Shepherdstown register. [volume] (Shepherdstown, Va. [W. Va.]) 1849-1955, 1880-02-14
STOCKHOLDERS MEETING
OF THE
Shen. Valley r. R. Company.

There was very i"'P0
isfactory meeting Of the stockholders OF
the Shenandoah Valley Railroad Com
pany, at Winchester, on the 4'h inse'
the chief object of which was to ratify
contracts made by the Board of ~Direc-
ions for the completion of the road to
llagerstown, and also TO take steps to
extend the line South and East
The meeting was called to order by
President Mines, and upon motion OF
Hon. VIM. II. Travers, Hon. a. X.
Boteler was called to the Chair, on ia
king which he briefly thanked the meet
ing for the compliment accorded num-
and congratulated it upon the ia'o'ao''
auspices under which it had met ooi'
Rober, w. Hunter, editor Of the Win
chester Times, and Joseph I. Wright,
of Clarke county, were then appointed
Secretaries, aud the meeting proceeded
10 business
We regret that we have not yet re
ceived a full report of the proceedings,
tho general tenor of which Will be III
forred from the fact that all the con
tracts were ratified, including that OF
the Bridge over the Potomac at this
place. which the contractors are under
heavy penalties to finish by the LIST OF
July next, Gas also are the contractors
OF the road from the River to llagers-
town bound TO do so as to have the
Northern connection completed before
the 4th OF July.
An order was passed at the meeting
at the instance of Vice President Boyce
that the 100000 of stock formerly
held by the Central Improvement Co.,
and bought in for the k. Il. Company
be cancelled, which was simply carry
inc out the previous order of the Diree-
tory, and in accordance of course with
Col. Boyce's object in buying the stock
ia for his company.
It was also announced during the
meeting that the 100000 Of mortgage
bonds, formerly held by Central I'm
provemeut Company, aud bought in by
the Shenandoah Valley II. r., Compa-
ny. had likewise been cancelled; thus
showing that the Directory have man
aged the affairs of the Company with
signal ability and faithtulness,
The following is the Report made by
the Board to the meeting:-
To the Stockholders fhe Shenandoah
DaHey Railroad company;
The President and Board of Directors
deem il proper to call the stockholders
together i'm special meeting at this time.
ia inform them of the progress made IN
the construction of their road, ana oi
the contracts made by the Company for
rbc complrtion of the road, and to ask
for additional legislation, which l. by
them deemed advisable.
Al the last meeting of your body hut
littlc prorrcss had been made in the con-
>truction of your road by yoar contrac-
tors, John Sattcrlee x Co., owing 10 uiI-
iicuiticS well known 10 all nf YOU. III
consequence of which Satterlec 'o''
assigned their contract with TINS COM
many to the Shenandoah Valley Con-
Structiop Company, limited, ORGANIZED
ID .1nsr -
After careful examination OF the man
Cial ability OF said company. your Board
deemed if best to consent to the assign
mcnt. and release John Sattcr.ee u 60.
from all responsibility arising from Sad
contract ana cancelled their bond oil
indemnity. and released the securities on
said bond: but not, however, before the
Shenandoah Valley Construction Com
rauy. limited. had entered mo Ike
bond. in the same amount ami con-
,litioncd with undOubtcd security. our
Board finding i'm its contract Wild JOhn
Sattcrlee & Co, that il had failed III sald
contract 10 receive sufficient means 10
meet requirements OF your Compah!
other than the payment OF contractors
WAS compelled To ask, ut the hahuS Oh INC
Shenandoah Valley Construction COM
many limited, 4 modification OF the sat
tcrlcc contract, 80 rs 10 prONluc 'hc
means necessary to pay for right oil way
and the current eXpenccS OF your 'oIi-
panv during the pendcncy OF the coii-
tract.
10 meet this requirement. the con-
tract lIaS been so modified as 10 ehaoie
the Company 10 provide means LOT .le
payment Gifts right of way, Tor Wiiicn
at this time there is pressing demand
grn
ground to wolk upon.
Under these modified ami other con-
tracts YOUR Company has made RAPID
strides to an early completion OF It's road.
Iron and steel rails for the entire Inc
have been secured The bridge across
the Shenandoah river is approaching
completion. The bridge at Shepherds
town across the Potomac has Dccn SUP
let TO parties of such financial aoiil'!,
and under such pains ana pchallIltS III
..tSc of failure as TO time, as TO make II
almost an absolute certainty OF compile
ton bv the first of July next.
The line from HagerStown, sixteen
miles long, has been sub-let to parties Oh
like responsibilities ana under Ike pGH-
altics, so a to give assurance that ny
next fall we will have continuous TAN
from the Shenandoah Iron works, va;
To IagerStown, Md, and the entire roa|
completed during the present year, pro
vided the Legislature of Maryland VIII
giveus such legislation as Is deemed au-
viSable in mortgagimg the road IN thaI
State /; and provided you give this Board
the right to create a new mortgage Oh
1000 per mile of single track ana
double that for double track on all ROAD
constructed and TO be constructed III
substitution of the present first mortgage
The present first mortgage does not III
cludc tie extension into Maryland anu
does not cover any excess Of one hundred