The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-11-17
The WEATHER YESTERDAY was clear and
THE VALLEY RAILROAD.
annuai Meeting of Stockholders at staun.
ton ON Observation-Disclosures Spencer's Re-
Port-ProGress of the Lexington Extension.

STACNTON, November lG, 1882
The stockholders OF the Valley Railroad
company held their annual meeting here
Yesterday. Presents. Spencer. president: !:
Decatur II. Miller. representing the Balti--
more and Ohio Railroad Company: Henry
DuNall, Baltimore city; Robert w. Burke.
Staunton; John :. Gibson. Rockbridge
county; ". \. Anderson, Lexington: and
others. ". \. Burke was chosen chair
man, and W. :. Townsend, Of Baltimore.
secretary.
Tie president made his eleventh annual
report. which was, on the whole. grat;fv-
ing As to the present condition and prosE
poets OF the road. 1t showed net in
crease in earnings ever last year Of I.42j.
a decrease in gross earnings Of 1.31 per
cent, there having been large decrease in
the working expenses. amounting. as COM
pared with 1880, 20 lQ.CG per cent, The
earnings had. as .ir as practicable. been ar-
piled 10 the liquidation of the debt due the
Baltimore and Ohio road, making net re-
duction OF S2i,53S, and reducing the in
debtedneSS to that corporation to S94.679.
Ouf OF the S1,0O0,O0O mortgage authorized
at the last meeting Of the Board, S206. 900
Of Valley railroad bonds had been delivered
TO the Baltimore and Ohio Company. The
remainder was in the treasury Of the Valley
railroad, to be applied aS needed from time
to time.
An unexpected delay to the operations OF
the Lexington extension had been caused
by the difficulty in securing the right Of
way through Staunton. That matter has
been adjusted satisfactorily. and a great
advantage had been secured in crossing
under the track OF the Chesapeake and
OHIO. instead Of on their grade. Much adj
vantage was expected when the road should
be completed TO Lexington from the close
ly-cOOpCratiYe connection with the Rich
mond and Allechany railroad. The iron
ores OF Virginia. which will be thus so
directly and conveniently reached, are still
growing in favor with the steel manuiac-
turer>. and inquiries are already being
made bv those interested in traffic As TO the
probable opening Of the line, It's facilities,
&c. Ores from the locality OF Lynchburg,
bv the shortest route at present to Pitts
burgh. had to 90 800 miles. BY this new
route the distance will be reduced to 4Jl
miles.
4 corresponding reduction in distance
would be made between the coke regions
OF PENNSYLVANIA and the Lynchburg FUR
naccs. where coke consumption Is growing
rapidly. Large shipments o1 i've STOCK
might also be expected from local points
along the Richmond and Alleghany road.
There was every reason, from the present
and prospective business OF the road, 10
expect that the interest on the mortgage
bonds would. aS soon rs the extension was
in successful operation. he regularly and
readily met. .,..
The presidents report was unanimously
adorted. and his salary was fixed at 81
0O0. Heretofore he ha> served the com
panv eTaluitously.
Ns >oon as the passage under the en-
bankmont of the Chesapeake and OHIO, ana
through the cut in the opposite mn IN IN
Staunfon i, made, the laying OF track VIII
commence. and the road will be in opera
tion to Greenyile probably by Christmas.
The president thinks trains will be run TO
Lexington by early spring.