Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-07-24
zinc ytrpipin Midland Railroad.

the Virginia Midland Railroad.
In yesterdays Gszet:e WAS given the action
Ct thu creditors aud boudtode:s of tbs Wash
ipston City, Vireioia Midland and Great South
ern Railroad, at the meeting held 10 Baltimore.
We obtain tho following additional particulars
of the proceedings of the meeting from the pa
pers of that city:
MIR. r. T. Baldwin was called to tho chair
and Msjor q. Nj. Blackford, CT Lytcbburg, Va,
appointed secretary.
The report Of the committee ca reorganEs
ton, consisting of II. r. Garden, of Wsrrco
ton, w.: Charles NJ. Backford, Of Lypchburg,
Va Joseph Bryan, OF Richmond. Va; Johu
w, Burke, CT Alexandra. Va; William /.
Flick, Robert r. Baldwin. J. Wilcox Browo,
Sklpwilh Wilmer and l. j. Cotrad, of B.ltl
more, Was read.
ibis report modiGes tho origiDsly rropcsed
schemes in sundry particulars as follows:
The interest Oh the first and secocd Otarg.
and Alexandra boudr, from July /, 1878. TO
j uly l, 1880, vii bc iuoded 10 lbe new issue
instead OF briug gwen to the bclters of these
securities. After the expiration Of Gvo years
the interest on the third OrsDge aud Alexan'
dtia bonds is TO he increase from per cent.
to per cent. Ga the fourth Orange aid Al
from per cent. to per cert. Tor the first ten
years, Der cent. fer the neXC ten years and 5
Ter cent. for the remaining twenty years. The
mortgage to BE- made to secure the Icw bonds
i.sued 10 lieu of the Orange, Alexandria and
Manassas and Manassas Gap bonds ia to cover
all the interest of the new company 10 the lease
of the road from Strs.burg to Harrisonburg
made By the Baltimore and Ohio r. Il Co.,
illus pedeiug the rental CT that road TO the
payment Of the interest upon this class OF new
bouds.
The interest Oh ths bonds issued 10 lieu Of
tho LyIobburg and DAlv.le bonds Is to be at
the rate Of per cent for eight years Instead oil
that ratio for five years. the first preferred stock
to include halt OF tho ioteres; TO July /, 1879:
upon the Orange and AlczandIls bonds and
haIf the principal of tho second Orange aud
Alexandra and Manassas bonds, the halt CT inc
interes. thereon up TO the saue date, in adtl
tiou to the three items Ct lnur>st Which, BY
the original echtm constituted the fist pre-
lerred stock, the second preferred stock 10 bt
reduced By tie amounIs thus transferred to The
FIRST pref.Trcd stock, ard the preferred stock tC
receive 90 per cent. dividend instead CT {
per cent. GsiieDo; but 4 per cent. is to be paid
to the frat preferred stock. and then pei
cent. to the stcoDd preferred stock, and The
residue of any ole years dividend Is to DC d.
vd ID ,q1sl'y between the Two classes. uoll
each receives an per cent. dlVldend.
The common and preferred stock OF the old
coppsnps is to be repre- sented 10 the ueW on t
basis Of 500 stock CT the reW for $500 OF the
old.
BY The report cf,ho conmiItec iii ioorest
upUu interes; Of cjupcns Is stricken CUT u the
scheme.
The new road between Charlottesville and
Or,ugc Court Hous, is to be covered b. AL tho
mortgages, Except tho mortgage to 81 cure the
n,w buuds issued 10 lieu OF tic Lyrchburee and
D,nrl. bosdS.
the Fruuklin and Pnts5lvania R.lfond Con-
ed BIZ mortgage made TO secure the usw bonds
issued 10 place Of tho Lyrotburg sId DaLvi!ic
BONDS
This trustees are suthtrz,d to borrow such
suus of money as mag be needed for The ru,.
chase of.tc road and the olhsr purposes CT the
trust upon Tie creGi. Of tie property which the5
purchase
The scheme as originally proposed WIS that
all property. iracchises g., should 90 sn!d II.
der the decree OF The Circuit Court CT 81 x,o-
dri., free Of oil mortgages, aed claims IT The
creditors. 1t also provided t5r The arpclGtmcn
of thee trustees to become purchasers tJf TIT
c1e1lors, cured and unjec1rcd The report
a!s1 v"nt into details as to the tq1sl zllIcu CT
the off aren't MORTGAGES. tho am0uut Of iGtcEcs.
to be paid &C. The mediicslicps given tbGvi
were udop, cd alta meeting held Ju.y 1lif.
Captain Fr4rci5 j.. Smith. Ct AieXaadrs
eff red substitute tor the report OF the c,n
mtttee recommending that the road remain IL
lis present. situation, in he hsojs It the re
ceivcr, and requesting The judge OF tic Cirtu;
Court ct AltXapdrla to PISS ab order dlrGcI1E
the application ct The net revenues Of lbe Al
exandrla aud LypcbDurg Division 10 he pay
mcnt Of the piocipa and iuterest Of the ttul
Orange and Alexandra mortgages 10 Inc order
Ct their priority.
Capt. Smith supported bis l1oiiou n "a a2lo
speech. cantendiog that the road was DOW pro.
prcssog very veil and That the revenues would
be amply sufficient Tor the purposes Indicate
10 his substitute. Remarks we're made by sew
cral other gentlemen and the Institute Of Capt.
Smith was lost.
MIR. L.. L. Conrad, of Baltimore, offered a
motion, which was seconded by Col. Jebkios.
that the report Of the committee be accepted,
and the scheme submitted By them be adopted.
The vote was taken and was almost unanimous
10 favor of the report and scheme.
A resolution was then Cd, red that the rresi-
den; of the meeting be in,,ruced 10 call 10 all
the circulars which had been SEPT out to bond
holders 90 or before Sept. lib. AID that he also
call meeting of the creditors aud buDdholdcrs
10 The city OF Baltimore Oh the third Tuesday
10 September for the purpose Of eIeoliog three
trustees, as provided Tor above. The resolution
was adopted.
Mr.. Fricb, Of Baltimore. ctf.red resolution,
which was adopted, that the receiver Of tho
road should not BIO paid any conn ission 90 he
sale. but should be paid suitable fec to be Tx.
ed by tho trustees.
The meeting then aciourped.
The general impression is that The report as
adopted will be sigued by all ths parties inter-
csted and that DO objection will be made to the
calo Of The road as provided in the scheme
adopted.
SwIsDLE WARRENToN About month
ago Mr.. Floyd Roberts, Il gay and festive young
scion OF wealth, took bosrd at tbs Warren
Green. he and chum with him were very
clever at tricks with cards sud certain seght of
zt,l,.