The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1910-03-07
MONDAY. MARCH 4, 1910.
HOW II, II. Is r. MATTEL, STANDS.
Despite a very crowded calendar.

+ HO IT, H. AZ L. M4AIlElt slams.
Despite a very crowded calendar
there Is still time In the few days
that remain for the Legislature to deal
broadly end finally with the Rich
Railroad. But, first, the Legislature
must untanElc the snarl into which
this matter has been thrown by Ill
considered action. For example, In the
session of 1908 a special law was
passed making 1t Illegal for the Rich
mond, Fredericksburg and Potomac
Railroad to give up its charter or con-
solidate with any other road. 1t is
therefore unreasonable and unintelli-
rgible for the Legislature at this ses-
sion to have enacted NJ t. Cookies
celebrated rider. which was specifically
designed to penalize the Richmond.
Fredericksburg and Potomac for fail
Ing to do what the Legislature had
+ declared could not be done. When
this contradictory position was called
Byrd bill covering this very point had
already been introduced. That pro-
posal also met with scant favor. In
consequence the whole matter was
referred to a special committee, whose
draft Of a bill to cover all these points
has been reported unfavorably. :
At present therefore, tho whole
question is still badly mixed, and the
railway ana the Legislature arc APP
parently at loggerheads. We say ZAP
parently," for we believe that at the
core there is no real difference that
cannot be- satisfactorily removed. We
take 1t as admitted that the railroad is
willing to give up its charter and pay
taxes If it can be treated like any
pther similar public service corpora
ton.
The state is naturally willing to re-
ceive $4,000 year in additional rove
nue., but hesitates to permit the Rich
mond, Fredericksburg and Potomac to
20 Into any consolidation whatsoever.
The sole point of difference. therefore,
which Will or ought to haze any
weight with the Legislature is the
question of the possible consolidation
and the proper protection of minority
stockholders. That this is the sole
real point OF difference is clear from
the fact that as a business proposition
4 the State could afford to sell its hold
ings In the Richmond. Fredericksburg
and Potomac, which would bring 'ir
about $4,000 q year at 80 cents on the
dollar, If by so doing the State were
to receive an additional $4,000 it
does not now enjoy.
1t Is also plain that as no one be-
lieves that the Richmond, Frederlcks-
burg and Potomac intends to attempt
any unjust or predatory raid on its
minority stockholders, that railroad
a committee designated by the Legis-
lature the right TO veto any consoli-
y dation of The Richmond. Fredercks-
burg and Potomac as such. Naturally.
II the couih.ittee "a pproved the terms
OF consolidation its veto powers
& would end. If this concession beasked
by the State II should be granted, and
proper substitute bill should be
framed and passed at this session.
Such bill can be framed. and if 1t
is Offered it ought to pass. The
states duty and interest both point
TO that conclusion. And there is still
time TO gain $4,000 additional revenue
and at the same time remove the re-
! proach Of special penal legislation in
tended to nullify a contract that can
not legally be broken.