The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1873-02-08
roosT1SurD rson FEST rAeE.l
', stock which be bought from Che city d

,J,lfye Crnmp: Then the sum was aooi''
$500, 900; think you said yesterday!
Mr.. Ragiand: ] don't know tue c sTna
amount without making caicnia, ,es
calculation was here made ,''1 ,o,nt
Judge Csump: And OF t''a' "''0'
Si54,0O0 has been paid? s,,v-fopr
M. Rariand: One hundred ana nity Soo o.,
,hnns.nd and some odd dolIars-Sloi ,ooo ~
fog Indya crnmp: What security did you give
'"S Mr. Raglard They have my personal OBJ
vc,,inn Endorsed By Lancaster, Brown u
rs ~ r. Broocks, w. r. Mallory, and S. A.
Plummer, as security, and S,5O shares Of
.JSdge Crump: All Of the gentlemen you
named are, l believe, owners OF STOCK, ex-
cep. Lancaster, Brown & Co., who sold out.
Mr.. Ragland: purchased the Interest OF
Lancaster, Brown Il Co.
Judge Crump In purchasing from MI.
Lancaster was be released as security,
Mr. Raglaud: He couldn't be While MS
name is on the bond. / don't suppose ne
wished to be released. 1suppose lie thought
it a good bond.
which I observe by resolution passed by
the COMPANY you were directed to issue,
been issucd-the 4,430 shares OF preferred
stocks notice that the form OF the certit'
cate Ia given in the report Of the proceed.
inpS Of The stockholders, and the resolution
directs that such certificates be issued 70
yourself and others.
MIR. Ragland: The certificates have not
been issued. !,
Judge Cr1mp. Have any OF the parties
got certificate?
Mr.. Ragland: No; no transfer has been
made yet, and, OF course, there has been no
issue OF new scrip. Nobody has chilled for
it. For instance,
MIR. PAUL's INSTITUTION
holds its preferred stock, and draws its diyi-
dends without any change being made on the
books. ---.--..-
Judge Crump: Have they all drawn divi
dends up to the lst of January last5
MIR. Ragland: don't know, sir. haven't
examined the books to see; but q portion
have. Money has been provided to pay it,,
and to pay all dividends and all coupons on
outstanding bonds.
Judge Crump: Has any dividend been de-
clared this year2
Mr.. Ragland: No, sir; there has not. Div
iaends on preferred stock must be paid on
application; there is penalty of $1,000 Oh
the president, the treasurer, and every direc-
tor in case of a refusal. All dividends due
have been ordered to be paid, and the money
provided for the purpose.
Judge Crump then asked If MIR. Ragland
had received his preferred stock.
Mr.. Ragland: received 1t when came in
possession. The certificates are ready for
filling out. ] had them prepared because
wanted the stock to he ear.marked. The
scrip Is ready, and will be delivered when
called for.
Judge Crump: Have you got yours7
Mr. Ragland: will get it when I call
for it.
Judge Crump: Has Mr.. Brooks got bis !?
Dir. Ragland: He will get it when he calls
for it.
Judge Crump: Has Mr.. Plummer got his ?
MIR. Raglaud lie will get his when he
calls Tor it, too. tell you again, that none
has been called for, and that none has been
filed up. It is all ready to be filed up and
delivered when called for.
Judge Crump: Then nobody has called
for the preferred stock?
Mr.. Ragland / said no certificates had
been issued.
ever been used for any purpose whateyer2
MIR. Ragland: Well, if you insist on going
into private matters, I'll tell you all about it.
The larger portion of this stock
STANDS IN REUBEN RAGLAND's NAME,
and Reuben RagIand paid most of the mo-
ncy. Ii you want to find out whether 1t is
hypoiheclted or not happen to have good
deal m my pocket now. Takes package
out of his pocket and exhibits it to the COM
mittcc.] Here is one for $500, and so it
goes on.
Judge Crump: Is that preferred stock?
Dir, Ragland: Some of it Is. ! have never
called for n dollar to be changed into new
scrip. [ have got the scrip, but it has no
etr-narks.
Mr.. Lyon: Judge Crumpseems to want to
know whether you have uny preferred scrip.
Mr.. kagland: l have
PREFERRED STOCK, BUT NO PREFERRED SCRIP.
Judge Crump said this sounded like dis.
tinction without difference. What is the
difference between stock and scrip
Mr.. Lyon: There Is a great deal Of differ
ence. 1t is just
THE DIFFERENCE BETWEEN A MAN AND THE
CLOTHES lie WEARS. -s. ..
Judge Crump is a man made Of dust of tht
earth, with enough mucilage to keep him to
gether. His clothes he buys from the tailor
The stock is the property Of Mr. Ragland
his fractional interest in the road. The scriI
is a paper showing that he has the property
The scrip is the evidence that the stock il
held, but 1t is not the stock itself. Mr.. Rag
land got the stock-the preferred stock-bu
he has never called for his scrip.
Judge Crump: Well, MIR. Ragland, will
you tell us whether you have got any of this
preferred scrip, or If any of the parties emit
tied to. the preferred scrip have drawn it?
Mr.. Ragland: They hold the stock with
out drawing the scrip. 1t has always been
preferred stock.
Judge Crump: What I want to know is
whether or not any scrip has been issued to
the stockholders of this company in confor.
nifty with the resolutions Of the meeting in
June: .
Mr.. Rasland We have book filed with
scrip, hut, rs have said, the scrip has not
been issued.
Judge trump: Is there any In your pocket
that you have ear-marked "preterred on
its facep
MIR. Rasland: No; 1t Is all alike. lHere
he exhibited the package again, and it was
examined by counsel.l
Judge Crump: BY what authority of the
stockholders was that scrip ever issued?
Mr.. Ragland: That scrip was issued by au-
thority OF the president and treasurer, and
such scrip Is issued every day when called
for.
Judge Crump: How much Of the 4,49O
shares of preferred stock has been issued,
Mr.. RaSland My share is 1865 shares.
Judge Crump: You say that the preferred
character wasauthorzed, but it is not marked
on the face of tue scrip. Then, you have not
followed the directions OF the stockholders.
Mr.. Ragand: We will follow their drec.
tons when we issue the scrip.
Judge Crump again asked by what autho.