Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1883-11-23
Local
THE VALLEY RAILROAD.
The New Route North and South.

THE VALLEY RAILROAD.
The New Route North and South.
OPENING TRIP OVER 1.-THE SOUTHERN
EXTENSION TO LEXINGTON-NIGHT
EXPRESS TRAIN.
&C., &C., &c.
On Friday morning last a train left
Stanton for Lexington, having number
of the officers of the Valley Railroad and
their guests, wtich last included num-
Der of prominent gentlemen from Staun-
ton and Lexington. Among the number
were President Spencer, of the Valley
road and Fl. Duvall, of Baltimore; the fol-
lowing members of the Staunton City
Councll-Messrs. P. H, Trout, DIR. N.
Wayt, F. B. Berkeley, John Burns, J. D.
Crowle, John W. Abby and =. W. Burke !;
Col. VIM. Allen, Principal of the Nc
Donogh School in Maryland, DR.. H. A.
Smith, Bolivar Christian, Arch. 6. Chris
tian, Gen. G. S. Meem. of Shenandoah,
J. f. Slaughter. Jacob Yost, of Stanton,
Judge Patton. of Rockbridge, John B.
Burwell, of Greenville. w. A. Anderson,
of Rockbridge and others.
The day was intensely cold but the ride
to Lexington was very pleasant one.
The road runs up grade from Staunton
for about seventeen miles to Timber
Ridge, in Rockbridgs. and then down
grade about eighteen miles into Lexing-
ton. OG arriving at Lexington, the officers
of the company had carriages provided in
which their guests were taken around to
the various points of interest in Licking
ton, including the noted museum of Wash
lngton IL Lee University, which most of
the visitors saw for the first time. After
dinner at the hotel. the excursion returned
that afternoon to stanton.
THE SITUATION AND FUTURE OF THE
ROAD.
We give below the remarks made by
President Spencer at the last meeting of
the stockholders in Staunton. which fully
set forth the condition of the Valley road
and ITS prospects for extension
1.-Two years ago when it was fully de-
termlDed, and the necessary preparations
made to complete the road to Lexington.
the road had just earned $11 900 per an
mum net and it was about to assume an
obligation of ST. 900 600 in order to COM
plete the line. The in terest on the bonds
for that expenditure would have approxi-
mated $50 900 per annum when the line
was earning Only $11 900 per annum. net.
This of course made the situation some-
what doubtful as to what theresult would
be, and the effort during the two years has
been to make the present property show
better than it did then, and at the same
time to decrease as far as possible the OBJ
legations which the company would have
to assume at the completion of the road.
AS the annual report states, the expendI-
lures up to the 30th of Sept. amounted to
$516 900 in cash. or in the nelghborhood Of
1915 900 of first mortgage bonds at 80 cen is
on the dollar.
Up to the LIST Nov. the expenditures for
construction have been about $605 600, the
track having been laid. all of the material
paid for and the work completed with the
exception OF the construction of certain
depots, the final surfacing and ballasting
of the track and the provision of the nee
essary sidings to open the road. Some of
those expenditures have since been
made. 1t is now contemplated on the
Lexington extension to retain the ballast
ing forces as long as the weather will per-
NIT this fall and then to withdraw them
as far as consistent with safety land in the
spring to begin the re-ballasting of the
road when it can be done more economi
cally and more labor obtained for the
will have to be added to the construction
account.
The Board has stated to you IN the an
nual report that 1t was expected tina,
$3.50 900 of the first mortgage bonds would
remain in the treasury after all expenses
of constr uction on the Lexington extern.
sion had been met. This you will observe
is making an allowance of about SIS, 00(
in cash over and above the expenditures
up to Nov. LIST. 1t IS considered that this
will be ample to put the roadbed in good
order, erect the depot at Lexington (pro
vision for which has already been made, j
and to construct three, four, or possibly
five suitable intermediate depots between
Lexington and Staunton. This will make
the interest account for the road $45 900
per annum, beginning from 1st October.
You will observe from this that as the net
earnings for the last year were only $17,-
COO there is large difference 10 be gained
Of course portion of this will be provided
for by the $l05, 900 of Rockbridge county
bonds and $4,000 of Lexington bonds,
making $117 600 of interest bearing bonds
which will reduce the above amount about
$1,000 per annum, leaving $3S 900 per
annum to be earned If the road to Lex
ington gives the results which we now
have reason to anticipate and the in creas
ed net results on the 26 miles from Staun
ton to Harris0nburg grow as they should
under the additional traffic from the Lex
ington extension, it is probably not an
overstatement to say that tie line for the
present year should earn from $33, 900 tc
$34 600 net, unless some reverse occurs
which cannot now be foreseen. We have
operated the line in the past without ac-
cidenis and as the traffic is not large we
hope to continue to do so in the future.
may say to the stockholders that the
Board has, after full elaboration on The
subject authorized the President to carry
into effect as far as be may deem proper,
the suggestion with regard to the purchase
of rolliHg stock, the general idea being to
purchase two or three freight locomotives
and probably ffty box cars. which couli
be utilized for thu local business and thei