Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1873-11-28
81, SAG, 9lS 9.
RECEIPTS AND DISBURSEMENTS.

St3to Sio u
RECEIPTS AND DISBURSEMENTS.
The annual statement of the Treasurer shows
the total amount Of receipts during the year end
ing 3iuh September, 1873, amounted to SLUT
07975; and the disbursements were or same
alnuu ut less the sum of S24, O47 ~, in Banks at
that date to credit of Company.
La view Of the maturity of the LIST and Ord
Mortgage bonds Of the Company, on the lst Of
May last, pursuant TO the act of Assembly, and
the resolutions of the stockholders, at the
mcctpg held in Lynchburg, 10 April last an
issue Of eight millions of bonds, bearing seven
per cent. interest in gold, was prepared to pro-
vide for the entire mortgage debt Of the Com
pany and other purposes and secured bya lst
mortgage on the whole line of railroad from
Alexandria to Danvc, and was duly executed
and recorded, and every cffprt possible made 10
the domestic and foreign money markets to ne
gotiate their sale. The negotiation was entrust-
ed to the agency of the house Of Robert Gar
rett & SOUS, Baltimore Whose long aud we'll
established reputation gave them great weight
in financial circles, aud afforded the best guar
antce of its successful prosecution. All the
efforts made by the Company and their agents,
however, tailed to raise the means required IN
time, aud circular was addressed to the bond
holders, setting forth the facts OF the case, and
proposing to them to exchange their bonds tor
the new mortgage bonds Of the Company
holding their old bonds as collateral security 10
hands of trustees until the Company was pre-
| pared to take them up aud pay the amount due
The Company has also agreed to pay as an al
tentative the continuing interest accrulng on
the bonds, as heretofore, until satisfactory ar
raugemeut could be made to dispose Of the
new issue of bonds The arrangement has been
Il l., 81, loll I'm, my,
of whom have funded in the new bonds, and
in the meantime the Company will continue its
Efforts to negotiate foreign loan. The senolr
member of the house of Robert Garrett l. Sons
is now in Europe, and if the condition of the
money market there assumes more favorable
aspect, may succeed in accomplishing the de-
sired object before his return. ln connection
with the financial affairs of the Company it may
be proper to state at this point, in order to OBJ
tain means to finish the line to DanVllle, that
the Company made negotiation with the
Baltimore and Ohio Railroad Company, in July
last, to take $3.50 900 Of the new issue Of bonds
referred TO above, and to receive therefore 10
payment the acceptances OF that Company, at
| four mouths tme to the extent of S7OO,OO0.
The arrangement entered Into was liberal
concession by that Company under the crcu1n
stances, and was essential 10 the prosecution OF
the work In band. AT the same tlme IN order
to advance the financial interest OF the Compa-
n.y. and in consideration of the fact, that the
line was already Improbable, and would be-
come more so on account Of the construction
of roau from Harrisonburg to StauDton.
then in progress under the auspices of
that Company, the proposal was made
to the Baltimore aud Ohio Railroad Company,
to lease permanently that part of the Manassas
branch extending from Srasburg to Harrison
burg for the annual sum of $50 $50, payable III
gold, scmi-anuually, which was accepted, and
the contract entered into to take effect from
the lst Of September last. This contract has
been approved by the stockholders OF the Bal
timore aud Ohio Railroad, and your con6rma-
ton of the same is desired at the present meet
ing. The arrangement will relieve the Com
pany of the cost of keeping up and renewing
that part of the line, and yield nett annual
income, in currency, at the present rate, to the
amount of nearly one hundred thousand dol
ars,-a result the more important in view Of
| the Indebtedness created by the building Of the
Lynchburg and Danville extension. The Com
| pauy still retains control and possession of that
| part of the Manassas branch extending from
the Junction with the main line to Strasburg,
a distance of sixty-one miles. This has here.
totore proved to be the most profitable part Of
the road, and is capable of being operated on
good terms, and 10 az economical manner, as q
single passenger train can double over 1t daily
| from the main line.
PURCHASE AND SALES OF LANDS.
The statement of the General Land Agent,
B. +. Male, esq.,, will show the amount of land
purchased prior to, and during the past year
| The whole quantity of land purchased to Sep
| TENDER 80, 1873, embraces about l3, 900 acres,
of which a small amount only so far has been
| sold to actual settlers 10 small tracts. Some
delay has necessarily occurred 10 the operations
| of this Agency, as the lands had to be survey
| ed and sub divided into small tracts, titles Sc
cured, and plans organized for subsequent ope-
rations The operations of the Company have
so far been conducted on limited SCALE and
restrained by considerations OF economy from
mourning further expenditure of money until
the success of the scheme could be assured
The attention Of large number of persons has
been attracted to these lands, and the agent
represents that sales to a considerable extent
would probably have been made but for the
late untavorable financial disturbance The
Company owns also considerable quantity of
| land subscribed to the stock of the Lynchburg
and Danvile Railroad which will be managed
by the Land Agency, and sold to actual set
tiers on favorable terms and at low prices It
is certainly Of material interest to the Company
10 have these lands settled, and to bring more
producers into the country to furnish traffic for
the road, and the necessary steps should be
taken, as soon as the means can be spared, to
bring them to public notice, which cannot be
done withou! the expenditure of some money.
If the Company was able to embark in the pur-
chase of lands on scale large enough to justify
the cost of expensive advertisements and agen
ces, there is every reason to conclude that the
success which has followed similar enterprises
10 other parts Of the United States would re-
suit here. AS it is, the prospect of settling the
lands at an early day is favorable, and encourag-
ing.
NORTHERN CONNECTIONS.
The connections of the company north of
Alexandria for the greater part Of the past year
were disturbed as has been previously men
toned, by the removal ofthe track 10 the streets
Of Washington City, by the public authorities,
which heretofore afforded connection with the