Richmond enquirer. [volume] (Richmond, Va.) 1815-1867, 1839-06-18
DOW ESTEC.
VIRGINIA


mond Fredericksburg and Potomac Railroad Company,
held IN Monday, the 9th day of May, 1899:
The Report of the President and Directors having
been read on motion of MIR, Conway Robinson,
Resolved, That much Of the report as relates TO
the extension Of the Railroad from Frede rcksbrrg 10
the Potomac and the act directing the State guarantee
Ia be given 10 loan for that purpose, be referred TO
committee TO examine terms and conditions upon winch
the guarnne authorized and report such measures rs
in their opinion may be proper Tor the Company TO
adopt in relation To the said act and the extension "f
the road The chair app United Conway Robinson,
James Lyons. and Samuel Marks, Esq, the sOid
mtee
And at an adjourned meeting of the Stockholders aore
said, hrld Tuesday afternoon, May 2eth lSs9, Mr.
Conway Robinson from the Committee that part ai
the report Of the President and Directors which itlars
10 the extension of the Railroad from Fredericksburg I"
the Potomac, and the act directing the Stale guarantee
be given to loan for that purpose, made The follow
ing Report
The Committee 10 whom referred much Of The
report relates 10 the exieosn Of The Railroad from
fredericksburg the Potomac, and the directing
the States guarantee 10 be given TO loan tor that
pose, respectfully submit the following report:
Al early per"d The Stock holders declared hs,'hey
deemed il advisable 10 extend the Railroad from he
point OF termination in Fredericksburg 10 the foto
mac river, or some Of It's creeks. 30 form
pele Railroad and Seentoat lire BIZ a~E>,4.-
the extension could T. mace ;ks Co.'S Ests- MI
herself large S'Dcsn oc-r. i19:t.se - :r'-
laton doubt as 10 ,h@ ,cg .: -. =,ses..t y -,
tityiny 10 End frrrn IT, AZ i.~1+ st'-": 1ra1
such doubt ans !nns-i sz.... ~. s,,a7,s,,i
wealth is wiling - e. ;~rt,. -. ~ J.c1-:st.
Stockholders carrying ia w ps:t 81 'a's ,Sr' III
view, ind pc nil. oi sny r;h.r IA" sc' sSros
Of gfaulalIon and hrih%f IN" inekh lb-rs shnI
give their ss-ent ihs change III their charter winch
the act con,r upla,Is should confirm Then"
their purpose and lead them 10 TAKE turh for
prosecuting the work are suihor,sed by the existing
charter, and may be found practicable.
Upon examination Of the act in qneson, II IS found
10 contain the following provso That bsine the
antee shall be given by the Treasurer, "thp S"ckhod
.k~tt a. 49,.
Directors 10 pledge The profits upon he stock Of the
Company held by subscribers, other than the Common
wealth. much thereof amy be necessary TO the
puncua payment OF the principal and interest on the
certificates Of debt issued under authority o' this oct
If the poviso be construed according 10 lila literal inter
pretoton il is certainly objectionable. There is dis
tincton known 10 our charter between The stock raised
10 make the Rad from Richmond 10 Fredericksburg and
that raised for The work from Fredericksburg TO the Pc
tomac Every Stockholder is Interested in the income
upon the whole line from Richmond 10 The Poomsc.
aud the benefit Of The Improvement from Fredericksburg
10 the Potomac will be felt by the Commonwealth
than by any individual Stoc khnder For che will fee
the bene6. in increased dividends, only upon her
stock in this Company, but also upnn the large amount
Of stock held by her The Railroads south of u.s. from
Richmond TO the Roanoke In no point OF view can II
be right that the Commonwealth should enjoy this be
nef, in common with he individual Stockholders with
out sharing the burihen which they TO bear IL the
income 10 arise from the work from Fredericksburg 10
the Potomac, is TO swell The Common weslth's div
dends il be right that the interest upon the
cos, Of that work should be exclusively paid out Of the
profits upon The stock Of individuals IL being plain
that il would work manifest injustice to cone,rue this
according TO It's letter. inclined TO think tina,
the intention OF the Legislature must have been differ
ent Our impression is, that if the should be
cepted the money borrowed, and The road built, the
proper would be pay Of The income upon
the whole line from Richmond to the Potomac-Ist
'ihe expenses OF conducting the business; and 2dy
The interest upon all loans whether those loans should
be for part of the line another and
flrE0N In nIuId mott
all The StockhodeTs, well individuals The Common
wealth. in proportion 10 the paid upon The stock
of each Stakeholder Believing this 10 have been The
real intention Of the legislature it seems Us, that
there will probably be any serious difficulty in 90
tanning from the General Assembly at its session.
suitable amrndatory act.
Under the present charter, the Company is allowed
to charge for The transportation Of the mail such sum
il may agree for.
If ,h- Company accept the provisions Of the act is
then 10 be subject 10 thu Both section Of the pescrb.
ing regulations for the incorporation Of Railroad Com
panies which provides that iii shall be competent The
General Assf mbly to provide by law for the ranspora
ton of the United States mail any Railroad for
fair and adequs,e compensation. and TO provide the
means Of ascri tanning such compensation" The whole
income which has so far been received from the mall
passengers and freight, has yielded bot moderate dyi
dends TO the Commonwealth upon her stock, and the
individual Stockholders upon theirs In regard 10 The
mail service we are inf"rmrd by The report of the Pre-
sden and Directors, that the Company has not yet been
able TO obtain from the Post Office Department for carry
ing me una" at any hour which may be prescribed by
the department. whether day or night a compe nsp,on
equal TO that paid The companies North of Washington
City, for carrying the mail the day time a, ceflsn
specified hours sgreed upon between those companies
service seems but just and RESPONSIBLE and if Inc cond
tonhsd this qualification annexed H. ,ba, the Gonna.
ny should not be compelled TO receive less We DO ~,
perceive that there would be any just ground Of obiee
ton to it. !s0
By the present charter all machines wagons vehicle.
and carriages purchased with The funds Of the Gonna
ny, and all other works constructed under the authority
OF the act and all profits which shall from the
same, are exempt from any public charge tax what.
soever But IT. at any time hereafter. the rates of toll
allowed shall enable The President and Directors after
the payment OF oil necessary expenses and after set
ting apart fair and reasonable sum for the renewal
and repairs of the road warehouses; depo,s and other
constructions and Of the machines. care and other We
hcies for transportation 10 divide than fifteen ner
cent their capital stock invested then the rates NJ
toll are TO be reduced BY the Presden and Director,
a. 10 enable them 10 divide Eileen per cent, and no more