The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-01-25

| that you lent this money -Ar.
Mr.. Daniel: The money certainly was de-
voted to building the road, fixing up the
harbor, wharves. &c. The $4,000 was all
that was paid. but the charter did not re-
quire one dollar of paid-up capital.
Mr. Lyon: That is precisely what | do
not understand and what | would like to
have explained.
Mr.. Daniel: When the Alexandria and
Fredericksburg Railroad Company WIS CHAR
tered nothing was done under IL until after
the war, when, in 1865, Mr. Stuart made Il
great show of building the road, and came
to us with propositions Of connection, &c.
All the money paid in, however, was in the
form of a check on bank, given by Mr..
Stuart, the bank failing and not paying the
check, although ultimately. something was
got out Of it. 1t was pretended that it was
the intention to construct road from Fred
ericksburg to Alexandria, and the services Of
Mr.. Carter N. BraXton, an honorable man
and competent engineer, were employed to
survey and locate the road. leaving him mt
last with & debt against the concern of
$4,000 or $4,000 Mr.. Claiborne r. Mason
and Mr.. w. r. johnson, sGb-contractors, did
work in making road-bcd, &c., amounting TO
about $4,000. The enterprise exploded
ut last, after Stuart had issued certificates
of stock to persons who had never
paid dollar, and had also issued 81 l,G00,-
900 in bonds. The engineer and the two con-
tractors named, citizens of Virginia. who had
honestly done their duty in seeking to build
this road, were left with claim amount
ing to $4,000, with nothing to answer it but
the surveys and road-bed. Under these cir
cumstances they applied to the Legislature
g., n
something out Of the labor they had eX-
pended. Their claim was 80 meritorious
that Hon. John 3. Baldwin, then Speaker of
the House, vacated the chair and urged the
passage of the charter. 1t was granted under
the peculiar circumstances of the case, and,
not requiring any capital stock to be paid up,
forms an exception to I'LL other charters ever
granted for q railroad company in Virginia.
The corporators offered their charter in all
directions-at one time to MFR. Cooke. the
present Governor Of the District of Couul-
bia, among others and the thing fingered
aud lapguished till 1867, when it appeared to
bave died out, and Mr.. Braxton obtained 4
release of their rights from the majority of
the corporators, and the officers of the COM
Mny resigned.
In 1870 the Pennsylvania Railroad Com
the General Assembly-one to build o road
from Richmond north to the. Potomac, paral-
lei with the Richmond Fredericksburg and
Potomac railroad, and the other to enable
| them to consolidate or connect with any
other road in the State. The designs OF this
foreign corporation being disclosed, the
| Richmond fredericksburg aud Potomac
Railroad Company resolved to extend its
| itc af,n ri oil fnp c,,,.
thcr northward in the direction of Quantico
But this did not quite reach Quantico. and
certain stockholders of the Richmond Fred
ericksburg and Potomac Railroad Company
paid Mr.. BraXton $4,000 for his franchise.
which, by its terms, would give all that was
needed to make the extension to Quantco.
| Certain gentlemen. officers and stockholders
of tue Richmond Fredericksburg and Poto.
mac Railroad Company, and not the COM
| pany itself, made this purchase, Myself,
Mr. James Alfred Jones, Mr.. John M. Rob
| inSon, and others came in under the charter
with Mr. BraXton, Mr.. Mason, and Mr..
johnson, the original ben6ticiaries of the
! charter. We met at the Exchange Hotel,
after giving full public notice of the meeting
to all the coipOrator>, seven out of ten OF
them being present. and signing il release to
borrowed $4,000 from the Richmond, Fred
ericishlrg and Potomac kaiiroad Company
to raw BriXton and his two associates. Mo-
ney was then advanced to this company by
the Richmond, Fredericksburg and Potomac
| Company from time To time, rs it WAS need.
ell; bonds were given for these advances,
and mortgage was finally taken. The fran.
ciiSc itself has become very valuable; wt
, hnr rllnr ot tj,.n tNnIIn ~ mi
nearer Washington than Aqua creek; W.
are not tied hand and foot any longer; WI
| are not at the mercy Of other corporations Il:
| long as we have this outlet. Either company
can terminate the existing arrangement al
any time-the Potomac Company by paying
the money lent, and the Richmond, Frede
rickSburg and Potomac Company by fore
| closing IFS mortgage.
Mr.. LYON: Was this money that was pait
| to Bruxton & Co. paid out OF the treasury o
the Richmond, Fredericksburg and Poto
mac Railroad Company?
Mr.. Daniel Ics--cXcnpt for ten shares o
stock which each of them took, each paying
S2 per share.
MIR. Lyon That made $50 on thirty
shares, and left S30,340 which was lent.
Mr. Daniel: l think one Of them tool
Twenty shares.
Dir. Lyon: Did you content yourself viii
this security for so much money loaned!
Mr.. Daniel: No, sir; we had the fran
chise.
Mr.. Lyen: Do you mean that the franchise
was conveyed to the Richmond, FredcricEs
burg and Potomac Railroad Company
MIR. Daniel: No. That was conveyed tt
trustees-Mr. james Alfred Jones and Mr.
j. b. Winston.
Mr. Lyon: McSsrs. Br9xton & Co. did not
then. transfer the franchise which they helt
to the Richmond. Fredericksburg and Poto
mac Company?
Mr.. Daniel No; it was not transferred tt
that company, but to the private gentlemen
forming the new corporation.
Mr.. Quesenberry, Of the committee, here
INQUIRED how the Richmond, FREDERICKSBURG
and Potomac Company was benehted d,
going to Quantico, which was replied to ol
Mcssrs. Daniel and Robinson, who claimed
that il was ten or twelve miles nearer II
Washington city than Aqua Crseh; was i
better harbor; gave the company an olltle
which nnde them, if need be, lndcpeudeh
of companies north of them gave passenger
coming south a chance while in motion K
eat breakfast, and passengers going Nortt
the same chance as to dinner, &C., &c. Mr
Robinson was going on giving the terms 0
his contract to pro rate with the Alexandra
and Potomac Company, when
Mr.. Lyon asked: That did not include the
Richmond and Petersburg depot?
| Mr.. Robinson: No; we do not own tha
depot; our depot is OH Broad street. ant
another line Of road interyehes between tha
depot and the Richmond and Petcrsbur:
depot.
MIR. Quesenberry here again inquired how
the Olantico connection benefited the com
pany, as he had not yet been able 10 under
stand the matter clearly.
Mr.. Daniel: Without Quantico we Woul!