Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1875-12-01

large bridges across the principal rivers, have
been rebuilt, and extensive repairs ma,!,. t,
the small bridges OF the inc The maintain
a0ce oil the property in good condition ha.
been regarded a. material to the safety of
trains, and the proper working of the road
apart from the policy OF preserving it from de-
probation. The necessity If making these
heavy appropriations for repairs has absorbed
means TO large eXtent, which otherwise would
have been applied pro tanto in payment of the
Compauy's Indebtedness A comparison of
the operating expenses Of this road with other
roads in Virginia and elsewhere, carefully
compiled from their several reports, 10 1874,
by he Intelligent engineer of the COMPANY.
Major Pcyton Randolph shows tavoraole re-
suits In the economical administration of the
ROAD, and the low comparative cost CT its train
service Including renewal of iron. bridges &c
Several OF the roads referred to have the I'd
vantage OF much larger relative value of bust
uess and OF running full trains in botn direc.
tlOns.
The comparl son would appear more favor
aoie II the trains OF this road were RUIZ TO any,
thug like their full capacity which cannot be
done 10 the present condition of business. while
the running expenses would bc the same or
nearly so III either contingency In addition
10 other Improvements made during the year
steam cur hoist was erected at Lynchbury
last summer 10 conjunction with the connecting
oouth Western railway at that point, By means
ol winch cars are transferred between this and
the Atlantic, Mississippi and OHIO Railroad
without delay or trans shipment, and enabling
through passengers to travel from the extreme
souIh aud 1uthwest over this line to Wash
lng'ou and Baltimore without change. Tie
Company has been able to secure, during the
year, the services of q. J. FoIeacre a. Gcner-
al Manager OF the operations of the road.
whose extended experience upon southern
railroads, and well-cstablished reputation make
him valuable acquisition t, the service.
FINANCES
The returns of the state of the COMPANY
and general account of its financial operations
tor the year ending September 30, 1874 certi-
nso oy the Auditor, are herewith submitted !:
Inc existing mortgage debt proper of the
ColilpaIy ls..................... ST Ga Isl 90
FLOATING debt, secured by col
iatcrals ............. V66047 81
Floating debC, Unsecured ........ So O.1 81
lo-ai IS 225 59i Is
Aganat this indebtedness the Company
EoIds | ,626, OO00O OF mortgage bonds of the
several Issues hypofhccaied as security for
loans made, and Is cn'itl. to the usual credit
Tor balances OF $lOl Al. 81 at end Of tie year,
uueifom connecting railroad companies. agents,
&C., aud value Ut luvcut Try aud materials bur
Chased and on band 80 of September last. and
mas possession OF or receives rental on 33S miles
OIL construcira railway and cquipmart, real es-
tate, aud other property, of the .stimat 4
Va.ue OF halt million OF dollars more.
10 am mol h
OF the floating debt OF Sl37, S5U. II; Of which
reductou the bills payable have beeD reduced
; Of, Us, and open accounts Increased Sl6.-
t4I.l4, making balauce as above stated
he account would show further reduction
Do' Tor The accrued accumulation of Interest 90
outstanding debt within tho fiscal ycar.
lhe Board regret TO report that l.. financial
cou1lll.n NJ ;hc company is DOT moe -aulstac-
tory Ii was found / he close o.! he las; cal
euuar year that III tue effort to malulao the
credit OF The company It's available means had
OccE exhaust Il and the rcrcuue Insufficient 10
pay "tt the accumulated dues outstanding for
abour and supplies, provide for maturing bills
payable, apd meet promptly its Interest on he
mortgage bouds. In this condition Of ,!iuIs
aud alter iull consideration Of the >.ihi ,.g hr
the Board II was decided to curtai a. .',,,sjf,'r
expenses AMI reduction ia the nt..ni.cr and
OF twenty per cent II the coarcG.a,joa az Nil
the Officers agents and EMPLOYEES Of he COM
pany ordered TO take ctfccs on !hr LIST ,f' + n.
ruary last. Tn: requisite propo,rjor O. ,y,-
nue. a. received was directed t. b. 4 ,,,r,
monthly hereafter for the prount payr..,3. #
employees an tnr the cash purchase If ,u,h
supplies as were necessary to ulai.,tain he
operation Of TIE road. In. the horr tl.,;. :, re-
viva OF trade woultl SoCu tale place aud the
business Of !hc road improve al cy'c;sjou nt
me current business paper and accr;,taDces Il
the company was applied inr upon payment Of
cu!tali CT twenty five per cen. 81! ,rinal
amount rs 1t lei! dug. These measures were
promptly carried into effect and rr>ultrt in
temporary rr'iGf. Thr anticipated expectation
OF Improvement III business o! the road how
ever was not realized and the Resources IF rho
company were soon iuund inadequate. to keep
alive aud commune the cu,tal of It's current pa
per at any rate OF reduction and provide at the
same tlme interest on the mortgage debt as II
matured. La this conflict for payment b, tween
the preferred and unpret.rred creditors the
dlscretlon'of the Board was limited to the cx
erclSe OF such powers as Were recognized by
law, ana could not be varied except at tnn risk
or legal interference aud cons quent loss there.
by OF possesSloo OF the properly OF the company
- uo' w SApSCiCu tilat the mo! tEagE
creditor would quietly waive his rights or sub
nit to any diversion Of funds from their legiti
mate application to the payment Of less favour
ed deb's. lu this view to avoiu litigation and
Its grave consequences the company has pro
ceeded to recognize in their payments such
prorltles as advised the courts if called oo
would prescribe between contenfiug creditors.
ln this liue of policy the ultimate value of the
floating debt was clearly involved aud the de-
ierred creditors however nconvcnient the al
tentative, must acquiesce until the condition
nf the country improves and the road can OBJ
tain business enough to liquidate all the in
debteduess Of the company.
The depressed financial condition of MANY of
our Virginia and Southern railroad companies
presents an interesting field of enquiry both in
regard TO the causes which have brought about
the result, and the remedies required for relief.
1t Is true that we have comparatively sparse
Iy settled couotry, few commercial cities and
towns and with limited manu!ac; urng or min
log industries in operation. But apart from