Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1888-02-10

| personally directed at Mr.. Wickham.
He had not charged fraud, but the sub
iect was one that should be inquired into
and what he did say was that il there
was fraud it should be brought to light
and the perpetrators thereof punished.
Mr.. Wickham claimed that rs he had
been at the head of the company since
| 1865 any reference TO its management
applied to him.
After few words upon the necessity
OF the States paying some attention
to its interest in the company and the
importance of the investigation Mr..
! Mcdonald resumed his seat
Mr. Wickham secured the floor imme-
diately, and proceeded to explain the
true situation of the company's affairs.
He said it made no difference 10 him or
the company whether the States interest
was sold or not, He thought by virtue
of his position that he knew as we'll how
10 impartially advise the State of her
interests RS did any one else, and he
thought nothing would be lost by the
sale.
In explaining the company's condition
he said that in the difficulties of trade,
| the low rates Of freight, the high grades
over which they had to draw their
freight, they had found difficulties that
SO far they had been unable to surmount,
until now they are bonded down with
$50, O00, 900 of bonds, which have at last
forced them into liquidation. They
could reorganize under the general laws
of the State. The plan of organization
had not yet been completed, but would
be soon. A number OF capitalists were
preparing to place their money
in it and revivify the road. One
plan proposed provided that each
would put up go per share to give Vi
tality to the stock. No one could expect
the stockholders to do this and allow the
State to benefit by it without its doing
likewise. Suppose they put up the
money and even then the stock proves
worthless. They lose their money as
we'll as what they had at first invested.
In complain ,e with the request of one of
the committees of tn, General Assem-
! bly, he had requested and received an
offer of $3.50 per share. He had then
been asked whether he could get an OPP
ton of sixty days, but stated that
he had no authority to grant it.
He then told them if they were
not satisfied with the price offered
to authorize the Board of Public Works
to authorize live man to see what can
be done with it. Mr. Mcdonald had
claimed that the trouble was due to a
contest to gain the management. Such
/ "a -.
just now when the gentleman applied a
term to me that has never yet been APP
piled to me. | may add that ! am salts
! fed that there is not one gentleman
within my hearing or within the State
who would believe for a moment such
charge.
Mr.. Mcdonald stated that be had not
charged Mr.. Wickham with fraud and
did not intend such thing. The Sena-
tor from Hanover, he said, had by ex-
PLANTATION given even more reason why
there should be such an investigation,
and more reason than ever why such a
committee should be appointed. If, as
the Senator had stated, the State should
put in SO more per share, only to be
gobbled up, the State should find out
who did the gobbling.
Mr.. Wickham interpOsed, saying that
he had not made such a statement, but
that they run the same risk as other
stockholders Of losing it.
Mr.. Nc donald failed to see any differ
ence between that and "gobbling mp, "
as he WAS pleased to term it, and insisted
upon the appointment OF such commit
tee.
A SUBSTITUTE.
Mr.. Staples offered the following as a
substitute
Rcs0lucd, That q committee of two on
the part of the Senate and three on the
part of the House be appointed TO in
auire into and report upon the expe
diency of selling the States interest in
the Chesapeake and Ohio Railway Com
pany.
In support of his resolution Mr.. Staples
said that the State had sold her interest
in other concerns and that Immediately
upon reorganization of the companies the
stock had greatly advanced. Some in
auiry should, he thought, be made as to
the probable future value of the stock OF
the company. Before all large transactions
like this were made it was customary to
look thoroughly into the matter: The
State should certainly, he thought,
realize more than $3.50 or 81 per share
for stock that cost the State 9l00
Mr.. Mcdonald said he was willing to
accept Mr.. Staples's substitute if the
committee be authorized to send for per-
sons and papers
Mr.. Staples accepted this amendment
INVESTIGATE THEM ALL.
Mr.. Heaton thought there should be
an investigation of all the broken-down
railroads ii there was of one.
Mr.. Bib stated that the Finance
Committee had considered what was best
to do with this matter, and had come to
the conclusion that the State could not
give ten dollars per share to the work of
building up the road He could see no
reason why they should delay when they
had every confidence in the committee
that had investigated the matter, and
thought that immediate action should be
taken. The only information he pos
sessed was from the stock-market re-
ports.
Some one said, "That's very little"
Mr.. Bibb stopped, and then con-
timed "That is the only source from
which the committee can draw its
knowledge. No one can foretell the fu-
ture of the road"
REFER.
Mr. Williams thought that the ques-
ton having assumed the shape it had the
resolution, out of fairness to all, had |
better be referred to a committee to re-
port upon it. He therefore moved that |
1t be referred to the Committee on Gen
eral Laws.
Mr.. Mcdonald at once replied that !
anv such movement would result in the !
killing of the resolution.
MIR. Williams stated that he had no |
such object in view, and it would not
meet with any but the best treatment
The question OF referring the entire !
matter to the proper committee was then
placed before the Senate.
Mr.. Heaton said the best thing TO do |
was for the State to uphold the company
in its reorganization and its efforts TO
n