The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1906-02-17
Cleared the Atmosphere.

Concerning the merger proposition,
new bill. drafted by the State proxies.
with the consent and approval OF the
railway authorities. WAS reported pv the
committee. In this bill also Is IN amend
snent to the general law governing cor
porattons. which amendment, striking at
fhe seat Of the trouble. cleared the at
,nosnbere at once 1t is as follows:
Provided. however, that no agreement
fnr the merger or consolidation of any
corporation in which the state OF Nir-
ginia in her own name or otherwise is
n stakeholder with or into another cor
poration, in my manner whatsoever.
shall he submitted to or voted upon at
amy meeting of tha stockholders until
such agreement shall have been publish
ed for two successive weeks In the daily
paper having the largest circulation at
Richmond and submitted a. to the Gov
srnor of Virginia, and ~ to the Board
Df Sinking Fund Commissioners of Nir-
ginia. and (3) to the State Corporation
Commission of Nirgina--and shall have
been approved in writing by the Cover
nor and by said Board of Sinking Fund
Commissioners and State Corporation
Commission. the last two acting sepa-
Tately by resolutions spread upon their
respective records; provided further, that
the said Governor and said Board of
SlHhlilE RUM 1pllUllSSAtItIS, .ftItl StiU
State Corporation Commission shall have
full and complete power and authority
on behalf of the State of Virginia to APP
prove or reject any such agreement of
merger or consolidation, and provided
further that every merger or consolIda-
ton of corporation in which the state
OF Virginia is stockholder, In her own
name or otherwise, with or into another
corporation, in any manner whatsoever,
shall be absolutely void unless and until
the agreement of merger or consultations
containing all of the terms. conditions
and provisions thereof shall have re-
ceived the aforesaid sanction and APP
proval of the Governor of Virginia. the
Board of Sinking Fund Commissioners
of Virginia, and the State CORPORATION
Commission of Virginia
The other two bills refer specifically
to the Richmond Fredericksburg and
Potomac. One of them concerns the
number of directors the State shall have
IN the new board If a new charter is
secured and the other authorizes the
sinking fund commissioners to convert
the stock and dividend obligations it
now holds in the Richmond. Fredericks-
burg and Potomac into the stocks of the
new company, receiving AIN allotment i'm
the same relat+e proportion to all the
stock to be iesucta under the charter as
thet present stock of the State bears to
the entire present stock. These bills were
reported as originally drawn without
amendments.
Those Who Spoke.
Among those who spoke during the
evening We're Judge Leake Lieutenant
Governor Ellyson state director on the
Richmond Fredericksburg and Potomac
board: Judge Holiday one of the State
proxies, and Judge John G. Dew sec
ond auditor. Representing the Board OF
Sinking Fund Commissioners All OF
these gentlemen favored the bills as fin
ally drawn. Mr. Thomas. of Lynchburg,
a member of the committee was tho
most vigorous in his Inquiries and APP
parently entered the discussion with de-
c!ded objections. all Of which were re-
moved in the course of the evening.
The safeguards thrown around The
merger proposition We're clear and con-
vincing to all. Mr.. Thomas. however, pro-
posed and insisted upon the clause maxi
ing the publication of the contract neces-
Bary.
Many interesting things in connection
with the two roads were Brought out,
but these have been very generally can
vassed before. The Pennsylvania Rail-
road was mentioned once or twice in
cidentally, and Judge Leake at onr