The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1882-12-22
The Virginia Midland.

ANNUAL REPORT or THE PRRSlDENT-TIiE
WORK OF TIE PAST YEAR.
The annual meeting OF the stockholders
Of the Virginia Midland Railway Compa-
nv, which was called 10 meet at Aleyan-
dria, Va, Wednesday, was adjourned un-
Ill 8 O'Clock L. NJ. Thursday. in consC-
Queuce Of the absence Of quorum Of
stock. OF 4O,130 shares OF stock accord
ing TO the plan OF the late Reorganization
only 1850 shares were represented in the
gathering Of stockholders. W. u. Bethel
and NJ. L. Jordan, proxy for city Of Dan
vile stock. and Colonel w. T.. Sims. proxy
for Pittsylvania county stock, were pre-
sent.
A meeting of the Board OF Directors was
held in the morning. there being present
Messrs. c. e.. Holland, Of Danyille; Charles
NJ. Blackford, Of Lynchburg; Robert A..
Coghill, Of Amherst county; William H..
Payne. of Fauquier county; John L. Low
ell, OF Warren county; John W. Burke. Of
Alexandria; j. Wilcox Brown, Of Balti-
more; and Joseph Bryan, Of Richmond.
The meeting organized with Mr. Charles
d. Blackboard in the chair and Mr.. l.. w.
Reid, secretary of the Virginia Midland,
secretary.
TUE MEETING.
At the meeting yesterday the President
submitted his report, which shows as fol-
lows: Total amount OF gross earnings,
Sl,5l5, 1861, and operating expenses,
1915, 1928; balance, Sj70,629.Si, out OF
which S419.53G.03 has been paid in interest
on bonds and rentals OF leased lines, leav-
ing net balance Of S9l ,093.3s. Expended
Tor construction, rev equipment, and cX-
fraordinary, S259,0G1.99; released from
sale OF income and mortgage bonds, SlGi.-
O34.j0; net deficit October LIST, S3,933.71
The funded debt Of the company Septenl-
Der 30th was Mortgage bonds, S7,507,-
047.90; income bonds Is per cent, GU
mulative), S3.j03,000. Temporary liabili-
ties, Sl6l, 237.19. Resources-Securitie
from late Reorganization, S37 400; third
series bonds; S26, 100 fourth series
bonds, and 1897, 900 increase bonds. The
company also holds $40, 6sS.07 first preferred
stock, Sc, 424.91 second preferred stock, and
Sl2,910 old common stock, for which three
amounts, under the exchange of income
bonds, the company will be entitled TO
S17,113.5S income bonds and Si2, 933.5S
new common stock, against which about
$4,000 or $4,000 is chargeable for stocks
Of the Washington and Virginia Midland
and Great Southern Railroad Company.
O4S.35, and the operating expenses in
creased S170, 81, making q decrease in
net earnings of S2j,352.92 rs compared
with 1881. The decrease is accounted for
principally on account of the increase
Of taxation on railroad property from
$1,000 to $4,000 per mile. and decrease
Of rates Of fare. III the same rate OF fare
had been maintained as in 1881, the earn
ings from passenger traffic would have
been $1i3, 1882, instead OF $50, 525.12, a
difference OF S59,002.90; 36i,l tons OF
freight were hauled, OF which l7G.CG3 tons
were carried northward, and 18S, 1873 south
ward. Ii the same rate Of charge per ton
per mile had been maintained in 1882 rs in
1881, the increase in gross earnings would
have been Sill ,G20.G2, instead Of so, 0i4.2s
(the amount OF increase herein reportcG), 4
difference Of S12i.5,G.34. The total loss OF
gross revenue from decrease Of passenger
Iates amounted to 1881, 1924.
The business Of the road, with proper
care and economy, the report says, will,
upon the basis of the present receipts,
yield sufficient net earnings to pay the in
terest on its mortgage debt and dividend
upon the income bonds. SiXty-tWO thou
sand four hundred and seventy-seyen dol
lars and sorty-ninc cents was spent in con-
struction during the year, and S146,j99.02
for equipment. The records Of the trans
portation department show that from Janu-
nary Is to September so, 1882, the Virginia
Midland delivered TO the Richmond and
Danvillc railroad at Danyille, for points
south Of Danyille, 1,41l loaded ears. nearly
all OF which passed over the entire line
of the Richmond and DanvilIe, while The
latter road in the same time delivered the
Virginia Midland only 23j loaded ears, not
more than 20 OF which were for points
north Of Lynchburg. The completion OF
the Shenandoah Valley road is shown to
have diverted some traffic, principally in
cattle. A new and valuable freight traffic
has BEEN developed, coming from the Bati-
more and Ohio railroad connection a,
Strasburg, over the Manassas branch and
main line Of the Virginia Midland, DIES.
tined TO Lynchburg, Danyille, Richmond
and points south OF Danville, and the de-
Yelopment promises still more favorabl,
results. The report called attention
10 the proposed North CaroliiA Midland
road, 10 be constructed from i'anyille Il
Mooresville, point on the line EXTENDING
from Charlotte to Straitsvilc, and which i
fl proposed should be leased to the Vir
GINA Midland when completed. II is un
derstood that at the meeting tomorrow
the complexion OF the Board will be some
what changed. According to the presi
dents report, 1t appears that the bulk O
the Richmond and Danvillc traffic is sen
North vid the York-Riyer line Of steamers
and the Baltimore and Ohio gets very littl,
o! 1t comparatively.