Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1879-11-18
Annual Meeting OF the Stockholders Of the Valley
Railroad.


INCREASED PROSPERITY IN THE OPERATIONS
OF THE RoAD-AN EFFORT TO BE MADE TO
SEcURE A REPEAL OF THE OBNOXIOUS ACT
OF THE OBSERVATION-DISCLOSURES ELECTED
Last Wednesday, the annual stockholders
meeting of the Valley Railroad was held here
at II M. There were present Messrs. Henry
Duvall, of Baltimore city; William Keyser,
Baltimore and Ohio railroad; also representa-
tives from Rockbridge, Staunton, and Licking
ton; Roanoke and Botetourt unrepresented.
w. A. Burke, of this city, was called to the
chair, and A. Madison, of Baltimore, elected
secretary. Twenty thousand four hundred
and fifty shares were represented. President
Keyser's report showed an increased prosperity
in the operations of the road. In 1878 the gross
earnings of the road were $40, 6915l expenses,
$356S0.l0; for 1879 the gross earnings were Sa5,-
OO95O; expenses, s34, 9O799; increase of earnings
this year, 4,Sl7.89. Decrease of expenses, ST.
322ll net earnings for 1879 SlO,70l.5l; increase
over last year, S5640.l0. The road has done a
much heavier Tonnage business this year and
at better paying rates. The debt OF the road
to the Baltimore and Ohio Company has been
reduced SIS 50l70, leaving balance of sl7S 54.23
due; SO. 500 of the bonds hypothecated with the
Baltimore and Ohio road had been sold and
the debt reduced S7,7s7.
The report says that the improved financial
outlook warrants the hope that the floating
debt will be extinguished by the close of an
other year by means of a satisfactory DISPOSE
ton of the remaining bonds. The action of the
Legislature, which in its last session passed a
bill which the President considered threatened
the corporate existence of the company was
commented on. The act, he said, amounted to
ootio nHooo n1oec ho
tended its line to Salem within the prescribed
time. If this is not done, a sale of the road Is
authorized and the party purchasing is required
to complete the road to its terminus Salem,
within specified time or the property is for
the original stock, thus the millions that Balti.
ton and private subscribers have paid will be
taken away from them when they had sub
scribed and paid in good faith and turned over
to the counties which had paid only part of
their subscription. The report says that it will
be impossible for the company to raise money
by mortgage to complete the road while this
act, which threatens its existence, is hanging
over it. Money cannot now be procured on
Virginia securities or securities of Virginia
corporations on account of the widespread
public distrust which has been increased by
the result of the late election. 1t refers to the
low rate at which Virginia bonds are now held
in the Market resulting from what is under
stood to be disposition on the part of the peo-
pie to disturb what the ppblic had consd
final settlement of the State debt. and states
that the actual Investments of the holders Of
stock in the company are placed in peril by the
unfriendly legislation and argues that 1t is use
less to expect the investing public to put its
money in a. corporation which is legislated
against by its own State.
The President, in elpsing bis report. while he
does not on the part of the board recoAlmend
any course to the stockholders. expresses the
opinion that the interests of those who were
chiefly instrumental in procuring the embar
RAISING and unfortunate legislation should in
duce them to use every effort to bring about its
repeal. He refers with regret to the death of
Mr.. Richard Norris, one of the Oldest and most
asteeae;ea of the directors of the company.
The report being reisfse4 70 a coMmittae aon-
ssting of Messrs. Evans. Duvall. and Karelay,
after lengthy conference they recommended
the adoption of the report and the appoint
ment of a committee of five to urge repeal by
the next Legislature of the obnoxious act and
instructing the board of directors. as soon as
said repeal slogla be effected, to place the
mortgage and push the work forward. This
report was, after considerable discussion and
some opposition, adopted unanimously, as was
also vote Of thanks to President Keyser for
his valuable gratuitous services, Mr.. Keyser
vas then ppaniNaoHsly ra-alestad presideut, as
were all the old directors, and Mr., o. Latrobe
of Baltimore, to I'LL the vacancy created by the
death OF Mr. Norris. The meeting, one of the
most harmonious since the organization of the
company, then adjourned.