The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1878-11-14
Valley Railroad.

| ne SGVGuLu dLllludl lLCEllIlR III Liz
stockholders of the Valley Railroad was
held in the office of Shelley & Bumgard.
ner, in this city, yesterday.
Mr.. John B. Evans, of Staunton, was
called to the chair, and A. Madison,
ESQ.,, appointed Secretary.
The committee appointed to ascertain
amount of stock represented, reported
the following proxies:
| Baltimore City-Henry Duval.
B. & o. R. R.-Wm. Kayser, Richard
Morris.
Staunton-Jno. B. Evans.
Lexington-W. A. Anderson, S. H.
Letcher, w. P. Houston.
Rockbridge County,. M. Gibson, ].
T. Mckee, c. M. Harper, A. B. Bar
clay and J. B. Dorman.
Botetourt County,. M. Splitter.
Besides these were number of indi-
vidual stockholders, the whole amount of
stock present being 20, shares, out
of $4,000 shares The county of Roam
oke was not represented.
REPORT OF PRESIDENT.
The report of VIM. Kayser, President
PRO tenn of the Road, showed gross ear
nings, Sac, 6o1. 81
Expenses, 35,63o.1o
Net income, S5,o61, Al
1t stated that the principal causes OF
failure to make more favorable report
were, 1st. The schedules of the C. & O.
R. R. rendered it impossible for passen-
gers on the through train to make con-
nections, and for this reason much of the
travel of that character had been divert
ed to other lines. ed. The Valley Rail
road had been compelled to reduce rates
on grain, in order to compete with the
C. & O. R. R. sd. The through bust
ness from the C. & O. R. R. had been much
lighter than was anticipated.
A large slate quarry has recently been
opened on the line, from which it is
hoped that considerable revenue will be
derived.
The expenses of the Road, for its OPP
Grafton, etc., have been reduced to the
minimum figure. The salary of the
counsel for the road has been reduced
to 81, 900, and that of the Treasurer to
$3.50, and the force ofernployees has been
cut down to an extent beyond which it
would be inexpedient, for the safe con-
duct of the road, to go.
During the year considerable amount
was paid out for the use of the Air
Brake, and $4,000 land damages had
been settled.
At the last meeting, the question of
placing mortgage on the completed
road, in order to raise funds to finish the
road to Salem, was agitated, and, with
that object in view, resolution was
passed instructing the President and Di-
rectors to issue bonds not to exceed in
amount $4,000, 900, to run 80 years at
six per cent, and to be sold at not less
than s. cents on the dollar, provided the
Finance Commissioners of the city of Bal
timore approved of such proceedings
The matter had been laid before the Fl
nance Commissioners, who disapproved
the plan.
The differences between the B. & 0.
R. R. and Valley R. R. have been ami
cably settled, the arbitrator to whom
the matter was referred having ascertain
ed the amount due from the Valley R. R.
to the B. & 0. R. R. to be S28, 3oo.o3,
with interest till paid.
The report stated that the indebted
ness of the Valley R. R. to the B. & o.
R. R. had been somewhat reduced. The
obligations of the former Company to
the, contractors had been met by the B.
& O. R. R., but there are county and
town bonds, held as collateral, sufficient to
enable the Valley R. R, to meet its in
debtedness, provided they can be sold at
a fair value. The recent action of Rock
bridge county has operated seriously
against the sale of the bonds, but it is
hoped that such agitation will cease, and
that they may soon be negotiated.
The report closed with brief tribute
to the zeal and efficiency of the late
President, P. P. Pendleton, ESQ.,, whose
death occurred since the last meeting.
RESOLUTIONS, &c.
The report was referred to committee
together with other papers.
Maj. Dorman offered resolution,
which: was adopted, providing for the ap-
pointment of committee to take into
consideration any propositions which
might be submitted looking to further
prosecution of the work south of Staun-
ton, together with any other matters
be deemed important. -Messrs. Dorman,
Echols, Kayser, Duvaland Houston, were
the committee.
In offering the resolution Maj. Dor
man stated that propositions were in his
possession, and that if some measure
were not taken in the direction indicat-
ed the feeling in Rockbridge was so
strong that the consequences would not
be healthy to the road.
After the appointment of the commit
tee, the meeting adjourned until six
o. clock.
EVENING SESSION.
During the recess conference of the |
various proxies was held, and it was
agreed on the part of the Valley Stock
holders to tender proposition for dis
solution of the partnership and division |
Of the assets.
At six O'Clock Mr.. Evans called the
meeting to order, and a death-like 81
ence prevailed. For fifteen minutes no
sound broke the stiffness, save an occa-
'ional sigh from the chairman, whose
corrugated brow betokened deep thought
and dire perplexity. A division fspoils
was to be made. and Staunton's interest
vas to be wiped out entirely. The dele
CATION from the upper Valley looked I'M
easily satisfied and longed for the agony
@ end, while the B. & O. and Baltimore
proxies were so provokingly cool that one
night have imagined they were only
waiting to have the thing creased to
swallow it whole. There were various
whispers that this was the "vital mo-
nent, - s'the deep, death-like calm which
3recedes final dissolution, or betokens
he crisis passed." and other touching
md awe-inspiring SMILES. Finally, how
ever, the spell was broken by Mr.. An
lerson, from the committee on Presi-
lent's report, etc., who reported that af-
er examination of the papers, the COM
nittee were satisfied that the affairs of the |