Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1877-11-16
Flirting With q Mortgage.

TWO DAYS ENGAGEMENT OF THE VAL
LEY STOCKHOLDERS OLD RELI
ABLE STOCK COMPANY PRESENT
WHISPERS OF ROCKBRIDGE REPUDI
ATING HER BoNDs-THE BALTIMORE
OHIO AND CITY OF BALTIMORE VOTF
TOGETHER,
&C., @C'' w.
Except that Baltimore sent Mr.. James
HODGES. the handsomest presiding officer
= meeting has had for years, and that
Lexington sent Mr.. A. L. Barclay OF the
"Gazette,'' splendid specimen OF the
kind of men the Valley grows. the meet
ing of Valley Railroad Stockholders Wed
nesday in Sheffey & Bumgardner's office
was composed of the same stock company
of past years. But while physically the
same, financially, affairs presented better
appearance. For the first time IN tour
wears the President reported balance IN
the treasury actually a balance OF $2,474
to the credit of the company for only eight
months work and after paying the b. w.
Co, $1,000 for the use of its rolling stock,
and all the administrative expenses OF the
company: besides having reduced the COM
pany's indebtedness to the B. & o. Co., by
$4,000. President Pendleton has cause Tor
pride in this when we remember the Shen-
andoah Valley Co. gave the road up be-
cause it lost $4,000 mouth running IL.
A committee composed of Messrs. Har-
man. Anderson and Dorman after consld-
erinc the Presidents report reported IN Ia
vor of consolidating the offices OF Presi-
dent and Superintendent with salary Of
81 500; abolishing the office Of Attorney,
now held by Judge Sheffey; purchasing
instead of hiring an equipment and mort
gaging the road for 100000 to proceed
with it's extension. The discussion On
these resolutions brought out the fact that
the B. & O. received 25 cents a mile Tor
every mile run by their engines on the road
8 cents mile for passenger cars ana II
cents per mile for freight cars. MI. Key
ser explained that the B. Il o. Co., had
not made $50 on the contract in the eight
months and he would vote to end it at once
if the company desired it.
All the recommendations of the Com
mittee were rejected after long debate,
in which pointed allusion was made to the
fact that the company's interest might be
imperilled by delay in building the road,
which was construed in conversation
among the stockholders as an intimatlon
that there was danger of Rockbridge re-
pudiating her bonds.
The main practical work followed re-
port from a committee of five, authorizing
the mortgaging of the road at the first OPP
portunity for funds to extend it. The drift
of the debate on either side was that the
Baltimore & Ohio Co., and the city OF Bal
timore did not propose to take any step IN
til they are sure that if a mortgage loan is
contracted the earnings Of the road will be
sufficient to pay the interest on the mort
gage bonds, and avoid all danger OF fore
closure; and the Valley men showed by
their debate that they believed the road
can be built so cheaply at present prices
and on so small loan, and the road will
do so good business, that the experiment
ought to be tried, and the upper Valley
counties given chance to realise from
their investment.
Finally resolution was adopted, offered
by Col Allen, authorizing the President
and Directors to get a mortgage loan of
$2,OOO,OO0, at per cent, payable in 80
years, and the bonds not to be sold at less
than IS CENTS; but the action to be ap-
proved by the Finance Commissioners of
Baltimore before taken. This action
amounts to really nothing, nor is it likely
anything will be done before financial times
are easier, and railroad stocks commence
to become desirable investments.
Nh. P. P. Pendleton was unanimously
reelected president, and Judge Sheffey,
attorney of the company. The meeting
finally adjourned Thursday at noon.
City Appropriations and Expenditures.
We give below the estimates for 1878
for expenditures this fiscal year, and the
which have already been
made up to this time, just one half the
time having expired: