The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-18
dent III had allowed that. So lie would p0t.
give them time 10 get TO law before be got
flia inf,i,ev which lie did get before the In

tnIOuSn thlS report tue ccItI1l uElIt, Ucsux
proxy for eighty-four out OF nfnety 3
proxies, giving bis opinion that RagIand
was entitled to the $3.50, ,o00, and voting IT.
the table for brief del,y, and mailing it there
| with his proxy vote. Icannot conceive Whist 4
idea was in his mind as tint time. Il GER
| tleman animated, as I suppose ha Is s0rdf-Ss
DariIy, by sense OF what Is jasf,zi
on this occasion, Wien $4,000 were 4
at stake and resting upon bis legal
opinion, thathe should not allow that legal
question to be examined is very singular.
There must have been some powerful feason u;
urging him. Why, gentlemen, be- has q
pointed to Mr.. Robinson as an arbt &
trary and absolute autocrat-d monarch
Did he ever use poacer as reienfscsely, as viO-
lently, and as iaeonsiderately as it was. efn-
ployed for his own gain by Mr. Ragland aud
bis then associates acting through their
counsel and proxy. Mr.. Lyon? BE presented
aud read his opinion, and, armed with MS
proxies, he said to the stuckh9ldera,a "a pist1l
in one hand aud 4 bolus in the ether. swallow S:
or die while Ragland and bis asseeates stood
by applaudiHg him to tho echo as counsel in
whom they had, as their report states, great
confidence. Sir, the gentleman was guilty
Of disloyalty to his own profession; tas re- So
tusing to let his opinion te tested and sriedis
Does he mean to deny the right ofhis felloMss :
in the craft to dispute bis conclusions
What ought he and Ragland to have done,
who had the control OF this road and these 3.
proxies? When question that had never =
been raised for nearly thirty years was for ss{s
the first time mooted-when q sum equal 20 q
| oue-ftth of the capital stock OF the company
was at stake--ought uotthey to have stopped
and said, We invite the most searching ill- !
quiry? into claim which lrad escaped the +
vigilance OF the StateaDd its officers, the city ~
and It's officers, and had been overlooked by
Judge Joynes. we, tho guardians Of this road
and Of you, stockholders, urge the most care q
full scrutiny? Was not that due to trnth, land y
right, aud justice-to the stockholders, BOT 3
only those who were present and repre-
sented, but those who were absent3 Who
not blinded by-self-iDterest will say Eayp
Against this 80
OUTRAGE on THEIR RTsaTs ~
some Of the best men in Petersburg protested,
and the record before you contains tiiat lIo ID
test. If there is anything in Mr.. Robinson's
conduct that can be pointed to which will
approach within bow-shot OF this "arbi-
trary," dictatorial,a "monarchical," and /,
"collossa" proceeding, tue proofs before i
even use the methods ascriJed to him. No
| relaxed-po pressure Of a finger upon the
vein which might be lighteIed. A limb :
was severed with q cleayer, and the spout
| irg arteries scared with red-hot iron. MIR.
| Robinson has been charged With pursuing
his own selfish ends, with drying up The
Fredericksburg road to put money into his
own pocket That charge has been ex-
ploded. But here stands Mr.. Ragland's
case as published by himself and furnished
to this committee, coniessiDg that this enor-
molls fund has been drawn from the road =
for his own benefit against the protest Of the
stockholders not interested with him, and /
the right to test the legal question denied
them. Some o. these parties were driven to
| the courts, aud their stock was bought by
Mr.. Ragland and his associates and the suit
| dismissed. SO GotsiH;t
will stop, only TO say ono word In regard !
to the
MERITS OF THIS LEGAL QUESTION
] Under the act of 1913 Tue State convert d.
debt due to the State by the Petersburg
Railroad Company-of SlG3, ,5OO-into 1886
shares of its stock. This stock, togethty
with ] 600 shares subscribed by the State to
the road originally, gave her 3,235 shares OF
stock. The act gave the option to the conl-
pany to pay either the interest upon Sf63, 900
or to pay three per cent. upon the wEoe
amount of stock-3,235 shares. While tie Z
State held that stock the Petersburg road
paid six per cent. upon the S163,500 and
the dividends ON the original 100 shares.
They began by plyiug interest for the half
!. year of 1913, and regularly after up to Japu.
ary |, 1840, they paid six per, cent. interest
on the sum of S163,500, making the sum Of
$53,955 of interest paid into the Treasury.
Upon the 100 shares no dividend was paid
, In 1914. In the year 1916 they paid five per
; cent. dividend, in 1546 they paid six per-
cent. and in 1S47 and 1s4S they paid seven
Cer cent, into the Treusury-amOunting to
S3S. .365. Altogether they paid to this State
: upon the stock it held in that road S52,32o
for the five years that the State held It. AUG
when the State transferred the stock 10 the
city of Petersburg it transferred nothing
i, but the stock. 1t did not refer to this deed
, of trust which it had demanded to secure
its interest upon the loan charged to stock
! that was for its own exclusive indemnity. 1t d
did not claim one farthiug Of that which was
claimed by Ragand and received in its
: Dame-yiz., $53,3IT; this being part Of
the aggregate sum of $!49,3j Of back ii,-
terest. and when attcrW ard the city Of Pc.
ters!,urg recovered to ne State this stock /,
to secure an indoISemeM upon its bond no.
thing as said of this lurking three per cent.
, interest. The city OF Petersburg IN tina. mort
cage declared that it should be- entitled to :
draw the dividends upon the stock pledged to-
the State, claiming in the mortgage the right,
oply to such dividends as may DO declared
by the Petersburg road--DoC the DIVIDENDS
which shall bs declared, US under RagiaIds
{ Interpretation it should have read tor ne
holds the Petersburg road absolutely and
irretrieyably bound to pay this three. per
cent. per annum on the stock, and the dlYi-
, dends besides when tliey are declared.
. ought to Lave said before that in 1S43, as IN
1853, when the charter OF the Soutlisidb road I
. was amended, the State required that fhsz
city of Petersburg should gyef exchanges +.
, the stock of the Petersburg road which haa
r been transferred 10 it by the Safe an eqdi-
yaIent amount in the stock OF the aoutnsino
3 Railroad Company TO suit $3.50 snafcss5
, EVERY particle Of consideration paid for the
stock surrendered by It's stock In tue re.
, tersburg road was stock in nm unanssned
: ad.-the SouthsAe road-stretchsng 10
. farther than Burkeyiise. And what eoncssv-ss
. ,hle motive could the State OF Virginia haYe /
: had in giving up to the city OF pctetsblfg
g tbis enormous amount OF indebtedness a19
. nerDetuaI claim Of 3 per cent. on The STOCK
= Without compensation! The State did nos
: intend il. and the city Of Petersburg dld notss
!. rnow of lis fortune. 1t remained for Rag-
!. iand to discover it. There is no more reason
! in law. 7 saw hunbly but earnestly, for TINS
r cIaim anon the Petersburg railroad iof hia-
: Maid dividends than there Is for . CAM W
: avery dollar Of It's capital stock. But more
0 evtraor.Iinarr than ih:s In 1861, when Ene
|. r,niIat stock was increased, the common
j stact. renresenlisy tiat ineres ,--oo per es.