The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1883-11-22
The Valley Railroad.
ANNUAL MEETING OF STOCKHOLDERS
ENCOURAGING REPoRT-GooD PROS
Poets, sc.

The twelfth annual meeting Of the stock
holders Of the Valley Railroad Company
was held at the Office of Sheffey 81 Bum
gardner, attorneys, on Thursday last.
judged. J. Allen, of Botetourt, was elected
chairman, and Mr.. G.. Ii. Slaughter, OF
Baltimore, acted as Secretary. Baltimore
city was represented by Henry Duvall,
Esq. the B. & o. railroad by MI. Chas. Il.
Ways; the city of Staunton by Z. U.
Gooch and II. w. Burke. and there were
number of individual stockholders present,
including Col. VIM. Allen, of Baltimore,
Judge Sheffey, Col. w. A. Anderson, OF
Lexington, Jas. Bumgardner, Jr., OF Staun-
! ton, Judge Allen and others.
The accredited representatives OF the
town of Lexington and county OF ROCK
bridge did not arrive in time participate
in the proceedings of the meeting.
REPORT.
The presidents report was read. IL
showed that the gross earnings OIL the roau
for the past year had been $50, $3.50, ex-
penses, $39, 9O7.45, net earnings, SIG, 970.9l,
as against net earnings OF $l3, 4l2.l5 laSt
year. The net earnings, compared with
1882, show an increase Of 26 per cent, and
as compared with 1881, an increase OF Al
per cent. Since the resumption OF WORK
in 1881, the expenditures on the construc-
ton of the Lexington extension amount
to S5l6. 1888. A double wire telegraph line
has been established between Staunton and
Lexington. and a handsome brick pas
senger station has been erected at Staun-
ton The net earnings and proceeds OF
cal. ls..slo, a,.a orlntinS to Goo, ffo, hefo
/ A,orrI itppIIeu 10 the liquidation OF the IN
debtedness to the Baltimore and Ohio
Company, leaving u balance due that COM
pany on old account of $55, 230. for which
it holds ample collateral security in county
bonds. Under the contract approved in
July, 1881. 100000 of the first mortgage
bonds of the Valley road have been deliv
cred to the Baltimore and Ohio road, and
the amount realized therefor expended
upon constructions The remainder of the
| 81 600 900 of bonds are in the hands Of the
| treasurer. The Richmond and Allegheny
Company has completed its connection
with the Valley road near Lexington, and a
| favorable traffic agreement has been made
| between the two companies. The iron
ores Of the James River Valley are grow
ing in favor with the steel makers. and the
Valley road will furnish the transportation
for these ores to Pennsylvania. This line
~.
between the coke fields and 1lynchburg.
The Valley route will also be the shortest
route between Lynchburg, Chicago and
the Northwest. On the completion of the
road to Lexington the Valley Company
viii become entitled to S105, 900 of Rock
bridge county bonds, under the terms of
the subscription of that county to the cap
ital stock of the company, and of $4,000
from the town of Lexington. 1t is esti-
mated that at least $3.50, 900 OF the first
mortgage bonds of the company will re-
main i'll the treasury after all the expenses
of the construction of the Lexington eX-
tension have been met. The Rockbridge
county subscription now on hand, namely,
Indebtedness to the Baltimore and Ohio
on old construction and current accounts.
This will leave the Valley Company with
about $780,, 600 of available securities, in
addition to the bonds of Botetourt and
Roanoke counties, and it is suggested that
the company should now consider the mat
ter of providing for itself sufficient motive
power and rolling stock to do it's local bust
ness instead of paying rentals, as at pres
ent.
The acknowledgment Of the board is due
to the officers and employees for earnest and
effective work during the year, particularly
in the department of construction, where
thoughtful, careful and economical work
has borne such satisfactory fruit in the re-
duced cost of the road as compared with
the original estimates therefor.
President Spencer stated that since the
date of the annual report the line to Lex
ington had been opened for traffic on No
vember l, as expected that an interchange
of business with the Richmond and Allie
ghany Road had already begun, which gave
assurances of a growing traffic between
Lynchburg and the West, via the Valley
route, and a very satisfactory development
of local business through the Valley. The
passenger trains will be put on permanently
on the 18th inst, between Lexington and
Baltimore and Washington, with through
cars to both cities and close connection
made at Harper's Ferry to and from Pitts
burg, Chicago, Cincinnati and the West.
1t is hoped to inaugurate at an early date
night trains between Lexington and Balti-
more, with through sleeping cars, for the
purpose of enabling the people of the Val
ley to spend a day in the cities and return
at night, thus being absent from home
only one day, instead of three. us now re-
quired in order to have few business
hours in the cities.
The report was unanimously approved.
President Spencer then retired, and Judge
Sheffey nominated him for reelection to
presidency. Indoing so, Judge Sheffey
commended in strong terms the admirable
conduct Of the affairs of the company under
President Spencer, and stated that mas
| idoA1 tto Vic luOulC VI oiiO bllCy 1Octu
was not bounded by the horizon of Licking
ton, there would be, more than ever before.
need for the energy, sagacity, and syste-
matte management that mad characterized
the administration just closed. President
Spencer was then unanimously reelected
and vote Of thanks for his past services
adopted. The old Board of Directors was
also reelected.
PRESIDENT SPENCER
then returned and thanked the stockholders
for their renewed expression of confidence.
Continuing, he said (: 1t is probably proper
that l should say something more than is
contained in the Annual Report with re-
gard to the condition of the Company, both
with reference to thepast and its prospects
for the future. Two years ago when it
was fully determined, and the necessary
preparations made to complete the road to
Lexington, the road had just earned $11 900
per annum net, and it was about to assume
an obligation Of 81 900, 900 in order to COM
plete the line. The interest on the bonds
for that expenditure would have approx