The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-13

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has been laid, and whose credit In the mon
etary circles Of the country. is as good, II
not better, than any other corporation
within the limits of this State, whose re7e.
nue. for the past year, as for the years pre-
ceding, since the control Of the present adj
ministration has not only been sufficient to
discharge all expenses for current opera
tions and to pay regularly the interest upon
its bonded debt, but to add over two mil.
lions to the improvement of the properly.
Mr.. GUY: Has that been done without
any increase of debt, and in what time has
It been done? .s..
Answer: All this has been accomplished
within the last three years. The virginia
and Tennessee railroad owes less debt to-
dsy than it did ct that time the Southslde
road, the middle member of the line, per-
hans four hundred thousand dollars more
than then; the Norfolk and Petersburg road,
with clean asset of less than half million,
among which is sixty-odd thousand dollars
of State bonds. '....~....
Mr.. Guy: Do you mean to say that the
Norfolk and Petersburg road has available
assets amounting to half million above Its
entire indebtedness
Answer 1t would be absurd to say that'
when the road has had from the beginning
Of that time what is known rs fundeo
debt of million Of dollars.
Mr.. GUY: What is the stock OF tne Az
lantic, Mississippi and Ohio Railroad Con'
pany ,wru9
WORTH IN THE MARKET!
A. have never heard of the sale of the
stock of that company, but according 10 ah
estimate of the value of that stock as TO tne
several companies composing that com-
pany, made by commission appointed by
the commissioners under whose autnority'
as by charter, the formation of the Atlan-
tic. Mississippi and Ohio company was au-
thorized, the stock of the Norfolk ana
Petersburg road was shown to be
worth 1O2, that of the Southslde
road sc, of the Virginia and Tennessee roao
90, and of the Virginia and Kentucky roao
"A, These are the figures as now remem'
Der, but as to the first l am quite correce'
and such valuation of the stocks oil the sew
eral companies composing the Atlantic,
Nrississippl and Ohio road was arrived ut
in the following manner That is to say,
after careful inventory OF all the property
composing each company, taken at prices
adudged to be right by competent per-
sons. then deducting therefrom the aggre-
eate liabilities of each company, funded and
floating. the result thus obtained DIVIDED
by the number of shares in each company
furnishes the actual value of the stock in
each road.
MIR. GUY: believe the stock of the three
roads named are often on the market.
What are their respective market prices?
A. The stock of the Virginia and Ken
lucky road has never been upon the mar
ket. The last sales of the Virginia and Ten
nessee road, prior to the formation of the
Atlantic. Mississippi and Ohio Company,
%; the Southside, 16; Of the Norfolk and
Petersburg road, where there are only 400
private shases, know of no sale except
the one made to myself at Is. It should be
borne in mind that the price OF stock in
market, in our country, bears no fair rela-
ton to it's actual value and yet the stocks
of these companies stand in fair contrast,
even as to market price, as to other roads
in the State.
Mr.. Guy: Your answer refers to the
prices of these stocks before the formation
of the Atlantic, Mississippi and Ohio Com
pany. Are they not still upon the market,
and what are their present market prices!
A. know of none upon the market. l
hold over 200 shares in the line myself, and
aside from my connection with the road
nv interest to be a stakeholder in as an
investment purely-I would be unwilling
to part with that stock at sixty cents in
the dollar, because it may be easily
seen by reference to the last pub
lished report of Virginia and Tennes-
see road, outside Of the justly-expected
increase in business which must follow the
extension Of the line to Cumberland Gap,
yet, remaining as line simply between
Norfolk and Bristol, there is abundant rea-
son to expect confidently dividend to the
stockholders of that company within six
years, in the meantime returning over
half million of its funded debt falling
due within that period, discharging yet
its floating obligation, and spending largely
over million in the improvement of prop
erty. AS to the condition of the Norfolk
and Petersburg road, it's financial statement
displays the fact of the competency of that
company to declare dividend of % per
cent. upon its capital stock.
MIR. GUY You have lost sight OF that
part of my question which asked the pres
ent market prices of the stocks. Please
answer that if you can, and say also, since
you would not part with your stock for less
than 60, whether you would be willing to
BUY AT ONE BALF THAT PRICE?
A. My answer to the first part of your in"
quiry has been as correctly given as
I have knowledge to render you an
answer-I am not engaged in the brokers'
business, but will undertake to pur-
chase now and to make payment for all the
stock you own in the Atlantic, Mississippi
and Ohio Company, or any Of lis members,
even at the estimate l placed upon that l
hold in this line. might venture to sug-
gest that the stock held in this line by the
cities of Norfolk, Petersburg. and Lynch
burs-more than majority of all-can't be
purchased even at par.
Mr.. GUY: If though you are not inform
ed, don't you know as to the present mar
ket quotations that the stock of these three
companies stand In the market at figures
very far below your estimated value?
A. do not, and have not read mark-..,
~ - - &hCC
quotation of these stocks ., ,,,r d, rer,on,hor