Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1880-05-07

For some time past there has been q
growing feeling founded on stray rumofs
and some facts that the Valley Kaliroaa
Company were getting ready to place
mortoape on their road and proceed WIZ
IFS construction South of Staunton. Inc
whole cost of the work from Stanton 10
Salem is estimated at So 100000. VI thls
there had been done at the time the work
was suspended work to the following
amounts-between Stau ut0n ana fairneiu
S1s5. 900. between Fairfield and Lexington
sl55 900. and between Lexington a'o
Salem $3.50. 900, making tototal OF $'zo,-
900 worth of work already done aonto Vi
Staunton. 1t was CO fidently expected
that at the meeting yes erdav the stock
holders would be called on for their con-
sent to the mortgage al 'angemeht anu LILO
representatives of the towns and counties
appeared in StauntOn in the morning VIII
smiling faces The meeting was called 1or
noon, but at that hour President keyser
and the proxies Of the b. u .. Il. II. 20.
and the City of Baltimore, representing
| majority of the stock, " ere yet on the road
| O'Clock.
| At O'Clock the meeting OF stockhold-
ers was called to order, Mr.. VIM. A. Burke.
| of Staunton, in the chair. 1t was found
| on examination that 26 900 shares Ut STOCK
we're represented. The B. & o. Company
was represented by VIM Keyser; Baltimore
bv Osman Latrobe and Henry Duvall;
Rockbridge by J. B. Dorman. Johu Glib
son. John T. Mckee and A. T. Barclay;
Lexington. by Judge VIM. Mclaughlin
and Calvin M. bold, and Staunton by
Robert W. Burke and T. D. Ransom.
Judge Sheffey explained that the meet
ing was called with view to an effort for
the completion of the road and for consid-
ering measures looking to placing mort
gage on the road for that purpose.
A committee of seven was then appOint-
ed to confer and report on this subject.
The committee consisted of VIM. Keyser.
H. Duvall, Judge VIM. Mclaughlin, r.
W. Burke, A. T. Barclay, Osman Latrobe
and VIM. Allen.
The meeting adjourned until 8 P. M, to
await the report of the committee.
The committee last night reported the
following resolution:
Resolved. That the Board Of Directors
be, and they are hereby empowered and
authorized to issue the bonds of this COM
pany in such manner and i'll such amounts
from time to time, as said Board may
deem advisable, to be secured BY trust
deed or trust deeds upon the franchise
effects, assets and property of the compa-
ny or upon such parts thereof as may be
deemed most conducive to the interest of
the company; the amount of such bonds
not to exceed in the aggregate the sum OF
three million dollars, and the proceeds
thereof to be applied to the construction
! and completion of the Valley Railroad,
= between StauntOn and some point on the
Vir ginia & Tennessee railroad. at or near
Salem.
The meeting adopted the resolution
unanimously and adjourned sine die.
1t is understood that the already con-
4 structed road between Staunton and Har-
risouburg will be first mortgaged, in order
to complete the first section to Lexington,
the mortgage bonds issued for this being
$4,000 in amount, and Rockbridge pay
ing up half of her subscription and StauD
ton half of hers. This will amount tt
about $500 900. When this new section il
completed, another mortgage will b,
placed on it and the work proceeded with
n on the next section South of Lexington.
A number of we'll known railroad con-
tractors were at the plS ce of meeting. and
j. the expe citation is that the negotiations Of
the mortgage bonds will be speedy and TIT
road put to contract at an early day.