Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1891-03-07
RENEW THE CHARTER
RICHMOND INTERESTED IN THE Pc
1ERSeURG & WELDON FRANCHISE.
Stockholders OF the Petersburg Company
Hemorinlize the North Carolina Le-
Cisiature to Pass the Bill.


paper yesterday, the bill to renew the
charter of the Petersburg and Weldon
railroad, in which great many of our
citizens are interested, passed the North
Carolina House of Delegates on wednes-
day night last, and il was thought at that
time that il would as q matter of course
pass the Senate. Since then a motion has
been made in the House TO reconsider the
vote by which the bill passed that body,
and strong effort is being made TO defeat
the desired legislation unless the Whining
ton and Weldon road viii surrender GER
tain exemptions which II enjoys under its
charter.
In consequence OF this action largo
number Of stockholders of the Petersburg
road assembled yesterday morning at the
clearinghouse OF Messrs. John f.. Williams
4 Son 10 take some action for the protec-
ton of their interests.
The following were present in person or
by proxy John /. Williams, Isaac Daven-
port. Jr., Beverley B. Munford. Francis i.
Willis, Basil b. Gordon. Richard L. Maury,
Alexander Coke. Wingheld Scott, William
H.. Allison, j. Iriplett Haxall, William d.
Gibson, I. g. Williams. DR.. Douglas III.
Gordon. NJ. T. Maury's executor, Charles
Ellis. Charles f. Wortham, ST., Lancaster
Iucke, Hiram Sibley, Il. 5. Bosher. f.
o. Noting, s. III. Letcher, f.. NJ. Crump,
and James /. Gray and William II. Palmer,
trustees.
TO PREPARE A MEMORIAL.
On motion o committee consisting of
Beverly B. Munford, Charles f. Workman,
ST., John L. Williams, Alexander Coke, and
William II. Allison were appointed to pre-
pare memorial for presentation TO the
Legislature of North Carolina setting out
the status Of the stockholders, and urging
that body TO pass the bill above alluded TO.
This committee was also authorized to
proceed % once TO Raleigh and urge upon
the Legislature the justice of renewing
the charter of the company in which these
people have invested their money.
Besides being owners of the stock of the
company these gentlemen, or some OF
them, are largely interested i'll the mort
gage bonds of the company, all of which
interests are injuriously affected by the
action OF the Legislature in failingto pass
the Olll for the renewal of the charter.
WHY IT II OPPOSED.
None of the gentlemen mentioned are
interested In any way in the Wilmington
aud Weldon railroad and are powerless to
Influence the action OF that company. As
before stated the opponents TO the passage
of the Petersburg charter insist that the
Wilmington and Weldon road shall sur
render some of its charter rights before
they will consent TO q renewal OF the char
ter of the Petersburg and Weldon railroad.
Many.Of these at the meeting seemed to
feel no apprehension as to the final out
come of the matter, believing that the
Legislature of North Carolina when fully
informed as to tire facts of The case will
not hesitate to pass the bill renewing the
charter, the Withholding of winch would
only destroy the property rights OF peo-
ple who have invested in the securities Of
this company and bring loss and inconye-
nience to the State and her people.
The Memorial Prepared and Sent.
The committee appointed at the stock
holders conference held a meeting last
evening and prepared the following memo
rial, which was sent 20 Raleigh ny the
night mail, TO be presented to the North
Carolina Legislature this morning:
To the Honorable tho General Assembly OF
North Carolina:
The undersigned respectfully represent that
al a meeting this day held IN tho city OF Rich
mOnd Of the stockholders aud bon1hol1ers
OF the Petersburg Railroad Company, resolu-
ton was adopted authorizing and direct
Ing the following committee To prepare
and present 10 the General Assembly OF
North Carolina memorial setting forth tho
status of tho company snd petitoning your
honorable body 20 pass the bill now before it 70
ronew the charter OF the Petersburg Railroad
Company which has expired by Limitation.
In pursuance of this resolution wo desire 20
submit the following statement relative to tho
matter ia hand.
STATEMENT OF FACTS.
Tho uroferred stock OF the Petersburg Rail
road Company amounts 20 about $3JD,JJO OF
this stock the undersigned committee represent
persons owning large majority, The common
stock OF the company amounts to fl,Op'O1, OF
which your committee In like manner speak Ter
persons owning in the aggregate over f3JOOlO
The mortgaEe-ronjB Of the road outstanding
amount TO about SlS00,OJO which are held by
the general public very largely by trust funds
having been purchased as securities OF hlgh
dignity and unquesioned safety.
NO INTEREST IN THE W. & w.
Tho parties owning the stocks and securities be-
fore alluded 10 and for whom your memoriallets
speak are In no way interested IN the Whining
ton and Weldon Railroad Company and have
absolutely no voice In determining lts admins
tranon or to Influence It's authorities with roier-
epce 70 propositions, tho acceptance or rejection
of which We understand is sought 10 be made tho
condition precedent 10 tho renewal OF the char
ter Of the Petersburg Railroad Company.
II 70 true that because OF the Ceographlcal To-
cation OF these two railroads they form impor-
tant links in the great system extending from
New York 20 Florida, the uninterrupted opera
ton OF which Is SO important TO the prosperity
and progress OF Virginia, North Carolina, and
the whole South Is threatened by the delay In
renewing the charter as prayed for.
In view OF the above recitals your memorial
lists respectfully submit that they have right 10
ssk and expect at the hands OF your honorable
body the DhsShEb Ol llo blil touoNiib 'hp SAni-
ter Of the Petersburg railroad Company TO the
objects and provisions Of which they srs advised
there Is no objection from any quarter. IL Is
unjust 10 Them TO make the same defendants
suffer the results Of contest between your State
and another OF Its corporations.
RIGHT TO PROTECTION.
Your memoriaiists represent large number
OF people who. relying upon the high sense OF
right which has ever characterized the state
of North Carolina, have invested their money In
the securities OF this railroad chartered under
her laws. They have q right 10 look TO tho
State FOR legislation 10 protect their property,
not 70 imperi It. The further refusal TO grant
the charter Gs prayed for can only tend TO DE-
nrecla.e the market value Of these securities
and repsl rather than encourage tie Investment
OF capital In your midst
Respectfully submitted, ,,
JOHN l.. WILLIAMS,
CHARLES r. WORTHAA, SR.,
ALEXANDER COKE,
WILLIAM H. ALLISON,
rnif