Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1881-01-21

were now selling.
From what he had learned by converse
ton and inquiry, of the mineral resources
of the James River Valley, Mr.. Hart said
he thought it must before many years be-
come great iron producing region. ut
would take the coke of Connellsville or
West Virginia and will ship in return the
higher grade ores and will also require
shipping facilities for an immense product
of pig and other forms of iron. There
would also be large local business in
limestone and other raw materials, besides
the passenger and light freight business
which must follow upon the development
of SO large an industry
For these reasons, Mr.. Hart said in con-
clusion, 81 should suppose that short
line of railway, such as you have mentioned
to me, bringing the Plttsburg region and
the coking fields fifty miles nearer to these
large and valuable iron ore deposits, could
not fail to be largely profitable; in fact, 1
can see no reason why, in the course OF a
few years, it should not prove one Of the
most profitable mineral roads in the coun-
try
Mr.. Keyser said the writer represented
one of the largest and best posted iron
firms in this country, and these views COM
ing from the source they did, were entitled
to mnch weight. 1t was entirely futile to
expect the Valley company to extricate it.
self from the dilemma in which it was
placed, except by active effort, such as is
usual with practical business men under
similar circumstances. Baltimore, and the
Baltimore and Ohio road had paid up their
bonds, but there were some bonds withheld
by the Valley interest,". and legally with
held.
Rcckbridge had a right to withhold its
bonds until the work was commenced with
a view to its completion entirely through
the county-so had Lexington and Staun-
ton. and it was to ask a concession or mod
ification of that right that the Board now
appealed to the stockholders. If that was
denied be did not see but that the extern
sion of the road from Staunton would be
indefinitely postponed. That was the best
solution Of the difficulty that he could offer.
and with view to promote the best inter
est of the Valley company he had consei-
entlously done all that he could.
Mr.. Anderson moved that the reports be
referred to committee Of five. The chair
appointed, under the resolution, which was
adopted, Messrs Barclay Figgat, Brown.
bold and Burke. Messrs. Anderson and
Gibbs were afterwards, on motion, added
to the committee as representatives of the
private stockholders.
The meeting then adjourned, at halt-past
one, and was called to order again at 6
O'Clock to hear the report of the commit
tee, which had been in conference in the
meanwhile. Mr.. Barclay read the
report of the eommitte, which in brief
adopts the recommendation of the Board
of Directors, directing mortgage of not
over 100000 to be laid upon the property
and franchises Of the company to secure
the construction of the road to lexington
the proceeds of the bonds, which are to run
thirty years, az six per cent, to be used
together with the other available assets OF
the company in it's immedirte construction.
The bonds are to be disposed of at not less
than ninety per cent. Of their par value.
The report also recommends the cordial
support IF the company by the active in
fluence and aid of all stockholders present
to prevent unfavorable legislation on liti-
gal on.
In regard to the demand for the county
and city subscriptions, the report recon-
mends that the matter be left to the action
of the Board of Directors and the proceeds
of the funds undelivered or such portion
of them as may be available, to be used in
connection with the mortgage ordered to
complete the road to Lexington.
This report was adopted without di-
senting voice.
The election of officers then being in Or
der Mr.. Keyser was unanimously re-elec-
ted President In rendering his thanks
for the continued confidence imposed in
him by the company, Mr.. Keyser said he
hoped that his successor to be elected a
year hence would preside over road fin
ished at least as far as the town of Lex
ingtOn.
The present Board of Directors were
nominated for reelection, but General
Eehols said that he must ask to be relieved
from the further exercise of the duties i'm
posed upon him. While his official connec-
ton with the other members of the Board
had been most pleasant there might be
some incompatibility in holding that posi-
ton and the Office which he also held in
another railroad company.
The meeting then adjourned, after a
most harmonious session, and with the feel.
ing, which seemed to be shared by all pres
ent, that the prospects of the road were
brighter than they have been for years past
much confidence being felt in the speedy
resumption of the work on the Lexington
division, as Mr., Keyser, is confident the
money needed can be speedily obtained.
The TELEPHONE IN STAUNTON.--Mr.
J. W. Crews, of the Western Union Tele-
graph Company, has put up Bell Tel
ephone for Messrs Witt Il Holt, between
their office in the stoFs Of I. Witt u Broth
or on Main street and their nail below the
Valley Depot. The line is about thFee-
quarters of mile long, but the arrange.
ment is so complete that whisper is aud
ible, and conversation in an ordinary tone
of voice is easily carried on between the
two ponts 1t is great convenience to
the gentlemen wao own it, and is another