The daily dispatch. [volume] (Richmond [Va.]) 1850-1884, 1880-08-06


rsAnersi Mahone's Six Millions.
I, his br,sf note to us published In yes
eerday,s Dispatch, Colonel CAMERON says
that the stock surrendered BY the STATE IN
!. aid Of soushside consolidation had none
2 other team nomlas, value exccpt 10 the
r.rsulue imaginassoo Of Governor WALKER.
Mr. CAMERON mar think so. We 90 not.
we have a dlstiacs recollection that re-
pcst was prevalent IN Rschmcna at the ''me
vkeu General NAecSf was working 10 ge'
-, consolidation eiIl through the Leg'sla'
vnre that there we're parties ready and w'''.
sug 40 take All ne stock Of Cir Virginia ana
tennessee railroad sud pey the State dollar
Tor dollar for II Ia her own bonds' ise
stock owned by the State In that company
alone amounted 20 $2,s00ss00.
nut that was not all the valuable property
that was turned over tosGeneral MAHoSE by
Z the Legislature On 1879. The State owned
sevep.per.ceut. bonds Of the souths'de
Railroad Company to the amount OF ssoo'-
600. Governor WALKER, In his message 10
the Legislature Of Virginia. dated March s.
1870. smoke Of this claim as follows;
Notwithstanding the snbrogatfon OF
THE mor,rape TO the lien OF tse State, the
claim of the State, amounting with interest
January I. 1870, to 81 ,0S0, 900, Is considered
n soi,snf asset, and IL is believed the COM
pauy will soon be able to resume the pay
ment OF interest thereon"
The experience Of the receivers OF tne
Atlantic, Mississippi and Ohio Rsilroao
Company ought TO 20 good way 10 estao'
sIishing Governor wALKER's claim to be
prophet in respect OF that matter.
- These Two items aggregate $4,000.
Suppose the State bad held on to them until
now.
But the State In 1870 owned 81 ,199,9'0 OF
stock in the Norfolk aud Petersburg Rail-
road Company, and s141,S7l.s2 with in
terest, OF bonds. OF these bonds Governor
WALKER said:
s.The Norfolk and Petersburg Railroad
Compapy's bonds held by the state, ana
secured by a first mortgage upon ITS prop
erty, ARE wOgra NEARLY PAR"
So there is another item 10 be added TO
the $685. 900.
Governor WALKER said as to the stock !:
"No diyidends have been paid upon
either the preferred or comm0n stock since
the war. but il the road continues to pros
per and increase Ia it's business and capa-
bili,ies as it has for the past four years,
the stock will soon be as valuable as any
railroad stock in the Siate.7
See extract from Petersburg Appeal in
this article.
Here, then, we have:
State stock IN Virginia and Tennessee oo
southside Railroad Compsny's bones. l,0s0,0OO
Norfolk and PETERSBURG CompsnyS ,,,,,
bonds ..'''.'.'''. !fd'os
Norfolk anu Petersburg stock..."...-.. 1,19es7o
s4,72l.S4
Asu ,'o.. y. sOs,5o0
s5,524 Sal
Loan to virginia and Tennessee Rail-
road Company and interest on same Loo ooo
ee,s79,s4l
We only claimed that six millions OF dol.
lars of the S,ate's bonds could have been
cancelled by proper use OF the above as
sets. General MAaoNE's management Of
the Atlantic, Mississippi and Ohio railroad
may not have justified Governor WALKERS
sanguine expectations as to Whist could be
realized out OF the above-named assets Of
the Commonwealth; but how that line,
which, as the reader knows, includes the
Virginia and Tennessee, the Soutssde, and
the Norfolk and Petersburg railroads, has
prospered under its present management,
let the Petersburg Appeal Of yesterday tell.
1t says:
"On the 7th OF May, 1879, decree for
the sale OF the road was entered by the Cir
cult Court Of the United States for this dis
trict, 10 suit OF foreclosure pending in the
name OF Francis Skiddy ct ais. rs. the At
lantic, Mississippi and Ohio Railroad Com
pany. Had the sale taken place then no
mortal man could have been found TO COM
plain, but In the interval OF fifteen months
which have interviewed since then the re-
ceipts of the road have increased and the
running expenses decreased under the man
aexment OF the accomplished, experienced.
aud prudent receiver who has had charge
OF the c0mpany's affairs, until now, in
these times Of general depression, the net
receipts are largely in excess OF the require
snonis to pay accruing interest on all the
Obligations Of the company in which the
complaiuants in the suit are interested, and
70 teave large sinking fund to meet past
due demands; and these receipts are sleadi'
iy iscreasing."
"Mad the sale taken place then no mortal
man could have been found TO complain"
Wesubmit that such stock aud such bonds
had in 1870 something mere than nomiaai
value. II not, how comes 1t that a fifteen.
million mortgage was put upon these three
lines q railroad! Was that bogus mort
gaget WAS it intended to mislead and de-
ceive capitalists We think not. And h
not, it win be very hard to satisfy the tax
payers Of Virginia that the State did not
give away six millions Of dollars when she
turned Ner all the property easloguet
above to General MAH0Nr.