Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1881-01-25
Valley Railroad Stock FOLDERS in Council.


PRESENT CONDITION OF THE ROAD AND TIKI
PROPOSITION TO EXTEND 1T TO LEXINGTON
AN INTERESTING AND IMPORTANT LETTER
&C., &C.. M
At the meeting of the stockholders of the Val
ley Railroad. held at the Office of Sheffey &
Bumgardner on last Thursday, stock was re.
presented to the amount of %. 073 shares out O
total of 81, 900 shares, being fuller representa-
ton than has been at any meeting for a long
time.
Baltimore city and the Bait. & Ohio R. r.
were represented by VIM. Keyser, Osborne
Latrobe. Fl. Duvall, and ]. Wilcox Brown
ckbridge county, by ]. T. Mckee, and a.
Barclay; Lexington, by T. M. Dold and 8. H
Letcher; Staunton. by g. g. Gooch, T. G. Elder
and r. w. Burke; Botetourt, by J. 81. Il. Fig
gat; Roanoke by d. B. Strouse, and there wal
present besides larger number than usual o
private stockholders.
Maj. T. C Elder presided over the meeting ani
A. Madison was appointed secretary.
REPORT OF BOARD OF DIRECTORS.
On behalf OF the Board of Directors Mr.. Key.
ser, President of the Valley Road, read his re-
port quite lengthy document. of which we
make the following condensed report:
The gross earnings of the road for 1879 were
S45 so, expenses $34 SO7 SO, net earnings &c.
70l51, an increase over the previous year of s.,
55ll5; for 1880 the gross earnings were $40 $50 IS
expenses $39, 1882, net earnings SlO 1888, de.
crease from 1879 of 1912. IS. The increase in the
gross earnings over 1879 was 81, 3.S5. and
the above decrease in net earnings was caused
by the large number of old ties that had to be
replaced by new ones.
THE DEBT TO THE B. d o. R.. r.,
of $l7S 4.23 had, by the sale of county and city
bonds, been reduced during the year $46,725 70
leaving balance of l3l,52S.44, with interest
S. 1882, making total of SAC, 2O676 due, for
which the B. & o. holds Sl64, 900 of county bonds
as collateral.
The county of Botetourt having released the
company from building bridge at Buchanan
in consideration thereof 1850 of county bonds
had been released by the company.
FAILURE OF THE PROPOSED MORTGAGE.
The report referred to the failure of the com
mittee appointed at the last meeting, to raise
a mortgage, SO as to complete the road to Sa
lem; and the report of that committee, consist
ing of Messrs. VIM. Keyser, John Echols ant
Osborne Latrobe, giving full details of their eff
forts, was read as part of the Presidents re-
port
In this connection the report refers to the inn
possibility OF making any favorable terms witt
connecting lines at Salem and consequently
the impossibillty Of floating mortgage SO a.
to complete it to that point. so far, at present
as any extension of the road south is concern.
ed the company would haye to rely upon It'll
own resources.
THE EXTENSION TO LEXINGTON,
In favoring the extension of the road to Lex.
ington the report speaks of the early compile
ton of the Richmond & Allegheny railroad to
Clifton Forge, and of the Branch road to Lex.
ington, and sets forth at lengthy the many ad.
vantages, TO be derived to the Valley road
from its connection with that road at Lexing-
ton, on account of the fine mineral region
though which the r. q A. Road will run, and
the shorter distance to Pittsburg, over the Val
ley Road, by such a connection at Lexington
than over either the Virginia Midland or the
G. & Q. Via the Ohio river; and that the distance
from Lynchburg to Harrisburg, Pa, is fifty
miles shorter than Dy any other route.
Therefore, In view of these advantages, the
authorities of the R. & A. road had been con-
ferred with, in general terms. and it was
thought that satisfactory arrangement could
be made, which would justify the extension of
the road to Lexington and for this purpose the
Board submitted the following
PROPOSITION.
By limiting the extension of the road for the
present to Lexington. with mortgage security
upon the franchises and property of the COM
pany, and with reliable indemnity against
coercive legislation on the one hand and partial
legislation on the other In the future, the Board
was satisfied that the money required to COM
plete the road to that point could be secured,
provided. First. that the stockholders consent
to place mortgage on the franchises and pro-
= I,
necessary loan. Second, that the terminus OF
the road for the present must be at Lexington.
Third, that Rockbridge, Lexington and 6taua-
ton should make good their subscriptions for the
purpose Of aiding in effecting the proposed OBJ
ject.
The report closed with the statement that the
Board felt bound, in candor, to say that, except
substantially upon the terms and conditions
Just set forth, they could at present see no way
open to an advance movement even to Licking
ton, and that for further extension South OF
that point. the parties in interest must in good
faith agree to await the eventualities of the flu
ture, with the hope, when it shall hereafter
seem to be desirable, that the company with
increasing prosperity and business will find it.
self table to take the onward step toward the
South west.
made by the Board of Directors, said, that as
President of the Valley Railroad and deeply
interested in its success, he, after careful in.
vestigation, could see no prospect, at present Of
carrying out the intention of the charter, viz
the completion of the road to Salem. When
the road was chartered, it was expected that s
n,ortaoae of % ooo mn ,yo,,d ,o roiscd oft.roo,
loi 0e"so VI So'ooo'oo0 WYNN NC i"tsou' oi'ei oei
tain conditions had been complied with, but
that since then many changes had taken place
,,h;,h 49, ro,,aoro,, a. ;,,a,,s,;h,. =. 49,,
"hich NJ" iehoeleo IL i"possioio W ihouce
capitalists to advance money upon a mortgage
on the francbises .ssets So of tho nronos %
- -,.-s 80 fo7.0
roau, JIG cnief @Hons Whicn was eha1 Inc a
NJ. & o. Road was now in the hands of re-
ceiver and that n conld make no contract with
,~',,--, ~ ~ ".'A
Inc Vailey ROAD wnicn would De entertained by
capitalists.
He smoke of the ear,v copnlet;on oftbo I;ob-
.Y y. ~ .s 80 ~" =. ,ne W.
nono q Aies many foAo' @no lts prancn 10 Lex
ington, and said that the Committee had look
cd to a connaction with TINT road as tho n,eons
- ~ a. .-,. - - 49,
Wy WHICH Iney couiu raise Cne money necessary
to build the road to Lexington.
Z. He bimse,f had taken tho trorb,o +o r,ok<
.-.-.-r. - wv '-ouio W naA
INQUIRIES Oh the CAPITALISTS engaged IN building