The Washington union. [volume] (City of Washington [D.C.]) 1857-1859, 1858-10-22

pose The interest the debt stated floating and
funded, VIII be 500, 600 about II per cent. The
Of $50 600 wanted for payment vi interest exceeds by
$4,000 the net income Of the earnings Of the road
which il stated to be S3S 600. The deficiency will be
made up by the increased receipts OF the road when
ming TO Mount Jackson This result being fair infer
ence from the fact that the xteson Of the road from
Strasburg TO Woodstock dstauee Of IL miles produced
an increase OF receipts amounting 20 SIS 900 The road
at Mount jackson will better command the trade Of the
valley and occupies also, position Of much greater
local development
The floating debt has been funded by the sale OF com
pany bonds at low figure Most reluctantly the board
has been forced by the depotism Of circumstances to
submit 20 this loss Pressed for payment and without
means except those derived from the sale Of bonds the
board had the alternative Of selling the bonds themselves
on having them sold by the creditors OF the company
Compelled, therefore TO 80 iato market Submission to
market prices a necessary consequence.
Manassas could exhibit her basis of credit only
revenue crippled by short crops and forced to take
lower range Of prices than companies with ample
revenues.
+ The floating debt Of the company should be extin-
guished, partly because payment Is demanded, aud in
part that the rate of interest much higher upon the
floating debt IA make IL prudent that il should be
fndd The prospect is that in future, the exchange
can be effected with improved prices for the bonds, be-
cause of the better of the company and the
reduced debt requiring the sale of less number Of bonds
and diminished urgency for their sale.
The board has every to Justify their confident
expectation that the road will be completed as far as Mt
Jackson early in December The crosses are laid
within three -four miles of this point and the rails
confidently expected to arrive in the OF the month
Of November the laying upon ready ties requiring
but little time The rails the best Welsh manugc
ture, and will cost the company, all expenses paid,
$40 so ton. s
The completion of tho road to Mount jackson Is cause
Of congratuation for several reasons 1t is the end OF
all the very expensive work the road to Hasonbug
it is point Of greatly improved accommodation 10 the
trade of the county Of Rockingham, and by improving
the of the company it gives relief from the
thraldom Of pressing debt
The completion Of the road from Mount jackson to
Harrsonbnrg will be anxously pressed by the board
There two points which will require length Of
time for their completion, and the court of Rockingham
m the magistrates of the county present. expressed the
wish that the company would the county bonds in
the immediate prosecution of this particular work The
board deeply regrets their inability with their limited
means To do more work than that adyefted to. 1t Is
however pleasing reflection that the completion of the
road TO Iarrisonburg will not require a large An
appropriation of $3.50 900 by the State will close this
work.
On the work of the Independent line and Loudom
Branch stated in the report Of the board of last
year, the graduation and masonry have been than
half finished The completion of the work. supersruc-
ture and grading, will require 5000 000 greatly
exceeding the of the company and although the
way of its accomplishment is dark, yet perseverng
win may find the way it is just of confidence
that the past achievement of the company authorizes the
conviction that the entire completion of this work is
| qu,s ion of time and not of fact
The for the year ending Both September 1885,
| is as follows: -.a r#.t..ar ..'.....