Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1879-06-27
The Virginia Midland Railroad.

aud AtCX2ndIla, orange, AleAaDul!a au0 H1a
Dsssas, and Ly1chburg aud DanVlliO Railroads.
comprising the Washington City, Virginia
Midland ard Great Southern Railroad, was held
10 tie Taylor building, in Baltimore, yester'
day, ever eleven millions Ct dollars in bonds
beirg represented.
Among those present were Judge Geo. VIM.
Rrovn. Geo. 3. Coale, Enoch Pratt, Chss j.
Baker, Decatur II. Miller. John X. Cowen,
VIM. L. Frlck, Skipwith Wilmer. L. l.; Coz
rad and others, OF Baltimore, j. W.. Burke,
Fraccis L. Smith and S. Chapman Neale, OF
AIexard.ia, Va Judge W. j. Robertson and
$. Y. Souhall, of Charlottesville, Va; Chas
NJ. BIackrosi aud c. V. Winfrce, Of L71ch-
burg, Va, and Judge Thomas SnIthand Hugh
H. Ga1deu, Ct Warrcnton, Va.
The meotiog was organized ~ the election
Of nlr. Robert II. B1ldwin. Of BaIimorc. chair
man, and NJ. j)r e. NJ. Blacktord, OF Lynch
burg, Va, secretary, oud the o. cot stated as
being to consider plan OF reorganization oil
the Fir2ipia Midland Railroad. This CORPORA
ton owns and operates tho property and iran
chisc Of the Orange and Alexandra, the Orange.
Alexandria and Manassas, the L7nchburg and
Dspvi!!,, and the Charlottesville and Dauville
Railroads. the latter a pre- aotcd route. The
by j. s: Barbour, receiver. appointed under
decree OF the Circuit Court Of Alexandria, 10
ths suit of Graham ct al. vs.. the w. o., V.
Nj. Il 6. S. II. r., which was brought tor
foreclosure Of tho several mortgages Oh tho
road and for it's sale. Tho Baltimore and Ohio
R,i!road Company own near y the whole tf the
bonds Of The Lynchburg and Dauye road, end
| ia largely Interested as bondhodcr in other so
| cutilics cf the Virginia Midland road.
After the object Of the meeting had been
stated Mr.. VIM. +. Prick and Mr.. John K.
Cowsn, representing the Baltimore and Ohio
| Railroad, presented statement OF tho obliga.
tons of Inc W. g., V. NJ. & G. S. Il. r.,
and lis present condition and cntro indebted
ness on the mortgage bonds, as follows:
| Tho ontire Indebtedness of the company is
ST., 3jl $50 -. of which $493.7G4 10 is the
| floating debt and tho balance the outstanding
Indebtedness. This latter includes tho follow
ug First Manassas mort gage Told company
bonds, coupons, interest, &c, $40 50ISO; llrst
Orange, Alexandria and Manassas mortgage,
&c., $l,SG4 042 81; second mortgage, &c.,
s5l0 900; Lypchburg and DaJvlIe mortgage,
a., 1872 557. IS; first Orange and Alexandria
mortgages, g., SCI 0S6 60; second, $780,
500; third, 81 ,43S, Jag &c, Of which 1903 4O5 81
is the amount OF the claim OF the State OF Flr-
gina assigned to the Baltimore and Ohio Rail
read Company; fourth, $l,2l9, "a; Wash
iug;ou City, Virginia Midland and Great South.
ern mortgage, &C., $l,Gl5.40i &c. With the
statement Of indebtedness was statement by
the receiver OF the estimated revenue and cX
pendtures, % follows: Gross revenue. ST.
go 600; working expenses, $3.50 900; tlsckage
to Chesapeake and Ohio and Alexandra and
Fredericksburg Railroads, SIS 900; taxes, Sl2.
600; renewal Of rails, $4,000; new rolling
stock, $4,000. Total, S720,0G0; net reVcru'.
$500 900.
MIR. Frck also presented statement show.
lug the present and probable future net rove
pucs Of tho company 10 connection with the
| proposed reorganz, scheme. This schedule
was made up with view oil an equitable dis
ttibution of tho net revenues Of the road 10 the
| different proportions TO which tho various 10.
torcsts are entitled 1t is as follows: Basis Of
| net earning, 1910, 900. Original Orange, AlcX-
| andria and Manassas bonds. Manassas Gap
bonds, So, Lynchburg aud Dlnvillo, original
bonds, first, second, third aud fourth Orange
| and Alexandria. total 81, 3Gj, O202li total 10
| toreet s3o9 $50 %. First referred stock, 10.
| Guiding coupons and interest 90 the hrst
Orange. hlcxsudti and Manassas 10 July lst.
1879, third Orange and Alexandra, and cou-
rous and interest on Lynchburg and Danvllle
| $l,05i,jl II; scooud preferred stock, nc!ud.
irc udiDs intcrcs. on touth Orange a1d Alexan.
dris. second Orange, Alexandra aud Manassas
eslima,cd, w. g., V. NJ. L. G. s., principal
and Interest and floaing debt, s. 9lS.2ly.SO.
Total preferred stock, $4.002, 1921; total
bouded debt, 1866. 02O2l; grand total, Sll,-
G67, 1872 As
The scheme ct reorganization undcr winch
this statement is made s as follows: All tho
works and property, franchises, tights end
privileges of tho company shall DO sold under
decree of tho Circuit Court of Alexandra
aud three trustees appointed by tho parties
representing majority Of tho claims. These
trustees shall purchase the property and fran.
chises for the creditors and organize new rail-
road corporation, and shall execute six mort.
cages, 90 follows: The frs! upon tho road bo.
tween Alexandria and GordonsVilIc, including
tho Warronon Branch the bonds to be issued
to all holders of original bonds, fuoding cnrti6
Gates aud coupons under the first mortgage Of
the Orange end Alexandria Railroad Co.; the
sccnncd upon the road between Alexandra and
GordonsyiIle, and between Gordonsville and
Lynch5urg, including the Warrcnton Branch,
to cover the second Orange and Alexandra
mortgage; the third on the sama llne Of road,
to cover the third Orange and Alexandra |
mortgage; tho fourth 90 the same road, to cover |
llC lUuIlu OlaEHC uuu hiSAauulia uolteuScj
the j:h upon the road between Manassas Jurc'
lion and uarrisoDburg, to cover the 1st mort. |
rago Of the Ofauge, Alexandra and Manassas
Railroad Company; tho sixth upon tho road be.
tween LyDchburg and Danvlc, to cover tho |
mortgage of the L7rchburg and DanVilo Rail |
rold. Tho capital stock Of the new company |
shall he constituted Of tho inttrtss to July lst,
1879 upon mortgage bonds not provided for |
by the new Issue 10. Tho new company shall |
al the first session of the Virginia Legislature.
af;cr its organization, apply for authority to
issu, preferred stock ct i per cent. premium,
in lieu Of the common stock, in lieu of interest
Oh the several mortgage bonds, and shall issue
c5mmou stock to all hollers Ct common and
preferred stock of the Washington City. Vir.
ginia Midland and Great Soulharn, the Orange
and Alexandra the Orange Alexandria and
Manassas and the L7nchburg and DanVie
roads. Interest shall not c)mmenco Oh the
bonds Of tho new company until July !,
1880. The nov company shall agree 10 become
the owner of tho road from Charlottesville to