The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-08
TO VOTE TO-DAY
ON THE BILL
Continued from First Pase.)

T.
Fredericksburg and Potomac read had
refused his company, the Major said the
proceedings of the conference were
written down and could be read by the
members of the committee. The matter
was carefully considered by fairly good
business men and the propositionAof Mr..
Williams was rejected because the COM
pany would have lost money by it. With
saIi the clalnor about him. Major Myers
said If he had the same thing TO go over
again, he would still advise his company
to refuse to enter into such a contract
as Mr. Williams wanted
MIR. FLOODS PLEA.
Senator Flood made an eloquent address
in behalf of the bill. He said as a matter
Of sound public policy, he thought the
State should sell its stock in the Rich
mond, Fredericksburg and Potomac road.
He argued that 1t would be to the finan-
cIal advantage of the State to accept ths
offer of the 5eaboard Air Line. The Sem
ator had heard no arguments advanced
that commended themselves to lis mind
as good reasons why this cha"te- scould
not be granted. Some one lad safd that
the ladies', the widows and orphans had
holdings in the old road. He believed il
the ladies and children were present they
would appeal to the committee not to
take any step that might make It neces-
sary for the company to take money that
should go to them to pay the II per cent.
to the State.
Mr. Flood believed most lawyers werld
agree with him. that the Richmond, Fred
ericksburg and Potomac'S guarantee was
not worth more than the paper it Is writ
ten upon. FTe appealed to the COMMITTEES
not to stop the progress Of Richmond by
forcing her to use, exclusively for ninety
years, one track railroad to the north
THE STATE TREASURER
State Treasurer Hartman, a member OF
the Board OF Sinking Fund Commission
ers, was called upon to address the COM
mittee He read statements showing that
Virginia had invested SIS. 5St, 2os2 % in public
enterprises. She has parted with every
vestsge of this stock except her holdings
in the Richmond. Fredericksburg and Po-
tomac road. He said the fact that tho
state t,,1d this valuable stock in the
Richmond. Fredericksburg and Potomac
road had much to do with influencing
the debt commission to agree to the offer
| of the creditors of the Commonwealth
| For one, he as fiscal officer OF the
State. would not have advised the accept
ance OF the terms IL he had thought be-
fore the three per cent interest on the
debt should become due the State would
sell out this stock
Mr.. Hartman said the statement show
ing how the interest on stock WOULD re-
tire the century bonds before they should
iDSCOLNS Gus iliI VIC SoAAAANN~-
own this stock. was prepared by an oia
and inexperienced accountant at the re-
ouest OF tho Sinking Fund Commission
ers. Notwithstanding, Judge WAITS fad
referred to the calculation as some SORT
of legerdemain IN finance. Mr. Hartman
said he challenged any one to Show that
the calculation was incorrect.
Mr.. Harman took UP the report or the
Seaboard and Roanoke road, ana was
proceeding to tel about the deficit as
shown by the last report, when Mr. VIII
Hams interrupted him to REMIND hihf
| that this company had IN It's treasury
! more than s.. Geo. COO In securtttes
| ..Then YOU ought to nave returned them
| for taxation said MIR. Harman. anu
| There was considerable applause
/ Mr.. Williams said ne supposed the Sc
! c,.r,ties were embraced In the report
/ made to the Board of Public Works.
( Mr.. Hartman said he had the report In
| his hand, and the footings did not Stow
J any such return
| Mr.. Williams took the report and read
/ from the list OF securities, assregatfnE
! over a minlion dollars This caused great
] cheering on the part of the advocates
| or the Seaboard's charter.
! Mr.. Hartman said he was sorry ne nad
/ done Mr.. Williams an injustice
The treasurer earnestly appealed to the
| committee to protect her creditors and
the states treasury by not dtspos.ns CT
this stock.
THE HEARING CLOSED.