The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-15
WANTED TO BE SURE
That the Proposed Railroad Would be
Constructed.
WOULD NOT GIVE. BIG BOND.
President Williams Was Unwilling to
Accent the Charter if Required to
Put Up as Much as a$20o,ooo
Forfeit-After Four Hours
Discussion Compro-
mise Was Reached.

The senate Committee on Finance was
In session for four hours last night con-
sidering the bill to grant a charter to the
Richmond and Washington Air Line
Railway Company, to build road from
this Cit: to Washington.
All the members of the committee aD-
peared to be in favor Of AsrantinS the
cnarter, provided sufficient guarantee
was given that the road would oe ount,
President Williams, of the Scar boaro
Air Line, thought cash deposit OF s50,-
OCO would be ample evidence of the good
faith of the corporators, but those mem-
hers OF the committee who expressed
themselves, did not think so. They
thought the. company should be wiling
to give a bond of $4,000. Two or three
members said they would be willing TO
accept the personal bond>o of the wealthy
men interested in the enterprise.
ENECUTIyE SESSION.
Mr. Williams was unwilling to gce such
big bond. He stated that it would be
assuming too much risk. A Presidential
campaign is coming on and no one could
foretell what effect it would have upon
the money market. HIS company was
perfectly willing TO forfeit. s5of"o in the
event it should fail to build the road
AIR Williams, when askt-1 if Suaran-
tee OF $4,000 was the best he could do,
replied that -the company might make
the guarantee a little larger:
AT this point the committee went into
executive session, and held a somewhat
lengthy conference with MIR. Williams
When the doors were opened Chairman
Fairfax stated that it had been decided
not to make public what haG occurred
He said subcommittee had been ap-
pointed to report at O'Clock this after
| noon as to certain features Of the bill.
1t was. learned that Mr.. Williams
| agreed to give bond of St5,00O In atidi-
! ton tozthe $4,000 cash guarantee. Inc
committee agred to ACCEPT this offer. and
to refer the measure to a sub-commit-
tee for some minor aTen1ments
THE DETAILS.
All the members of the committee were
present except Mr.. Hartley. Among
| others in attendance were President
| Williams, of the Seaboard Air Line; Pres
idnt Myers. OF the Richmond, treder-
| icksburg and Potomac road: senator
Flood. one of the patrons Of the bill;
! Auditor Marye, Second Auditor Ryland'
| Treasurer Harman, and Hon. John q.
Moon.
| senator Morris, who moved in the Sen
ate to have the bill referred, stated at
the outset that he was not unfrSendly TO
either the proposed road or ttps eAis!,ns
one. He had studied the bill carefully,
| and had two objections to offer. One
was that the blIs embraced two objects
Mr.. Flood said the friends of the meas
ure recognized the soundness OF this
| point, which was raised by Mr.. Morris
| in the Senate. and had prepared two sep
| arate bills, which were offered as SUD
stitutes for the one pending.
Mr.. Morris said his other objection
! was that the guarantee that the ROAD
| would be built was not sufficient. he
! did not mean to charge bad 1altn = on
| the part Of the corporators, but ne
Thought the company should Es re-
! nuired to give bond in sufficient
| amount as make it certain that the
terms of the bill will be complied with
AI1l I1,ppson did not like the idea of SELL
ing out the States stock for cash. He pre-
ferred that the purchaser exchange state
| bonds for the stock. AS tc the forIelture,
he thought it would be better FOR tne
! state to hold part of the stock, as
guarantee that the road will be built.
| THE CHAIRAIAN'S VIEWS.
| Mr. Fairfax said the Legislature was
the trustee of the States interest in the
Richmond, Fredericksburg and Potomac
| road. Nothing should be done by wnich
| this stock should be disposed OF for less
! than its value. Many circumstances had
! combined to make this property of ever
| Increasing value to the State. He
thought this stock would be worth a good
| deal more to the Seaboard Airline than
l
| $500 per. share.
Tn reply to Mr.. Flood, Mr. Fairfax said
! he thought $500 per share would be FAIR
| price for this stock. and he believed the
Seaboard would pay 1t IL forced to do So
Mr.. Fairfax attached no importance 70
.the contention that the 55lPennsylyania s;a:lE
road could utilize the charter. of the Ches--
apeake@ and Ohio road and parallel the
Richmond, Fredericksburg and Potomac
road from Quantico TO 2DoSWell. !.
MIR, MOONS ADDRESS.
Hon. John B. NIaon. speaking on behalf
! of the Seaboard. said while 1t was true
t-that the. Legislature was trustee or the
States interest In the E:.cnnfono, r reae- Ee
| rfcksburg and Potomac road. It was true.
! also that the General Assembly was the
| trustee for all other; interests of the Com
;nonweaItt The States interest In this
road had always hindered progress and
1 development of the country between here
i and the Potomac. The Richmond, Frede-
/ rtcksburE and Potomac road, he argued,
i would, of necessity, have to be com
i 5ponent part of a great trunk line.
Mr.. Moon thought the time had come
ia DISPOSE OF this stock. He said IL the
i holdings In this road are worth $4O per,
/ share 1T was passing strange that the
/ business men had not found 1T out. for
I the market price is only about $50 per.
i share. ~ - - Is
Major Myers, president OF the Rieil-
/ mond. Fredericksburg and Potomac road.
was invited to address the committee.
He first addressed himself to the offer
tsof his company to guarantee the State
/ IL per cent. interest on It's holdings He
/ presented figures. and argued that his
I company was amply able to carry out
its promise.
Mr., Flood asked Major Myers II he did
NOT believe two roads would be Of greater
value to the people Of Richmond and
Virginia than one iroa O
AR Myers replied with an empha tic
! He said that g In his Judgment
i rival roads were NOT OF advantag to the
pub lie when one road can handle all the!
business
IN reply to e. quest ton from MT Glasss
tzsIajor. Myers said the deyelopmentsseveEy