The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-02-23
Virginia Midland Railway Company.
STOCKHOLDERS ANNUAL MEETING At ALEX-
ASDRIA- REPORT OF DISQUALIFICATION
OF OFFICERS. ETC.

STOCKHOLDERS ANNUAL NETTING At ALEX-
AEDRIA- REPORT OF DISQUALIFICATION
OF OFFICERS. ETC.
The annual meeting OF the stockholders
o. the Virginia Midland Railway Company
was held at the office OF the company, in
this city. OH Tuesday. Among those pres
ent were Messr- Robert I. Baldwin and J.
X. Cowen, of Baltimore; General r.. VI.
Logan and Mr.. Joseph Bryan. Of Rich
mond. Va: Hon. Il. A. Coghll. of AM
herst; Mr.. G. q. Holland. of Danvillc;
Captain Charles VI. Backf0rd, OF lynch
burg; General William II. Payne, Of War
rcnton; and Mr.. John W. Burke, Of this
city. directors Of the company; and Colo
mel William L. Sims. Of Pitt,ylyania county;
Major James II. Dooley. Richmond, Va.
G. W. L. Hale, OF Franklin county: and
Major J. Turner Morehcad, vice-presidcnt
of the North Carolina Midland Railroad
Company:
President Barbour then read his annual
report showing that the gross receipts OF
the road for the year ending December 81.
1881, amounted TO 81, 10, 1861, the cXpcn-
dtureS TO SSil.I206i, leaving Il balance 81
Sj7S, O75.s7. There were other eXpcndi-
lures during the year not included I'm the
above. as follows: For construction. new
work, new rails, &C.. SS7,20L27; equip
ment. new rollmg-stOck. S11,134.42; eX-
penSeS OF reorganization, new bonds. tax
on deeds, &C., $21,212.SS; total, 1861. 81.
leaving net balance Of $500, iGl.31. The
company paid interest during the
year for eight months from Jan
uary Isl to September Isl on funded
debt, $2i2, O9G.SG; also paid interest
on the debt for Fix months prior to Janu-
AIRY I. 1881, during The time the road WAS
in the hands OF receiver according 10 re-
organization scheme, amounting 10 $751;
j44.3l, making the total amolnt Of interest
paid during the past year S423,6il.l7. The
funded debt OF the company December 81.
/ 1881, was S1.423.2Sl.Jl; the amount OF
stock OF the company 1T that date waS-frsi
preferred, Sl,5O0,000: second preferred,
S2,500,000; common stock. $500. 000-tOtal.
$780, eco. In accordance with the order Of
October Goth, $1,000 900 OF bonds will be j.
sued TO take up the two classes OF preferred
stock, and the common stock will be in
creased TO S6.000,000. The receipts OF the
company for 1881 were in excess Of 1850 BY
Sl15,379.5l, while the running expenses OF
the road were S2O7.2Gl less than 1880,
making an increase Of net earnings for
1881, Sl9G. 1852. There were 1880 more
passengers. and "a $50 more tons OF freight
carried over the road than in 1880. The
report concluded by stating that the pros
poets for IN increased business are most
| favorable, and after being referred to a
committee. was received and adopted.
Major MorchCld. vice president OF the
North Carolina Railroad Company, was in
vited to participate in the meeting.
On motion OF General Logan. Hon. John
s. Barbour was declared the unanimous
| choice of the meeting for president Of the
company for the ensuing year.
The following gentlemen were then
nominated by Colonel Sims for directors OF
/ the company: G. &. Holland. OF Danyille;
{. VI. Blackiord, OF Lyuchburg; Il. \.
COghill. OF Amherst: ". II. Payne. OF
Fauquier; John Il. Lowell, OF Warren; \.
5. Buford, Il. NJ. Logan. Joseph Bryan,
and j. ii. Doolcy, OF Richmond, Va; Il.
II. Baldwin and j. Wilcox Brown, Of
Baltimore; W. p. Clyde and W. Bayard
Cutting. OF New York; and John W.
Burke, OF this city.
Mr.. Burke declined a reelection, and
William II. Palmer, Of Richmond. was
named in his place. This change was ac-
cepted by Colonel Sims, and the gentlemen
above mentioned were elected directors OF
the company unanimously-th Chair, on
motion. casting the vote.
Mr.. Blackboard offered a series Of resolu
tons, which were adopted, providing that
the administration OF the affairs OF the
company be vested in the president, sixteen
directors, and such anumber Of yice-presi-
dents as may he designated. the said vice
presidents to be elected by the Board Of
Directors. and changing the annual meet
ing from February to the third " Wednesday
in December, and changing the fiscal year
from December 10 30th OF September.
Mr.. Dooley offered "A resolution author
izing the Board OF Directors OF the COM
pany 10 give such aid to the North Carolina
Midland railroad As will secure its speedy
completion.
Mr.. Morehead, by invitation, explained
the advantages that would result from Il
speedy completion OF the North Carolina