The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1877-11-15
Valley Railroad.

Van Lear's majority
Valley Railroad.
Pursuant to notice the 9Th annual meet
ing of the Stock holders of the Valley Rail-
road was held at the Office of Sheffey d
| Bumgardner in this city, yesterday at II
o'clock.
Mr.. Jas. Hodges Of Baltimore was called
to the chair and Mr.. A. Madison appointed
Secretary. A committee on credentials was
appointed, which after retirement reported
that proxies were present representing 1886
shares, out CT 5000, as follows: B. & O. R.
R.. Messrs. Ric'd Norris and VIM. Keyser !;
Baltimore, Messrs. Henry Duval and James
Hodges; Rockbridge county, Messrs. Brady,
Barclay, Dorman and Gibson; Lexington,
| Messrs. W. A. Anderson and Dorman; Bote-
tourt, Linkenhoker; Staunten, Messrs. Witt,
Burke and Evans, and number of individ-
ual stockholders.
The annual report OF the President was
submitted. After detailing the conditions
upon which the Valley railroad had been Ia
ken from the charge OF the Shenandoah Val
| ley Company, and the terms upon which it
is now operated by the B. & O. r. r., it
stated that the outlook for the future was
very encouraging and expressed the hope Of
| an early extension south of Staunton. For
the past eight months, the treasurer's report
showed net revenue to the Company of
| 2,460. after payment of all costs for rum
| ming, expenses of administration, &c. The
report with accompanying documents was
| referred TO committee.
Maj. Dorman offered resolution provi-
ding for the appointment of a committee of
five, to ascertain what action would be ex-
pedent, at the meeting, for the interests of
| the Valley Road.
Mr.. Keyser objected to the resolution, for
the reason that it was too indefinite, and did
not define to what particular object the at
tention of the committee should be directed.
Maj. Dorman explained that his object
was simply to ascertain the probability of
the expedency of any action looking to the
completion Of the road to Lexington.
At the suggestion of Judge Shelley the
resolution was amended, and the committee
instructed to report on the expediency Of
any action at the present time, in the inter-
ests OF the road in connection with its con-
struction south of Staunton.
Messrs. Hodges, Norris, Evans, Barclay
and Linkenhoker, were appointed as the
committee, and the meeting took recess
until half-past two O'Clock.
The committee to whom was referred the
Presidents report, returned at seven O clock
and made their report, which recommended
greater economy in the administration that
the present arrangement should be discon-
tinued and that the road be equipped and
operated by the company, and that the con-
struction south OF Staunton be resumed. It
stated that the rental paid the Baltimore &
Ohio railroad was $l0,041 for eight months,
and that new equipment could be purchased
for $4,000, or secondhand for sl7, 100,
consequently in two years the company
could pay for its equipment; that the con-
struction should be resumed south of Staun-
ton by the first of April, and convicts en-
ploycd. By so doing the road could be COM
pleted to Salem for the county and other
bonds lin the hands of the company, with
the addition of $S00,0 900 or 81 200, 900 in cash.
which might be raised by mortgage. The
report also recommen ded the consolidation
of the offices of President and Superinten-
dent at a salary OF 1900. and that instead
of regular salaried counsel, competent law
yers should be employed as the circum-
stances should demand.
Mr.. Kayser called for scaled vote. on the
committees report, and Mr.. Anderson adj
vocated the report with great earnestness,
and endeavored to show how, in conse:
quence of the low price of iron, convict la
b6r, &C., the road could be completed for
100000 III cash.
Col. Hartman also spoke warmly in favor
of the committees report.
Mr.. Keyser strongly combatted the propo-
sition to separately equip the road, and sta
ted that the B. & o. II. r. had made moth
ing by the arrangement. The exhibit of
the President Of the Valley Il. Il. was more
favorable than had been made on any other
portion of the road to Harper's Ferry. With
regard to the extension of the road, he
warmly sympathized with the people of the
upper Valley, and wanted the road compile
ted, but it was not feasible. The deDrecia-
ton of mortgage bonds is unprecedented
and thorn pOnld hn M inf tbox
could be sold, it would be disastrous to the
Company, for in two years the creditors
would foreclose and sweep out the whole
stock.
Mr.. Hodges concurrcd fully with Mr.. Kay.
ser's views, and made startling exhibit
of railroad stocks and mortgages which were
not paying cent-in amount equal to the
entire national debt. With such facts star.
ing the Valley railroad in the face. it would
be, he said, far better to abandon the idea Of
mortgage, for the present at least. It was
no time now to attempt a negotiation-thert
was no confidence in railroad interests ant
business men were adverse to such invest.
ments.
Maj. Dorman followed Mr.. Hodges in adj
vocacy of the report.
Mr.. Anderson stated that in consequence
OF the prejudice of Va. r. r. smenD agains
the Baltimore S Ohio Road, no Legislation
could be obtained favorable to the procure
ment OF convict labor, so long as the roat
was under the administration of Baltimore
man. II q competent Virginian were made
President, the necessary legislation would
follow and the cheap labor be secured.
The co mmittee's report was received an(
the recommendations rejected.