Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1885-12-16

VIRGINIA MIDLAND RAILWAY.
Annual stockholders NATURALIZATION Of New
President &c, &c.

VIRGINIA MIDLAND RAILWAY.
f, Annual Stockholders NATURALIZATION OF New
President, &C., Sc.
! The annual meeting of the stockholders
of the Virginia Midland Railway was held
at the Office of the company in this city tc-
day at noon.
! President Buford called the meeting to
order, and Hon. J. S. Barbour was chosen
chairman, with T. n. Wentworth as secre
tary.
Messrs. J. W. Burke, c. N. Blackford
and ]. McAnerney were appointed com.
mttee on proxies, who reported 81 ,2I4
shares represented. The report being
adopted,
Col Buford read his report, showing the
earnings to have been 81 ,554 ,375.75; oper-
ating expenses and taxes, $500 432.0S net
earnings, S563, 943 CT; fixed charges, 1923
759 81; surplus, $l4O.1S4 SO; construction
and equipment, $50 $3.50. interest accrued
on Income bonds, S2l9.11S 75-S30 454 so;
deficit over all, Sl69 ,320.17. The earnings
show decrease over last year of ST. ,4o4 oS.
The expenses show decrease OF IS, 1882.
Ratio of operating expenses to earnings
67 6 TO- Tons of freight transported 40, Io9,
compared with 43S ,002 for the previous year.
The report says the almost unexampled fail
ure Of the wheat crop throughout the Sec
ton of the State traversed by the road, and
the continued inactivity Of the mineral traffic,
account materially for the loss of revenue
above indicated. Better prospects at pres
ent indicate better local production for an
other year, and consequently improved traf
fic aud revenue from that source. 1t also
SAYS The condition of the property has been
greatly improved during the year by the
substitution of stone ballast for sand and
dirt; heavy steel rail for the old iron rail
iron bridges for the wooden. During the
past wear there has been l67, GA ties replac-
ed 1860 tons G0lD steel rail laid; new
iron bridge built across the James River
twelve sud 0ne-haf miles of ballast
nj; unders h track; S, 100 feet of new sid
ing. and extensions of old ones. built at va
rcus points, which were necessary for the
proper handling o! the business. There has
Seen notning charged to construction &C.
count for the improvements made, except
such items IA were an actual addition 10 the
value Of the property There is still but
about g. 2 miles OF iron rail in the main
iipee track, about seventeen OF when
should be taken out during the com.
ing fiscal year. Seven miles is being
delivered ut this date. New iron bridges
nave been COUlfuCISN lOI 10 ItpIaEC tES
present wooden structures, st the following
points: Tye river, North Hardware, South
Hardware, Buffalo river, Cameron run,
Cetsr run, Licking run, Accoliuk, Rutledge
run. Turner's creek, Pohick creek. The
material for Tye River bridge has been re-
ceived, and is now being put in position.
contract kss been made for fifty new box
and fifty new stock cars, which, the report
says, are greatly needed. They have been
arranged for upon very satisfactory terms
and easy payments. Negotiations are now
pending for the purchase, upon favorable
terms, of five new locomotives of greater
power than the present ones. This seems
to be an absolute necessity in order to put
the property in proper earning condition.
With heavier power and heavy steel rail,
the average tonnage per train should be
largely increased.
The report was received and referred to
the incoming board of directors.
An election for President and Directors
was then proceeded with, resulting in the
election OF I. w. Hudekoper President.
and Messrs A. s. Buford, G. F. Baker, j. S.
Barbour, G. NJ. Black ford, JOS. Bryan, W.P.
Clyde, H. G. Fahnestock, ]. 7. Lowell, c. G.
Holland, J. McAueruey, ]. c. Maben, ". G.
Oakman, w. Ii. Payne, Geo. Parsons, G. 5.
Scott and a. d. Shepard as Directors.
The meeting then adjourned sine die.
Col! Bnfori declined reelection IS presi-
Dent.