The Memphis appeal. [volume] (Memphis, Tenn.) 1886-1890, 1889-03-22
PRESIDENT JNO. OVERTON
A MEMPHIS MAN AT THE TENNESSEE
MIDLAND RAILWAY HELM.
I. G. Leake, Jr., Vice. President, n the
Other Officers Observation-Disclosures Of
Col. A. 8. Buford and His Board OF
Directors.

wi a. o. bulord ana dis Board OF
Directors.
AS The APPEAL yesterday published
exclusively, the Tennessee Midland Rail-
road stockholders at their adjourned an
nual meeting Wednesday in this city,
elected the following Board Of Directors:
A.. S. Buford, T. @. Leake, Jr., R. II.
Temple and r. L. Taylor, OF Richmond,
Va; Il. Il. Richardson, OF Nashville,
Tenn; Jno. Overton, Jr., d. T.. Porter, T..
j. Latham and ]. II. Allen, OF Memphis.
The directors held a meeting yesterday
in the c%ompany's office and did what The
APPEAL announced yesterday rs a proba-
bility, viz: Elected a Memphis man pres
ident. Col. A. S. Buford, who has to this
time been president of the road, was re-
Gently chosen president OF the Virginia
Construction Company, and on that
account declined a reelection to the chief
executorship OF the road. Col. John
Overton, Jr., was unanimously chosen to
succeed him, and will bring all his char
acteristic pluck and energy to bear in
pushing the road to completion and a posi-
ton among the great lines Of the country.
Mr.. I. O. Leske, Jr., vice-president, and
all the other officers were unanimously
reelected.
The retiring President, Col. A. S. Buford,
and Board OF Directors, submitted their
annual report, from which The APPEAL
Is permitted to make the following extracts:
The preliminary surveys and examina-
tons between Nashville. Knoxville, and
the Virginia State Line were discontinued
early in the year (lSSS), IL having been
satisfactorily demonstrated that the
through line could be constructed rs orig
imlly projected with easy alignment, on a
maximum grade Of | per cent, ut an ay-
erage cost not exceeding Sl7 900 per mile.
The anal location from the crossing Of the
Tennessee River TO Nashville has been
completed and the engineering party dis
banded.
The line between Memphis and Jackson
was opened Tor regular traffic June !, 1883.
The work OF construction between Jack.
son and the Tennessee River has proceeded
rapidly. The line was opened for traffic
by the extension Of the regular schedule
for trains through Madison County Janu
airy /, 1889, TO Lexington February 4,
1889, and through Henderson County
February %, 1889. IL Is expected that
/ ANNN ElANfhhAN AAlA w 1AA'AAAAAA W u hANPNf
the station which commands the Decatur
willie business, within the next fifteen days
aud the whole line can be put in operation
through to the Tennessee River in May.
The local subscriptions ON the line ag-
gregate nearly S6j0,000. The city OF Jack
son. Tenn, paid It's subscription Of sl25.-
900 promptly in its twenty-year q per cent.
bonds, which were readily sold at n salts
factory price. The Henderson County
subscription OF $4,000, which has been
earned, will be paid by the delivery Of
their twenty-year q per cen bonds rs
soon as the necessary action OF the county
court can be had, early in April. and they
have been contracted 10 be sold ut q salts
factory price when delivered. Some Of the
individual subscribers have paid for their
stock already and the remainder can be
collected when the railroad is in operation
TO the Tennessee River.
From Memphis TO within say ten miles
OF Nashville, the rights OF way have been
practically all secured, The necessary act
OF Congress has been secured empowering
this company to bridge the Tennessee
River, and II il hoped that satisfactory ar
engagements may be- soon consummated by
which you will be enabled TO put under
contract that part OF your railroad east Of
tho Tennessee River and push its con-
slruclion TO Nashville ut the earliest prac.
ticablc date.
Following Is the present equipment OF
your road: -Four ten wheel freight loco
motives, three eight wheel passenger Loco
motives. three Grstclass passenger coaches,
two second class passenger coaches, three
combination mail, baggage and express
cars, fifty twenty-five ton box cans, fifty
twenty-five ton fiat cars. three twenty-five
ton stock cars, four caboose cars.
Grounds for terminal facilities in Mem
phis, and depots and yards at Someryille
and jackson. have been secured ut a cost
Of Sl00, OO7.6 The property purchased NJ
Memphis Is well located and will afford
facilities equal TO those OF any railroad en-
icring the city. About SIG, 20lSS has
been expended for bettermcnts, consiruc-
ton and improvement OF torminal iacili-
ties. chiefly at Memphis.
The express business Is conducted by
the Southern Express Company under
contract on the line as opened. The mai
service began July %, but rs no weighing
has vet been held by the department, the
compensation has not been liked. Ncgo'
|, tiations were held with the Western Union
Telegraph Company, with a view 10 the
construction and operation OF n telegraph
line by that company, but ~ no salts
! factory conclusion could DO reached, the
Virginia Construction Company has bull
a telegraph line which IL In use by this
, company for it, service, and a charter ha'
been secured for tho Midland Telegraph
Company, wilhall necessary gran;soi pow
ers for the transaction Of commercial bus
, mess. Some negotiations have also beer
, held by the Mackcy. Bennett Postal Telc
graph and Cable Company, with a view
TO securing the telegraph privileges.
Following Is the statement OF earning.
for the nine months TO February 2S
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You are 10 be congratulated on the cx
ccllcnt physical condition OF your prop
erty, the very satisfactory showing hai
~ Tar made, on the hopeful outlook lot
H.