Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1879-11-14
The Valley Railroad.

ANNUAL MEETING OF STOCKHOLDERS
PRESIDENT KEYsER's REPoRT--THE
COMPANY MAKING SOME MONEY-sERI-
OUsLY THREATENED BY VIRGINIA Leg
IsLATION-THE EFFECTS OF RECENT
NEUTRALITY-SUSPICIOUS. OF OFFICERS.
&C., &C., sc.
There was regular annual meeting of
the stockholders of the Valley Railroad
Company on Wednesday in this city at the
office of Messrs. Shelley & Bumgardner.
Judge Sheffey being the company's attor-
ney). This was business meeting, pure
ly business meeting. There have been
few occasions in which the representa-
tives Of this company have met and trans
acted more real business with less bum
comb. The advertised hour was eleven.
but it was twelve before working quo
rum reported. their being some mlsunder-
standing as to the hour.
The Baltimore & Ohio road was reple-
sented by VIM. Keyser; City of Baltimore
by Henry DuvaIl; Rockbridge by James
B. Dorman, John G.. Mckee and A. T.
Barclay Stanton by John B. Evans. T.
D. Ransom and R. W. Burke, and Licking
ton, by S. FL. Letcher. w. A. Burke and
other private stockholders were also pres.
ent.
On motion Of Mr.. Duvall, who called the
meeting to order, Mr.. W. A. Burke was
called to the chair and Mr.. A. Madison
Of Baltimore elected secretary. Messrs.
Keyser and hanson, the committee appoin-
ted to ascertain the number of shares rep
resented reported %, 450-a majority, and
Botetourt and Roanoke not repsented,
Of these Baltimore had 10000 shares, the
Baltimore & Ohio Railroad 10, 200, Staun
ton 1000, Rockbridge and Lexington $3.50
THE BUSINESS OF THE ROAD.
The report of President Keyser was
read, and showed the receipts of the road
for the year 1879 to be $45, OO9 so. and ex-
penses $S4. 3O7.99. Compared with the re-
ceipts for 1S78-$40, 991. 81, and expenses,
s35, $50. 10-will give an increase Of gross
receipts for this year, over the last, of
$4,3l7.89, and decrease of expenses Of
81 ,322.11. TIE net earnings for 1878,
$5,O61 Al; net earnings for 1879. $40, 701. 81.
being an increase over last year of $780,
10. The result is due to the increase of
tonnage business this year, and the better
rates that have been obtained. On ac-
count of individual subscription the fol-
lowing payments have been made through
Messrs. Shelley & Bumgardner, ST. 66 90;
rent, $3.50. 43; one of the bonds given to the
city of Staunton in settlement of its stock
subscription paid; principal, 81 ,241 90; in
terest to August Is, 1879, $l5S.28; total,
the year the road force on the principle of
economy was cut down to IL men, but af-
forwards it was found necessary to in
crease the force in order to keep up the eff
ficiency of the road. The rails wore we'll
and it had not been necessary to replace
any Of them.
The general account with the Baltimore
& Ohio Company shows reduction in the
debt to that company of SIS .502.70, leav-
ing balance of $17s, 254.23 due that COM
pany.
A statement of those bonds hypotheca-
ted with the B. & o. road amounting to
S2O4. 500. shows sale of $500. the pro-
ceeds of which amounting to s7.747 was
applied to reduction of the de0t.
THE FLOATING DEBT.
The report says that the present improv-
ed financial outlook warrants the hope
that before the close of another year sat
isfactory disposition can be made Of the
remaining bonds held by the company and
by this means the floating debt can be en-
tirely extinguished.
The Treasurer report referred to show
cd a balance on hand OF $3l7 ,O7.
No proposition to lease the compile
tee portion of the line from Har:isonburg
to Stanton or to let the uncompleted por-
ton, south Of Staunton, in sections OF 5
miles. as authorized by the last me citing OF
Stockholders, had been received.
THE REGENT LEGISLATION ABOUT FOR
FEIrING THE ROAD.
At the last session of the Virginia legis-
lature at the instance of some of the Val
ley counties bill was passed which serl-
ously threatened the corporate existence
of the company. 1t amounted to practical
confiscation of the road, unless the compa-
ny should build its line to Salem within
the period prescribed and though the sale
that is authorized after the failure OF the
charter, vests in the purchaser the right to
it's property. but subject to like require
mentn of building the road to Salem with
in a prescribed period, upon failure OF
purchaser to do so the property is forfeited
to the several counties which had sub
scribed to the original stock. The $l,OOO.-
600 paid by Baltimore; the 100000, by
the B. & o. Company, and the large
amounts paid by the city of Staunton and
private subscription WAS to be taken away
from those who had subscribed in good
faith and turned over to counties which
had not paid up all.
ITS EFFECTS.
With this act hanging over the company
and threatening its existence it would be
utterly impossible to raise money by mort
gage upon the road to enable the company
to complete it. With such legislation as
that in Virginia. capitalists would not ad-
vance money to purchase the company g
bonds. Money could not now, the report
says, be procured on Virginia securities or
securities of Virginia corporations, be-
cause of the wide spread public distrust
which had been increased whether prop
erly or not he did not pretend to say by
the result of the late election which thu
public had been led to believe turned upon
the question of whether the debts of the
state should properly be paid or not