Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1867-02-16

L
to the Legislature, in reply to a joint resolution
requesting him to ascertain on what terms the
stocks and bonds which the State holds in the
railroads Of Virginia can be exchanged for the
bonds of the State A Richmond paper thus
gives the important points of the Governors
message:
'.The bonds and stocks having all different
market value, the Governor, 10 this message,
estimates that all the railroad bonds held by
the State have nearly double the value Of the
State bonds; the stocks arc worth less. BY
combining the stocks and bonds Of the railroads
they could be made to approximate the value
of the State bonds. The Govcrno, determi-
ned, therefore, as an experiment, to offer the
stocks and bonds of all the Southsde roads,
and had addressed Messrs. Barring Brothers,
of London, on the subject, but had received no
reply. A number OF New York bondholdcrs
had expressed themselves favorably to the cx
change, but thought the sale could be better
effected though the agency of an incorporated
company, and drew charter for Il bill iDcorp0.
rating company Of New York and Virginia
gentlemen, with others to be appointed by the
board of public works, the capital not to exceed
$50, 00O The charter gives the company
power to purchase the stock and bonds ofroadS
in other States, and to construct new lines Of
road connecting with any roads leading from any
of the Southside roads in the direction OF New
Orleans, St: Louis, Memphis or Louisyl"le.
The conn any may receive Tor It's capital stock
any Indebtedness Of the State Of Virginia. Or the
obligations, bonds or shares OF any OF the South.
side roads in which the State has an interest,
and if said company deliver to the State, prior
to July 4th, 1868, its bonds to the amount of
stocks and bonds held by it in the Norfolk and
Petersburg, Southsidc, Virginia and Tennessee
and Virginia and K kentucky Railroad Companies
the company may assume and control the lines
of said roads, but if the private stock hoders in
any Of these companies refuse to subscribe the
capital stock of their road to this company, the
company shall have the same voting and other
privileges now held by The State in the mar
agcmcnt of such road. For transporting per-
sons and property to or from Richmond, from
all points west of Burksrille, the rates shall
be the same as if the road were straight line
from Richmond to Lynchburg, and the same in
regard to Norfolk. -:
The object Of the company, says the Gov
ernor, is to make frst-class road from Virgil
MIA harbors, extending towards Louisville, St.
Louis and the great Pacific railroad, and also
penetrating the Southwest in tie direction Of
New Orleans and the South from Danvile
through the Caroiinas; thus making one of the
most profitable roads in the country. Cover
nor P. thinks the bill fair and that it ought
to be received with favor by the people, as
it will reduce the State debt by the payment
Of 50, 000,O enhance stock held by indi-
viduals. and interest capitalists from other
States in improvements, which will greatly
reduce local freights. lie also believes that
north side roads, with permission to construct
the Covington and Ohio railroad, the object
could be effected and the State debt reduced
100000 moro.