Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1870-03-08

complcted, It vii! undoubtedly prove 70 De one
of tha most profitable add valuable ru6llc lm-
rrovements O! the country, and OF immense
commercial and pecuniary advantage TO our
Statc Il must soon become one OF the great
arteries through which will be poured the vast
and increasing commence OF the Ohlo aho MIS-
sissipri valleys and the northwes! 10 our own
cities and seaboad, As well as to cities anu com
uunities to the north OF us. Inc interest OF
the State in this company, II not purchased py
it, will, it is confidently believed, a, no distant
day riso to par in value: proVlneu always
,h:t the undertakings and representations OF
those now controlllng tnS improvements "'''u'
" and prom,ly executed.
The Norfolk and Petersburg railroad COM
r,nv's bonds held by the State and secured
bv n first mortgage upon its property, are worth
nearly rar. No dividends have been paid
upon either the preferred CT common stock
sinca the var, but if the road continues to
nrosncr and increase in It's business and oapa
biltics as it has for the past four years the
stuck will soon be as valuable as any railroad
stock in the State. A., =.
The bonds Of the Orange and Alexandria
railroad company are also secured ny nrst mort
gage on the company property, and rate much
hirher in the market than our State bonds -
The Manassas Gap railroad has been transfer
red to this company, under an act OF the ger,
eraI assembly, passed February l4th 1867, and
the corporate name of the.company changed 70
the Orange, Alexandria and Manassas railroad
COMPANY; and iu that transfer the State sur
rendered or donated to this company It's inter-
oct IN the original Manassas Gap railroad
The road from Mansassas Junction has been
rebuilt and extended to Harrisonburg, 50 that
it now commands the business OF a very Iarge'
wealthy and growing section OF the otatG. NO
dividends have been paid upon either the pre-,
ferrcd or common stock since the war; nor IS IL
sale to anticipate q resumption OF payment OF
dividends Tor some years to come, aithougn 'ic
business of the company Is constantly lhp''''
;n@ and The stock daily increasing 10 value.
Tho Richmond and Danville railroad compa'
rv's loans amounting with interest, to $ooS',,
qS7 ", are well secured, and muy be recSone'
among the solvent AMI best assets held by the
State. This road has rapidly recuperated :loce
the war, and with its large Increasing business
myht 10 be able, in lew years, to resume inc
pavmeut of the dividends upon ITS common
| stock. .,,
In the Richmond aud Petersburg railroad
connpny. the interest Of the State consists OF
| IL OF common stock, not now dividend paylng;
Int with tho general increase ol prosperity aIi'!
| tmsiness, it ought in I lev yeats 10 DC nearly
Or quite OF par.
| Th, stock of the Richmond, Frederick sburg
| And Potomac railroad company rates higher
than any other railroad stock in the State,
ard will doubtless soan become dividend pay
! ing
The Richmond and York river railroad com
| pany's preferred and common stock, held py
| the State, will not, Tor some time to come
prove source 0f revenue to the state.
VI ~ M hn
cent MORTGAGE bonds of the South Side rail
road company, and on the lst OF January, 1870,
the accrued AMI unraid interest thereon amour
| ted to $3.50, 600. T!e3r houls were Originally
secured by first mortgage upoa the property
| Of the coln;,auy. but the Legislature, By all
! act pa.srd January lS,h, 1866. authorized the
comDaDv 10 Issue and dispose Of its bonds to al
amount equal to nj amount not cxcecdinE the
| balance due upon n loan made to the compaDyby
| the State under an act If the general bly,
passed Feb. 1885 the same loan above nlenlloh-
ed t. hc secuted 10y mortgage upon Tue
property Ut tie company, the iuil 1orce aud
effect OF such mortgage to the State first above
mentioned being hereby suspended, and the
claims Ihcreo! ""r hereby postponed until The
bonds Issued ..!rr the mortgage hereiu autho
riz4d to lie given in IL place and stead, as
aforesaid shall have been paid (Src Acts
|
company morlea.rd its property to secure
about 500, uou OF it's bonds. issued by auiho1l-
| ~ OF this set. tut notwithstanding :he subrG-
eaIi..n ct this mortgage to the lien Of the State
| the claim of the State. amounting, with inter
c$t. january 1st. 1870, II Sl.OSO,UOD, Is COS
! sdcrcd 4 solvent asset. ard it is behaved the
c3mrapy vii! soon be able 70 resume The pay
merit Gl inter. St thereon. The common stock,
under the Impulse OF prnspcriIrand the ncreas.
ing business OF The company, IS constantly az
prrcil!nr, and ii the wise policy which now
controls lie management o! this road shall!
continue, It will one day, not many years IN
the future L,coluc DIVIDEND paying stock.
The stack hei,! by Tie State vi the Virgin
il and Kentucky raj road company, amount
ipg to $l03, 43S 60, Is Ut present valueless.
Work upon this road will prohabll be soon
rcsun,cd, and when completed this stock may
become valuable.
The Virginia end Tennessee railroad is one
of the most valuable ani important public
improvements in the State. The volume Of
bushes! has annually increased since the war
and il its success 10 the future shall continue
TO increase IN the same ratio as II has during
the past four yels, Within thcnext live years
it vii! lie able to pay dividend upon It's eo.n-
mon stock. Its preferred, and even common
SCOcE, Will Ill IUul VI NV JCui"i lAAI ~ WI
near par. \ loan make by the State TO this
company, of $1,000, 0OO,is claimed by the
com pauy to nave been paid during the war,
but this claim is disputed by the State and
can ouly be settled By the courts. AS soon
as our courts are organized statement OF
the facts can probably be agreed upon by
the State and The company, aud the case be
submitted to and decided by the proper tri-
bunaI. If Judgment shall be given in favor
of the State it will be paid by the com pany.
The COIN and interest amounted, on The lst
OF January. 1870 to $l,455,00O.
The stock OF the Marietta and Cincinnati
railroad company vas obtained by the State
from Seliur. Withsrs & Co. 1t is jmproV-
ing in value but not worth par.
The interest in the Jamas River ard Kama.
VIA canal company owned by the State,
amounting to $40 400, 900, is OF no considerable
marketable value. The State and private
stockholders in this company could we'll afford,
if authorized, to surrender gratuitousiy all It's