The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-07
Mr. Ragland: Yes. / do If the city of Pe

Mr.. Ragland: Yes, do If the city of Pc
tersburg Is responsible. aSsif - :.a'@ - -
Judge Crump You may have the equita-
bic but not the legal title.
Mr. Ragland: Yes, have, by deed duly
recorded, but the stock has not been deliy-
cred because it is here hypothec,ted to Sc
cure the State for its guarantee:
Judge Crump: But the Code pr6rides that
the legal title cannot be conveyed except by
transfer Of the certificate
Mr.Lyon: You are mistaken. It expressly
declares that power, of attorney accom-
panied by the delivery Of the stock shall be
deemed sufficient.
Judge Crump: But In this case the certii-
cate of stock is still in possession of the
Board of Public Works.
Mr.. Lyon: But the legal title passed un-
der the Code. Here is the law (ch. 81, sec.
q, Code of 1860:
If any such person shall, for valuable con.
| sideration, sell, pledge, or otherwise dispose
OF any Of his shares Of stock to another, and
deliver to him the certificate for such shares
with power Of attorney authorizing the
transfer of the same on the books, the title of
hesformer (both at law and in equity shall
| vest in the latter so far as may be necessary
to effect the purpose of the sale, pledge, or
other disposition, not only as between the
parties themselves. but also as against the
creditors of and subsequent purchasers from
| the former, subject to the provision of the
25th section." sG".k +. ..s, i ~ 81 So
Judge Crump Ito Mr.. Ragland) Has the
city ever substituted any other security for
that stock ... ..-.sta-. ..s-.. ... s@
| Mr.. Ragand The city proposed to give
the Water Works rs collateral, but I have
not called on them for the stock, because
agreed to give them q certain time. The
| scrip is still held, therefore, by the Board Of
| Publc-Works rs collateral.
Judge Crump: And you have not yet paid
entirely for the stock!
Mr.. Ragland: Yes; have paid for all I
have received, and more.
Judge Crump: But you have not paid for
all you purchased? .......:,. .,r--......
Mr.. RagIand: All that have had opportu-
nitv to pay for. They couldn't deliver all. The
stock Is held as collateral until the bonds
shall be taken up. When they are, the collat-
eral will be taken up and l will get my
stock.
Judge Crump: How much have you paid
for?
Mr.. Ragland: | couldn't tell you exactly
without calculation. But have paid about
one hundred and flty-four thousand dollars.
HOW MR.. RAGLAND BOUGHT HIS STOCK.
In reply to another question Mr.. Ragland
gave the following account of his purchase
of the stock from the city of Petersburg:
first made the purchase from the Finance
Committee of the City Council, agreeing to
give $55 per share. The writings were all
arranged for the Council to act, and the
Council had to act before the transaction was
,jo ,aI Whom inf fln
everything agreed to and the accept
Mr.. r. B. Bolliny-Gcnersl Malone and
hIr. Robinson had been there that eve.
ming and probably the night before ;
Dir. D. 3. Tennant and Mr. Robert Nell
wainc were there, too-Mr. Boiling made a
bid Of sc share. He reared around and
| FoAMED AT THE MOUTH,
and said he wasn't willing that the stock of
the city should be sold at So. I asked the
chairman whether this WAS an auction or not,
and what it meant; whether they would
take outside bids or require bid to be put
in writing. But | bid 81, and he bid again
until we run it up to $50. Nj. Boiling bid
that, and dropped. lie then became some.
what alarmed, und went around to see who
would join him, and how he was to pay
and 1 went out. He said he would not be
bound by writing, and I stood by my
bid, giving them until the next eve
ming. The next morning /, being still
bound in writing, these gentemen-Mr D.
3. Tenant, Mr.. McIlwaine, Mr.. G.. w. Boil
ling, MIR. Leslie, ]. NJ. & Alexander Donnan,
aud otherS-pooled their stock and gave it
to broker, Mr.. John p. Branch, and sent
him to me, Offering to sell me a majority
| with ,Eut ( hu1 OF Ss0 lnI I
not stand by my bid TO the city. remarked
to Mr.. Branch, "No; wont buy of you at
$40" They had made great hurrah about
it, and said the city ought not to be parting
with her stock ut such price, and were now
willing TO sell their own stock and cut the
city out OF chance to sell rather than see her
get SS5. told them would rather buy the
cty'sa $50 than theirs at $40. He said that
was very singular, and / told him those were
my notions, and wouldn't buy their stock
On the next evening the Council met and
agreed to sell 10 ME at SS5. They did sell,
and l complied with the terms.
Judge Crump: Who was the chairman OF
| the Finance Committee at that time?
Mr.. Ragla d: Mr. James N. Donnan, ]
think.
MIR. Lyon: will give you the names of
the committec-James NJ. Donnan, r. a.
Young, c. Baker Raine, George 5. Richards,
and II. IT, Brooks.
Mr.. Ragland: Yes, Mr.. James NJ. Donnan
was chairman then. | treated with the
Finance Committee because that was the
proper channel, and they laid it before the
Council. .~. ..r r.
Judge Crump here asked if Mr. Ragland
was buying for himself
Mr.. Ragland: think -
THE RESULT SHOWS.
Judge Crump: You stated in your examl.
nation before that other parties are interested
with you. Were the same parties then in
| tere.ted?
| Mr.. Raslnd: No, sir.
There was some colloquy at this point as
to The time of the purchase. Mr. Lyon said
Mr.. Ragland bought the stock on the I'd OF
February, 1872. On the day before he Of
| fered it to MIR. Robinson, and few days az
forwards to Mr.. Walters. Mr.. Maben then
came on, and Mr.. Brooks, Mr. Mallory, and
Mr. Plummcr bought q part Of it-a fifth in-
tcrcst cach--on the 18th Of February, 1872.
Judge Crump Ito Mr.. RaglanU: Were
those purties interested in the purchase at
the time it was made! . .. ...........
Mr.. Ragland: have told you that they
| were not. 10
Judge Crunp: Who were interested In
the purchase ut the time the offer was made
to the Council?
Mr.. Raglaud don't know that you ought
to go into private matters, but will answer
if it is desired.
Judge Crump said he had desire to go into
private matters, and would not insist upon
an answer. .r.... --..-.... ..
| Mir. Ragland: As it was heavy transac-
| ton, and life being uncertain--I might die
| af any fima-I thought ii best to have nart-