The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-10
STILL CONSIDERING II.
THE CHARTER OF THE RICHMOND
and MANASSAS RAILROAD.
The Committee Listens TO Further Arsu-
ments-Messrs. Downing ard Nicoi In
Favor Of the Biil-MsJ. Myers.


Internal Navigation held another impor-
tant session In the room OF the Southern
Historical Society yesterday morning, with
MFR. Ryan, of Loudoun. In the chair. The
whole time of the meeting was taken up
bv the consideration OF the bill which
seeks TO incorporate the Richmond ana
Manassas Railroad Company. The bill
was discussed at great length. and WINE
no action has as yet been decided upon
!, &c thought that the committee VIII re-
mort the bflt favorably with an amend
,,,o,,, nroviding that the stock owned by
- s,,,a I'm the Richmond, FrederichS-
-, and Potomac railroad shall be pur-
ohaeed hv the corporation asking ior Tue
new charter. -, s.a,ed
Mr. Njcol. in supporting the bull s'alee
,hat the construction OF the proposeu
road would be OF great benent 10 ne
county and the country through VIZ" WIZ
same passed. However. he was ui'"i . -
10 grant the proposed charter sno"'u -
impair the value Of the state ) NJ - -
I'm the Richmond. Fredericksburg anu ~
tounac Railroad Company. on 'His a.
count he favored an amendment requiring
the Manassas and Richmond railroad
Company 10 buy out the States interest
in the Richmond. Fredericksburg and Po-
ton,ac railroad az the market value OF
same as OF January l. 1891 before II
should commence the construction or the
proposed road He argued that the con-
etruction OF the proposed road wouiu
result eventually In giving tuchHonu f"
new route to Washington and the Nofth'
and thereby greatly advance her COM
,nercial interests The Baltimore ana
J ohio was anxious for southern conneV-
/ ,ion. and this charter might result IN thls
great corporation concentrating this most
| desirable end to the advantage ana pros
nerity of many Of our people ana 10 the
increase of the taxable values OF the
State.
For fhe People.
Mr.. Downing suggested that II was NOT
the policy of the State 10 take. anu IL
! ehould III. against the policy Of the COM
| ,,ontvealth 10 hold. stock IN any railroad
company that by the amendment OF
! fora1 The sale Of the States stock IN the
line between Richmond and Alexanurla
must be sold without loss 10 the state
! before a competing charter cOuid De put
In operation. The State, having no longer
| anv interest it became the duty Oh mem
hers of the General Assembly OF virginia
to vote so as to give the peop,, ., VI VA
| state the greatest railroad faclll'les' anu
| that the line proposed would brlng the
| Valley some fifty miles nearer Richmond
and the South. 49,. ,uo,
Contain John Cussons. OF Glen Alieh'
soole i'm orDosition of the bill, and pre-
sented in a clear and pointed manner
the reasons why he thought the meas
| IRE should not be recommended py the
yconnittec.
Onposcd tho plan.
Major r. r. y. Myers, president Of the
| pfcbn,ond. Fredericksburg and Potomac
! Railroad Company appeared 20 oppose
the scheme urging that II would lmperil
/ me interests Of the stockholders III that
company.
ne set forth the following facts con-
! corning IL: .os
FIRST. The state of Virginia invested
originally in the Richmond, Fredericks-
burg and Potomac railroad S2Io,ao. she
| has received from IL cash dividends 10
.he amount Of S6S79Si and a scrip diVi-
dend now worth s225.Si2, making total
| In dividends of S9l3,32J. or about 5.S2 per
cent. per annum for the entire period OF
! nffy-seven years. The Investment oil
! Sy.5.2lD is now worth S335.IH. The amount
I the S'tate has received from me rosa ID
| dividends has averaged Sl6.0l3 year; to
which add the profit on the investment.
! i.e.: the difference between the input
and even the present market value
| (yGD SAD. and W have a total average per
annum Of 81 ,OS5 or 6.2 per cent. per an
| num-
lie argued that the state as the pos
| SCISSOR OF securities to the amount OF
l.67S shares az par. and which he re-
| garded as worth, If the company were
! unmolestod, $3.50 per share. should do
nothing TO cast a shadow upon such hold
ings which such legislation was proposed
| would undoubtedly do.
lie claimed that the existing railroad
was well provided and we'll equipped ;
that II was an independent line, free ana
ready to Interchange business with all
| corners, and that there was no occasion
whatever for the construction Of line
| parallrling 1t, the effect Of which would
be simply to divide a business between
two lines for which his line was fully
able TO provide.
Some Facts That Speak We'll.
He quoted from several leading author
flies on the general railroad question Of
the day to show the fallacy of the
economic theory upon which such pro-
| ceedings were based. He also quoted
from a speech of Judge w. w. Crump in
the argument concerning similar enter
prise In 1872, to show what record this
company had made, and he gave The
| ll-ulrS lbI a. ptllVt Oi ioulbStH See' -
showing that the passenger business had
increased about three fold. and the
frtisht business about ten fold, during
that time. While the charges had de.
creased for the former service from
3 y cents to 235 cents per p ssenger PEI
nile, and the charges for the freight
service per ton per mile had decreased
from 2.2l TO l03 cents.
| He stated that the State taxes upon
the line proposed would not. in his
opinion. exceed 5000 per year. while the
| dividends from the Richmond, Fredericks
burg. and Potomac railroad received by
the State per annum were sS27i6.
He called attention TO the fact thai
! the two parallel lines between Washington
and New York were to-day working al
the same and agreed rates. and dividini
between them an aggregate. which u
contributed to the revenue OF eifbel
alone would have been so profitable Il
that line as to render il well nigh Ger
tain that ere now those rates would have
been reduced.
Major Myers was still upon his fec
when the time of the committee ex
pirea and adjournment was agreed upoI