Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1868-11-27

!
| York unless at Chattanooga the Charleston ano
| Savannah roads enter the lists with Norfolk
by their combined water and rail routes; bul
| for the valuable tonnage passing between east
ern cities and Memphis aud Nashville, the
chief monopoly is now enjoyed by the lnslde
all rail freight lines operating mainly on Tue
| Pennsylvania Central Railroad and It's connec
| tons. AS is we'll known scarcely tlthe OF this
| business now goes via Norfolk and Petersburg.
| The heavier and cheaper tonnage may to some
extent take that route, but the lighter and
more valuable articles are shipped mainly by
the all rail line mentioned last. As representing
shorter and more direct all rail line, our com
| pany should have Eeen stimulated to compete
for this class of freights by the Virginia ana
Tennessee Railroad Company, instead oil belng
met with the dog in the maDger pohcY OF pro-
hihitury rates on tonnage which could not oe
secured by the Norfolk line on any terms. Inc
tendency of the freighting community is to ship
hv all rail lines, and the exclusion of our trans
portation of through freights is operating
against the interests OF the Virginia and Ten
| nessee Railroads, is regarded as Injurious to
the business Of the Tennessee Railroads OF the
line, aud has been made matter Of serious re-
monstrance by the Governor OF that State to
the authorities of Virginia. A policy so mar
| row and unwise, founded in selfish cOnsldera-
| tions, and so much at variance with commercial
| freedom can not stand long approved by an en-
| lightened public.
This company does not ask any exclusive adj
vantages over the competing line at Lynchburg
| but only to be placed upon an equal footing
with its transportation on the Virginia and
| Tennessee Railroad. Our position is sustain,
ed both by considerations OF justice and
public policy, and the concurrent expression OF
| all the railroad companies associated IN inter
+ est West of Lynchburg.
The difficulties which have arisen in regard
| to through freights with the Virginia and Tenn
essee Railroad Company have arrested the
| proposed extension of our road to connect with
| their depot as contemplated at Lynchburg. =
| It was not preceived that our company would
be justified in the expenditure of fifty or sixty
| thousand dollars to make connection available
only for passenger purposes.
FINANCIAL DEPARTMENT.
Receipts and Disbursements,
| According to the statement reported by the
! Treasurer the receipts from all sources from the
lst October, 1867, to 90th September, 1858,
Disbursements during same period. !, lo5 200 &c
Leaving as balance IN banks....." oozo &c
Statement Of Finances.
| The return of the state Of the company
and general account of its financial operations
for the year ending September Goth, 1868,
certified by the Auditor, is herewith submitted.
The following analysis will show the general
| financial condition Of the company:
In the form Of funded debt secured by mort
gage there is due and outstanding as follows
of principal:
On the first issue of per cent bonds on road
from Alexandria to Gordonsvile the sum
! 100000 0C
| On the second issue of per cent
| bonds and first mortgage OnLynch- 80
burg extension the sum of.........l, l3O, ,5OO W
| OF the Sd issue of8 per cent bonds
e extension, the sum of.....,,..,,,... 57S,5OO OC
Of the 4th issue of 8 per cent bonds,
extension. the sum of................. $751; 700 0C
| Past due coupons of lst I'd, 81 and
bearing interest. est...................... 546525 0C
| Of the lst mortgage bonds, Orange, oo. -
| Alexandria 81 Manassas H. K. Co.. 7O80O0 OC
Balance of loan due State Of Va.... 49 96Z II
Total funded debt of Company So 94O187 q
The temporary or floating Indebtedness is
embraced in the following items -
| Interest coupons mortgage debt Sl6ZOlU SO
Interest on dividend scrip............. 7,C00 N
| Bills payable, old and inter est."... 66,73l y
Bills payable current year. 90, SO u
| Wood and cross ties due.............." 1855 81
Individual accounts. % ~ Ol
Interest on loan from State of Va. Al, ,24O Is
September rolls, unpaid .."............ 3O,7T =!
The company has heretofore issued preferred
stock to the amount of $S4 200-upOn which
there is an accumulation of SIG, 4S3 of interest
which as it does not stand on same footing with
| the general Indebtedness, is not embraced II
| the above statement
| Against its Indebtedness the company has
the following resources and available funds:
End mortgage bonds on hand...'9 90 s 9e00 e00 w W
| 3rd " ,6OO W
4th ".".... 36S, 30U "
lst {" O., A. s. NJ bonds..... 942. 900 q
Tota! amount of bonds on hand. 81, 4O6,3U On
| Bonds Of Rockingham county,. lO,5OO W
There was also due and available on the 30tl
of September last:
From railroad companies and agents. SGT, 995 q
Due by U. s. for transportatian 96a21 da1 O. O.
! - " 6 2. o. Department.. 1881 81
I" on old balances and interest prior -
TO current yesr ........"...."..... ,d ,oUl = y
| Dae by banks ooz9 *
Total Of this class SoZ, loI Z
There should also be credit given OF an 10
ventory made of wood. cross ties and materla
on hand for future use, to amount ot$I9, $40, ~
the sum of 500, 96S, 10 is also due from delln
auent stockholders, from which will be reallzet
something hereafter, by collections and sales. II
addition also, there remains of the capital stool
created by the charter, and not taken, shares
to the extent of $S53.SS2,2l, which the Dl
rectors were authorized by resolution OF tn
stockholders at their meeting in Novembe
1866 to issue as subscri ption to such partle
as would fund their debts in the same if deem
ed expedient. There is also balance OF pre-
ferred stock to the amount Of 5,S00,00 hell
by the Company. The resumption OF payment
interest on all the mortgages has now been made
and the coupons paid as presented, This wa
necessary as preliminary step to establish tn
credit OF the company on a better footing in tn
money market, and to lay a foundation tor tn
sale OF fthenew mortgagebonds issued to- oconstruc
the Manassas branch. In the sales Of the las
mentioned bonds favorable rates have bee
obtained and prices realized quite as satistac
tory as could have been anticipated. Th
large item in the statement OF temporaIr
indebtedness of $526, 32S,9l, under tn
hnad Of Bills Pauahle current year, IS made Vi