The New York Times, April 3, 1892
Richmond, Va., April 2.-A general meeting of the stockholders of the Virginia Construction Company was held at the offices of the company here to-day. The agreement made by the Board of Directors on March 1 for the disposition of the company’s interest in the securities of the Tennessee Midland Railway was ratified by the affirmative vote of the holders of about three-fourths of all the stock of the company. This company of which Col. A. F. Buford is President, built the Tennessee Midland Railway from Memphis to Perryville, Tenn., about 136 miles, and held nearly the entire issue of the securities. The price paid is understood to be $2,350,000, of which $530,000 is cash, and the residue is guaranteed 5 per cent bonds. The purchaser is Mr. T. J. Mors of St. Louis, who is the principal owner of the Paducah, Tennessee and Alabama Railroad, now in operation from Paducah, Ky., to Hollow Rock, Tenn., and under construction to a junction with the Tennessee Midland, and projected to Sheffield, Ala., where connection will be secured for Birmingham, Ala., forming a through line from St. Louis to Birmingham with connections via the Tennessee Midland to Memphis and Nashville.
To Buy The Tennessee Midland
The New York Times, February 14, 1892
Memphis, Tenn., Feb. 13. – For some time past negotiations have been pending for the purchase of the Tennessee Midland Road by Illinois Central. In the last few days these have taken a definite shape, and it is understood that the deal has been perfected. Judge T. J. Latham, one of the two Tennessee members of the Executive Committee of the Board of Directors, is now in Richmond, Va., in consultation with the other three members of the board, who represent the interests of the Virginia Construction Company.
The Illinois Central wishes to acquire the ninety miles of road now in operation from Memphis to Jackson, Tenn. The Illinois Central has no special use for the remaining forty-five miles from Jackson to the Tennessee River, but it is reported that an arrangement will be made by which third parties will complete the road from the Tennessee River to Nashville, a distance of 100 miles, the Illinois Central guaranteeing bonds sufficient to furnish the means.
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