Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1872-11-27

and 1856, $40 Of the third The ID mortgage,
debt and funded interest for the sum of 81 ,535,-
700, will not fall due until January lst, 1875.
The company ought to be able to negotiate its
bonds secured by first mortgage on all its
property to meet accrulng liabilities without dit
hcultyiunless causes now not torcsccn should dis
turb the financial relations Of the country.
The Liberal legislation of the State bears
with much hardship upon the interests, OF
railroads in Virginia and should be removed
The companies have not only to bear the usual
ad yaiorem tax upon their property. but to
pay an additional tax Of half per cent. on
net earnings, besides having Its Indebtedness
taxed in the like amount. This last tax vas,
at the last session Of the Legis stature, ex:
tended to the interest paid on bonds held
by parties out of the State, and has had
the effect Of discouragiDg investments OF
foreign capital in Virginia railroad securities
If there be one thing that Virginia needs more
than another it is the introduction Of capital
from abroad, and instead Of imposing burdens
our Legislature should offer premiums on
such investments. The real interests OF
the railroad and its local communities are
bound up together, and all unjust dis
examinations and burdens imposed by law
on the business of the former have in
the end to be borne by the latter. The
prosperity of the railroad is reflected on the
community in the cheaper rates which can be
conceded on travel and freight, and IN the
new station houses which increased capital
will enable the company TO build aInog It's line
of road, and other improvements which flow
from the possession Of surplus meaus 1t Is
hoped that the Legislature will recognize the
facts referred to, and relieve the railroads from
the present narrow policy and unjust dlScrml-
nations imposed by law.
LAND PURCHASES.
The company has not been able to make much
progress in their proposed scheme OF purchasing
and settling lands along its line of road. Some
ten or twelve thousand acres Of land have been
purchased near the road in the COUNTIES OF
Nelson and Amherst at au average cost OF ten
dollars per acre, and negotiations are pend
ing for the purchase of other lands in the
counties Of Fauquier, Prince William, and
Culpeper. If lands can be secured at reasona-
bic rates there is good reason to anticipate
their early settlement by small farmers from
the Northern States and FROM Europe. y corps
has been organized for this department and we
hope to be able to report favorable progress
hereafter in this important department of the
service.
LYNCHBURG AND DASvlLLE RAILROAD co.
At the last annual meeting the company ac-
ccpted the act of the General Assembly Of Flr-
ginia approved July II, 1871, to authorize the
consolidation of the Orange Alexandria aud
Manassas, and Lyuchburg and Danville. Rail-
road companies. and empowered the Directors
TO negotiate suitable terms Of contract with the
j. j. D. r. R. Co., and report the same to a
future meeting Of this company Tor acceptance
The Directors OF the two companies nave agreed
upon a contract in accordance with the author-
ty conferred by their respective companies
which has been formally accepted by the stock.
holders of the Lynchburg and DanviIle Railroad
Company, and is herewith submitted tor your
approval and acceptance. The terms have
been carefully considered and are believed to
be just and equitable to both companies, and
the contract is recommended for your adoption.
The act of consolidation requires the new CON-
pany SO created to be styled the Virginia and
North Carolina Railroad Company, but as the
name is objected to as not sufficiently dcScrlp-
tive of the line, and as it will take some tune 10
mature measures for practical consolidation
and to organize the company, 1t Is suggested
that the directors apply to the Legislature Tor
such modification OF the name of the con>Gh-
dated road as may be deemed appropriate. 1t
is expected that the Lynchburg and Danvll!c
Railroad will be completed in the carly part OF
next summer. when the trains will commence
running between Alexandria and Danville. The
construction Of the l. l. d. r. H. enables this
company to cross Backwater Creek at Lynch
burg and make close connection with the AT
lantic Mississippi and Ohio Railroad. and im-
prove the facilities Of interchanging passengers
and freight at that point with the Southwest:
All the necessary connections Of this road
have been now secured except the essen
tial link required to connect it with the
Baltimore and Ohio Railroad north of Alex
andria. Some legislation was obtained at the
last session of Congress for this object and to
construct a line through Washington city, but
has not been accepted on account Of the heavy
cost required for its construction. The com
pauy has heretofore authorized the proper steps
to be taken for this object, and arrangements
are now in progress to secure it at an ear J Pc
Rod The matter has involved much difficulty
of adjustment hitherto but its solution can not
be much longer postponed The interests Of
this company with the Baltimore and Ohio
Railroad have become too intimately lncor.
porated to allow any break Of their connection to
long exist.
All of which is respectful submitted On be-
half Of the Directors By
JOHN S. barbour,
President.