The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-08


AR. LYON here made calculation, wnicn
Mr.. Ragiand embodied in hts ev,oen,ce' sIDJ
ING tl,at out OF the 4,755 shares, the WIZ .ne
n,lpnber purchased by Mr.. Raglano OF INC
tcity IF petersburg, 4,490 shares vert Pr az.
ferreh, and he referred to the IepuIt ~ MI
hands of Judge Crump for tult sIs.enu s,.,,
Judge Crump: What was the eSac' n'o'
Der Of shares the city solo 70 you. cor ro,,t o
Mr. RasEand: ,755 shares. reaeR YUM
the report for the figures. ,...or 20
Judge Cr,Imp: see from your ietteI 70
the stockholders that You claim that tne MY
ncr cent. increase of 1861 ought TO emolaSe
Tho r1,refarred as well as the common STOCK.
MI. Racllnd never had but one IDEA
about that. If there was an increase OF tue
stock of the Petersburg Railroad Company,
there being two kinds Of stock, preferred
and common, when 1t was watered there
ought to have been two kinds OF water-salt
water and fresh water. Ever since the year
I II has been understood that everything
follows its kind, according to the laws OF ma
ture and the laws of the land. The increase
of preferred stock was preferred as the IN
crease of the common stock was common.
| This was the view took and the view OF
INV attorneys; and, as stated in my report, II
was for this reason that received the money.
Judge Crump: You hold, then, that when
the capital stock was increased fifty per cent.
! both kinds OF stock were increased
MIR. RagIand: Yes, unquestionaDiy.
Judge Crump: You claimed that the I'M
| collected dividends for thirty years on the
| whole of the preferred stock were yours,
and not the States or the city's.
Here Judge Crump read from MIR. Rag
lands letter to the stockholders setting forth
in detail bis claims.l 1t seems from this and
the opinion of your attorneys (Which follow
the letter. that the unclaimed dividends OF
three Der cent. accruing since July, 1874, and
runrine on until 1872, with the exception OF
the wears 1886, '65, 'G6, and '87, are claimed
! by YOU. though not drawn by the city or
| State during the preceding thirty years.
MIR. Rasland: Yes; claimed all that be-
loDged to me.
| Judge Crump: You claimed that you
were entitled to the dividends not drawn
while held by tie State or the city,,
Mr.. Ragland Yes; bought out all the
right, title, and interest of the State and city
Judge Crump: Who were the directors
of the road at the time the resolution allow
Ing these dividends were passed?
l Dir. RagIand: Reuben Ragland, L. l.
Brookcs, William K. Mallory, s. A. Plummer'
John u. Stevens, and Benjamin q. Nash.
Judge Crump: Did Major Nash approve
Of this resolution? :.
Mr. Ragand: Yes, sir; he approved ii
and signed it with all the rest.
Judge Crump: The others had an inter
es. in the preferred stock.
Mr.. RaSlands Yes; Mr.. Brooks, Mr. NAL
lory, and Mr.. Plummcr.
Judge Crump: You referred the matter to
the stockholders
Mr.. Ragland: Yes; preferred to leave II
to them, as it was an important matter.
Judge Crump: Didn't you have majority
Of the stockp
MIR. Ragand: Well, you hardly need ask
that after have told you that had ten OF
eleven thousand shares.
Judge Crump: Did not some Of the stock
holders desire time to think about the mat
ter?
Mr.. Raglaud: Yes, sir; they did.
Judge Crump: The claim bad never Dc
fore been presented?
Mr.. Ragland : never had an opportunity
asked for time?
Judge Crump don't know; somebody
/ A resolution was offered.
Mr.. Ragland: | will tell you. Mr.. S. Is
Paul. the spokesman, didn't own bit OF
stock. He was in treaty for the city's stock
when bought it, and got out an injunction
to stop the sale by the city, while the com
mitteo of the Common Council had the mat
, ter before them. lie -.
DIDN'T OWN SHARE,
and when we came to find out, he was moi
Il even taxpayer. Mi. S. B. Paul was tht
prime mover and leader at the meeting thai
day. without owning a share, and was th'
spokesman and buSleman Of the party tina
wanted time. Mr.. Paul ut the time had
lawyer drawing up an injunction to stop thu
proceedings and the payment of the money
lie had lawyer, pen, ink, and paper, and wa:
drawing up the injunction to keep me out
nv Just dues. When went into the adjoin
: ing room TO get drink of water found Mr.
Paul, Mr.. Donnan, and Mr.. S. w. Davies
hut.dlcd together reading the injunction, anC
, as | went in / overheard them. would
/. cheerfulIv have given them an opportunity
, OF examining all matters by committee, bu
! knew they only wanted lime to get out thu
Injunction. You would have thought, judge
Crump, that ] was very feeble man and un
t fit to manage railroad if had allowed my
self to be
CAUGHT IN SUCH TRAP,
if / had let them get an injunction, got my
self into law suit, impeding the progress o
the road, let them devil ME for years, ant
perhaps keep me out of my money entirely
TINE WAS WHAT THEY WANTED,
: and only time enough to get somebody to &c
on their bond. They asked D. B. Tenant
who was worth more than all the balance
put together. But lie thought it was dan
gerous, and wouldn't touch it, as be die
here, Judge Crump, when you asked him tc
go on that other injunction bond, and took
: Robert 3. Boiling without asking him whe
ther he was worth $4,000 or fifty cents.
Judge Crump: Did you think it unrea.
sonable that they should ask time to con-
slider when the stockholders had never be-
fore heard of such claim? Was it unrea'
sonabe that they should ask thirty days and
that the report be printed?
Mr.. Ragland: think have given the
reasons. They only wanted half an hour to
get out the injunction, stop the payment Of
the money, and keep the matter in court
maybe thirty years. 1t would be capital
management OF Il road to allow such thing
Judge Crump: When the State surren-
dered her claims to the city of Petersburg
YOU consider that the State transferred to
the city the upcollected dividends?
Mr.. Rasland: Yes, sir, transferred every.
thing.
Mr.. Lyon The entire interest Of the State
was transferred to the city, as will be seen
by the act Of Assembly authorizing the
transfer, and the transfer actually made by
the Board of Public Works.
Judge Crump: And you bought every
thing to which the Suite or the city was en-
titled?