Staunton spectator. [volume] (Staunton, Va.) 1849-1896, 1884-11-19
THE VALLEY RAILROAD COMPANY.

THIRTEENTH ANNUAL MEETING OF STOCK
HOLDERS.
The thirteenth annual meeting OF the Valley
Railroad Company wss held st the Office Of
Sheffey & Bumgardner in the city Saturday
the15th inst.
Judge Sheffey called the meeting TO order
and, on motion Of Mr.. Henry puval. of Balti-
more. Mr.. William A. Burke was made Presi-
dent, and Mr.. A Gordon Jones. Secretary
On motion, the Chair appointed com n1ttee
to ascertain the spount of stock represented
and on proxies, to wit: Messrs. Henry Duval, g.
G. Gcoch, and Chas. f. Mayer, of Baltimore.
The committee reported that stock was repre-
sented as follows: Baltimore city, 1900 shares
by Henry Duval. proxy; Baltimore & Ohio
Railroad, 10000 shares by Chas. T. Mayer
proxy; Staunton. 1000 shares by G. G. Gooch
and r. ". Burke, proxies; and individual five
shares-in all 81 205 shares, then same being a
majority of the whole
The thirteenth annual report of the President
and Directors was the read.
REPORT.
To the Stockholders Of The Valley r. r. Co:
GENTLEMEN:-The President and Directors
submit the following report OF the operations
OF the Company for the fiscal ycac ended Sept
Both, 1854:
Number OF miles operated in 1882 and ISss.- g
1884 1888 Increase.
Gross Earning ..-SlIO 400 90 56S7S36 S5S52l "a
nxpenses.............. $685. IS 39.9C745 50l54.s5
Net Earnings,...... $751; S7.62 SI6970.9 SIT 366.7l
Exhibit f. shows the comparative earnings
and working expenses for The fiscal year as
compared with the one previous.
During the year The local passenger rates
have been reduced from four to 81 cents, per
q 10 ). ct i;.lrJ lT
on the iine 1t is gratifying IN this connecLlon
to note from Exhibit Z. that the local passen-
ger traffic shows larger percentage OF increase
than any other class OF business, except mail
ana express.
The increase ia every CLASS o: business has
been very gratifying considering the tact that
severe winter under great Disadvantages, and
that the increased traffic not really de-
yeoped until early Spring.
There has been large increase in through
freight since the establishment OF connection
with the Richmond q Allegheny r. r., the IN
crease being 100 70 100.
During the year according to the terms of the
contracts between the Company and the city
of Lexington and the county OF Rockbridge, re,
spectively, So QUO, of Lexington city bonds aud
sl05 coo of Rockbridge county bonds have been
delivered TO the Company.
During the year $4,000 OF the first mortgage
bonds of the Company have been delivered 10
the Bait. d Ohio X. Il. Co., under the contract
approved by your Board of Directors, July 9th,
1881, making total OF $3.50 600, delivered to date
tract, have been expended on the extension OF
the road from Staunton to Lexington. The re-
naming 1000 Of the $l0Oa0OJ of authorized
bonds are in the Treasury OF the Company.
Exhibit g. shows in detail the expenditure
on account of construction on the Lexington
extension since the resum ption of work in 1881
TO date, the total amount being S63l l2i Is, which
is Sl94 81 IS less than the estimate of the En-
gineers, intending cost of right of way.
The com mOdious and attractive brick pas
seDger stations at Staunton and Lexing ton
have been completed.
At Mint Spring. Greenville. Raphine and
Fairfield neat and suitable station buildings
with platforms, an d at Folly Mills a passenger
shed and platform, have been erected, the cost
of all OF which has been included in the con-
struction acro1ut Exhibit &.
Substantial and permanent water stations
have been erected at Greenviile and point be-
tween Fairfield and Timber Ridge.
Ample sidings have been built at Folly Mills,
Mint Spring, Greenvil.9. Raphine Summit,
Fairfield, Timber Ridge and Lexington stations
a wye near Raphine, and private sidlngs at
Bowilngs mill, Holmes, Hearts and Sterretts.
The entire line is thus provided with he
facilities for prompt, satisfactory and efficient
handling of its business notonly at terminal
but at local stations.
The track has been ballasted with stGrs for
the greater portion of its length.
The almost unprecedented depression in the
iron trade, and its kindred industries, has pre-
vented almost entirely the development of the
expected ore traffic from the valley OF the James
River to Pittsburgh and the adjoining iron dis
tricts of Pennsylvania, and has reduced TO an
Insignificant amount the coke shipments to the
furnaces in and near Lynchburg, Va.
These two pOrtant sources OF revenue have
therefore not been available TO the Co., during
The past year, and the general depression in
business, the low prices of wheat and other
farm products, have reduced the revenue from
these sources as well.
Notwithstanding these facts and the late and
unfavorable season at which the road was open
ed for traffic the net earnings from transports
zion for the year have been S34, 81 of which
amount $29,2lS.43 accrued in the last eight
months OF the year.
The Company holds In it's Treasury Sill $780,
of Rockbridge county bonds, and s4i,500 of
Botetourt county oonus--a total of $l55, 300--On
which interest al per cent. Is paid regularly,
affording an income of S9,37S, which added to
the net earnings give total net income OF 49,
are $4,000 per annum.
From this it is evident that there are no
grounds for apprehension that the Company
will not during the next fiscal year more han
meet the interest on its outstanding obliga-
tions.
No account is here taken Of the SIS 903 OF the
bonds of roanoke county held by the Compa
ny, on which no interest is paid, but which
when the County OF Roanoke makes good its
available asset,
the acknowledgment ofthe Board continues
to be due the officers and employees for earnest
and effective work
Respectfully submitted,
[Sgned.l s. SPENCER,
President.
Comparative statement of the earnings and
working expenses for the fiscal year ending
Sept Both, 1884. with the same for the previous
fiscal year.