The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1871-03-10

MIR. Walters on this subject. The mem.
4 riai signed by yourself and others state
Il that "your memorialists have the under
standing that Mr.. William T. Walters,
wealthy citizen of Baltimore, will take til
I stock from them on their terms and ate
such contract is made." - 80
i >, EXPLAIN HOW THAT rs.
j A. The arrangement was made throug
| the counsel of Mr.. Walters, John Lyon, an
Bradley T. johnson. would state her
that four Of the gentlemen who signed tn
proposal to the General Assembly have de
termined that if anything occurs to pre-
vent Mr.. Walters carrying out the contract
WE WOULD TAKE THE STOCK OURSELVES,
and pay our Wn money for it. But we hav
satisfactory assurances from Mr.. Walter
that he will faithfully carry it out.
@. Am right in inferring from the con
Guiding portion of your last answer tina
the nine gentlemen who signed this propo
sition are not to pay any money, or become
owners of the State stock in the Richmond
and Petersburg railroad, unless Mr.. Wal
tiers fails to comply with his contract? A
You are not.
/ @. What do you mean, then, by the con
Guiding portion of the answer referred to
A. You asked, in the next preceding ques
ton, "or own the States interest %; there
fore, answer "you are not" e..
@. What do you mean by saying that
your understanding with Mr.. Walters is
that you will take the stock and pay the
money if he don't? A. mean just what
I said. Ifyou wish to know whether the
nine gentlemen making the proposal to the
General Assembly expect to pay any OF
their own money for this stock, answer,
they do not, except in the event before
mentioned. .. u.s..
WE LEND THE INFLUENCE OF OUR NAMES AND
OUR CREDIT ....:
to insure the faithful performance of the
contract, and as an assurance to the Legis-
lature that the stock will be used in the in
terests of Virginia and of the two Virginia
cities have before mentioned.
Q. Is there any contract between your
selves and Mr.. Walters? A. No written
contract. A memorandum was drawn up,
but only to set down the ideas Of counsel.
We have every confidence in Mr.. Walters.
Q. Produce that memorandum? A. l
haven't it with me. I think it Is among
some papers of mine. / will furnish it to
the chairman Of the committee.
@. WHO IS MR.. wALTERs2
A. A wealthy citizen of Baltimore.
Q. Is he not the owner or controller of
the Weldon and Wilmington railroad? A.
I do not know. 1t is commonly reported
that he has large interest in that road.
@. You are director Of the Richmond
and Petersburg railroad on behalf of the
State. What number of shares of the pri-
vate stock in the Richmond and Petersburg
railroad is owned, held, or controlled by
Nr. Walters and his friends? A. am n
State director in that railroad. / do not
know of my own knowledge how many
shares of stock he holds. I have been in
formed on what I consider reliable author.
ity that MIR. Walters and those who are
friendly to the present management OF the
railroad own about 5000 shares-a minorl-
ty, | think, Of the private stock.
ABOUT THAT ONE HUNDRED SHARES.
| @. The stock list of the Richmond and
Petersburg railroad shows you to have been
the owner of 100 shares of private stock.
State when and to whom you disposed OF
that stock, and what price was obtained
| it. A. At the last annual meeting of the
Richmond and Petersburg Railroad Com
pany MIR. John L. Bacon and others, who
| were opposed to the liberal policy we pro-
posed to inaugurate on that occasion, COM
planned that if it were adopted the stock oil
the company would greatly depreciatc in
| the market Whereupon land some of those
cooperating with me in behalf of that pol
| icy replied that we would give $50 per
share for all of the stock those gentlemen
held, which was an advance over the price
at which ii, was generally sold in the mar
ket for few months prior to that time
| Mr.. Bacon accepted my offer, and having
bought the stock on speculation, l sold ii
some few days afterwards 49,.
1 AT AN ADFAhCE VI FIVE aoNOnED oonhni'S'
| or for $40 per share. twas purchased Of
| ME by MIR. Thomas II. Wynne, President
of the road. He did not say whether nc
| bought for himself or some other person,
but as he gave me draft on VIM. L. Wal
tiers, of Baltimore, for the payment, con
cluded that he purchased it for him.
| @. You nine gentlemen propose to buy
the State stock for $3.50 per share. Why die
you not propose to buy the stock OF Mr
| Walters? A. The State stock was aDou'
to be sold, as we feared; to
A CORPORATION UNFRIENDLY. TO OUR CITIES.
and the stock of Mr.. Walters we had every
reason to believe was to be used for the
benefit of our cities, and we therefore pre-
ferred to buy the stock that threatened to
pass into unfriendly hands,. 49,
o. Is there any understanding or agree
ment expressed OF implied, written or YER
bal, between yourselves, or any of you ano
any person acting for and in behalf OF the
| Weldon and Wilmington railroad, the
Pennsylvania Central Railroad Company
or the owners of q majority OF the stock in
Ieither one of those companies, that the pur
/ chase of. this States interest by yourselves
is to enure. to the interests of those com
panies, or be used so as. to result in tho
adoption of their management or contro
on the Richmond and Petersburg railroad
| A. Ireply for myself and for my colleagues
so far as have heard them express theil
| sentiments on the matter, that we have b tt
no understanding other than that already
contained in my answers to former ques
Itions. And { will saw for myself that if / be