The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1872-06-14
VIRGINIA NEWS.
~ ISettcr from asc9asnSnrr. q
Csrre9,o OF the Richmopd fanmtr,,,

meeting OF the stockholders of the pefers
burg Railroad Company did not adjourn
until near o'clock, it was Impossible far
your correspondent, who had to reIy ON
memory, TO give anything like full and
!l'lst W nopsis of the Presidents and Direc.
tors report. As the, document and the
action OF the majority Of the stockholders to
Which 1t gave rise have excited great po1HI,
lar interest here, and engaged more than an
ordinary anionht Of attention and remark. II
Is well, perhaps, 10 give a fuller report OF its
contents; especially as 4 few aunimportant
errors occurred in my letter Of Yesterday. :
MIR. kasland and the new directory took
charge on the 20tlfof March In April GGi
tons OF new rail were purchased at S13 in
gold per ton, and the worn rail sold Mt $50
per ton IN CURRENCY. The new track and the
bridge near Weldon will be completed in
Weldon. III Thetwo suits of the United States
against the company for unpaid taxes on
dividends, aud penalties attaching, are stated
to have been compromised by the payment
OF 81, lGl.45-payment, interest, and costs.
1t Is also stated that the former management
OF the road failed to retain S2,942.70 United
states tax due on dividends declared on the
stock OF the city of Petersburg, and $2;24S.2G
due on dividends declared on the shares OF
some private Stockholders. efforts to recover
whith have been instituted. 1t has been
also discovered that taxes have been
paid to the State of Virginia amount
ing to Sf4,l44.33; to the city of Peters
burg amounting to $4,000, and TO the
State Of North Carolina amounting TO
s3,177.59, between the years 1S55-'G7, which
the company claims ought TO be refunded.
and will take steps looking 10 that end--the
charter providing that the road shall be free
from all charges and taxes whatsoever. The
value Of the property of the company. after
q new and careful appraisemcnt, Is set down
at 81, 14S.35j.20. Reference is then made to
projects entertained by the directors looking
to large increase i'm the business Of the
road, and ultimately TO the realization of q
system when all railroads, ccasing to he COM
mon carriers, shall only maintain the high.
ways along which all freight can be conveyed
Ivy all who pay tolls. observe regulations,
and comply with schedules.
The report states that General Malone has
frankly co6peIated with the Directors in
assisting their plan of establishing connection
with City Point. There arc three PROPOSE
tons under consideration: l, To build a
new track on the road-bcd of the present
road; =, 70 carry passengers and freights
through on proIate; 3, TO carry through
passengers and freights for certain sum
yearly. s#&
But the cream and main substance of the
report is embodied in the following para
graphs: - ..s
"Mr. Reuben Raghnd, purchaser Of the
stock of this company formerly held by the
city of Petersburg. requests that the pre-
fcrrcd stock created in pursuance of the act
Of March 18th, 1S4G, shall be distinguished
from the common stock by issuing cerifi-
Gates marked preferred and indicating
the extent and nature Of the preference pro-
yidcd by law. He also claims that when the
stock was increased fifty per centum, in the
years 1861 and 1862, the increase of the pre-.
ferred stock before that time existing was OF
the same nature and kind and entitled to the
same preference. lie also claims that BY a
true construction of the act of March 18th
1913, the preferred stock is entitled TO a
Scmi-annlrl dividend of one and half per
ccntum. payable out of the gross receipts,
and also to the full propOrtionatc amount OF
all dividends declared out of net receipts
upon the whole amount of the capital stock
of the company. '#.*" -.
In f,,rthcrance of this construction, Mr.
Ra"lnd claims that, as owner of the pre-.
icrred stock. he is entitled to the sum n1
S2i9,350, the amount Of money now due
upon said stock The Board submit here.
with all the papers connected with this sub.
icct. We are of opinion that Mr.. Ragand's
claim is right and Just. and that the Bonrt'
has lawful power to audit, allow, and settle
it. But the Beard. with the consent Of Mr.;
Ragland, prefers to submit the whole matter
to the stockholders for their action. The
books of the company have been thoroughly
examined. and Mr.. Ragland's figures found
tr be correct. The 4,SJ2 shares of preferred
stock appear by the books to he held as fol.
lows
"By r. RagIand. 4.490 shares; by Peters
| burg Savings and Insurance Company, 20t
shares; by Thomas Branch & Sons, Jos
shares; by Il. A. Young. 10 shares by +
W. Scott, 10 shares; by w. II. Mallory, II
shares !; by John Donnan, agent, s shares
10y John Donnan, shares lylR. r. Bridgers
shares; by 5. y. Plummcr, ) shares.
| As you have already been made acquainted
with the results which attended the meet
ing, there is no need TO enlarge upon them
After my report cloSed,a resolution wa,
passed permitting the minority to enter thcil
protest; which was accordingly done, and i
was signed by many Of the foremost citizens
| VINO arc EtISc SlOtknolueIS.
1t is stated that Il meeting of the protestor
was held to-day, at which it was determined
not to size for IN injunction to stay proceed
ings. II is believed, however, that such
step would have been taken except that thu
matter was rushed through and PRACTICAL.
disposed Of yesterday. 1t seems to be tn
almost universal opinion of the people tba
too great and plecipitate haste was made D.
ly1f
| interval for the legality of their claims to b
locked into and weighed. The town-peopl
are also discussing the question whether
even admitting the claim to be sound, th
dividends accrued should not have gone Il
the credit of the city.
| A bill of injunction was undoubtedly pre-
pared, and would have been used had tb
circumstances seemed favorable. ;
Tt was Mr.. D. B. Tennent and not Mr.
| Andrew kevan, as stated, who denounced
the action of the majority, represented b.
Mr.. Lyon, as piece OF Ubiquitous Jim Fisk
ism; and who subsequently disclaimed an,
purpose of being personally offensive. Mi
| kcyan. however, did earnestly oppose tina
| action, and procured the adoption of tn
resolution which permitted the minority t.
enter their protest of record.
The whole proceedings are soon to b'
printed, with all the opinions, records, an'
| documents accompanying.
Ii is reported on the streets to-day that th
| value of common stock of the road is 81
| per share.
| There is no other news in the city to-day
ROBIN ADAIR.
Letter from Clarke County.
| Correspondence Of the Richmond Dispatch.
BERRYvILLE, June II, 1872.
According to the averments of that mos