Alexandria gazette. [volume] (Alexandria, D.C.) 1834-1974, 1905-03-20
Reorganization of the Electric
Railway Company.

A deed of trust, copies of which were
filed for record in the Offices OF the clerks
of the courts of Alexandria county,
IaIiax county and Alexandria city
Saturday afternoon, practically reorgan,,
ICES the Washington, Alexandra ana
Mount Vernon Railway Company. The
deed was filled in this city ct 5:lO O'Clock
in the evening, after the Gazette had
gone to bresss The deed consists OF 81
pages of closely printed matter aud de-
scribes every piece of property owned by
the company in Alexandria city, Alex
andria county, Fairfax county and
Washington city.
The officers of the company are Clar-
ence P. King, president; Henry II.
Pearson, IT,, vice president; Frank X.
Nipple. secretary; John W. Pittock,
treasurer; Horace A. Swarlz, assistant
treasurer.
The directors are John Cassels,
Washington, ID. c.; S. Wynne Ffoulkes.
Howard S. Graham, Frank K. Nipple
and Clarence p. King, all OF Phlladel-
phia; Frank Mertens, Washington;
Henry II. Pearson, jr., Philadelphia.
The deed, through which the names
Of the new officers became known,
is made to secure an issue of 81 600 live
per cent. gold oonds to an amount mol
10 exceed 81, 800, 900, to be applied to
ahe payment OF the Indebtedness resting
npon and outstanding against the ran
way company, and for betterments, i'm
proyements, and extensions OF proper
Ties &c. Interest is payable on the
bonds semi-annually, on March ] aud
September |, and they are redeemable at
40 and accrued interest upon three
months notice.
The company has cancelled and retired
its former bonded debt and has executed
a first mortgage for total of 81, 900, OOO'
OF this amount, 81, 500, 900, are i'm
me lately authorized and issued, 81, OOo,-
600 being reserved in the treasury for
future aquisition, betterments, etc. Inc
capital stock of the company is 81, 5Oo,-
900, par 100 per share
The Real Estate Trust Company, OF
Philadelphia, of which Frank h.
Nipple is the president and William
II. PhiIler the secretary, is named as
trustee 10 the deed. According TO the
provisions OF the deed the bonds will be
2, 500 in number, each of the denomi-
nation Of 81 900, dated March !, l9Oo,
and payable fifty years after date
They will be known as "frst mortgage
i've per cent. gold bonds" The mort
gage covers all of the properties, equip
ment, rolling stock, power plants, right
of way, contracts, &c, OF the Mount
Vernon Company in Washington city,
Alexandria county, Alexandria city, aud
Fairfax county, and all extensions ana
acquisitions, new rolling stock, equip
ments, mproyements, &c.
Section l of Article of the instru'
ment provides that the railway company
shall at once deliver to the trustees bonds
TO the amount of 81 , 500, 600, at par, ana
she residue when authorized by the b ard
of directors OF the railway company, ouI
the residue shall be issued only at the
rate of $500 of par value for each 81 ,OoU
of the estimated cost to the railway COM
pany for acquisitions, extensions, Detter,
ments. &c. As stated above, the deed
stipulates that all OF the obligations o.
ths company shall be retired. The oo
legations consist, it is believed, OF bonds
10 the amount OF about $3.50, 900.
The present issue of bonds, it is said
nrovi,,,es for extensive improvements ''
the property, as we'll as necessary en-
laroemenls. Because Of the action o
the State Coz orations Commission
il is stated, it has become necessary ''
Immediately double track the line iron
Washington to Alexandria. Tins wor'
has been commenced, and it is expected
will be rapidly pushed TO completion
Additional equipment has also oeeu
,,rdered from Messrs. j. &. Brill q 20.
OF Philadelphia, and delivery, OF par
of II il looked for about April and IN
balance during the month of May. In
CIV station and offices of the company
In Washington, adjacent to the postoihc,
building. at Twelfth street and Pennsyl
yania avenue. are almost ready 10
occupancy. and work on the track
connecting Fourteenth street WIN IN
station is in progress. The comPap
expects TO operate its cars to the he'
terminal in April.
Upon the completion of the me-
highway bridge now being consIructe
over the Potomac river, between Wasf
lngton and Virginia the company WI
locate its double track on the bridge
Other improvements, it is said al
nsJng considered by the management
who it is stated, now have on u
property highly experienced eiec'f,c'
engineers, who are making compile
survey of the situation in detail with u
view of determining and reporting .
all features for the betterment OF u
road.
A force of men was at work 10
meroing short distance north
Spring Park preparing for contlnuaue
OF the double-track which was Co
structed from Four-mile run to Arm
ION Junction about two years az
There are several sidetracks betwe,
Spring Park and Four-mile run, and u
work of connecting these With the ut
tracks will, it. is said, be accomplish
rs soon as possible.
Shad in the River.