The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-07
SEABOARD' Bill
IS CONSIDERED. 81
Senate Chamber. c crowded.
With Spectators. %
"A SPICY DEB.AT E.
Judges Watts and Leake, Messrs. Car
ter, MiI|hiser and Anderson Heard.
FURTHER ARGUMENT TONIGHT.
Presidents Williams and Myers to
State Their Views -Seahoard
People Charge the Other
Side with Conducting a
Monopoly Mr.. Car
ter's Reply.
A SPICY DEBAT E.
Judges Watts and Leake, Messrs. Car
ter, MiIIhiser and Anderson Heard.
FURTHER ARGUMENT TONIGHT.

tcr'S ltcplJ.
The Senate Committee on Roads sat In
the Senate Chamber last night to hear
the advocates and opponents of the bill
to grant the Seaiboard Air Line a charter
to build a road from Richmond to Wash.
ington.
Every seat 1n the hail was occupied,
and interested spectators filled a. the
space in the aisles back of the ratings
After hearing three gentlemen in favor
of the bill and two in opposition, the COM
mittee adjourned to meet tonight.
directly after the committee had been
called to order by Chairman Maynard.
Senator Flood introduced 4 substitute
for the bill he had offered incorporating
the Washington and Richmond Rail
way Company, and for the one presented
by Senator Cog3ill. incorporating the
Richmond and Washington Air Line rail
road Company. He and Mr.. Cogbill he
came jointly theNpatrons of the new bill
The incorporators named in the sub
stitute are John Shelton Williams, e. st.
John, ]. William AIiddendorf. James II.
Dooley, T. c. Williams. Jr., Gardiner l..
Boothe and Julien T. Burke. The names
of George Wayne Anderson, S. l.. Kelley.
and S. S. p. Patteson, who were corpora
tors in the Cosbl bill. were stricken
out in the substitute. This bill provides
that before the. charter shall become ef-
fective the charter held by the State in
the Richmond, Fredericksburg and Poto-
mac road shall he sold to the Richmond
and Washington Air Line Railway Gom-
pany, or to some other purchaser. alter
due advertisement The bill guarantees
that the proposed new company will pay
not less than 5000 per share for such
STOCK. The bill provides also that the
Richmond and Washington Air Line COM
pany shall execute bond in the sum OF
$50 900 with the Richmond Trust and Safe
Deposit Company, as surety, which shall
be forfeited to the State if the company
snail fail to buy out the Commonwealth S
holdings in the Richmond. Fredericks-
burg and Potomac a S2C0 per share.
THE TIA1D FINED
The bill further provides that the road
should be commenced within five ycart
and he completed within five years.
Judge Leigh r. Watts. general counsel
for the Seaboard Air Line system. ad-
dressed the committee at some length
He started out by reminding the COM
mittee of the need of competing line
from North to South. He told OF the
great extent of the system he repre-
sen.ed, which he said traversed seven
States. Next, he reminded the COM
nlittee of the disadvantages under which
the railroads labored when they had to
accept the terms of the Richmond. Fred
cricksburg and Potomac to haul its
passengers and carry its freight from
Richmond to the North.
The Judge called attention to the offer
II per cent on its holdings in the Rich
mond Fredericksburg and Potomac
of the old company to pay the State
road He Argued that this guarantee
would be worth nothing il in times
of depression the company shall be un-
able to pay this remarkable interest
He took up the statement of the tnan-
cial history Of the Richmond. Freder-
iscksburg and Potomac road and claim.
cd that a careful study Of the figures pre-
sented would show that at no time in
the past could the company have paid
- per cent. interest. He eridiculed the
idea that the interest from the States
holdings in the old road would by some
sort of financial legerdemain be able tJ
pay off the State debt before the bonds
have matured. He did not know who
figured out this proposition, but he con-
complished.
The judge said the end of the Rich
mond, Fredericksburg and Potomac Com
pany's 12\per cent. interest might be
receivership. He argued that by the
sale of the stock on the terms offered by
the new company and by applying the
revenue received therefrom. the State:
bonds could be retird earlier than under.
the u per cent. plan.
UNFOUNDED RUMOR.
Judge Watts said there was no founda-=
ton for the talk about this being
movement to bring the Richmond, Fred
ericksb,lrg and Potomac to terms, 1,
was simply a movement to extend tbs
Seaboard.s system to the PotomacZrlver.
AS evidence Of good faith his compa..-i
offered to give bond with approved Sc
curity in the sum of S50,6p1 conditioned
u;>on the building OF the road and the,
buying OF the States holdings In IN me
old comrany at not less than 500 per
share. The time had come, he thought,
to nut down 4 railroad MONOPOLY ana
10 allow fair railroad competition.
3 The iudce said leaving aside the mat
ter Of about :20.ce0 taxes that woulo
be raid 10 the State. counties and towns.
there We're many reasons why this char
ter should be granted.
Senator Fcster wanted to know what
effect the granting Of this charter would
have upon the Pay Line of steamers
aud the shops at Portsmouth.
The Judge replied that the Seaboard
already runs Its trains to Washington
over the Atlantic Coast Line ard Hich-
n1ord, Fredericksburg and Potomac
cracks. The advantage gained by the
granting ofSsthe charter would be frat
tl,c seahoard would have its ow,. track.
He did not know how thu lneo.,n, ~,
Shoes would be affected. but not in the
ranotest degree in his judgment. Nnr-s
folk as well as Richnond he said, would
be benefited by the extension of tl1as
system TO ashinston. The Bay Line
is an s.nea-tant branch ri TIL ss---= .r:-n
and tic service will continue, to be Inn
proved 35Ss1 ass5sss,s
s President Willissns snid that L thes se--
hoard had cnntractfdz fnrss nEgadift Al L