Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1878-11-19
VALLEY RAILROAD.


ANNUAL MEETING OF NEUTRALITY-SUSPICIOUS.
OF DIRECrORS-PRESENT STATUS OF THE
RoAD-THE VALLEY STOCKHOLDERS PROPOSE
TON TO DISSOLVE RTNERSHIP-BALTIMORk
CITY WILLING, BUT sTAUNToN REFUSES TO
BE CRUSHED BETWEEN THE NEITHER AND UP
PER Observation-Disclosures TO DECEMBER
BIRD.
Since the action of the meeting recently held
in Lexington much interest had been felt as to
what would be done at the annual meeting Of
Stockholders of the Valley Railroad to be held
here on Tuesday the 18th inst. It was antici-
pated that the Valley counties holding stock
in the road, and especially the County Of Rock
bridge would have some proposition to make
looking to the immediate continuation of the
road to Lexington, and hence there was. from
the time the stockholders met at the office OF
Sheffey and Bumgardner on Wednesday last,
feeling of expectancy pervading all present.
which was plainly perceptible.
The routine was however quietly gotten
through with. Mr.. Jno. B. Evans, Of Staunton.
was called to preside and the amount OF STOCK
represented was ascertained to be twenty-nine
thousand two hundred and fifty shares, Roam
oke county and some individual stockhoiders
not being represented.
The city of Baltimore was represented by
Henry Duvall, the Baltimore and Ohio railroad
by VIM. Keyser and Richard Norris, Jr., Staun-
ton by John B. Evans, Lexington by w. A.
Anderson, 8. n. Letcher and w. P. Houston,
Rockbridge by J. M. Gibson, and J. E. Mckee,
c. NJ. Harper, A. L. Barclay and ]. B. Dorman.
Botetourt by J. M. Spiller.
REPORT OF BOARD OF DIRECTORS.
The annual report of the board of directors OF
the road was read, and shows the receip is for
the year ending September 80 to have been $40,
O9l, and the expenditures $35,630, leaving S5.06l
as the profit of the road The board attributes
the small earnings first, to the failu re OF the
Chesapeake and Ohio road to run summer
schedule connecting with the Valley road, and
thereby turning much Of the watering place
travel from the latter second, the reduction OF
the rate of transportation on grain necessary to
compete with the rates of the Chesapeake and
Ohio road, and third, the diminution ofthrough
business in connection with the Chesapeake &
Ohio road in consequence of the latter divert
ing traffic, as far as in its power, to Richmond
or Gordonsville, in order to secure to itself q
longer haul.
The operating expenses Of the road have been
reduced, the board says as far as 1t was prudent
to go. The salary Of the legal counsel OF the
company has been reduced to 81, 900 and that Of
the treasurer to $3.50. One cause that diminish
ed the net earnings OF the road was the payment
ny tuo COnpduy VI VSsvVV ~ 9oAA<0 oAN S<ScSS Va
land damages.
The board state the fact that the finance COM
missioners of Baltimore. to whom was submit
ted by the resolution Of the stockholders last
year, the proposition to mortgage the road, had
declined to give their approval.
The standing account between the Valley
Company and the Baltimore and Ohio Company
has been arbitrsted, apd the sum Of 81, 800 de-
cided to be due the latter.
The board regrets to have to say that this Goaa=
pany's Indebtedness TO the Baltimore and Ohio
Company for money advanced has not been ma
terially reduced. The county and town bonds
held as collateral by the Baltimore and Ohio
Company are sufficient to meet it, but the &C
ton Of some of the oitissns Of Rockbridge has
rendered it impossible to sell these bonds at
prices that would be judicious OF satisfactory.
While no default of interest has occurred, the
agitatla4 has impaired the credit of the county
80 as to make il Impossible to obtain satisfac-
tory offers for its securities, The Baltimore &
Ohio Railroad Company adyapced the money
in a liberal spirit to save the Valley road from
threatened bankruptcy and foreclosure, and has
carried the indebtedness at a low rate Of inter-
est in the full confidence that the Valley Road
Company could make its assets available. The
Aohs is expressed that the agitation in RICK
bridge has now ended, and that the credit OF
the county will be re-established, SO as to ena-
BILE the company to market the bonds at their
proper value. The board states that Mr. VIM:
Keyser has filled the office ofpresident without
compensation since the death of President P. P
Pendleton.
The report of the treasurer shows that the
balance on hand In the treasury September &c
was 2.270.
BOARD OF DIRKCFohS.
The Committee appointed for the purpose re-
ported the new board of directors, who were
elected; they deemed itinexpedient to nominate
o President at this time but afterwards William
Keyser was cheated President. The board is as
follows:-
elected: City OF Baltimore, Decatur 81. Miller
and Henry Duvall; Baltimore and Ohio Rail-
road Company, Richard Norris, Jr., and VIM.
Keyser; Sta4nton, John Echols Botetourt. j.
J. Allen. and Lexington and Rockbridge, W. A
Anderson.
committee consisting Of Duvali, Anderson
Norris, Spiller and Letcher were appointed to,
look into the transactions ofthe business OF the
road for this psst-year. with view to the econ
omy of its management and with such sugges-
lions as may occur to the committee to increase
the economy and efficiency of its management
Mai. Dorman also submitted q resolution
that committee of five be appointed to e1-
anime any proposition submitted to them
looking to further construction of the road.
In offering the resolution he referred to the
sentiment of dissatisfaction existing in Rock
bridge and Botetourt, and which might cause
disastrous results both to the road and the in
terests Of the counties unless any proposition
looking to a further construction of the road
should be entertained and considered by thil
meeting.
The resolution was passed and the commit
tee appointed as follows: Messrs. Dorman,
Keyser, Duvall and Houston.
Adjourned till O'Clock.
EVENING SESSION.
On re-assembling in the evening the commit
tee on the management of the road reported
that it had been managed most economically
and reported q resolution of thanks to Presi.
dent pro tenn. William Keyser, who had had
the control of said management. The reporl
was unanimously adopted.
Mr.. Dorman then submitted proposition
from the Valley proxies to the proxies Of the
city of Baltimore and the Baltimore and Ohio
railroad to the effect that there should be dis
solution the city of Baltimore and the Balti-
more and Ohio railroad taking the completed
portion of the road between Harrisonburg and
Staunton, and the Valley stockholders to re-
ceive for their share the unfinished line south
OF Staunton, and the Baltimore and Ohio Rail-
road Company to surrender the two hundred
and fourteen thousand dollars Of town and
county bonds now held by it as collateral. The
proposition was 81 gned by all the Valley prox-
les, except Staunton. her proxy wishing to re-
serve her right in the completed portion Of the
road. Mr.. Keyser said it would be useless to
present to his principals any proposition ac-
compAnied by reservation OF that kind. He
further said frankness required him to state
that the Baltimore and Ohio Company would
not consent to surrender collaterals on which
1t had advanced Sl95,0o0 in money. The pro-
position was then reeommitted to the commit
tee, and the meeting adjourned till Thursday.
THURSDAY.
The proposition for division upon the terms
asproposed on the previous day wasisubmitted
to the stockholders, and was referred to the
proxies Of the city of Baltimore and the B. 4 O.
r. r. Co., to be submitted ny them to their
principals,
Affair aonaa lift Ia dirouccinn the m aefinp adj