The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1877-08-06

sl,9G4,2so IS
Shares Stock at Por Vaine IN the
Norfolk and Petersburg. ........$l 36o'e0o W
SouthSiGc. SSSo0nn ~
Virginia and Tennessee. ........... 2,3oo,ooo VI
Virginia and Kentucky (Cumber- -, 400 o<
land Gar. ACKNOWLEDGEMENTS ioo'foo w
e6s7l,lso IS
The security which the State had FOL
money loaned to these roads Isl ,96+, .39
was not alike in each case, but at the time
OF consolidation the Atlantic, Mississippi
and Ohio Company was allowed to make
loan for SIS, secured by first mort
gage bond, which took precedence OF the
States claim, and that claim was fixed a
$4,000, 900, to cover the debt OF the railways
to the State and the shares of stock held b,
the State, which were all sold to the Allan
tic, Mississippi and Ohio Railway Company.
AS stated above, the State claim for money
loaned to these roads added, to the stock nj
rar held bv her in the roads, amounted TO
s6,311. 1909.
A, Tie first meeting OF the stockholders
OF the Atlantic, Mississippi and Ohio road
General MALONE in his report INDUCED IN
the following telici1ation:
"By this transaction (the purchase OF the
States claims and stock we are enabled 10
record a profit and loss. balance in your TO-
nor, of S3.371 1870 80, and upon the final ah-
sorption OF all the stock OF the various or
carnations embraced in your company, yet
IlnSubscribed-th Accomplishment OF when
cannot be much longer deferred-obllga-
tons heretofore outstanding against thenl,
to the amount of Sl,964, o30.39, VIII he Tor
ever cxtinguisheG, 10 the manifest benent
of every shareholder and the credit OF the
company, in addition 20 the possession OF
44.QG9 out OF 69,2l9 shares OF caDl'al sloch.
All was then colour de rose. The new
president. with $4,000 per annuln, was
full OF joy and nope; hut four years
brought about sad change, blasted his en-
pectaiions, and elected him from the rtlll-
road, which went into the hands OF the re-
ceiyer. Just seated, as it were, III ~, he
cloated over the statistics, which, being d.
vested OF .cXtraneous Natter showed, he
said. an excess OF resources over liabilities
Of So. 1857, 74S.15. Cheering, indeed!
But the s15,0O0,000 loan that had been
authorized was not included in the estimate
that showed this balance OF over three mil
lions. General MALONE, like dashlng
fnancier, after presenting this balance, pro-
ceeds to speak in the most I" oi-hand way
Of this $4,000, 600, as iollows:
"In accordance with the authority con-
ferred at your called meeting OF May 18th,
1871, the negotiation OF the determination
loan has been satisfactorily effected. the
whole sum being placed upon European
markets. after retaining in hand the amount
OF bonds required to- be set aside for the
security and ultimate redemption OF the
bonded debt of the various old companies
whose obligations we have assumed" -
The president, in the same report, alluded
to the Cumberland Gap road as settled
question, and contemplated its completion
Gas early as December, 1874 So. .,'
The public ought to be familiar with two
things that soon followed the fatterlng
statement of the president OF the good bar
gain he had made with the State and OF his
confident expectation Of the early compile
ton of the Cumberland Gap road. He pro-
cured valuation OF his purchase OF the
State bv q committee Of the Legislature, ana
also legislative relief from his undertaking In
the charter Of the Atlantic, Mississippi sno
Ohio road to build the Cumberland Gap ROAD
He had in his numerous applications retained
the constant support Of the representative:
interested In the Cumberland Gap ROAD
but they pressed him so earnestly 10 20 u
work that he could deceive them no longer
and he unveiled himself, declaring the roat
iupracticable and throwing it UP, the LIE
pislaturc administering the emetlc.
Why he wanted the valuation OF the STA.
stock and claims purchased by the Atlantic
Mississippi and Ohio Railroad Compan.
we know not; but certainly the opln
ion OF the committee OF his friends wa
very unfair to the State. The stock sol(
bv the State was part OF it sought II
be purchased at par, and It's sale Go
feated By the hypocritical cry OF hostility Il
outsiders. 10 whom does the Atlantic
Mississippi and Ohio belong? Have no
outsiders control over all our railway pro
pertv? What sort Of fairness is there IL
the attempt OF the Mahoneites now to de
preciate the value OF the stock bought by
the Atlantic, Mississippi and Ohio from
Virginia? The purchase-money will.neyel
be paid for it, be it much or little. But VIZ
repeat: Par value was offered for the State
stock in the Virginia and Tennessee road
and we have little doubt that the State:
stock in the Norfolk and Petersburg ant
Southside roads might have been sold q
par. .@ss.s - ssEf .,cF..
Did not General MALONE himself as presi
dent offer 500 per share for the Richmond
and Petersburg stock? Did he not otie
over par for that OF the Petersburg and Wei
don railroad? 1t il absurd to assume tina
Virginia could not have obtained In Stat
stock par for her stock in all the consolida
ted line. .. .slai4l1c 4 s.a
Certainly she could have gotten som
$4,000, 900 in money for her loans to the thre
companies. But say she could have bee
paid in State stock:, She would have bee
enabled to pay Oft upwards OF six million
in debt, relieving herself OF $4,000 pc
anpum. One years interest. therefore, be
ing sufficient to pay the salary OF Cover
nor, TO which General MALONE aspires, 10
thirty-six years; and that ia what Geners
MALONE has chiselled the State out Of.
We repeat, General MALONE has lost I
Virginia s1sO,OOO per annuna, Aud mo-
what sort OF an administrative capacity b:
he that he shnuld nras,rrpe IN come jop9Or