Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1866-12-01
ORANGE & ALEXANDRIA Z. R.

The following is the report OF the President
and Directors of the Orange and Alexandria
Railroad Company, submitted to, and adopted
by, the meeting of stockholders on Thursday
night.
IL the Stockholders Of the Or0nya and 4lsrGi1
d11ia Railroad Company:
The Directors respectfully submit their re
port of the State of the Company and Of their
administration of its, affairs for SO much Of the
past financial year ending On tie 30th Sept
last, as is embraced from the date Of their Off
cial installation and possession to the period
last above mentioned.
It is deemed proper however before present
ing all exhibit Of receipts and disbursements
since the delivery of the road and other prop
Board of Public Works in Apr! last, to pre-
sent for the information of the Stockholders
brief resume of the facts involved IL that
proceeding.
It will be remembered that on the Ssh day
OF March last, pursuant to the call or the
Board Of Public Works. meeting Of the Stock
holders was convened in the city CT Alexandria,
and the present board OF Directors duly elected
The board was organized the following day. and
proceeded at once to advise the ;50ard OF Pub
tic Works of their election, ana made formal
demand for the delivery CT the read and other
property of the Company. liz the meantime
the Committee appointed by the Stockholders
meeting, to adjust the matters ct difference, il
practicable, with the agents Of the Board OF
Public Works, met and attempted to discharge
that duty. After much negotiation end delay
the Committee finally. on the 2Sth OF March,
reported to the board Of Directors, through s.
H. Shackeford, ESQ, Chairman, their inabil-
ity to make any adjustment with said agents Of
the Board of Public Works. copy Of this
report is hereto annexed (marked !, and
which will explain fully the action Of the Com
mittee in the premises. It vas difficult at first
to understand the causes Of the failure on the
part Of the Agents of the Board OF Public
Works to come to terms with the GouiGiftce
for the delivery Of the road as above. Not
withstanding the Committee had expressed
their readiness to allow all the demands of the
Agents as presented, the negotiation fually
failed and was broken off, ana The fact SO re-
ported to the Board OF Directors. In the in
term the Board of Public Works had directed,
by resolution Of 18th March, the road and
other property to be delivered up by their
Agents. and notice thereof, and a formal DC
mand for same duly made Of said Agents by
the President of the Company without success.
Finally after the Withdrawal OF the Committee
Of the Stockholders, proposal was submitted
to the Directors, by Mr.. =. Quigiey, 10 sur
render the property OF the Company to them
upon condition that they should satisfy o debt
due by the Agents, On account OF the road, 10
the First National Bank OF Alexandria, for
$4,000, and to ratify contract made by them
with the Adams Express Company, and as
sumo the obligations thereof, by which. Ia con
sideraton Of the sum OF 100000 90, hereto
fore paid, to said Agents, certain exclusive al
vantages Of transportation, with liked rates OF
charge, were secured to said Express Com
pany for term Of four years in adeance.
This last feature appeared to be the gist Of the
difficulty 1t will be seen, from the statement
of the Auditor of the said Agents, made 70 the
Stockholders Committee ia March last that
on the 9Th March last, (ihc day before the
and on the 18th OF March, nine days after the
election Of the present officers, the additional
sum of S25, 900 was paid by said Express COM
pany to same parties; and yet this matter
upon which final settlement hinged does not
appear from their report to have entered as al
element into the negotiation between the
Stockholders Committee and the Agents
aforesaid The Directors however in view o:
all the circumstances Of the case, and Of the
action of the Stockholders meeting, and OF ile
committee as reported 10 them, finally agreed
to accept the terms proposed with some mod-
tlcatiOn OF the contract in regard 70 inture rates
to be paid by the Express Company and on
the 9Th day Of April last formally received pos
session of the road, and their officers entered
upon the discharge Of the duties assigned
them.
At this point, in order TO understand the con-
dition OF the Company, and the state OF its ac
counts at the time Of the delivery OF the road
the following tabular statement is submitted,
prepared by Mr.. A. Mclean (thcir Treasurer
from the books Of the Agents. showing amount
of indebtedness created by them and unpaid.
the available resources turned over, and inven-
tory Of property purchased fox use Of Com
pany, viz:
Debts due to individuals inclutl-
ing Pay Rolls, Wood, Cross
Ties, &c. 1920 10.
Due to United States for purcha-
ses and interests thereon, 1856 Il.
Bills payable, 1925 II.
Balance due to Adams Express
Company $685. o..
Due to other Railroad com panies, Il, COO 90.
Making total Indebtedness IS ------
above OF, $500, G65 o.
Against this amount the following available
means we're turned over:
Due by the u. S. for transpora-
ton OF freight dnd GaSScn-
gers, $4.S2l 81.
Due from United States for carry
ing mails, 1926 s.
Due from American Telegraph
Company, 772 81.
Due from Fowle & Co., N. Y, 1874 CT. |
Due from agents and Others $1,000 90. |
Balance in Banks turned oger to
j. H. Reid, S13 OF.
Making an aggregate Of So, Gl9 co. !
And leaving an excess of indebted
ness, over available means de-
liyered, of S25S.047 o.. |
Against this last balance the Agents will be
entitled to credit Of SO much as the inventory
of stock, supplies &C., turned over to the
Company with the road, and not otherwise en-