The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-10


the beginning.
Mr.. Lyon: He says he has no scrip. He
is entitled TO call for the preferred scrip, but
| he has not yet exercised that election.
Judge Crump: What is tie difference be-
tween preferred scrip and preferred stock !?
Mr.. Lyon: Just the t'illc,cnce between o
| man and the clothes he wears.
Judge Crump: Will you explain what you
| mean by that?
Mr.. Lyon: Judge Cr,,mp is made Of the
dust Of the earth, ccmcntcd together with
mucilagc. and his Clothes came from the
| tailor. The stock that Mr.. Ra@land has Is his
property. 1t represents his interest in the
road. The scrip is the piece Of paper which
| hc carries about with him lis evidence that
| he is cu;itlcd to such interest in the road.
Judge Crump: We'll, have always sup
noScd it Was the evidence Of the stock.
Mr.. Lyon: pin you there; but it is not
the stock. II is The evidence Of the stock,
but il is not the stock, and that Is what Mr..
| l,amlaud SAYS. He has the stock-itis pre-
fcrrcd siocl-but he has not yet called for
The evidence that il is preferred stock.
| Ju3rc Crumu: / want TO ask you, Mr..
| roclnd, il YOU have got any of this scrip,
and il any Of the parties emitted 10 THIS
nrrferycd scrip have drawn ltI
Mr.. Eacnnt The" hold it without draw.
| ing it. ,,.,,..,
| Mr. Racland: II las always been preferred
stork.
Jndge Crump: / want to ascertain the
sim3,c fact whether or not you have any
srrin rcnrc:entiug stock in this company, III
conformity with this resolution. in which the
| BOARD of Directors ia JuIe directed such
scrip TO he issued?
Nr. Ra-land: have the book there filed
with that scrip, but it
has NOT BEEN ISSUED
| Judge Crump: Is not some Of The stock
YOU exhibited just now car-nlarked pre-
| fcrrcd?
Mr.. Ragland: No; ii Is all alike.
| Judge Crump: BY what authority OF the
stockholders WAS that scrip ever issued:
| Mr. Haglaud: By what authority:
! Judge Crump: Yes.
Mr. Ragand: That scrip was issued by
| the authority Of the president and treasurer.
Tncv harca right 10 issue il every day when
| 4 man comes in and calls for ii.
| Judge C:ump: How much Of that scrip
was issued on your I,490 shares?
Mr.. Rayiand: Ny part OF 1t was Issued
| | .oj5 shares.
|
the OTHER par,its entitled to the !, 400 shares!
Mr.. Hlcllnd: Now, you are coming down
10 a private matter, and will
TELL YOU HOW IT STANDS.
You want to find out how much money l
have III this matter.
judge ,Y,mlp: All l want to know is the
history Of that scrip. ! understand you to
, say that the preferred character OF TIL, scrip
} authorized hy this resolution has not yet
been made upon the scrip, and therefore you
have not followed the directions of your
stockholders.
Mr. Ra.land: will follow it out. l
choose to issue it when it Is called for.
Judge Crump: ask by what authority
have you issued scrip that was not preferred! !!
Mr. Ragland: BY authority of the prc>i-
dent snd treasurer. You understand, the
law allows that.
!, Judge Crump: do Dot know that.
Mr.. Lyon: Arc You willing TO take the
professional responsibility Of saying that you
don't knew that under the laws OF this land
the President and Treasurer are bound 10
issue scrip Wien 1t Is called Tor By tue pro-
per persons!
Judge CI1lmp: Sir, do knows that, and |
know that has been exactly what has not
been done, and | want 10 call the commit
tees attention now, rs | shall call /. here
after to this fact. that instead of The scrip re-
presenting those shares being brought into
the presidents and trcIsuIcr'S Cilicc and
bcin. J., issued, as they are iound by law to
reissue lEcni, the or-lual scrip is now in THIS
office, exhibited upon thiS table the other
day, and there arc t,r0 sets Of scrip fSSned by
this road, representing that l,l0o Shares o!
stock.
slr. Lyon: ! challenge that as Il matter OF
fact. Il is Rot true.
Jude Crump: If that is not so, then the
scrip representing the stock held by the city
OF Petersburg is not in the possession Of the
Board OF Public Works?
Mr. Lyon On the contrary, it is.
Judge Crump: Then how could new scrip
be iSsuCd ier that Identical stock Until the
old scrip W2s >urlcndcrcdI
| Mr.. Lyon And that has never been done
for one solitary share; and there is where you
show your ignorance Of the Whole subject.
| Judge CvuElp: Has Mr. Ra.!and received
the scrip
Mr.. RaS'and: DO you suppose am so ig-
, no.ant of the law as to Issue double set e!
scrip: | hope you don't discount me so far
a., 10 ihini, would Go Il thing like that-a
thin. lhat would render ne liable to bc sent
20 the pcnilcntlary.
Jua!e C:uUp: No; but understand you
TO have salt! 20 this committee that these
{ i9D shares OF preferred stock had been Is
sued. but not in the preferred form.
Mr. Lyon: lie said distinctly that it was
MT. lie said distinctly the contrary. liz
sad distinctly t,.lt there were 5000 shares
here, and that itc had received ],233 share:
from the city OF Petersburg, and that hat
been transferred upon the books, ana nc is