The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1884-11-20
Valley Railroad


ANNUAL MEETING OF STOCKHOLDERS
The annual meeting Of the stockholders
of the Valley r. R., was held in this city
last SATURDAY.. The report Of President
Samuel Spencer and the board Of directors
for the year ended September ~ showed
gross earnings of $l10, 400, and expenses
S76, 062 .Ss, leaving the net earnings OF
S34. 337. 62, against net earnings OF $751;
$40. 81 in 1883, an increase of $l7,S36.7l.
In 1882 and 1883 twenty-six miles Of road
were operated, and for eleven months In
1884 sixty-two miles. The report says:
During the year the local passenger
rates were reduced from cents to 81
cents per mile with view OF stimulating
local travel upon the line. The local pas
senger traffic shows larger percentage OF
increase than any other class OF business
except mail and express. The increase In
every class of business has been gratifying
considering the fact that the road was
opened at the beginning OF very severe
winter, under great disadvantages. and
that the increased traffic was not really
developed until early spring. There has
been large increase in through freight
since the establishment OF connection
with the Richmond and Allegheny Rail-
road, the increase being 100 1890 per
cent,
During the year, according to the
terms of the contracts between the COM
PAW and the city of Lexington and the
comfy Of Rockbridge. respectively, Sl2, 900
Of Lexington city bonds and 100000 Of
Rockbridge county bonds have been deliv-
cred TO the company Sl5O,000 of the first
mortgage bonds of the company have been
delivered to the Baltimore and Ohio Rail-
road Company under the contract ap-
moved by the board. of directors July 9,
1899 making total of S75O.OO0 delivered
tn date the proceeds of which, in pursu-
ance of the contract, have been expended
on the extension of the road from Staun-
TON IN Levin pton. The remaining $780,
GOO Of the 81 600 900 of authorized bonds
ara in the treasury of the company.
..The exnenditure on account of con-
struction on fine Lexington extension
since the resnmntiou of work in 1881 to
date has been s6sI .124.Is. which is $751;
OIL 7s ysss than the estimate of the engi-
peers Including cost Of right Of way.
1.-THE entire line has been provided with
tba facilities for prompt. satisfactory and
efficient handling of its business. not only
-
at terminal hut at local stations. The
track has been ballasted with stone for the
greater portion Of its length.
..Tbe almost unprecedented depression
in the iron trade and its kindred industries
has prevented almost entirely the develop
ment of the expected ore traffic from the
valley Of the James river to Pittsburp and
the adjoining iron districts of Pennsyl-
van;s and has reduced to an insignificant
amomnt the coke shipments to the furnaces
in and near Lynchburg. Va. These two
important sources of revenue have, there
fore MOT been available to the company
during the past wear. and the general de-
nression in business. the low prices of
wheat and other farm products have re-
duced the revenue from these sources as
we'll. Notwithstanding these facts and the
late and unfaworable season at which the
road was opened for traffic, the net earn.
ings from TRANSFORMATION for the year have
been 1874, ss7 .62, Of which amount $2e, 24s. 43
accrued in the last eight months of the
year.
"The company holds in its treasury