Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1897-03-04
NOT YET DECIDED.
QUESTION OF SALE or VIRGIN,
AND CAROLINA ROAD.
The Proposition Of DE witt Smith
md Othcrs-Action OF Pctcrsburp.
Chamber Of Commcrce-Important
Meeting of the Council.

PETERSBURG. VA. March s.-(Spe-
c.al)-Thc matter OF the sale by the city
OF The franchise. rights. and property
OF the Virginia and Carolina railroad
is exciting the most intense interest
among our people. General James Neg
Icy and Mr. DE Witt Smith, OF New
York representing the syndicate of capt.
tausis who propose 20 buy the property.
have been I'm Petersburg off and on for
some weeks. and their proposition was
submitted to the Common Council at the
meeting of'that body on the lst instant
This proposition agrees that the COM
many shall organize and capitalize the
road. promptly build a standard-gauge
railroad. equip it, erect depots etc. and
establish the principal Office in Peters
burg 10 Is proposed also to deposit in
one OF the Petersburg banks securities
60 the amount Of $4,000 as a token Of
rooi faith. to be forfeited TO the city
ST twenty miles Of the road are not built
I'm twelve months: and 20 issue to the
city $4,000 OF frst-mortgage bonds OF the
comrauy. TO be returned at the ratio Of
$4,000 Tor every five miles of road con-
structcd beyond the first twenty miles.
The Council without taking any action
o. this proposition. adjourned over until
this aftcnoon, after extending an inVi-
raton 90 the Chamber OF Commerce.
representing the commercial and pro-
perty interests. TO appoint a committee Of
lts members 20 appear at the meeting
and join I'M the discussion Of the subject.
MEETING or THE CHAMBER.
In accordance with this invitation. the
Chamber of Commerce met this morning.
with "a full attendance of members. the
arse gathering of our businessmen show
in- the interest felt in this important
matter. President Bartlett Roper called
the meeting to order, and stated its OBJ
ject. adding that there was no informa-
lion 10 be furnished beyond the PROPOSE
ton for the purchase Of the road, as
submitted TO the Council; but that the
Council desired 10 hear the views Of the
Chamber on the subject.
A number of members thereupon gave
iheir views and opinions as 10 what the
action OF the Chamber should be. The
general impression was expressed that the
city should not show undue haste I'm a
matter of such great Importance: but
that the utmost care and caution should
he exercised and full time given to dis
cuss and consider the proposition Of Mr.
DE Witt Smith in all its details and
upon its merits as far as the interests
OF the city are concerned, that the city
might have the fullest security in the
transaction. Some Of the members VigOr-
ously opposed Mr.. De Witt Smiths pro-
position as too indefinite in its phrase
Ulogy, and declared their opinion 10 be
that If accepted by tho Council the city
would get little or nothing for a valuable
property should the road not be built
and at the same time would sacrifice the
franchise Of the road. One of the mem
bers said that. judging ny It's past eXpe-
rience. this would be the last railroad
venture the city would engage In.
President Roper opposed any hasty ac-
ton said that with the improved times
soon TO come this property in the early
future would be- worth a quarter of
million dollars. and that Petersburg had
never made a railroad contract in which
IL had not suffered
Mr.. William NJ HablistOn said that for
two years he had actively interested him
self in the Virginia and Carolina rail-
road. and thought Mr.. Smiths PROPOSE
ton a good one for the city, and that
action should be taken upon st at once.
The Chamber appointed the following
committee TO appear before the Council.
Messrs Simon Seward, j. S. Northing-
ton. r. c. Scott, F. White, 7. S.
Becl1with, W. NJ. Jones, c. A. Epes, w.
+. Poole, and the president-Mr. Bartlett
Roper.
This. committee held prolonged meet
ing this afternoon. at which several
members OF the Finance Committee of
the Council. and General James Negley
and Mr.. William NJ. Habliston were
present who addressed the committee
After due consideration. the committee
adopted the following resolution:
"rhat, in the absence Of sufficient in
formation on the subject Of the sale Of
the Virginia and Carolina railroad, we
are not in a position to make any re-
commentator 10 the Council"
MEETING OF THE COUNCIL.
The Council met this afternoon to fur
Their consider the proposition Of the road,
and the committee from the Chamber Of
Commerce presented the above resolu-
ton as their action, which was received
and ordered 10 be filed by the Council.
Mr.. Seay chairman Of the Finance
Committee, then read the proposition
made by Mr.. De Witt Smith, saying that
he would give some history Of the ne
couations between the Finance Commit
tee and the parties who made this pro-
position. About six months ago the
plans and drawings relating to this road
were placed in the hands Of General
Negley. After some correspondence
General Negley. about two months ago,
said that he was prepared TO make
proposition. After two propositions had
been made to the Finance Committee,
and had been rejected, this proposition
was finally accepted, and the committee
decided that they would recommend il
70 the Council In this proposition the
city, instead Of being owner, would be
come mortgage.
The Finance Committee, Mr.. Seay
said thinks that they have thrown
around this proposition every reasonable
guarantee The Finance Committee be-
NeVe. I'm the proposition that has been
made 10 the city. they have better rea-
cons 10 think that the road will be built
than have ever been had, even when the
road was first started by the corpo-
Tators. They believe in the personal IN
tegrity Of the men who have made this
proposition. The Chamber Of Commerce,
at their meeting this afternoon, continued
Mr. seay, decided that they were not
IN a position TO assume the responsibility
Of accompanying the acceptance or re-
lection OF this proposition; but the
Finance Committee are unanimously III
RzaayzgL zzEEsz1zs';sz ,Ez ziadAzz's
W