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

THE VALLEY RAILROAD.

MEETING OF STOCKHOLDERS-A PROPO-
s1TIoN LOOKING to THE COMPLETION
OF THU ROAD TO LEXINGTON-HARMO-
NOUS MEETING-NEW HOPES.
The meeting of the stockholders of the
Valley Railroad was held as previously
announced, yesterday at II O'Clock at the
Office of Messrs. Shelley & Bumgardner in
this city. There were present VIM. Key
ser, President, A Madison, Secretary, o.
borne Latrobe, H. Duvall, and Wilcox
Brown from Baltimore as proxies for the
city of Baltimore and he B. & o. road; J.
T. Mckee and A. T. Barclay for Rock
bridge, c. M. Dold and S. H. Letcher for
Lexington, G.. G. Gooch, 7. c. Elder and
r. W. Burke for Staunton, j. H. Fl. Fig
gat for Botetourt. and D. b. SJrouse for
Roanoke and a number Of private stock
holders. Mayor Latrobe of Baltimore was
also present during the meeting
The meeting was called to order by Gen.
Echols, who moved the election Of Maj. I.
C. Elder as President, which was unani-
mously carried. Mr.. A. Madison was cleo
ted Secretary.
On motion of Mr.. Barclay committee
consisting of MessrS. EchOls, Anderson
and Figgat were appointed to ascertain if
a quorum were present.
The committee reported that of $4,000
shares, $500 were present, which being
largely over quorum the chair announced
the meeting was ready for business.
President Keyser then read his report
which we briefly summarize as follows:
The gross earnings were for 1879 $45,-
O09 so. expenses 1874 307 so, net earnings
$1O,701 81. increase $4,551 Is; gross earn
ings for 1880 were $40 ,56O.65, expenses
500, 131 so, net earnings $40, AIS, 81, increase
1898. So.
The increase in earnings arises from
material developments and the Increased
expenses from the fact that many new ties
had to be obtained.
The Indebtedness Of the company to the
B.&O. road of S17s,254.23 had been re-
duced by 46,725'79, leaving balance of
s131, $3.50 due with lnterest-$S,6 7S ga
total of $40 1862 for which s164,000 of
county bonds are held as collateral.
The company had been released by the
county of Botetourt from building bridge
at Buchanan. and in consideration had re-
leased bonds of that county to the amount
of sI5,0s7.50.
The committee appointed at the last
meeting to negotiate mortgage had FAIL
ed. And in view of the present position
of the A. M. & .. road and its probable
future It was not anticipated that favor
able arrangement could be made with that
corporation. 1t had uniformly refused to
make such connections with the Va. Mid
land and it was not reasonable to suppose
il would concede to the wishes of the
Valley Company to complete it's line
through to Salem.
No external guarantee could be procured
or looked for to enable the company to
float mortgage and it would have to de-
pend upon it's Own resources.
The report went on to state that the
distance from Lynchburg to P-ttsburg via
Lexington and Harpers Ferry was 456
miles. via the Virginia Midland 5O4 miles,
via the G. & o. road and the Ohio River
1913 miles. To Wheeling the distances are
substantially inthe same proportion and the
distance from Lynchburg to Harrisburg,
Pa, is fifty miles shorter than by any
other route.
In view of these advantages the commit
tee had conferred in general terms with
the authorities of the Richmond & Allie
eliany road and were satisfied that most
satisfactory arrangement could be made
should the road be completed to Licking
ton.
By lfniting the extension of the road for
the present to Lexington with mortgage
security upon the franchises and property
of the company and with reliable indem-
nifty against coercive legislation on the one
hant and partial legislation on the other
in the future, the Board was satisfied that
the money required to complete the road
TO that point could be secured, provided
First. that the stockholders consent to
place a mortgage on the franchises and
nroperty of the company in order to secure
the necessary loan. Second that the ter
=1,inus of the road for the present must be
az Lexington. Third that Rockbridge, Lex
jnston and Staunton should make good
their bond subscription Cor the purpose OF
aiding in effecting the proposed object.
The report closed with the statement
that the Board felt bound in candef 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 Lexington and that
for further extension South of that
point, Che parties In interest must in
good faith agree to await the eventualities
of the future, with the hope when it shall
hereafter seem to be desirable, that the
companywith increasing prosperity and
business will find itself able to take the
onward step towards the Southwest.
President Keyser then read The report OF
the committee consisting of Messrs. VIM.
Keyser, John Echols and Osborne Latrobe
who were appointed at the last meeting to
take measures to secure the completion OF
the road to Salem if practicable. This re-
port went into the details upon which the
report of the President was based and was
submitted together with it.
MIR. Keyser supported the position taken
in his report with clear and concise
statement OF the facts in the case. He
said that he was clearly of the opinion
that there was GO chance of carrying out
the provisions of the charter at this time
The Virginia & Tennessee soad with which
the connection at Salem was proposed
when this road was chartered had gone in
Other hands and an arrangement with the
A. NJ IL o. was neither practicable or adj
yisable.