The times. [volume] (Richmond, Va.) 1890-1903, 1901-02-10
SUNDAY, FEBRUARY 10. 1901.
THE SALE ORR. II. sp. STOCK.

Just one year ago the city of Richmond
was tern by the conflict raised by the Sea-
board Road in a fight which by press and
promoters was styled Il public spirited at
tempt 10 free Richmond from the grinding
and relentless monopoly of the IGchmond,
Fredericksburg and Potomac Railroad So
fierce WAS the conflict and so high did
party and personal feelings run that to
stop to argue was to be lost or unhenrd,
and. in spite of the calmer judgment OF
people who were experienced in railroad
and finance. the outcry OF the public
Washington Air Line carried the day. No
attention was paid to the inquiry rs to
how the new railroad could enter Wash
tngton without the consent OF the Pennsyl-
wanna Railroad. except to say that it would
be somehow arranged with the Baltimore
md Ohio Railroad. And TO make assurance
doubly sure, the promoters Of this new
railroad. which was 10 free Richmond
from the strans1ing grasp of a narrow
minded monopoly, offered to put up a
bond of s125.o0a as an evidence Of its good
faith AT that time the stock c!f the Rich
1nond, Fredericksburg and Potomac Rail
rand was worth $3.50 per share, and there
were some few far-sighted investors who
wisely bought all they could and put ii
away for the average far sighted inves-
tor does not take much stock in improba-
bilities. That same stock to-day is worth
SEQ, and it is predicted by well-iniormed
persons that ii VIII go to s4oe. Neverthe-
less, the Washington and Richmond Air
Line promoters. when the stock was $50,
offered to guarantee that they would buy
The States holdings at $500 a share. There
were at that time some few men in the
Senate whose patriotism and whose iuds-
rnent none could doubt, and ITO these the
folly Of such a course of proceedings was
Clearly apparent but the advantage of
ciarnorous newspapers was made Use of
with telling effect by the I,ichmond and
Washington Air Line promoters. ard every
morning and every afternoon the free and
,i:ttranrnelled press of this city. with no
desire save the welfare OF the public, pro-
claimed from the house tops in glazing
headlines the beneticent purpose of the
new railroad. the absolute good faith o. its
promoters and the certainty of its con-
struction. That certainty has now taken
the negative fern TINT the road viii Ger
.ainly not be built.
The situation is simply this: The State
fredericksburg and Potomac stock, csti-
mated at 500 a share, which in the open
market to-day would bring not less than
s1,Sbn,001. II is hnrd 10 conceive of an
asset which would be more valuable than
The stock in a railroad which is a con-
meeting link between two such important
centers as Richmond and Washington.
which is amply able at present 10 humble
ali the traffic that is offered and which
has the benefits which come from long
successful management. We understand
that there lras been some desire on the
part of the Legislature to both keep the
stnte's stock IN this road and at the same
time 10 exact q. part or the Whole OF the
that the read would be built. The bond
which calls for the payment of this sum
dt money and the bond by which the Sea-
board Air Line ohlisate themselves 10
purchase the Richmond, Fredericksburg
and Potomac stock at not less than 500,
while drawn 50 as TO carry out these
purposes. nre set SO worded and 50 condi-
aioned that sn order TO make the bond
binding the State must place its stock at
auction, and when once this stock has
been offered TO the public, there is no as
spranoe that The State Will be able TO
buy il back a, Il price which would be wise
or proper if the State can buy it at all.
We do not believe that IT is possible under
the facts OF this case for the State to col
lecd the bnnd and fan TO offer its stock at
aucttsA Between the two alternatives