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

| they had any interest at the time You made
the first offer? a.13ss
"A Mr. 1t,as Eagland; told you that bought
Judge Crump: Did they have any interest
In It? So .,5 = +s ST
Mr. Ragland: How could they have an
interest init They did not have, any interest
in it. of course. or they could not come In
afterwards.
Judge Crnmp: You bought 4,49O Of pre-.
ferred stock from the city at $50 share. As
make it, the price amounted to S24S, $50.
II you had got it at that price it had attached
| to it an incident. There were back interests
attached to it--three per cent. per annum, as
we understand by the report from 1874 up TO
that time, which was ultimately paid to you
| by the company. Have you ever made the
calculation how much you were paying for
this stock at so share, counting this back
| interest? 80 sas' e
Dir. Ragland: never have. ,tsf
Judge Crump: Did yeu know at the time
you made this offer that it was entitled to
| this three per cent. from 1874?
| Mr.. Ragland have been asked thatqu
| tion great many times. have never an
swered that question. would not like to
| make people believe that was
! SMARTER THAN TEE COUNCIL. s
and other people who attend to business
there; and another thing: would not like
to make them believe that I saw things
which they did not, but I would say this,
that preferred to buy this preferred stock
at $S5 to buying this pool stock at $40. ~
ther my figures are not correct. If the Coup-
Gil of the city had sold to you this 4,490
| shares of preferred stock at S55 share you
would have got the stock for S246, 900. AT
the same time, by the decision made by the
Council, there was an incident amounting to
S249,35o; SO that if you had succeeded in
| have got the stock for nothing and 81, 400
over. ga - .-
Mr. Ragland: Likely figures may make il
that way, but will only say this: when ]
go into speculations Of that kind q. tr
GET THE BEST BARGAIN CAN,
especially when I make it with party who
are supposed to be smart. =
| Judge Crlmp: only want to know that
the figures show that you were so much
smarter than the City Council that you
would have got the stock for nothing, and
they would have paid you s2,400 for tax
ling it. a' >.e- '-#eE ( 2}tl ,s'a7
Mr. Ragland: have not made the calcula.
ton. IL only goes to show that was not
making bad trade, Judge. .'"5 14''!thL 80
Judge Crump: 1t. seems, however, that
after you had made this purchase from the
city at SS5, one of the members of this
Finance Committee who was willing to sell al
S55, bought portion of this stock ut SS5. y.
Mr.. Ragland: Yes; do you want to know
how to account for that9
Judge Crump: l am perfectly willing.
Mr. Ragland: Probably he found out il
was worth more money after bought it.
rather think he did. :r
Judge Crump: He was going to.sell at Sol
> rs member Of the Finance Committee, an(
after he found out what it. was worth b.
bought in with you at $50. ;..a =.
Mr.. Ragland: He took On interest of one
fifth. l. II,
Judge Crump: In the subsequent meeting
> held in June did he vote, through his proxy
!, to pay this S249,550? Was his proxy in tina
meeting?
Mr.. Ragland He was there in person,
think. l think he voted on what stock b
represented.
E Dir. Lyon: The names are displayed her
! in this report. ...
. . Judge Crunp: think Mr.. Brooks wa
there by proxy, and voted by Mr. John Igor
There were about ninety-six proxies, think
of which Mr.. Lyon represented eighty-fouI
so this record shows be represented the cit
; Of Petersburg, and voted that stock. Ths
, was the way OF it. '4
Colonel Taylor: How is the stock voted
MIR. Lyon: The power of attorney gaye m
power to vote as proxy. They gave me a
, irreyocable power Of attorney. The vote
always called In the name Of the corporatio
of Petersburg. .1a
Judge Crump: Mr.. Lyon represented N
Mallory and Mr.. Plummer, and MIR. Raglan
aud he represented .as well the stock OF tt
city of Petersburg. -.,saLr pa.
Mr. Lyon: Brooks, Mallory, and Plum
& mer were there. Mr. Ragand was not ther
While would have voted the proxies whe
the names were called, it was not necessar.
for they were there. i
/, Judge Crump: They all voted to pay th
S249,350. -.sr..
Mr.. Lyon: That Is so. u.l,%
Judge Crump: I observe at tho meetin
; in March authority was given to raise
A LOAN OF FIVE HUNDRED THOUSAND DoLLARl
the first meeting ut which you were electe
president. IA
Mr.. Ragland: Yes, sir. .r.s4 .r I.
Judge Crump: Has that mortgage bee
executed? .ss.s.
Mr. Ragland: Yes, and the bonds issuet
Judge Crump: What amount Of thes
bonds has been used?
Mr.. Ragland: Not a dollar.
Judge Crump: Can you inform the con
mittee what is the debt of the company
MIR. Ragland: The road has mortgage {
$500, 900, on which, am sorry to say, th
former directory used great deal in con
many dividends to those gentlemen who ar
now here making fuss. They issued eigt
ner cent. bonds, and sold them at 800 to d'
clare a dividend. It is true the presider
, did not get so largea SALARY as he now doe
hut never expect to issue bonds to pa
diyidends. I will not issue bonds at eigt
ner cent. and sell at 800 to declare dividend.
These gentlemen making such an ado hay
been receiving that money which have
nav tho greater part of now. have &c
s5Go G 600 of this debt on the road which the
made for me there Of the second mortgage
, of s50O 600. There has not been dollar
these bonds sold. The road owes S5OO,0o
of the first mortgage. IL
! bonds neither sold nor hypotnecatea: III an
form?
: Mir. Raghnd: Well, I will come to that
: you will
GIVE MH LITTLE TINE. Be- q
When I took hold of the road found it i
a rundown condition. The r0ad-bed wa
/ run down in the mud; 1t had not pee
ditcbcd for years. The track was all out G
: condition; it bad not been ballasted. In
cross-ties were all rotten. Ihey haa COZ
, tracted TO build five miles Of new road, Whic
was ont under contract-the extension froI
Garysburg to Weldon. That eonIaes: ,Aa wa
let out, and the contract 70 Duiia 'ao aonno ro
blidge. had to put down about loo,ou
!, s.os.,- -t;os 7 nut down. between six an,