Savannah morning news. [volume] (Savannah) 1868-1887, 1884-12-21
VIRGINIA's MIDLAND ROAD.
Statement of the COmpany's Finances
and the New Officers.

ALEXANDRIA, VA, Dec. 2O.-The annual
meeting of the stockholders of the Virginia
Midland Railroad was held in this city to-
day. John ;. Barbour read the report Of the
President and directors showing the gross
earnings for the year ending Sept. 80 to have
been: On account offreights $77S.749. passen-
gers $5S2, 034. express $77,I7I, mail S7S,Sl3,
Manassas rental $50, ,2j0, miscellaneous $l9.S1I; !;
total ,62j,S30. The operating expenses were
S999, ,2l7, leaving the net earnings $625 613
The gross earning were S3S,373 less than in
1888. and the operating expenses were
earnings in 1854 were sSI, 500 less than IN 1888
The decrease in the gross earnings was due
TO the falling OIL IN the through freight reve-
nues. The local freight revenue was only
$50S less than in 1888. The passenger business
showed an increase OF 81, ,990,S76. Two thou
sand five hundred tons of steel rails have been
put on the main line during 1884, making I55
miles Of steel, and leaving rs miles Of iron
still in the track. A new iron bridge, 757 feet
in length, has been constructed over the
James river.
THE NEW OFFICERS.
Mr.. Barbour declined re election, and Col
A. s. Buford was elected, with the following
directors: John s. Barbour, George F. Baker.
c. NJ. BlakefO d, G. l. Price, Joseph Bryan,
William p. Clyde, X. A. COghill, II. c. Fahen-
stock, c. G. Holland, j. Q. Lowell, John Nc
Anery, j. c. Moben, George Parsons, w. H.
Payne, G. S. Scott and 4. ID. Shepard. The
following resolution was adopted: "That q
committee of five members Of the board
be appointed by the Chairman to con-
slider the eXpediency in the interest of this
company of creating general mort
gage to secure an issue of )
per cent. bonds for such an amount, not eX-
ceedng $l2,50j,COG, as viii be sufficient to Sc
cure and provide for the entire bonded Obliga-
tiOns of the company, including its income
bond, and If, in the opinion of such commit
tee, the same is deemed eXpCdent, that they
report their views on the subject to a meeting
of stockholders to be called by the President
at such time as the committee may select for
the purpose of considering the subject and
taking such action thereon as the stockhold
e shall deem best"
NIes.rs. Buford, Fahenstock, Barbour, Baker
and Bryan were appointed said committee.
A VERDICT AGAINST A PAPER ROAD.
NEW YORK, Dec. 20.-The Gallatn National
Bank to-day recovered verdict in the Su-
preme Court of $32, 100 against the Nashville,
Chattanooga and st. Louis Railroad Company
and the Louisville and Nashville Railroad
Company. The first named company pro-
Jected railroad from Nashville, north to
Evansville. Ind. In 1879 it advertIeed for
subscriptions to the building fund of $20OO0O.
which were to be secured by mortgage. The
road was never constructed, an agreement
having been made between the Independent
companies by which it was alleged that
- Louisville and Nashville company
agreed to pay to the subscribers for bonds
whatever damages they might have shown
through the failure or refusal of the Nashville,
Chattanooga and st. Louis Company to con-
struct the road. The Gallatln Bank sub
scribed 1925, 600 to this fund, for which it was
to receive $25,CO0 of bonds. BY this suit the
bank claimed to have been damaged to the
extent of the difference between the subscrip-
ton price and the estimated market value of
the funds. The defense set up that the Nash
vile, Chattanooga and St. Louis Railroad
Company never had the right to construct
railroad north of Nashville, and that, there
fore, it had no right to call for sub scriptiOns,
and they were not liable because the project
was beyond their power.