Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-11-21
Balance of loan due State DIVA, 249, u
Total funded debt of Company, $2,637, 7G2 p
The temporary or floating indebtedness is
EN- braced in the following items:

of the Board Of Public Works, g, o'4o no. 90 90
September rolls unpaid, ,,y iII 1'Si1 40 \
The company has heretofore issued pro1erreu
stock to the amount of S4,AJ0, upon Whlch
there is an accumulation ofSl6, lou w OF interest
which as it does not stand on same footing WIN
the general indebtedness, Is not embraced III
the above statement. ..-..t-,
gainst it's indebtedness, the Company has
the following resources and u ailable funds:
I'd mortgage bonds on hand o. % 5 5o0
~ :. f....t GIG 500
Total amount of bonds on hand, S7l2,St0 /
There was also due and AVAILABLE on the 3oth'
September last - a. %!
From railroad companies, ", g2o Us
Due by individuals, 80, ~ ~
Agents, ll,Soo ~
u $. for transportation, 2l99 vi
Total of this class Sis, IT'S Is
There should also be credit given of an IN
vcntory of wood, cross ties, and material on
hand for future use, to amount OF $50. G5l 81.
The sum of $23, 0S4 10 is also due from delln-
nuent stock hoders, from which something will be
realized hereafter by collections and sales. In
addition also there remains Of the clpltal stock
created by the charter, and not TAKEN shares
to the extent of 1858, $50 90, which the Dlrec-
| tors were authorized by q resolution or the
Stockholders at their last meeting, to Issue as
subscription to such parties as would iund Their
debts in the same if deemed expedient. :
There is also balance of preferred stock to the
| amount of $55, 500 held by tbs company.
In providing to meet their indebtedness the
| mortgage debt may be considered as arranged,
! AZ the past due coupons on the first mortgage
have been funded and interest paid up to lst
November, 1867. The amount due on the
succeeding mortgages arc now III process Of
| funding, and payment OF interest VIII De rH-
snmed as these scveraly mature IN order. -
| This arrangement will take out OF the way IN
| short time the residue OF overdue c11lron$ nov"
| CLOSED under head nt floating debt, To the
amount of $4G6, 64560 1t Is propose! to
| fund all these coupons in ncw bonds bearing
| per cent. interest, and la'!lng Que Wilh the
| principal amount Ii will nc proper also to
| substract from the amount reported nl tempo
rary debt the sum above stated Of 5 Is, 10. Is,
due on 3Oh of September. from raliroad com
panics, agents, individuals, &c, which relieves
| to that extent the indcbtc mess charged rs cX-
| listing against the c0mplny AT the same date. -
| This class Of charges AMI credits appear In the
! accounts a; existing at the end Of the month,
| and are closed by payments and settlements
made few DAYS thereafter. THIS wlIl reduce
the residue Of aggregate floating debt to the
sum o. $3.50. O7549 In the course of year
| or two, it will be in the power Of the company
to Iiouidate this class Of Indebtedness from
sale OF bonds on hand, and receipts Of trans
portatinn. But if the required forbearance
cannot be extended by the holders of the float.
ing debt it il suggested that the creditors fund
their claims in the per cent mortgage bonds
now held by the company, and close The ac-
count The present scale Of receipts Is ample
to show the ability Of the company to meet It's
interest account on The entire debt and leave Il
surplus.
THE MANASSAS BRANCH ROAD. -.
The General Assembly Of Virginia passed an
act ct the last session, by the terms of which
authority was given to the Manassas Gap Rail-
road Company to contract with this company
for the transfer OF the stock shares, franchise,
and property, OF the former to tho latter com
pany upon certain stipulations and conditions
specially set forth in the law. This act was
subsequently accepted by both companies in
general meetings of their respective stockhold-
dcrs called for tho purpose, contract entered
into as required by the law, the deed OF trans
fer duly executed and recorded, and the road
and other property regularly turned over to the
authorities Of this company. As the early COM
menccmont of the undertaking assumed by this
cOmpany to rebuild and complete the Manassas
Road was provided for by the act OF Assembly,
as well as by the contract between the compa-
MES, and at the same time as It was material to
the Interests of this company to realize a
return upon its outlay as soon as possible,
measures were at once Initiated to comply with
the obligation assumed, and to proceed with
the construction of the work with the least pos
sible delay As preliminary proceeding,
however, it was necessary to make some adjust
ment with the mortgage creditors Of the late
Manassas Gap Railroad Company to satisfy
their demands and to remove the existing nrl-
ority of lien which these parties held upon the
road and property of the company. After
some delay and negotiation with The creditors
an agreement was finally entered into, by which
they accepted new bonds Of the consolidated
company secured by mortgage on both roads
in lieu of their own, at the rate OF slxty-two
per cent of the principal and interest then due
and outstanding. 1t will be perceived that uh-
der this arrangement thirty-eight per cent Of
their debt was surrendered by these parties IN
consideration of the undertaking OF this COM
pany to assume the residue, and to resume pay
ment of interest on the principal amount on
the lst of January next This arrangement
has obtained the concurrence OF the bulk or the
bondhol1crs, and so far has teen refused in
SluRle llSlanCG OHlV. AS SOOu d. ClllH uiluHutf
was removed the Directors proceeded without
further delay to have prepared a new issue Of
bonds running for fifteen years, and bearing
seven per cent per annum interest to an AMOUNT
not exceeding 81, $50 600 90, and to execute a
mortgage on the property and franchises of
both roads to secure the payment of the same.
The issue of these bonds was required partly TO
take up the former bonds above referred to,
and ne financial basis tO raise the means ne
cessary to rebuild the road, and complete the
unfinished section to HarrisOnburg. At the
date Of taking possession of the Manassas Road
the track had been impcrfcctly laid to Pied
mont Station, distance Of thirty-four miles,
with an intervening space of twcnty-saven miles
to be bridged and relaid from that point to
Strasburg From Strasburg to Mount Jack
son the old track was still ling, requiring
however. tho renewal Of Z lur.e amnlnt OF.