The times. [volume] (Richmond, Va.) 1890-1903, 1894-02-13
FAvORING THE MEASURE
TEE RICHMOND AND MANASSAS n. q.
BILL 10 BE REc0MMENDED.
The Cosamstsee LIsieps TO Further issu
mosy and Accepts several Amend
menss--ssock Owned byths state


The Committee on Roads ana ih'e'"'
Navigation met in the room or the Sou'"
ern Historical Society IN the Sap''o
building yesterday morning. with Mr
RYAN in the chair.
vs,or d. r.. d.. Myers, president oi
the Richmond, Fredericksburg and fo'o'
mac railroad. took w his address where
ne left of last Friday. lie stated durihs
his remarks That the inevitable result OF
the competltion between two transporta-
ton companies by land, was either 'he
ruin and absorption Of one line or an
agreement between the two to maintain
rates. Major Myers then read several
passages from a book on political econ
omy. written by Arthus It. Hadiey, com
missioner OF labor statistics. on the erect
OF competition among railroad companies
lie spoke OF the agreement OF maintain
ing rates among the Insurance companies.
I'm the wholesale grocers' association. and
elsewhere. If IL was n sin for railroads
10 maintain rates and give a reasonable
service al the same time. IL was also a
sin for grocers.
The pendulum which regulates the
TRANSPORTATION between Richmond, wash
ington, Baltimore. and Philadelphia was
the water line. The speaker said he de-
sired to correct his statement as to the
total revenue OF the new road. "he dis
lance 10 be built had been. given as 81
miles. but this was only the air line. and
he had no doubt hat the actual length
would be ninety miles. He thought the
real taxable value OF the new road would
be 81. S5O.oD0. giving an income at 0.4 per
centum of 3. 800. and IL the income was
divided OF an additional $1,000. making
IL $500. ali told. On deducting this
amount from the $1,000. which the State
IL now receiveing from its stock. at the
rate or 20 per centum, considering the
. per cent now paid by the century
bonds. and the 3 per cent. TO be paid
after 1879. the State received an equiya-
lent OF 5000. which he thought was the
minimum value of the stock owned by
me State in the Richmond, Fredericks-
burg and Potomac railroad.
The Value of the Lards.
A great deal had been said as 10 the
Increase OF the taxable yalue of the
lands along the new road, but he could
only say that the Richmond, Fredericks-
burg and Potomac railroad had been built
through similar country, but the value of
Inc lands there had not increased any
during the last half century. His road
had never had any objection to the con-
OF Il road into the Northern
Neck. but 1t had struggled. ana would
always struggle against a proposition in
10 reach the Potomac. Two or
ihree charters had already been granted
for such a purpose.
MT. Downing called attention TO the
'act that the bill. IL passed, would be in
so long as the State owned
took or dividend obligations in the Ricb-
nond, Fredericksburg and Potomac rail
DAD, and that the construction of the
DAD should be commenced within ono
ear AFTER the State had given up it's
lock- and that the road would have TO
completed within five wears.
Major Myers said he differed with
thers as 10 the valuation OF the Lands
nd that II was very often dimc,S, 10
larket the lands at any price The
hamber OF Commerce had been Ia rcsIv
iduced 10 take sides in the matter Inv
ne iact that the Pennsylvania railroad
au constantly refused 10 issue round
~ tickets 10 New York, but IL was for
nc committee 10 decide whether tbe
ichmond, Fredericksburg and Potonac
iilroad and the State should be n,,nisb-
BAD. N@iHa ran I
Judge Josiah Leake, who appeared no.
'e ,ne committee as one OF the director. {
he railroad. pointed out that rho :
: , p1Ssase OF the bill would depreciate I
= a-i vi the stock. which had al
ady gone Gown. For. a week ago. ,1,yi- ,
obligations We're sold at ~ ,yh,Ia :
saturday last they stood 1l2. Under 3
: provisions of the bill the corporators I
iId DO aust as they pleased. thew
ia pegin their work at some indennjfe I
iie' when they thought the stock suf- I
iently appreciated. Another ohiec-
n was that under the bin the officers r
the concern should exercise the powers
eminent domain before any money f
; supscrt'ed to the stock. and, in mis- o
mon, the minimum amount of the Il
,ital stock, $4,000 should be paid 1
lawful money. He also thought the I
n or - SHOULD be paid for each share b
the stock is subscribed for. "
Approv1 pK Some Appointments. :,
n. Downrlg said that he would re-
lmend to the committee the adoption a
W of the amendments suggested by 1"
Ise Leake. that of granting the right n
eminent domain only after the mini a
m amoun' of the capital stock had Is
n subscribed; he would also agree
I " per sh are should be paid in when CO
stock was subscribed for. The other
amendme hts he deemed unnecessary. OF
stated tha [ IL the committed decided IN
the bill favorably, a companion 50
would be introduced directing the &C
litor TO s5 the 2,752 shares Of com w
q stock AMI the 1856 dividend oblira-
Is owned by the State In the Rich G.
Fredert cksburg and Potomac rail
q. The Ste should be made M Tho 10
/ opportunity, and at the price of tho A.
* quoted on January .. 1894. lilo re
sure ma the corpOrators had no IN
troll over the time. for the Auditor w
I'D first have to sell the bonds. Az 10
the other amendment. that the mimi pr
n amount Of the capital stock was not az
c bid Tor I'M anything but lawful money.
could only say that the provision of "a
bill Was contained in nearly every ="
liar charter granted b. the Legisla- !"
during the past twenty years. g..
Hunton suggested that the nmend- w.
{ stating that the road be commenced m"'
hin ons year and completed within !,
years after the stock had been sold an
he State might he stu further mod. ,e
so as 10 provide that the charter +,
.ui and void il the construction Of De
road had not been commenced within Ter
years ritter the charter had been tut
tied. az
Major Randolph Speaks Freely. NO
ljor Randolph thought that the nos,- az
OF Major Myers In his Official capac- Wis
as president of the Richmond. Fred sit,
<sburg and Potomac railrond had o.,
antagonistic 10 the interests of an
imond. The road occupied a posl- r
which maAA IL , x,%sr -. " ~.