Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-04-12

| debts $45,2493I. Since the war the back
debts with exception of a small amount have
been paid up by Sales of State stock, held by
the banks as collateral and proceeds convert
ed into their currency. A settlement of one
debt of another description has been made by
sale of Company 8 bonds, at $43 to the creditor,
who held them as collateral.
i STATEMENT OF FINANCIAL CONDITION.
Mortgage Bonds Sold sS30,00O
Floating debt 10000
Contractor s-approximate 10000
The Legislature at it's late session, passed an
act authorizing the construction OF Il railroad
connecting Strasburg with Winchester, to be
made by the Manassas Gap Company, provided
said company commence the work in nine
months from the date Of the passage Of the act,
and complete it within two years from tine Of
commencement If not completed at that period
the road may be built by the Winchester and
Potomac Railroad Company The act also
gives authority to increase The capital stock OF
this company and to borrow money for the 90
jects of the blu.
I. The making this connexion is secured BY the
provision of the bill, which gives the alternative
to one Company in case Of the failure OF the
other. Preference is given to Manassas on &C.
count OF her greater length Of line in the valley,
and the propriety OF shielding the point OF con-
nexion at Strasburg. 81,
The certainty of the making of this connex
ion, leaves to the Stockholders of this company
only the question Of the acceptance Of the pre-
erred authority given them in this act.
This act taken in cOnnexion with the act au
lhorizing the construction OF a railroad to run
from Harrisonburg to Salem, point on the
Virginia and Tennessee Railroad, constitutes 4
line of railway from Harper's Ferry to Salem,
running through the length Of the valley for
upwards Of 200 miles, and through Il section or
country;juS termed the granary OF the State,
with stores of mineral wealth, watering places
and points of attraction OF great variety, and
settled with large and entcrprising popula-
ton This line will !ntersect, at Salem, with the
Virginia and Tennessee Railroad, the shortest
leading line to the South, ahdat Staunton with
the Virginia Central; whose contemplated con-
nexions make the shortest line to the great
West, which is exhibited by the fact, that St.
Louis, the. heart Of the West, and Washington
City are equally near the same parallel OF Iati-
tude to which this line adhcres.
In granting this outlet to market to our
friends in the Valley, which had been denied
their repeated applications, because thought to
conflict with the interests Of Virginia cities, the
Legislature yielded its long cherished policy of
guarding local interests, to the broader prnci-
pie of general right Of way to the citizens OF
the State, by which they would be enabled to
90 directly to whatever market they deemed
best
The seal having been removed, with the eX-
ten sion to Winchester made, and the road from
Strasburg to Alexandria reconstructed, the tide
of trade and tiSvel through the VALLEY will find
its outlet to the markets Of the world over elthec
route, the advantages Of capital and larger
market of Baltimore, being ottsetted by the say
ing of 40 miles Of length ofline in favor of Alex
andria-and the Manassas Gap Company being
possessed Of this great Valley line to the extent
of nearly one-half of its present road, and the
extension to Winchester more than half, 1t IS to
this current of business to which Manassas must
look for new life and reconstruction.
This statement Of the condition. and OF the
circumstances which profoundly affects the flu
ture of the Manassas road, constitutes the plat
form upon which the meeting Will gather the
materials with which it may work out the OBJ
jects which has brought the stockholders toecth-
er And this statement leads your Board to adj
wise, that the Act giving the authority to make
the extension to Winchester be accepted, and
that the Board be empowered TO effect loan
which may furnish money to carry out the OBJ
ject of the act and also to reconstruct the road
from Harrisoning to the junction, with such
guards and provisions as may meet with the APP
proval Of this meeting. By order Of the Board
EDWARD c. MARSHALL, Pres.
Mr.. Cazenove then offered the following
which was adopted
Resolved, That the Stockholders Of the Manas-
sas Gap Railroad do hereby accept the provisions
Of the act Of the General Assembly Of Virginia,
amending the charter Of the Manassas Gap
and Winchester ana Potomac Railroad Com
panies " passed at tn recent session Of the Lc-
gislature.
Mr.. Marshall, Oh the part Of the Beard Of
Directors, then offered the following preamble
and resolutions, which, after discussion, were
referred to committee. Of eight members, OF
the meeting, selected from the stockholders re-
siding in each county, along the line, aud the
city of Alexandria, as follows Gen, S. Fl.
Lewis, of Rockingham; Geo. ". Murphy, OF
Shenandoah j. S. DAWSON Of Warren; Gray
Carroll, OF Fauquier: G. Fl. Hunton, of Prince
William; R. H. Cockcrille, Of Fairiax y.
G. Cazcnoyc, of Alexandria; and W. D.
Massey, one Of the State Proxy:
Whereas In consequence of the severe losses
which this Company has sustained, by means o.
the military operations along its line, 1t has be-
come necessary to provide funds for repairing
the damages, to complete the construction OF
the road; and to meet TIL, outstanding debts and
obligations of the Company including the in
terest on its mortgage, therefore
!. Resolved by the STOCKHOLDERS, lhaC Inc
President and Directors be authorized and ern-
powered to borrow twelve hundred and fifty
thousand dollars H. $50 000) at rate Of interest
not exceeding eight per cent. Is per ct), and to
execute bonds with coupons attached the loan
hereby authorized, to be secured by mortgage
of the road rolling stock, other personal proper
ty, and franchise; provided satisfactory ar
engagements can be made with the holders Of the
present mortgage bonds.
2. Resolved, That the Valley, tao Winchcst-
or and Potomac and the Baltimore and Ohio
Railroad Companies be invited to cooperate
with this Company, in the construction OF the
road connecting Winchester and StrashUrg, and
that authority be given to the President and
Directors of this Company to negotiate terms,
to effectuate said object: including power to
transfer the title of this Company to the benefit;
of the act authorizing the construction Of said
connecting road:
3. Resolved, That in case the President and
Directors find it cxpedicnt to exchange the title
of the Manassas Company, to property in the