The Corvallis gazette. [volume] (Corvallis, Or.) 1862-1899, 1879-10-24
WILLAMETTE VALLEY AND COAST RAIL
ROAD.

On last Saturday, the 18th inst.
as per announcement in the GAZETTE
the annual meeting of the stockhold.
ers of the Willamette Valley and
Coast railroad, was held at the com
pany's office, in this city. W. B
Hamilton, President of the company
being present, but too unwell to pre-
side, DR.. J. r. Bayley, was, on mo
tion, elected temporary chairman
and presided at the meeting.
A full report of the affairs of the
company was presented and read by
the Secretary, B. w. Wilson, (which
will be found below], after which
the following gentlemen were elected
as board of directors for the ensu
ing year: w. B. Hamilton, Ashby
Pearce, 1. B. Henkle, NJ. Jacobs. Sol.
King, J. M. Currier, B. w. Wilson,
T. E. Cauthorn and John Harris.
Upon the adjournment of the stock
holders meeting, the board of di-
rectors met and organized, by re-
electing the officers of the past year,
rs follows: VIM. B. Hamilton, Pres
ident, B. w. Wilson, Secretary and
Thos. Graham, Treasurer.
The following is the annual state
ment and report of the affairs of the
company, submitted by the Secreta
ry, and which, after being read, was
ordered filed:
Since the annual meeting of 1878, the
Directors have urged forward, in every pos
sible way, the completion of the first ten
miles of the road.
When the s35, 600 fund, provided for
purchase of the iron and rolling stock had
been subscribed, as reported to the last
meeting, and guaranteed by the notes of
responsible parties, deposited in Mr.. John
Connor's bank, the Directors should have
been able to proceed at once with the acqui-
sition of the material, the laying of the
track and the opening of the ten mile Sec
tion. But unexpected difficulties arose or
prevented the due payment, at maturity,
Of so large proportion of the notes that
the Directors were compelled to pause be-
fore undertaking the responsibility of the
purchases. In several instances death in
tervened, and consequent delay in payment
was experienced without going into detail,
it is enough to say that it was not until
January of this current year, that the Di-
rectors felt themselves justified in request
ing Colonel Hogg, as general Agent of the
Company, to proceed with the purchases of
the railroad iron and rolling stock and ma
terials, which it was expected would have
been ordered and in process of construction
some months before and it is right to men,
tion, in passing, that several meml ers of
the board had to undertake personal respon-
sibility for the company to a considerable
extent to avoid still further delay and ex-
pense However, the iron and material
were purchased by Col. Hogg for the COM
pany, on very advantageous terms, and the
locomotive was ordered from an Eestern
house of first rate standing. All has been
duly paid for and the accounts have all been
presented properly vouched.
But the effect of the necessary delay in
purchase was that the rolling stock and rail-
road iron arrived in Portland too late in the
season to be brought by the river to Corval-
hs and it has therefore been impossible to
lay and open the ten mile section, to which
rected, during the current year. Meanwhile
q, 900 ties have been purchased and nearly
all delivered, and comparatively small
balance of the cost remains unpaid
The company has again to thank Col.
Hegg for assistance in time of difficulty,
as they were compelled to have recourse to
him to advance the money for freight, and
the expenses in connection with the various
purchases. This he did, and SO enabled
the company to escape the danger of hav-
ing their property, or portion of it. sold
to provide these moneys; suitable securI-
ty, over the rescued property, has been
given to Col Hogg for his security. The
Directors feel that the company has now
surmounted the most of the difficulties sur
rounding it, and they look forward with
great confidence to the opening of the ten
mile section, early in the ensuing year and |
quent sections by means of funds to be pro-
vided, as required, from the intrinsic value |
of the company's railroad and properties
There has been expended for the iron and |
rolling stock, and in connection Herewith, |
the full sum of $35, 900. The company has |
also paid upwards of $1,000 on the ties |
purchased. &c. Thus showing an expendi-
ture, including various small current charges |
of upwards of $3S,OO0. The receipts on
the 1000 subscription have only reached |
S29, ,6l5; interest, 1914; total $50, $50 and |
the Indebtedness to Col. Hogg, $1,000; to
other parties, $2,308. But the company
has not only all the railroad iron, rolling |
stock and materials, and also the railroad |
cess of collection, 1886 on the S35, 200
subscription. Respectfully submitted, Oct. |
Is, 1879. Attest.
B. W, WILSON. Sec'v.