The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1881-01-27
PRESIDENTS REPORT.

showed that $4,000 out of $4,000 shares were
represented
| PRESIDENTS REPORT.
President Keyser submitted his annual re-
port. The gross earnings OF the road tor the
fiscal year ending Sept. Both, 1880, amounted
to $49,56O65 an increase of $4,551.15, over
last years receipts. The gross expenses
amounted to $50, 1871 81 an increase of 4,Ss3
| IS over last years expenditures The net pro-
ceeds for 1890 amounted to 0,42S.S1 against
$10,701.51 for 1879. The increase of expend
lures is accounted for by the fact that very
many of the cross ties had TO be replaced
The Indebtedness of the Valley Company to
the B. & 0. railroad, September Both 1879 was
SITS, 254 80 which has been reduced during
the year, by the sale of bonds NC, Sf6 III,
leaving balance still due of $131 1884 and,
accrued interest to the amount of $S,66S.3S
making the total debt, September Both, 1890
$40, 1862. for which Sl64.000 fcounty bonds
are held as collateral.
Acting under the advice of counsel, the
Board, during the year, concluded an arrange
ment with the Board Of Supervisors of Bote-
tourt county, by which the company was re-
leased from building bridge at Buchanan,
and in consideration of the release the bonds
of Botetourt TO the amount of $12.0S7.50 had
been surrendered
From the report of the committee appointed
at the last meeting to negotiate mortgage, il
appeared that they had failed to accomplish
their purpose. In view of the present position
of the Atlantic, Mississippi & Ohio railroad
and its probable future condition, it is not an
ticpated that any favorable arrangement could
be made which would give to the Valley road
advantageous terminal facilities at Salem.
Without those facilities it would be impossible
| to negotiate loan sufficient to complete the
road to that point. The A. NJ. 6 o. road has
uniformly refused to make similar arrange
ments with the Midland road, and it will not
probably accede to the wishes of the Valley
Company in that direction. The report stated
that no external guarantees can be procured,
or need be looked for, to enable the Valley
Company TO float mortgage. Tt must depend
upon its own resources, and whatever advance
it makes must be the result of is own unalded
efforts In view of all the circumstances, the
report recommended that the road be COM
pleted to Lexington only, and connections
made with the Richmond 81 Allegheny road
The recent large development of the material
and manufacturing interests up and down the
James River Valley and especially in the Vi
entity of Lynchburg, offers the most encourag
ing assurance that there must III due time
spring up in connection with the Valley road,
an important and remunerative traffic business
The report went on to state that it will be
remembered that Pittsburgh and Wheeling
are the main objective points OF the traffic of
Virginia ores, and it will be interesting to note
the advantages of the Valley road in the transit
line from Lynchburg or Buchanan TO those
cities.
| The distance from Lynchburg TO Pittsburg,
via Lexington and Harper's Ferry, is 456
miles; via the Midland road it is 504 miles, and
via the c. & O. it is 500 miles-3S5 by rail and
314 by the Ohio river. To Wheeling the dis
tances are substantially in the same proportion.
and the distance from Lynchburg to Harris
burg, Pa, would be so miles shorter by the
Valley road than by any other route.
] After considering these advantageous con-
nections, the Board had conferred in general
terms, with the authorities of the Richmond It
Allegheny road, and were assured that most
satisfactory arrangement could he made should
the road be completed to Lexington. To sue
cessfuly effect these arrangements it would be
necessary to limit the extension of the road to
Lexington for the present; to place a mort
gage upon the property and franchises of the
company, and to obtain reliable indemnity
against coercivel legislation on the one hand, and
| hostile litigation on the other Should these
conditions be fulfilled, the Board expressed the
utmost confidence in their ability to promptly
secure the requisite amount of money to finish
the road to Lexington provided that Rock
bridge, Lexington and Staunton shall make
good their bond subscription for the purpose
of aiding in etfecting the proposed object.
The report stated that the Board was bound
in candor to say that except substantially upon
the terms and conditions set forth above, they
could see no way open for an advance move
ment even to Lexington, and that tor the ex-
tension south of that point, the parties in in
terest must in good faith agree to await the
eventualities OF the future, with the hope when
it shall hereafter seem desirable, that the COM
pany with increasing prosperity and business
will find itself able to take the onward stepto
wards the Southwest.
COMMITTEES REPORT.
At the close of the Presidents report, Mr.
Keyser also read the report of the committee
appointed at the last meeting, consisting of
Gen'l Echols, VIM. Keyser and Osman Lat
robe That report was substantially embodied
in the Presidents report and gave in detail
what is briefly stated above.
MR.. KEYsER
spoke with his usual clearness and force in
support of the report. He said that it was
now wholly impracticabe TO think of under
taking to complete the line to Salem With
out advantageous connections at that point,
the road could not be mide profitable. The
uncertainty in which the Atlantic, Mississippi
s. Ohio now is, and the fact that that corpora
ton has uniformly refused to grant favorable
connections with the Midland road, precludes
the hope of securing such terminal facilities as
would enaDle the Ndllty Iodu " oP0i"tC az 9
profit. On the other hand by the completion
of the road to Lexington excellent terms could
be made with the Richmond s. Allegheny road,
and large and lucrative traffic business
would certainly follow. That company would
be willing to make liberal conditions. and in
the near future a trade of unusual proportions
would require all the resources of the road to
meet it's demands. In this connection Mr..
Keyser read the following letter, which ne
stated was from one of the largest iron flrns
in the world.
+ 20S SOUTH 4TH STREET, PHILADELPHIA,
January 14th, 1881
Wm Keyser, Esq, President Of the VaAey IL. IL.
Co., Camden Station, Baltimore, Ma.
Dear Sir:-In reply to your inquiries, | beg
to state that in association with number OF
other gentlemen under the title OF the Cen
: trail Virginia Iron Co." control some 1900
!. acres of land on the James River about twenty
miles east Of Lynchburg.
We have been for year past developing
this property, having analyses made OF the ore
and trial made of sample shipments we have
satisfied ourselves in regard to both quantity