Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1876-11-20
VA.
MONDAY, NOVEMBER 20. 1876.


SINKING FuyD.-It was mentioned a
few day since that the first sinking fund oil the
city was established with its first funded debt.
On the 29th of March, 1919 the rents Of the
Corporation were made sinking fund torctirc
. funded debt of $50, 600, the Mayor, President
Of the Common Council, and Auditor being
created Commissioners Of the Sinking Fund.
/ nti 1885 the rents Of the Corporation con-
stituted nominal sinking fund, but the debt
never decreased, and upoa the subscriptions
TO the Alexandria Canal being made: ne"
sinking fund commission was created III TINS
form: Five hundred shares Of \ cSandria
Canal stock which had at that time been sub
scribed for were ordered TO "he transferred
to q committee of not less than three citizens
Of Alexandria to be, from time to time named
by the Common Council to he held by SAID
committee 10 trust to secure the payment OF
the money borrowed by sale if necessary OF
the said canal stock--and on THIS further
,r,st th,t H., said c,nmittc, shall collect
and r,co;v, III j;y;I,nd, which shall accrue
On said stock and shall invest the same in
such manner as they may deem advisable to
form sinking fund {" be applied towards the
repayment of the money which may be
borrowed as aforesaid. and the redemption of
the stock which may be issued for the same"
The same provision as TO sinking fund
Was iucorporatea into all the acts making
..,,,,s,r;,,;',, - H., a,.v,nar;a Canal. and
~ " .r,o,, u,,;nb os.
|" INC sections VI ''' ii" VI t''' ""'|' y,
tabllshcl the same lnnd IN conneSloh "l'l
the last subscription made IL the Alexandria
Canal stock. the following addition was
mo3, .,oJ ~, fiji, for,b.r ,,uss that said
g
tol'lh'lI'ee anu '"e SURVIVORS ''" Su' wv -
them, shall whenever thereto required by 4
resolution of the said Common Council, trans
fer the said stock to such other persons as
the said common council shall name to take
naho,a ,ho s,,,, r,ou ,l,. sam, trusts >
.
rs thls sinking '"''o WAS 70 oc iou""'o va
dividends received from tue Alexandria
Canal, it certainly IN the light OF experience
seems little likely to reduce the pubic debt.
When the town made its tirst SUBSCRIPTION
(s100,00O to the Orange and Alexanaria
Railroad. in 1919, the act making inc sup
scription established sinking tuna as
follows:
"Ihat the two thousand shares OF slocA
%hcn shail ce SUBSCRIBER ~. &c 1850 ,";stner
~ 10 wor,r ~. nros;dont Of council, the
treasurer and the auditor of the co pocation
and their successors in office to be held by
them IN trust to secure inc repayment u 'H ~
money ool'o"Io as a'o "1aa on ~ n ~ rho
fnr,bor }rnst that tho said committee shall
collect and receive all dividends accruing
from said stock, and invest the same III such
manner as they may deem advisable TO form
sinking fund to be applied towards me re-
payment Of the money which may pc
borrowed as aioreSa'o' ana INC rc9er'p'.oI
OF inc stock ~"c'' MAY Dc 'SS"o0 ''' '"'
same.
1t is to this sinking fund that VIC are III
,,ro,t nort ;ndoht.d for thc prcscnt market
n,,;l1;r. III. .,ool, no,;oo hoor so)3 Cor
'"'iu+' '"I7 o
about 80 oo'. Al" invested III Tue ''''A''
building.
Each Of the subscriptions TO the Manas-
.,s Can Railroad contained provision for
h~1s;~i.. 49, uono.s., .,,o, .s siro,,, e,r tho
'o'ulns3 'Ao -'','''''''' ''Y> :. ~, ;. ~
money borrowed I" o"S ~ 'nc Wv loc"o'
from the Manassas Company beng pledged
to pay the interest on these issues Of Corpo-
ration stock. With the extinction of the
Manassas COMPANY of course all interest in
,hoso s;nL;n,, r,n1s nooc,l