The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-07

which was ultimately paid to you by the !
company, have you ever calculated to see, If
the stock was worth this back interest, how
much It would have paid at 800 per share ?
MIR. RaSland said he had never made the |
calculation.
Judge Crump: Did you know of that
back interest when you made the offer?
Mr. Ragland said he had been asked that
Question good many times, but had never
yet answered 1t, for the reason that the an
swer might imply that he was smarter than
the committee and the counsel. He had no
objection to saying, however. that he pre-
ferred to buy this stock at 35 than the other
that was offered him at 48. he meant by
the latter the stock that was pooled.
Judge Crump then asked if Mr.. Ragland
had never made calculation showing that
if he had bought the preferred stock at the
price he first offered he would have got it
(receiving the uncollected dividends) for no
thing, with s., 400 over?
Mr.. Ragand: A calculation may make it
go. When SO into speculation generally
do the best can, especially when there are
such smart men on the other side.
Judge Crump said he didn't blame Mr..
Ragland at all, and again asked if q caIcllla-
tion would not give the result which he had
stated. ,.s
Mr.. Ragland was not sure, but would
have the calculation made If 1t was matter
of interest. Ii true, it only went to show
that he had not made bad trade.
Judge Crump: After you purchased at IS
did not one of the members of the Finance
Committee (bir. Brooks), who was willing to
sell the city's stock at 55, buy portion at IS.
Dir. Ragland: He probably found that it
was more after bought it. l rather think
he did. He took q one-ifth interest.
Judge Crump: Did he vote by proxy in a
subsequent meeting Cn June) to pay the
$249,000 of back interest? -
Nr. Ragland think he was present in
person.? ..---.~...-
Judge Crunlp: think he was represented
by Mr.. John Lyon.
Mr.. Raghnd: 1 know Mr.. Brooks was
there, but he may have been out when the
vote was taken.
Judge Crump: remember that Dir. Lyon
voted the stock of the city of Petersburg.
The Chair suggested that the stock is still
voted in the name of the city. as
Mr.. Lyon: Yes, it is; and it will be voted
in the name of the city until the stock is
transferred on the books. Mr.. Brooks, Mr..
Mallory, and Mr.. Plummer voted in per-
son. Mr.. Lancaster had been bought out
before.
Judge Crump: You were proxy for them,
however, and for the city of Petersburg, and
you all voted to pay this S2l9,0OO. ...E
Mr.. Lyon: That is so.
Judge Crump: ] notice, Mr.. Ragland,
that in March authority was giveu the COM
pany to raise
LOAN OF 100000
to be applied to the general purposes of the
company. Has the mortgage been eXecu-
ted?
Mr.. Ragland: 1t has. The mortgage has
been executed and the bonds issued.
Judge Crump: What amount OF that loan
has been usedI
Mr.. Ragland: Not dollar. Before I took
hold of it the road was mortgaged for $780,
900. The former directors used good deal
ir paying dividends. They issued 8 per
cent. bonds, which were soldat 90, in part TO
declare dividends. They did not pay 50
large a salary to the president, but we don't
issue bonds to declare dividends. That was
the former practice, and [ got the debt of
$500, 900 which they had made. When took
hold, the road was much run down. The
road.bed was in mud not ditch had been
open for years; the track was grown up
Will VI luc SAltH-
sion from Garysburg to Weldon was under
contract, and the contract for five miles OF
road and building the new iron bridge was
also let out. put down 0,000 new cross
ties, laid six or seven miles Of new iron, cut
off the bushes. opened the bitches, and
cleared Off the road. All this has been done
at IN expense of about 1000, and there is
that amount of floating debt now OH the
road. TO do this some of the new bonds
have been bypothccatcd to borrow money
on short datcs-siXty days or 50. Upwards
of 500, 900 had been borrowed in this way.
Judge Crump asked when the $4,000
was paid.
Mr.. Ragland: Before your injunction
went over.
Judge Crump: Out of what money was it
paidI
AIr. Ragland: Out Of the railroad money.
We raised the money by notes and in other
ways. just as all roads raise money to pay
their. debts. | can't say certainly whether
any OF the frst-issue bonds were used for that
exact purpose. We found $249,000 in banl,
to pay this debt, and it was paid by checks.
There was on hand S152,O00 of old bonds,
and can't say whether they were used to
raise the money. They were sold and the
proceeds were placed to the general account
in bank.
Judge Crump asked whether the report OF
the directors for 1872 had yet been published
or was ready.
Mr.. Ragland: No. We do not present the
report until the stockholders meeting in
March. But it is being prepared as usual
Judge Crump: The $4,000 was paid by
cheques. You have an interest Of two
tiftlls. At the time you received your share
and up to now you had paid for the city
stock only $l5O,00O?
MIR. Ragland: $154,00O.
Judge Crump You had received S249, 900 !
MIR. Ragland: had received what the
company owed me.
Judge Crump: Well, you are about
100000 ahead!
Mr.. RagIand: haven't made a calculation,
but there was some preferred stock besides
mine; some outside. The Petersburg Say.
ings and Insurance Company-D'Arcy
Paul president and 4. G. Mcllwaine vice.
president-owned 200 shares; Thomas
Branch s. Sons, 1903; r. A. Young, 10; E.
w. Scott, 10; w. Il. Mallory, 10; John Don
nan, agent, 10; John Donnan, o; L. r.
Bridgers, 6; S. a. Plummer, ). They
all received their quota. Darcy PauPs
institution received his; j. Arthur John.
ston, partner of Donuan's, received
his. All of them ate of the forbidden bread
which you think ate of.
Judge Crump: That is, you received the
S249,0002
Mr. Ragland: Most assuredly, we got the
money.
Judge Crump: And you paid sl54,0Oo?
Mr.. Ragland: Yes-all that is due.
Judge Crump: Were you member of the
company in 1851 when the capital stock was
increased?
Mr.. Ragland: No, not that know of.
I,,dtno Grnnara Thara IaS an innEeaae Of