The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1881-12-15

In accordance with authority conferred
( by the stockholders at their meeting in De-
cember and October last, the Board OF Di-
rect0rs have caused subscriptions 10 the
/ capital stock OF the above-named company
to be made on behalf OF this company 10 the
aggregate amount OF sl,5lO, 900, that being a
majority Of the whole capital as at present au-
thorized. Under the action and direction
OF the Board these subscriptions have been
paid, and proper certificates delivered
/ therefor.
The Terminal Company, by recent pur-
chase OF the controlling stock Of the Vir-
/ ginia Midland Railway Company, has Sc
cured the direction Of that important line,
which brings IL into satisfactory cooperation
with your main lines South, thus develop
ing an all-rail line Of reduced mileage to
Alexandria and Washington, and thence
north 10 all points reached by the extensive
systems Of railway emanating from those
points. This removes effectually the only
material cause Of apprehended conflict with
your principal interests, and supplies
needed auxiliary line OF great positive
strength, offering connections and new
traffic both important and inviting.
In this connection, it will be n matter OF
material interest 10 tho stockholders 10
/ hhDh tHdt, uhutI itNfHb dttloH ol tHt
Board of Directors OF the Terminal Com
pany, an option 10 take ST50,0O0 Of six per
cent. income bonds OF the Virginia Mid
land Railroad Company, with S32j.0OO Of
its common stock, has been offered to this
company, being it, proportion Of the same
with other stockholders OF the Terminal
Company.
This privilege IL valuable one-thc
market rate for the same now offered being
about $500 on each one hundred 400
shares Of the Terminal Company's stock,
equal to profit Of over 9200,00O to this
company on its present holding Of 1900
shares.
The Board OF Directors having accepted
the privilege, it remains for them to pro-
vide for the proper treatment and DISPOSE
tiOn Of this interest in such manner as shall
De deemed best for he advantage OF this
company; 10 which end the subject il now
receiving the special attention OF the Presi-
dent and Board.
Through the agency Of the Terminal
Company the connected and auxiliary lines
now constituting important and valuable
portions OF your general system are being
successfully completed and improved and
brought into harmonious and useful reia-
tions with your main lines. The great
value Of a practically unified control and
interest thus obtained for the properties so
connected will be more and more apparent,
and must serve 10 give your system 4
strength Of position and . certainty OF in
creasing profits that nothing else could ai-
ford.
YORK-RIYER LINE.
II has been generally well known TO the
stockholders that heretofore the only prac-
tically effective and cooperating connection
for the large and valuable freight traffic
done over the company's roads to and from
Baltimore has been Uid the lOrk-Riyer
road and the connected steamer lines from
West Point. The increasing volume OF
tonnage, done most economically and
promptly through this channel, the urgent
necessity for enlfging its terminal and
other facilities for controlling and handling
This traffic, and the importance Of holding
independently aud by a secure and perma-
nent tenure this essential avenue OF the
cOmpany's business. rendered il necessary,
in the Judgment Of the Board, 10 arrange
for the control and continued operation Of
the line ~ a part OF this c0mpany's system.
In pursuance OF these views, in July last
the Board Of Directors, as authorized by
law, entered into q contract for the lease OF
the Richmond, York River and Chesapeake
railroad. extending from Richmond TO
West Point, upon the terms and Stipula-
tiOns set forth in the copy herewith sub
mitted for the information and action OF
the stockholders. Under this contract this
company acquires also controlling owner
ship of the steamship lines between West
Point and Baltimore and between Rich
mond and Baltimore ria James river, COM
prising six steamers in Effective working
condition, and regarded q valuable and
productive property.
During the few months elapsed since the
transfer Of this property its business has
shown material increase, which will
doubtless continue and be magniiied by the
enlarged Wharycs, warehouses, cOttCn-cOm-
presses, and other shipping facilities al
ready established and being erected at
West Point by this company and also by
the Richmond and West Point Terminal
Railway and Warehouse Company.
ROADWAY And PROPERTY.
The physical condition Of the eOmpany's :
property has been greatly improved during
the ycar-nOt only by large repairs and re-
placement Of what was worn, but also by
the large additions made in the roadway,
equipment, and machinery departments.
We refer 10 The report Of the general man
aver. herewith submitted, Tor iull and spe-
citic information on this subject.
Besides the ears built IN the company :
,hOpS, about $50 freight ears have been
bought and contracted for-mOst Of them
early in the year. The pressure on builders
has been such, however, that deliveries
have not been made with punctuality, 10 the
serious Inconvenience and injury OF the fall
traffic. They are now being received, and
will all soon he in service. This additional
outfit Of cars. with the number OF new lo-
comotiyes ordered and being regularly
delivered, viii doubtless afford adequate
accommodation for the increased traffic
confidently expected during The present
year.
The results OF the years operations have
been in the highest degree encouraging.
The large and chectual improvements that
from wear TO year have been made i'm the
roadway and equipment OF every part Of
the company's lines have enabled the COM
pany. with more complete and systematic
organization. 10 keep pace with the revival
and Development OF the varied industries
of the southern States, which for the last
five Years have distinguished the rccu-
perating energies OF their population.
I'm the spri; Of development, pro-
gress, and improvement which have
marked an era for our whole country,
and especially the South. this company has
wisely shared and led. The benefits to it.
self and the country at large are now be-
ginning TO be we'll realized Their contin-
uance and expansion are confidently fore
seen.
The Board again Acknowledges, as with
satisfaction they have heretofore done, the
faithful and efficient services OF its now
large corps OF officers and employees.
Respectfully submitted.
4. s. BUFORD, President.
ADJOURNMENT 70 JANUARY 18Th.
President Buford stated that some Of the
matters referred 10 i'm the report Of the
president and directors, in the opinion OF