Staunton vindicator. [volume] (Staunton, Va.) 1860-1896, 1884-11-21

under the contract approved by your Board
of Directors July 9th, 1881, making total Of
| $3.50, 900 delivered to date-the proceeds Of
which, in pursuance of the contract, have
J been expended on the extension of the road
| from Staunton to Lexington. The remaining
$780, 600 of the 81 100000 authorized bonds,
are in the Treasury of the Company.
CHEAP CONSTRUCTION.
Exhibit G., shows in detail the expenditures
on account of construction on the Lexington
extension since the resumption of work in
1881 to date, the total amount being 1851,
1241S which is 1874, 971.78 less than the
estimate of the engineers, including cost OF
right Of way.
IMPROVEMENTS ALONG THE ROAD.
The commodious and attractive brick pas
senger stations at Staunton and Lexington have
been completed.
At Mint Spring, Greenville, Raphine and
Fairfield, neat and suitable station buildings
with platforms, and at Folly Mills passenger
shed and platform have been erected. The
cost of all of which has been included in the
construction account. Exhibit c.
Substantial and permanent water stations
have been erected at Greenville and point
between Fairfield and Timber Ridge.
Ample sidings have been built at Folly
Mills, Mint Springs, Greenville, Raphine,
Summit, Fairfield, Timber Ridge and Lexing-
ton stations; ''Y'' near Raphine, and
private sidings at Bowlings Mill, Holmes,
Hearts and Sterretts.
The entire line is thus provided with the
facilities for prompt, satisfactory and efficient
handling of it's business, not only at terminal
but at local stations.
The track has been bal lasted with stone for
the greater portion of its length. i
EFFECT OF THE DEPRESSION IN IRON.
The almost unprecedented depression in the
iron trade and It's kindred industries has
prevented almost entirely the development Of
the expected ore traffic from the Valley of the
James rive. : o'++rh'7'o and the adjoining
iron districts of Pennsylvania, anu nas-educeo
to an insignificant amount the coke shipment
to the furnaces in and near Lynchburg, Va.
These two important sources of revenue
have. therefore, not been available to tn
company during the past year, and the gene
raj depression in business, the low prices O
wheat and other farm products have reduced
the revenue from those sources as well.
Notwithstanding these facts and the lat
and unfavorable season at which the road wa
opened for traffic; the net earnings from trans
portation for the year have been 1884, 337. SO
Of which amount 1929, 24S.43 accrued in thu
| last eight months of the year.
| FINANCIAL CONDITION OF THE COMPANY.
The company holds in its Treasury BILL ,80t
of Rockbridge county bonds, and $44, 500 Of
Botetourt county bonds, total of $156, 300
on which interest at per cent. is paid regu
larry, affording an income of $9,378, which
come of $43, 1852, whilst the fixed charge
of the company are $45, 900 per annum.
From this it is evident that there are nc
grounds for apprehension that the company
will not during the next fiscal year more thar
meet the interest on it's outstanding obliga
tons.
| THE ROANOKE BONDS.
No account is here taken of the 1875, 900 O.
| the bonds of Roanoke county held by tn
company, on which no interest is paid Blu
which when the county of Roanoke make
good its obligation to the company mus
become an available asset.
The acknowledgement of the Board contin
ues to be due the officers and employees TO
! earnest and effective work
Respectfully submitted,
(Signed,) S. SPENCER,
President
EXHIBIT F. ,s51f 4l.7 1cs 81.
G0n27)n,.ntiye Stnte1DeUt of the -er7.,,i,1ne mn,