The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1876-04-19
100000
;sao~!ns sra!n the Increment off,.


). rIcssrs Of Stock Number Of shares:
Ordinary. 57.%45: preferred. 5000; guaran-
ted. I.7G2:" (which. added together,
amount 70 CS.lU- shares OF 500 each-a
number less hy s64,000 than the whole
,moun, Of stock reported as actually sub
,rribed. and greater by S219,l67 than the
whole amount Of stock reported as now ac-
tually paid inl.
:. The Atlantic. Mississippi and Ohio
Railroad Company is reported as holding
A.4n, 900 of its own stock-the same guam
uiy A. in the bcsinning-although IN loot
note it is stated that $50 shares OF guaran-
tecd stock had been purchased during the
wear BY the issue OF 1000 shares OF common
stock.
The reported statements are incoherent
and hewiidcring.
Beginning with the report for 1878, which
seems to have been prepared with care, and
tracing through the published proceedings
o! stockholders meetings the history OF
these transactions, the truth appears to be
this:
Last year the Atlantic, Mississippi and
Ohio Railroad Company created and issued
1000 shares $500. .000) Of new common stock
in barter for $50 shares (S55,000) OF guaran-
tcei stock OF the Norfolk and Petersburg
Railroad Company formerly held by the city
o. Norfolk. In this way the capital stock
o. the Atlantic, Mississippi and Ohio Com
Eany VAS increased from S6,619,T00 in 1874
b SS.Si9 700 in 1916, represented by 6S,197
shsrcs. classified Is follows:
Ordinary common. 100
ifr"'fri 9'0eo
Total. ..........".':oS,lSf
OF these the Atlantic, Mississippi and
Ohio Railroad Company holds
Shares.
By purchs<" from the State...........44,069
By t4c barter aforesaid. ............... ooo
Leaving the remainder of............. 23,576
shares outstanding in the hands OF stock
holders, and entitled to cast in general meet
ings 33,j7S votc>-an increase OF 1,45O over
the vote OF the preceding year, when Nor
folk held $500, Petersburg 5000, Lynch
burg 5000, and Farmvillc POP votes reSpec-
lively.
The general laws OF the State prescribe
the way i'll which municipal corporation
may get authority to subscribe to the stock
o. an internal improvement company. The
Code provides that the president and direc-
.0r, OF Il chartered company shall not, in or
der to obtain subscriptions for the residue
Of It's capital stock, sell the stock at less than
par The charter OF the Atlantic, Missis-
slppi and Ohio Railroad Company con-
tains some eccentric provisions respect
ins the right OF any stockholder in any OF
the divisions to subscribe to and pay for the
stock in the consolidated company. The
contract made in Lynchburg in November,
1910. At the time and place OF the consolida-
ton, and AS the fundamental consideration
OF It's consummation, is tersely expressed
ty the official resolution OF the Norfolk and
Petersburg Railroad Company in the fol-
lowing words:
"LYNcHBuRG, VA, November II, 1870.
"Stockholders met pursuant to adjourn
Nen,. Present in person or by proxy
5,l2t shares OF stock.
1.-The committee OF conference reported
that II had met the committees from the
o'lier roads, and that at this joint meeting OF
committees it was decided that in subscrib-
!ng for the stock Of the Atlantic, Mississippi
ana Ohio Railroad Company the shares OF
stock OF the respective roads, in whose
stock such subscriptions are authorized,
SHOULD be taken at par-that is, share for
share.
"on motion Of Colonel Thomas J. Cor
prev, the report OF the committee Of confer
ence was received and adopted, and it was
determined that the stockholders OF the
Norfolk and Petersburg railroad do agree
10 the relative value OF shares OF stock, as
determined by the committee of conference,
and determine to 20 into the Atlantic, Mis-
sss'ppi and Ohio Railroad Company upon
.lie basis OF their estimates-namely, share
iot share, or dollar for dollar.
Respectfully submitted.
.a, "E. G. ROBINSON, Chairman OF
Stockholders meeting Of Norfolk and Pc
lersburs Railroad Company"
=, In the last report to the stockholders OF
tne W. Atlantic, Mississippi and Ohio Railroad
company, dated February II, 1876, the late
" ssahSactlon with the city Of Norfolk is re-
ieflcd to only incidentally and parentheti-
.a!iy, IN way not likely to attract atten-
s Soh. This is the first attempt Of tae presi-
aen. and directors to increase the capital
fsaoek' ana issue new scrip, without consult
ine their stockholders. 1t is their first step
~ the path that leads in the direction OF the
ppIpetuity ~ OF their own administration
W$ta principiis!
=, As 4 lnere speculation, the barter of 1000
shIrcs ~ OF worthless common stock for $50
s,Hes OF Norfolk and Petersburg Railroad
ii'ock, guaranteed to pay dividend OF at
sai $1,000 per annum (ii the exchange be
aa"lal seems to be good thing for the
cH'taiitic, Mississippi and Ohio Railroad
,s9 ,Hso9,npany, but hard on the city Of Norfolk,
iIi,ess the city finds that the increase OF her
sn;muence s.;m by the addition OF 1,450 new votes
"Hi giVe her power to elect officers, fix sal
n.ss naess and control the policy OF the COM
Nv ttsaa', ana thereby secure an equivalent for
,~s ,ss sacrifice Of PERPETUAL GUARANTEED
SooEE OF $4,000 PER ANsuM,
C0Ns0LIDk1IoNIsT.