrary rates
for all passengers and tonnage passing over
the road.
Owing to many advantages and particularly
to the advantages accruing from the connec-
ton with the Chesapeake & Ohio Rail Road
they think the Baltimore s. Ohio Bail Road
should not object to make sue! arrange
ments as VIII Justify the. Valley Company III
continuing its connections with it.
Reasons Iaight lie advanced why it is des-
rable to the B. & O. r. r. that it should have
the exclusive control and working Of the fins
isaed road, but they are deemed unnecessary to
state. The com nttee only. bring to notice
the fact that the connection utilities and
makes vital the slumbering interests controll-
Ell by the B. & o. in the 100 miles North of
Hsrrisonburg.
The financial condition Of the road forbds
that It should continue its present working ar
rangement. We believe it to our mutual inter
ests that your road, deeply interested as it is,
shall continue its control, and we hope upon
such terms rs with resumption Of It's extern
sion, will bring assurance to capitalists that
the mortgage issues, which will be needed for
that purpose, are q desirable Investment.
In conclusion, the committee desired to OK
press appreciation for the efficient aid rendered
by the President aud Finance Committee in
settling Obligations due contractors.
. THE REPLY OF THE FINANCE COMMITTEE.
The report OF the Finance Committee, signed
by Galloway Chester, chairman, says that they
have carefully considered the stat enents made,
and in response, call attention to the fact that
the B. & O. r. r. has contributed $1,000, 900
to the stock of the Valley Company, it beng
about one-third OF its entire capital stock
Necessarily. therefore. being thus co-partner,
one-third of all losses, of interest on the CAPT
tai Invested and otherwise, falls upon the b. &
0. R. r., and so long as the road is unprotita
bic that Company must continue to share the
losses. The V. r. Il. was undertaken mainly
for the benefit Of the Valley people and Bal5i
more. As a railroad enterprise connected with
the B. & Q. system, that company had origin
ally deemed it unadvisa5le to make subscrp
lions beyond s500,0 900. In view of the dficu
ties of securing the requisite capital, tie 3. &
! O. Co. reluctantly yielded to the emergency
OF other Interests, especially in the Valley O
Virginia, and Incurred the subscription to tht
amount of 81, 100000.
The results Of the last year have caused
great disappointment among the projectors o
the road. 1t was expected that the connection
with the c. 4 Q. would prove immediatel,
profitable. In consequence Of the panic ant
the depression Of business which followed, tht
results have been unremllnerative and unsatis
factory
The committee deem the present arrange