The Valley Virginian. [volume] (Staunton, Va.) 1865-1895, 1888-11-29
THsE VALLEY RAILROAD
Stockholders annual Meeting.

THE VALLEY RAILROAD
Stockholders annual Meeting.
The seventeenth annual meeting of tn
stockholders Of the Valley Railroad Com
PAW was held at the Office of Messrs
Sheifev 81 Bumgar1ner III this city, OF
Friday last. The city of BaltiHore wa
represented by Mr. J. II. Robb the Balti
more & Chic Railroad Company, by Mr.
Henry Dnval. the town of Lexington b,
Col ". A. Anderson, and there were ;
number Of individual stockholders present
W. A. Burke, Esq. Of Stanton, was
called to the chair. and Mr. j, II. Slaugh'
ter. secretary to the company was selected
as secretary.
The annual report of The President was
read and approved.
After the report had been received,
Judge sheffey stated that at the request
Of President Spencer. he desired to suggest
to the stockholders The employ OF
Mr.. w. NJ Clements as the General Man,
ager of the company, at salary OF 5000,
and also that the present salary OF the
President be reduced to the nominal SUN
of 500 per year. This change was sng
gested for the reason that with bis multi
tudinous duties, President Spencer could
not give that personal attention to the
Valley road which its interests demanded
The suggestion was at once adopted and
the President authorized to employ Mr..
Clements as General Manager.
AS t. Exchange involved a reduction of
81 800 in the salary of the. Pres ident and a
net saving to the company Of sl.4o0, it
was joculally suggested that an inquiry
into The sanity OF a man who would insist
up Oh reduction Of his own salary, might
not be inappropriate.
President Spencer and The old Board Of
Directors were then elected by aoclama-
ton.
In no,ninatine NJ G. 1...<-,,,-- I1l1sn 81 r
few took occasion to say that Mr.. Spencer's
services would be of peculiar value to The
company during the coming year, and
that he (the judge looked for bright
future Tor the road. MI. Duval endorsed
the statement of Judge Shs fey.
THE REPORT.
The report of the President is as fol-
lows:
Seventh Annual Egepart.
OFFICE oFTHH VALLEY r. r. Co.
Staunton, October l. 1858
! To inc Stockholders Of the TaUey Rdifodd Co:
The President and Board of Directors submit
| f,,ll, The operations OF the
! Valley railroad for the fiscal year ended Sep
TENDER 3Jtn, 1885
1896. 1887 1878
hunter of miles operated...... 81 so SO
Gross earnings 1855. 1887. Decrease.
from tiafc sll2 $50 90 Sll5.al7.o7 s3.62i.7S
Receipts from ooo ,
Total $40 % sl22.272la sl,425l9
Exper ses.... 9oOi5 80 1851 II.li2.5s
Decrease.
Net earnings. s27,s3ll3 si3,sGSe5 SIS. So. %
qhe dc crease of So 537. 50 is tie result of de-
crease OF S. 62i.7 10 in the gross earnings from
traffi; and an increase in the operating ex-
| pens9s of $ll ,Il2.33
This large increase in expenses is more than
| ace unite q for by the increase in the two items
/ ii Repairs OF Bridges and Repairs OF hallway,
| he necessities for which -aie explained under
! the proper heads.
| MILEAGE.
1873 1851 Increase.
| Passenger tfainS.......- 4l,5Ul iilbS 100
| Passenger cars. ......... 25JG6i 22,32S 1856
| Freight Trains ......... SO 4fg $50 7S9
Freight cars -. ......525 743 524.638 20i5
BONDED INDEBTEDNESS OF THE COMPANY.
| First mortgage bonds. authorized issue 100000
| In Treasury OF Company 23oGo0
| Outstanding ................... S750,09O
| statement of the current account with the
Baltimore & OH o kailroal Company. marked
"a, is also submitted.
The accompany ing statement. marked "B.
| shows The lecelpls and disbursements of cash
The statement marked ''Cp shows in detail
| the Earnings and Expenses for the year.
| The state IneDt of ounty BONDS owned by the
| Company is attached hereto, marked y"
| The interest is paid regularly upon $23, 700 OF
| Rockhrioge County, and $4,000 OF iotetourt
| County. Bonds.
Exhibit ''E" shows in detail The classified
| Earnings and Working Expenses for the fiscal
| with the percentages Of inc ease and decrease.
In 1887 there were received from The Baltf-
more q ohio Railroad Co, al IiarrisoDDurg. 49,
$50 tons of freight, against 4! ,293 tons in 1855
| an increase OF 2.i3S tons.
The freizhts delivered to The Baltimore &
Ohio Railroad Co., show decrease of ,2O2 tons,
the falling off being chiefly in live STOCK.
Evered to the Newport News q Mlsf lssippl val,
| ley co , at stanton, while The freight received
| rom that Com pany shows decrease of Ss12l
| TONS this being principally ia live stock.
| There is a decrease OF 9S6 tons OF freight de-
livered to the Richmond < Allegheny railroad
Co.. as compared with the previous year, and
| an increase OF rs IONS received trom that com
The tracks and other properties of the Com
pany have been thoroughly maintained and
improved during the year There were laid ID
the Main Line le.354 frst-class and 80 second
class cross ties. 7. l22 feet of steel rails WEI
used. In the Joint Road G69 first-cl~ss cross
ties were laid.
The large Increase in Bepairs of Bridges, So
42S. 0S, is explained by the necessity OF heavy
repairs, ana of strengthening all bridges and
placing them in such condition that the heavy
locomotives recently purchased could be used
on them with safety.
The increase in expenses of Repairs OF Rail-
way, SO 296 49, is attributable to the increase
| o. er the previous year in the number o. cross.
Ties Used and quantity OF steel rail placed III
track.
The construction of the water station at Bluff
Switch accounts or the Increase in Expenses
OF kepaiis of Water stations, $3.50 81.
The incl ease in expenses OF Burden Cas-
S6ib55 is due to a Grange pE az foads fron
mileage cLsiig e of ~ OF a cent TO "a cent per mie
aud % cents per diem. After a trial of this sys-
tenn 1or several months it has been abap don ed
fne employ rs ut OF a telegraph operator at
Weyers Cave, in compliance with the State
Law accounts for the increased expenses o.
Telegraph Operators, S2i0 90.
| The decrease in expenses OF Agents and
Clerks, $3l7 .7e, was caused By the increase Of
one man in the force az Stanton but q reduc-
ton corresponding to this has recently been
made.
During the year there has been charged to
CONSTRUCTION account So. 547 49, Of this 500
5G0.-was for the purchase of one frst-class,
eight wheel passenger locomotive, and Two
large ten wheeltreIgnt locomotives of the Con
solIdatlon pattern. This purchase will allow
the Company to 90 away with the rental OF To-
comoJtyes, aud thus make considerable re
dUction IN expenses. S925; was paid for fen:
cling along the line, and Inc balance in settle
n.ent ot claims for land damages, etc.
Tue Board takes pleasure IL expressing to
ali officers and employ ees its appreciation OF
the faithful aud efficient services rendered by
BY order of the Board,
| S. SPENCER,
| President.