Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1874-11-30


ry, and proposes to do so until other arrange
nens can be perfected. As regards payment Of
he principal OF the second mortgage maturing
fist of January pcxt the company can pow
only submit to holders of these bonds the same
basis Of terms and line of policy In the pres
ent depressed financial condition Of the couutry,
and especially OF all railroad securities, it is not
in the power Of the company to ef1cc; sale of IT'S
bonds. The rcxular and prompt payment of lis
interest semi annually in his period of general
depression OF all industrial interests ought to
attract to the company the liberal forbcarance
Of creditors, and reasonable indulgence until
proper means Of relief can be properly secured
l. should be remembered that your company
sInc1 1868 has not only renewed its own main
line, greatly lnjurcd during the war, but has
rcbullt aid constructed the greater portion of
the Manassas Gap railroad, and constructed the
new railroad line Of 66 miles long from Lynch
burg to Danvllle. Ii the company has created
large Indebtedness 1t Is in possession of and the
proprietor of long and valuable line of railway
nearly extending across the State of Virginia,
and capable OF transportinga large and valuable
traffic The object of the company 10 making the
large outlay oil capital represented 10 these eX
tended lines and new works was to secure bus
mess for its main line, and enhance the value
of its original property. In the construction
Of these additional lines the company has been
literally assisted by the Baltimore and Ohio
Railroad Company, and to considerable cX-
tent by individual means and corporate sub.
scrptions of the local communities The com
pauy has only been regularly operating the
new road to Danvie four months Of the past
year: aud OF course has not yet realiz ID the
Legitimate pr, fits Of their Investment An
other year will test the value of the work and
expenditures and if the present favorable
prospects for business shall be confirmed by
practical results, the financial credit of the
company will be improved, and its Just obliga-
tons Of every class satisfactorily provided for
This extension Of time, while important to the
company for the reasons stated, is obviously
also u matter of some special interest to the
bondholders. However iDdisposed the CON-
pany may be to lnterpose obstacles in the
path of creditors seeking to collect payment
of their just debts, it is obvious that any
legal enforcement of existing liens must in
voIve DOT only much delay, but very seri-
Gus and embarrassing complications. The
present organization represents subsequent
consolidation OF three separate railroad COM
pauies, with their original mortgages &C.
cured scverally % their respective proper
ties, and some Of these operative as liens
only Oh sections Of the same original rail-
road. Much time will be absorbed and expen-
siVe litigation incurred in the adjustment OF pri-
critics and equities between the several classes of
creditors 10 the Courts, and the proper protection
OF their respective claims. The exercise of a
wise discretion Oh the part of the bondhnlders
will obviate the difficulties referred to- relieve the
road from temporary embarrassment, and give
ba RI 7,i Of
tai, and perfect its ultimate financial plans Tor
permanent relief. This policy has so far been
recognized by the holders Of overdue bonds
and there is good reason to believe will receive
the assent fthat class Of creditors for reason
able lapse of time and until the business Of the
country can recuperae from its disasters of the
past year. The company is actually poytng at
present the interest on only about $5,OUU,O0O
of mortgage debt Of the various series, (rxclu
sive Of its bood account with the & O. r.
K. Co.. and upon Sl,22l OBJ 0S of floating
debt and bills payable. 10 meet this account
the business Of last year, with disastrous re
suli-, realized throughout the country 10y all the
lines railroads beyond prrc"'leu', shows nett
Earnings 10 ti1s rXl.nt ii $4nl Isl 4G, with the
nrw liz from Ly .ch!urg 10 D,rvIlc in opera
ton ~! Y a par OF thc t!'ne. The relative IN
crease from this >'nlcC amounts to about
: ~ Oin per InD'.!h. wnich, II maintained. alone
will lid SSO,OOD to receipts Of present year.
TRANSPORTATION.
The accompanying report OF the Suparintcn-
dem OF Transportation furnishes lu lntorma-
ton III respect to that department Of the service
lot the current year. fhls department in
cluicS the infringement Of road way, machln-
cry. and ing OF iralrs. The VaIuC Of The
road has been kept up during the year by the
laying down Of 1852 tons Of new rails. and of
SO, l54 cross ties Some small addi,ion has
been also made TO the equipment Of the road,
and il considerable puu,ber Of bridges rebuilt.
The Company has put up during the year
new combined iron aud wood bridge over the
James River aud kaoawha Canal at Lynch
burg, and constructed ferry transfer at Alex
andria to connect with the line of the B. & o.
II. R., on the opposite side of the Potomac
river. Total amount expended for new work
and equipment is SS5 556.23. The stock OF
freight cars and locomotives has been closely
occupied aud kept at the minimum point in
number for amount of tonnage transported.
The equipment, however, will be enlarged as
may be necessary to meet the increasing business
of the road. As the length Of the road has been
increased by the extension to Danvle, 40 To-
termediate location for work shops Tor repairs,
aud to relay locomotives is required by the
necessities of the service Charlottesville has
been proposed for the purpose, and negotla.
lions are now pending with the proper authorl. |
ties on the subject, looking to that location.
LYNCHBURG AND DANvILLE RAILROAD.
This road, which now makes part OF the
consolidated line OF the company, was CON-
Melted 10 April last, but not FULLY opened Tor |
general traffic until the lst June. The con-
struction account shows that the sum of
$526, 324. l3 was expended on the work during
the past year. This road has exceeded the
original estimate of COST largely owing to tho
expensive work required to be executed in
building the track through and adjacent to the
city of Lpnchburg of the principal streets
bad to be passed with an extensive tuuuel and
costly approaches op each side Inclusive of
land damages the line of railway through
Lynchburg and for the first three miles of loca-
ton cost the company about S350.0OO. The
line also travcrses much difficult country in its