Virginia free press. (Charlestown, Va. [W. Va.]) 1832-1916, 1879-05-24
shenandoah valley R. r. Company.
Anaual Aee,n9 ef he stockholders.

AnRual Meeting q The stockholders.
( The Annual Meeting OF the Stockholders OF
the 5. V.R Z. Co was held On wednesday,
/ Nav 7ih. 1879. at the Taylor Hotel in VIM
chester. President Mines in tho chair. The
Secretary. J T. Wright, called the roll OF
stockholders. and reported a majority present.
On motion Of President Mines, Col Mann
Splitter was elected Chairman, aud j. 1. Wright
aud R. ". Hunter, Secretaries. Col II. Is.
Davenport moved that a committee OF five, on
+ Credentials, be appointed by the Chair. Car
ried-and the Chair named MesSrs. Davenport.
+ Osburn. ". y. Smith Baylor, and little
I Tue committee reported the proxies correct,
and a manrity OF the stock represented. Col.
r " Baylor asked that the proceedings OF the
last annual Getting Of stockholders be read,
which was done, and the record approved.
ANNUAL REPORT.
The annual report Of the President and Di-
reciors Of the Company was then read, as fol-
l9ws:
To The Stockholders cftie Shenandoah Valley
Railroad Company:
The President and Board of Directors of the
Shenandoah Valley Iailioad Company in sub
hitting this their annual report 10 the Stock
holders respectfully announce, & at shortly
after the adjournment Of your last meeting
tie contractors John Sai,erlee q Co., aud Al
fred Creyeling, IN pursuance Of the terms OF
their cUntrac', entered into with the Company
by them, dated the 3rd day Of April, 1878,
commenced the work OF constructing your
line frym the crossing Of the Baltimore & Ohio
Railroad at Dlifieid's Depot, in Jefferson Co.,
West Va, ond have prosecuted 10 completion
twenty miles Ol road, which Is DOW ia good
running order aul extends from Shepherds
to xn. on the Potomac river, to the dividing
lue between Jefferson and Clarke ,cJuties-
The contractors during the months ensuing
tie completion of the road as above inlIcat
have, So fax as the winter weather would per-
nit. been engaged in preparing, with the light
work required, the residue Of the graded lne
Of lhir,y-uiue and e;ght-teuths miles aud have
made it ready for tie supcrsuncture.
The original design of crossing the BALTIC.
& Ohio Railroad at grade, was upon further
consideration and in view Of the greater safety
Of oyercrossing, abandoned, and the passage
effected upon good Gnd substantial tresSelling
aud bridgo-thus securing the free aud unin-
terrupted operation OF both roads, at all times.
aud with the least possible danger 70 either.
Although this change of plan has eutail.d
considerable additional expenditure upon the
Company and involved delay Of several
| weeks. Il is believed that the desirable end
secured will be ample cOmpoDsatiou for The
increased outlay aud the unavoidable cousuInp-
iiOn Of time
The road thus constructed has been equipped
with sufficient rolling stock for its present pur-
poses. consisting Of At engine Of thirty five
tons weight aud eight freight cars, all new
and of the first class.
The subject Of an outlet 10 tie constructed
road has been made QUO Of earncst consideration
by the Board of Directors, aud at no time has
Il failed to give that attention TO |. which is
Importance demanded. After an examination
o. all the routes suggested by the topography
Of the country, o careful SURVEY disclosed as
tie most practicable hue, under all the circum-
stances, to be that from Shephcrdstown 10
Beddng,on Station, 90 the Martusbutg and
Potomac roaG, about five miles cast of the city
Of Martiusburg. This road, it is well known,
is under the control aud management OF the
Cumberland Valley road, aud thus furnishes
channel OF easy aud direct communication with
the pcuusy lyauia aud other railroads passing
through, aud coucentrating Ia, the city vi
Harrisburg
Immediately after the adoption Of this route,
which is nine aud one hall miles 10 length,
proposals were Issued for It's construction, aud
The Board is gratded in being able TO state
that tbs connecting lluk eau, and will bc bull,
on n,os, favorable terms with the use by tho
CJu,pauy Of its first mortgage bonds aud
without exceeding the amount limited 70 be
issued, Oh completed road IN the contract for
construction Terms fob The right Of way have
been agreed upon, aud there 10 10 longer reG-
son 70 doubt that there will bc an carly com
meucumeDt aud a speedy completion Of this
couuectou-in iime, II 10 believed, 10 transport
20 O profitable market the abundant harvest
now promised in the lower portion Of the
Shenandoah Valley
The CONDITIONS cf The agreement made with
the holders Of the first mortgage bonds bca:-
Ing date ,be 18th day Of October, 1872, have
So far been fulfilled as 10 enable the Board Of
Directors, through The substituted trustee 10
tuc mortgage securing The said bonds, 10 eau
eel and destroy them and o new first mort
gage 20 secure a BONDED debt VI SIS, 900 per
ullc on completed road heretofore authorized
by you, has been executed aud recorded 10 all
lle cOuuties within which the line Of the road
is heated y considerable aud vexatious delay
aitebdcl the rccorIatiyu oi the mortgage pro-
duccd by the deu.sLl Of the large tax OF 81
250, impose by the reyenuc laws Of Virglnia
ou such instruments before their admission 70
record Fortunately, however. the Legislature
o; tie State was IN extra session az the time,
and upon proper representations OF the facts
OF the case, aud 10 pursuance u precedcuts
heretofore established, 6 special act was passed
permitting tie EecortatOn Of the mortgage
deed upou condition Of the paymcu, Of the tax,
at tie begiouirg Of each year ou the issues OF
The preceding year.
The preparation Of the bonds, which il was
deemed best to have engraved, occupied much
more time than Il was supposed would be
needed but they have been placed, as they
have been required to fll the obligation Of the
Company, eud will be continued 10 be placed,
as Hereafter rcquind 10 the hands Of the trus-
tee. lhe Farmers Loan aud Trust Company, |
an Oh aud oue Of the most substantial aud
reliable corporations Of tic city Of New York,
which has accepted the trust aud eisered upon
i,s duties With these securities, made safe 7.
and desirable Us a frst lien upon a road 50 4
ldvauced O. the Shenandoah Valley Railroad
with connections so valuable as those about 20
be formed, with @ county 80 rich ss that 4
through which it passes, 10 asriculiura. pro- I
duets aud mlners. resources aud 50 prOjigal 10 /
Il, ff.o rflacf o.frnrffpf.a q nat