The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-08
fruits of the. industry Of She seaboard.s s

fruits Of the Industry Of She seaboard.s
agents.
Being confronted with the serious prob
lem of getting itsfretght and passengers
through to washington on equitable
terms. Mr. Williams said. the seaboard
at first thought of trying to reach the
National Capital by utilizing piece
meal" charters. knowing that the Chesa-#
ipeake ana Ohio road had the legal right
to parallel the Richmond, Fredericksburg
and Potomac road from boswell fifty
miles north, conferences were held with
President ingalls, with reference to using
this charter in the hope of making con-
nection with the Baltimore and Ohio III
the neighborhood OF Washington. the
Baltimore and Ohio having tho right TO
bridge the Potomac without requiring an
act of Congress This proposed arrange
ment was we'll under way at the time
the Pennsylvania road acquired control
of the Chesapeake and Ohio.
CAN PARALLEL IT.
Mr.. Williams contersled that the Rich
mond, Fredericksburg sand Poton1lc road
could be paraileed a t any time under the
Chesapeake and Ohio charter. and without
any protection being Offered the States
holdings in the old road
Mr.. Williams went into the question as
to whether or not the Richmond, Erred
crlcksburg and Potomac road is con-
troled by parties inside or outside OF the
State of Virginia. Judge I,eake hnailE
admitted that the interests held OUTSIDE
the State outnumbered those within her
borders. The Judge denied that the road
was controlled by the Atlantic Coast
Line.
Mr. Williams referred the figures pre-
sented by the Richmond, Fredericksburg
ana Potomac, and stated that the reports
showed that on Il u per cent. basis dur
ing the last twelve years there would
have been deficit of more than million
dollars The road last year reached nigh
water mark, and it would be unsafe TO
take the earnings Of that year as the
minimum of the earnings Of future years.
Mr. Williams said If the State should
sell out its stock at 5000 per share she
would receive over S9c0,C01 in cash TITS
money invested in five per cent. interest
bearing securities ought to bring Into the
state treasury about $4,000 gear. And
then the taxes 10 be paid hE the new
road should be taken into consideration.
He said he would like to ask the gentle
man who prepared the remarkable paper
referred to by Judge Leake. showing how
the 12 per cent. interest on :he 8 r ok
would pay off the State aebt. ie these
holdings invested in some Other way
could not be made TO acc)mpi.s 81 tie
same result.
WHY. THE INCREASE?
While speaking of the guarantee of his
company to bid $500 per share for the
stock. Mr. Williams was Interrupted by
Major Myers. who asked why there haG
been such a sudden jump of $40 per snare
in the Ssaboard's bill.
Mr. Williams: 1T was because we saw
you were determined to hold on to your
monopoly (Applaase).
that there was absolutely no Foundation
TO the story that this proposed charter
was wanted in order to get more flVor'
able contract with the Richmond, Fred
erickshnrg and Potomac road. AS evil
dcnce of the good faith of his company
he was willing for an amendment 10 pe
made to the charter of the Richmond, re
tersbure and Carolina road providing
| that it shall accept no contract from the
kichnford. Fredericksburg and Potomac
road more favorable to the former conf
pany than the one now in force In.s
wuld be evidence of the facs .iiat "na
was wanted with the charter was 10 hu!te
the read.
snealinr of public policy. Mr.. Williams
said r., was told recently by distin
@uished United States judge that Il
would hive been better for the State Il
sl,a had long ago tied the States hold
ngs in the Richmond. FREDERICKSBURG
| and Potomac road 10 a mill stone ahe
| thrown them into tie river -,
Mr.. Williams said he was little sur
nriscd that his company should be re-
! ferred to as q monopoly. ltrwas parai-
| leled on one side by the Southern and
! the other 'by the Atlantic Coast Line.
! both OF which work in harmony with
each other. The seaboard, he said, Is
| the only hope OF the peoplt of the, South
| the only hope of the people of the SCUM
| wtd want just rates.
| EFFECT ON R.. f. and 2.
Mr.. Williams Gid not think the interests
| ,of the Richnond, Fredericksburg and
| Potomac road would be seriously al
! fected by The paraDeling Of the line
Tt Is true that the old road might have
tn hustle for business and put out agents
! ut New York and some other places.
I AS it is row the business is simply
poured down its throat.
| The speaker reminded the COMMITTEE
| that there was now nothing to prevent
| tho pennsylvania road from building q
| line from Quantico to boswell in order
| to connect with the Chesapeake and ONO
| IN which road it is understood thai
| Tho Pennsylvania has controlling In
| terest
| Mr.. Williams spoke for more than ar
| hour and received the close attention oi
| the committee and the audience. He was
| several times applauded.
! Major Myers replied briefly to Mr.. VIII
| --
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