Bristol news. [volume] (Bristol, Va. & Tenn.) 1867-189?, 1881-03-01

't""'lPF N''N Wv" AtNtt'VNW HNh.IVtJ'
Gentlemen, The time has not yet
come when should, or can, fully and
properly present to you review of the
affairs Of the road, especially covering
the period since they have been conduct
ed by the Receives.
n
Under the terms Of the contract the
purchasers obligato themselves that
"Iho Atlantic, Mississippi and Ohio
Company from Norfolk to Bristol shall
be operated as Il whole in direct con-
formlty with the spirit and intent of the
charter Of said company"
The State of Virginia is to receive half
n million in money for her claim against
this road, which claim under the de-
cree of the court, was forever barred,
and which, but for the care of the COM
pany, rs shown in this contract, would
have been almost, if not absolutely,
worthless. This payment, so secured, is
fair value to the State for all she surren-
dered to the company by the act of con-.
soldation as Is evidenced by Report of
Senate Committee on Roads, Col. Wal
ter II. Taylor, Chairman, Senate Docu-
ment, No. 10, 1928, for then Us now
the stock covered in the claim of four
millions of dollars had no productive or
real value; and the aggregate Of claims
other than stock amounted to 1926, 1888,
of which the claim against the Norfolk
and Petersburg road for $l30,50l, was
the only good one.
TO the cities of the State are secured
not only continuance Of the business
facilities and geographical advantages Of
which it was feared, Il sale might deprive
them; but they, in common with the
private stockholders, are to be given the
same number of shares in the new that
they held in the old company, upon
terms which should give them the same
substantial concern In the future of the
road us though any practicable scheme
for redemption had been successful.
The purchasers have also obligated
themselves to deal generously with all
audited claims for labor and supplies,
hitherto disaIlowed, and, by the terms Of
the decree of foreclosure, excluded
In all negotiations, either for rcdemp-
ton or purchase, your representatives
have refused TO entertain any PROPOSE
ton from any quarter until satisfied that
the parties negotiating Intended with
good faith TO operate the line from NCr-
folk to Bristol asst whole, and To foster
and TO carry ont according 10 the spirit
Of their charters The purposes for
which the roads composing it were
founded, That great and paramount
end Ia now guaranteed by the parties
who are by purchase to como into pos
session Of the property. Nor did the
company Mt any time consent to treat
with any party upon other basis than
that The State should be paid for her
recognized, and that the unsecured cred
ilors should be cQuitNbly cared for.
These objects have been secured. --
Your representatives feel that all In
their power hls been done to guard and
foster the interests which seemed newt
ably doomed In u sale of the road under
under decree of The court; and they feel
TINT upon the measure Of their success,
In The presence Of obstacles seemingly
msumountublc. the public aud the
stockholders may be congratulated.
cnnnot conclude this statement,
which H., pcrhaps, the lHst | shall ever
Sign IA President Of the Atlantic, Mlssls-
slppl aud Ohio raltoud, without few
parting words, personal 10 myeelf
The development of this line of rail-
road has been my llic'e most earnest
work Before train ever ran over ils
track before even u spade had broken
the sod upon itR route, VIVA Identified
with the Norfolk aud Petersburg rail-
rOad. grew up with It aud 10 with me.
Il was the pride and sole object ct the
best days of my life. II IA not for me to
say whether In ils administration matte
It worthy Of the place | gave Il IN my
heart
Consolidation WIS but The consumna-
ton, the realization Of that which my
Judgment, aud, " YOU choose, my amhl-
ton, had taught nlr for year,, was The
truedpsliny Of Tint system OF railroads,
mud for The best Interests Of virginia. -
Bitterly nsstlcd when II wna proposed,
n ttIunphcd over all opposition, The
universal verdict Of The present IL tie
best defense,
From the moment II WIS accomplished
my whole being Wns concentrated IN de-
vrluplng II 10 what ! clearly SAW were
ita ptrnl possibilities. II, In this Binig-
gle, eeomcd too intent, u was the error
common 10 all humanlly--Whcn engng-
ed with ono absorbing idea taxing 10
their utmost EVERY energy uf heart aud
lrnn--lor in those dnys the Atlantic,
MissIssippl aud Ohio railroad was the
idol Of my ambition. ia development
the great object Of my life.
With what feelings I saw the institute
lion Of proceedings 90 pla'e u To the
lunls VI O Receiver II V unnecessary lhr
, mc n ukplilu