Wilmington journal. [volume] (Wilmington, N.C.) 1844-1895, 1866-02-08
The Piedmont Rnitrooaa.

-EnoWe publish Below the report Of the joint Com
mittee appointed by the Legislature to inquire in
to the ownership, property, &C., of the above
road: .a .' Sol Ji.3 p3 "6--- -.''' ''"
E1l; TheJoint Committee to whom was referred the
resolution requiring them to enquire Into the pro-
per owners OF the Piedmont Railroad. under what.
charter 1t was incorporated the siOckl ers there
I in, with what funds it was built how they were
risupphed with funds, and especially the property
IN said company, which belonged to the COntrdeI-
tte States aHd to Individuals, beg leave to report
That they caused sqhpRnas to he issued fora num-
Der OF witnesses to appear before thGni in Green's
tboro', on tile 3lst OF Jnhtt0rv, II S66. .-.'
In consequence of the Lcglsiatllre being called
together III the City of RtIeIsli }rlurethe appoint
ed day, they ansed the Witnesses to be rcsunmon-
ed to apEHHtf before them IN tie Srhut9 G. aahr
on the'1 5ta OF the same mouth when and VIII, re
Il nIlll.ie4 o. Witnesses wele examined before them:
lttOcumeulilly evidence Was 2tIu 3etuIe them unpn
(which they submit the following atatemellts
The committee find that the Piedmont railroad
WaS Chartelediby an orditancc OF the CouVcntion
II this State Ettltied the 9Th day of February
L862 which oIolnanee was sanetAoned by an vet
Of the Genera Assembly ot the State of Nrginia
passed the 21th day Ol Mar n: lSG4, and authority
~ said act, gwen 10 said Piedmont railroad Com
4Iany to eAtehd and construct l.s road i,cc,ltlng
70 the PROVISIONS OF sld cl4arttT, NitIi tiR limits
Ioi NnSiit to Tie toHu OF DuN llle i'll that Stutr
| In regard TO the proper owners of said Pi, d.
mont ra14 Dad, NUtIf committee find that tho Rich
.nond al4d Danvlller;u4road company are the own
ers o. IA, o4O shares, and individual citizens of
North Carolina and Virginia the owner oT 100
Shares, in all Is, 900 shares of 500 eacb maxi
l1g tue sum OF 81 800 OUO the capital stock of said
Ple,tmont company sI.
/ As to the funds with which the road was built,
your committee report that it appears from the
evidence that Ghe road was built exclusively with
funds from subscriptions to the capital stock paid
III by the stockholders, and from the current in
crease and resources OF the Richmond and Dan
vile road and of the Piedmont railroad as soon
I WAS ~ WtIE hat R,aJ
Danville railroad company, to raise the means of
pay ing It's subscription, issued and sold its bonds
which are now out standing against that company
to the amount of 1926, 900. The iron su1,erstrrc-
ture was obtained chiefly from several other roads
then deemed of less importance-some in Vir-
glnla and some in this State The roads
IN this State, whose iron was thus OBJ
tanned the Atlantic, Tennessee and
Ohio road, running from Charlotte to States
vile, and the Roanoke Valley road running from
Carksville, Va, to the Raleigh and CASTOR road
lher claims of these companies for such iron are
secured by a bond for 100000 with security
given by the Richmond and Danville railroad
company, and the Piedmont railroad company,
20 the United States government, upon the recent
return OF the Piedmont road by that government,
to the Piedmont company. This security is in
addition to the recognized liability of the Pied
mont company to any just demands by the ordi-
nary remedies III like manner other individual
debtors 1t furthermore appears to your commit
tee that these claims are In progress of adjustment
Ddnville railroad company, and the Iicou,Ont
railroad company, and the parties claiming.
Your committee further reports that by the t,cn.
curing evidence, personal and documentary the
late Confederate States never held any proprietary
light or interest to the extent of cent nor ever
claimed any such right or interest IN tie Pied
mont road. Ihet in the year 1852 or 1861 the Con-
federate States government loaned tuthe Richmond
and DanWlle railroad company, one million of dol
lars IN bonds to aid In paying off its subsc riptiOn
aforesaid That sometime IN the latter part Of the
year 1863, the Richmond and Danyille railroad com
pany received for interest on these bonds about
the OF $50, 600, which that company
credited to the Confederate States on account for
transportation due said company. That further
than this whatever was made by the said
company of the bonds.so loaned the arrangements
for said loan having been in fact some time in
the year 1864, cancelled by agreement between the
parties. The said Confederate bonds are supposed
to have been lost in the fire that occurred in Eich-
mond the 81 Of April 1868
Your committee submit herewith q copy of the
order for the restoration of the Piedmont Road,
from the Treasury Department OF the United
States, to the pi Oper officers of the company made
by the Secretary Of the Ire 5ury and approved Ily
lhe President of the United States on tie 18th
lay of October, 1866 together with the statements
o sundrv witnesses examined before. the commit
zee, exhibited With this report your commit
zee therefore ask to he discharged from the tur-
ther ST ieratiOn of the subject
Respectfully submitted,
.'.'''4A. J. JONES, Cha rman,
#., JAS. L. NOR GHEAD,
.... ........ s-, r. w. ALLISON,
r. MURPHY, ..-
Z. NJ. SMITH,