Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1853-02-04

AZ friend q the Orange and Alexandra Rail Road Com
panv permit tic article which appeared III 'ic ti,
qG Of Iii. morning, rejecting upon CERTAIN loans o money
made hy that company 10 pass wl'hou' notice Is 'tah
able that wfT, protesting 70 DC friendly ~ !he''al %
MIS- should have called attention TO an ac' cacua'
u, 10 excite public pr; JUDGE against ieh"ihs
in the Stale without presenting tho which !psIleu
the company negotiate the loan OF n"ney Iccrfeu 10
p.rlaps riir vision of the writer's syscm IL narrowed
v that Sou,h Side in which he much delights The
exposition made by the President oil HE compan! 10 tH
stockholders in their last general meeting completely VIM
iica,es the policy pursued In his report, ar haloou
makes statement from which extract The following:
"he very anomalous features OF the original aha AMEND
ed Gets of incorporation divided the capital STOCK mo 'ee
parts or sections they we're STYLED, ana gave u
each section separate ard independent existence re-
stricna me application Of The capital Of each 10 us pnFHc
lar sphere. The capital stock 81 lie eastern ana houe
scclnDs proving rn!eQuat@ complete me construction
Of MOS, sections az III" road and having been, io III" most
nat eyh G;cd 50 far The same coai be maze aVilabc
the board driven - tie necessity =" 'o"h!"- :" oe
sources iT ~. niclns oi irHst' htihH IN" "'h'
lis construction aoo.it"r nntii rcici Guild be "hin'c
from Tie iafIY rSait'n. Wise aud enlarged
policy I dictate that important fIi'c iiu' G''ch
n,d h.,r.s,s IN IL: prunrcs that he expenditure Of
NOR. ,Ear six hurlr thousand dollars already Incurred
shout! lie U:ie:.d TO lie Dormant and unpro:uctv" a"ai'hs
the ha al accidents be called again into active ever
ci. , use The Stockholders, al their general meci'T" IN
Nav ISL had authorised loan oi siUUuO 10 compete me
consu"; and equipment u! HE Eastern ana hinoe Sec
lion. OF ;e road wiki power 10 mortgage the properly OF
the connny 10 sccnc liz payment and had empowered the
President and Directors The last annual meeting IN octo'
her Of l,. wear TO dispose Of the bonds OF tie company
issued in conformity The above authority upon such aes
and tcrs az they might enabled TO effect Pursuant l"
the authority Inferred and in view oil tue pressing demands
10 cGrtv on The work heard proceeded u take Iho en'
site measures 10 obtain loan Of money adequate 10 cNs.
ing wants To borrow The large sum required ~ pay
the heavy current expenditure Of Inc company was u
task CT no ordinary dicn!iy. The money nHnhc'T
NJ the coprtrv wc flied with rail road securities, offered
for sale and seeking Investments Of capital upon terms Va.
ryng Y.ico according - i!cl' real q! a'cps1 V"'uts
and In rrnus instances bearing interest 81 seven ana
eight %. cent 90: nrmnm Ou;s was new road, WIN
Short .nc al r1i.wd operation. without any estao's'd
reputation give It's bonds sa"';r abroad OF ~ ""t w.
yes,nrn AT home 10 these considerations WIS In :" adad
the fact The road had not penetrated as e. very pro-
ducvc country reached It's more valuable connections
In The j. glcy az he w0k and snTg0unGcd " ccuhs'a
ce little pfori,iuus reasonable 10 expect thai
sale our ons for large an amount coa'd D" ne@Htia
ted at tate experimenting I.ir par value Alter eah.us2
,c Efforts obtain favorable ter6s, HE board 10 h'
month January effected rate upon an issue OF bonds &c
tae amount Of $1,000 a, 81 per cent nett oincc una
time another soi OF $50 900 Of bonds has been elected al %
per cent and The money paid TO The credit OF Inc Company
msknr altogether disposition OF S25Q0OO Of bonds ISSUED
on The par Of Tho Company There remained on the Both
September last $4,000 Of bonds Of the original Issue
S400 Coo part which have already commanded W PEI
cent and il is believed that the remainder eau be ieaGj
"a at tina, p,ce TIE first disposition OF the bonds may no
be considered unreasonable when ne ac; adVefch TO- Una
the Baltimore and Ohio Rail Road Company win i'
large rcvuu0cs lcEg line Of railway in successful operation
and OK cnci rgu:'ipn. ncgo'icd large Ican about I'M
a," ljlne the rry rate. Through Tie HicanS mus
,asei lie rr; cf lie Company has been restored, is Cx
cnee9.: =. sei aud the work which had already begun
10 auash been prosecuted WIN renewed Por ana S
tended more than thirty mes.
In addition 10 tie reasons cnnCuSivciy set forth in the
report referred subsequent facts have fully indicated me
wise policy oi the company in borrowing money Tor hc
work Prior to making the loan, learn from authentic
sources but twenty miles OF road were IN opera
ton and Ire monthly receipts only about $1,000. With Tie
means obtained by loans 81 odd miles more nave beer
n in oucraton and the monthly receipts have run up
abou, 81 00O Now, suppose that the loan had not beer
made and the work delay eighteen months. rs would have
been the fact waiting the action OF the Legislature, tn
company would have lost Of its receipts s9oO0 pei
month making aggregate loss of sl6a OoO whereas The
difference between the price at which the bonds were sold
and mar upon the whole isaue makes little less than the
Of $4,000 BY means of the loans effected, the company
has been able pay for 200 tons OF iron which,
| n,, obtained would cost the company The addlona
snn If al least Sl25 O0O Putting every thing together
far from any injury having resulted from entering into this
lnan /, is dcrnonstrahIn that after deducng working
private sockhodes and the Stnc have been
iv II rowN.s al $500 600 The financial administration
NJ company il the State will admit o! more compiet" vim
tcapn than that OF The Orange and Alexandra Rail hoa'
company NORTH SIDE.
FEE lET, 1898.