The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1886-11-18
V alley r. r. Meeting.
A QUIET SESSION -REPoRT OF PREsI-
DENY--ELECTIoN OF OFFICERS.


DENT ELECTION OF OFFICERS.
The l;fs 18th annual meeting of the
stockhe If the Valley Railroad Co.,
was h, ie Company's office. in this
city, on \ " last. The session was an
exceedingly ort and quiet one-the re-
port of the y, sident elic;ting no discus
sion
Ju6ge Sheffey called the meeting to
order, and upon his motion Mr.. W. A.
Burke Of this city, was elected chairman,
and Me, A. Gordon Jones, secretary.
The committee appointed to examine
the proxies, reported q majority of all the
stock represented as follows Baltimore
City, I 900 shares; B. & 0. 10, 200 shares
RockhrIdge, 1900 Staunton, 1000, and 81
shares held by indlviduals-total 25, 421
shares.
President Spencer was unavoidably alb
sent, ard his report was submitted by his
secretary, Mr.. A. Gordon Jones, as fol-
oWs
To the Stockholders Of The Valley Raisyoad Com
pHuy.
Gen,tlemea: The President aud Directors sub
mil the following report of the operations of
the Company for.the Fiscal Year ended Sept
30th 1886:
Number of miles operated II mos in 1884 6,
do. 1885 .o2.
do. lsS6....62.
Gross earnings from traffic Sis 81 % Sis rs
Receipts from other sources. losio.O9 l0.75s0S
rotal......... 8. .....si25 ee7. SO sl29, 7O9.ss
ncn.o
Net EARNING s............. Ssol65 s5.45i.sl
i'sSs's Cars Cars. 2is.sa ai5.sss s 3s
Dec.
''s'sA Cars. GIo.ls5 e$s. a3s 4 s.2s
Exhibit "E'' shows the earnings and working
expenses for this Fiscal Year com pared with
the year previous.
From this 1t will be seen that the Gross
Earnings are s3.625-9S less than the previous
year The passenger business both locl and
through shows a decrease Notwithstanding
additional train facilities were provided during
summer or Springs season, with the hope that
q larger business would be developed; but the
result has not justified either the expectation
or the expenditure.
The Local freight shows small increase;
less than one per cent. although an additional
station was opened during the year
The Through Freight shows decrease of ST.
S32 10 4.7915 In 1885 there were receiy from
the Baltimore and Ohio Railroad Company at
Harrsonburg 81 100 tons OF freight as against
a3 sos tons in 1856 the decrease being chiefly coke
and grain there being 1854 tons less than In
1885 and grain 3816 tons. The decrease In coke
shipments is accounted for by the strike in the
ConneIsville Region and the fact that the
furnaces in the South in the absence OF this
supply secured their coke from other regions
not tributary to this road.
Thefreights delivered to the B. q o. show an
increase of 2427 tons, the increase being princi-
paHy in Live Stock Forest products and Iron.
Tie freights delivered to the Richmond and
VOC hpU a a a nf he
being chiefly IN coke and grain from The west.
But the freight delivered to the Richmond and
Allegheny is still largely in excess of the
amount received from that road.
The decrease in the Gross Earnings has been
due TO the continued depression in business;
especially in the Valley, for the first half of the
year, and the severe weather during last
winter. For the last half of January and the
first part of February the heavy SHOWS almost
blockaded the country roads, but little bust
ness was transacted along the line, and the
earnings VI ere not sufficient to meet the opera
ting ex penses of the road. To the unusually
wet Spring may be traced also one Of the causes
which prevented larger increase in the local
business.
In connection with this years expenses it
would also be stated that s25O3. were paid in
settlement for personal injury claims accruing
in previous years and $500 81 in Repairs of
Bridges were Tor repairs to bridge at East Lex
ingtoA made necessary on account OF damage
by high waters.
During the year the Indebtedness to the Bal
tmore and Ohio Railroad Company of $34, S77 IL
mentioned In the last Annual Report as due
for loans used in the permanent Improvement
OF the property has been fully liqui3ated by
proceeds from the sale of County bonds.
AS was the case last year certain bettermeuts
and improvements such new station build
1nss. additional sidings and the permanent
improvements fthe Road bed have been found
necessary and have been made during the Fis-
cal Year and paid fer from the receipts, thus
avoiding any increase In the. obligatlons of the
ca,
The Company holds in its Treasury S43.l00
of Rock bridge county bonds and S44 500, of
Botetourt Co. bonds, total OF sS7 800, on which
q
There also $4,000. OF the bonds ofRoanoke
county held by the company on which no
interest is paid, but which when the county OF
Roanoke makes good Its obligation to the
company must become an available asset.
II naS been disappointing that the Net Earn
ings from traffic have not been greater. hut tits
pleasing to note that the business for the last
six months of the Fiscal Ye r shows a marked
increase over the same period of 1885, and with
the present increased prosperity it is hoped
that the net earnings from traffic alone will be
sufficient to meet the fixed charges in future.
The track and other properties of the COM
pany have been we'll maintained and improy-
ed during the year.
The report closes with detail of numer-
Gus minor improvements
The report was referred to a committee,
consisting of Messrs. Duvall, Gibbs, e.
der and Smith. After brief retirement
the committee reported that they had ex-
amined the report in connection with the
vouchers and found it correct. The re-
port was then adopted.
The election of officers being in order.
Judge Sheffey nominated President Sam'l
Spencer for re election, and the molten
was carried unanimously. The old Board
of Directors were reelected, as follows :
Messrs. Osman Latrobe, Henry Duyall, R.
W. Burke, w. A. Anderson, D. FL. Miller
and J. J. Allen. The meeting then ad-