Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1880-01-26
MONETARY AND COMMERCIAL.

Joan u. iisnbet0l 81 Co. Baltimore FL
nancisl Circular OF Saturday says: "The plan fo-
the reorganization 0! tire Va. Midland road
Wnicn was agreed uLon las. summot, and which
has been delayed by the opposition of few Of
mo oohdholdsfs q. last is in fair wsy OF b:!nS
contaminated. Tho Legislature Of Virginia has
recently passed bill authorizing tho court ct
HieAandris. Va, 10 hold an extra session in Or
der TO pass an order for the sale of The Virginia
iHlaisnd rosd Tor the purpose of carrying out
inc Reorganization scheme. All oppo!i:cn to
Inc proposed plan has been virtually withdrawn,
90 ina. 1t Is probable that within very short
time the old Orarg, and Alexandria snI Or.
snge, Alexandra snd Manassas bonds will be
Called IN and the new bonds Issued. Tho total
amount OF all the different clsssos Of creditors
amounts TO tho holders Of SIO.lgO 600. Of this
sum aoout S9l O00O) have given their written
assent 10 Tho piopts,d psn. The plan Of reor-
gahlzaton provides as follows Fis! mortgage
orange and Alexandria bonds and al interest
on tho SAM due or tn become due up 10 July 1st
lssO, TO DO exchanged for first mortgage bonds
OF the new company, running IS years and besr
lnS per cent interest. Second mortgage Or
eIge and Alexandria bonds, and all Interest due
or 10 become due up to July 1t. $780, to be ex-
char Cad for second mortgage bonds Of the new
company running 50 years and bearing per
cent interest. Third mortgage Orange and AL
x 'ndrla bonds snd Oil iLteres! accrued up to
iotb 1917 Nihlo vi uelhuiL) 10 U0 .EduSCu
lor third mortgage bonds Of the new company.
Tho interest from Msy LEI, 1876. TO July l. 1871.
10 DO iundod into first preferred stock. Tho now
bonds 10 run - years, with interest 81 PSF cent
Tor Gr3t live years and per cent thereafter.
Fourth mortgage Orange and AlexsEdris bonds,
and Sill over due interest up 10 March lst 1875,
(dnto of aefaul) to ba exchanged for fourth
mortgage bones CT tho rev company, running
AZ Jesrs with interest at 3 per cent for first ton
years, a per cont Tor next ~ years and Per ct.
lherestter. The interest from March lEt, 1915,
up TO July LIT, 1879. to be funded oEo half in
lrit rro.orfed stock snd one balf in second pre-
lefred stock Orsngo, Alt Y sndria and Manassas
bonds ard oil unpaid coupons up TO January LIST,
1873. and $50 Manassas Gap bonds aCd All interest
Quo or To become duo up TO July Isl, $50, TO bo
tS!hsngod Tor first mortgage bonds Of the now
company, which shall be ilrst lnorLgS 90 upon
Tho road betwoon Ms1assss junction sid Har-
Il5cEhnrE. Qnchdirg tho Front E1yRl hrunCh)
bonds 10 run ~ years with interest at the ratio OF
b ror coht per sHIGm. Tho coupons from
january lst. 1878. mp to July lst, 1872,
To- be funded into first proturrcd ock.
This schomo is just and equitable and does not
fsvcr any particular class OF bondholdcls. Tlo
new mortgage will cover tho same property and
IN tho ssmo order, as was the csse with the cid
bonds. The :st and second mortgage bonds
Will pear The sAm3 ralG CT interest, the third and
fourth mortgage bonds and the Manassas bonds
will boar reduced rates of interest AZ shove. In
~
Orange, Alex. 81 Mansssas bonds the rental Of
$500 nor snTum is guaranteed by tho Balti.
nero " Ohio railroad, and tho mortgage pro-
VldeS that tho said rental shall DO Pledged for
ths pay mont Of tho interest on tho bonds. This
mskes tho Orange, Alex. Is Manassas bonds vir-
tue!iv iVa per cent. bond, guaranteed by tho
Baltimore u Chic railroad. They arc now SELL
ing with sill tho accrued interest at about 50
Under The circumstances they srpcsr TO Da chesp
enough. Al! Of tho different Orange birds hsvo
hpen most tsvcrE5ly tNtc.cl by tho proposed
plan OF reorganization, md have advanced vcr;
materially since tho pInn WAS first proposed
Tho Baltimore s. Ohio railroad own p msiority
Ct tho whole indebtedness, md will bo very
much benefited hy tho road being restored to
en interest paying batis. Tho esrnir g. and bus
mess OF thn road havo increased very rluch, snd
u Is though: thSi there viii bU no Gitiii u:tv in
tho payment Of Ito interest on sill of the bonds
as II ma;trss. Virgins bonds have been dull,
with small TRANSACTIONS. Corsois. owing TO o
considerable short Interest, and scarcity Of
BONDS for dclivo,y, ira very G.m. The people
continue To BIO T,.do Several bockj Of binds
were sold during tho past week seller sixty and
thirty DAYS. VIZ Think The sellers of consols NAV
lind II difficult TO deliver tho bonds sold short
when Tho options fail duo. Tho present holders
OF virginia Conso!s are vel! satisfied that the 70.
adjusting legislature Of Virginia is poworlcss to
pas any bill 10 hurt "r change tho present status
OF The conSois Those vino were alarmed By tho
threats Of tho icaC listers, hnro already sold
their bends many of Them ara now wishing for
decline, that th"y may havD IN opportunity of
buying 81 lower figures. Tho ahort intcras! and
tho desire IT, buy for investment forms sn clio.
mcnt Of strength To thu market 80 that wheanyer
u brnsi occurs there are plenty of buyers ready
10 tGko all OF the bonds otleroi. Yiryinin 10 i9s
arc ratho7 hO:Vy. they declined shout enc per
cont on The sale of = few bonds. as long as The
10 10 coupons will sell over 20 (prcsont price 8l)
tho lO.iO bends pay 81 very Jod rate Of interest.
The roRron given (hr the llIfsrenco in price Of
the cohsu( and ~ 40 coupoas, is that tho laticr
arc ncn taxable and arc in better domsnd bs-
CAUSE CT theit being s!uul coupons. The move
mont i'll Virs inia deferred aupuars to haTo dad
cut. l.Erld during the week hctwuon . and III
V!rSiris pcclorS DECLINED 10 :9!.