The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1912-02-15
MERGER ALLOWED
BY new MEASURES
Attempt Made to Get r., +. Y p.
TO Surrender Tax EHemp
ton.
COMMISSION IN CHARGE
Body Named to Approve Plan
aud 10 Instruct State
Proxies

Companion bills introduced yestcr-
day in the Senate ana the House OF
Delegates seek TO settle the long-dis
The Richmond. Fredericksburg and Pc
;omac Railroad OF It's ancient charter,
which eAempts il from any sort of
taxation, and which imposes on il the
burden OF stopping its trains anywhere
on signal.
It IS realized that tie state canno,
comp! the rclnqu.s hmcnt OF the char
ter, ana II IS still 4 question II the
stock holdcrs OF tile railroad VIII ac-
ccpi the provisions of the bills. Two
years aso measures were proposed to
which IL was though; all parties
agreed but the doctors ALTERED. and
tnc result, was that The Leg. Stature did
nothing at all and the matter driftcd
along Tor two more years.
The bills are designed 10 provide Il
way Tor merger of the Richmond,
fredericksburg and Potomac. the
Company and the Potomac Railroad
Company. the four concerns forming
the IGchmond-W Washington system
Commission In Charge.
Further, Il commission Is provided
to negotiate the transuction and -
conserve tn. interests OF the minority.
lhis commission would have the power
to direct the vote of the State proxies.
IN order TO avort the situation of tw 0
years ago. when some OF the proxies
opposed tho bills desired BY the men
then trying TO settle the question.
Senator George Latham Fletcher. OF
Fauquier; Senator John a. Lesner of
Norfolk, and Senator Edward Echols.
OF stanton. are the patrons In the
Senate while y. NJ. Bowman. of Roa-
noke; Walter Tunsin Oliver, OF Fair
fax; John w Chalkicy, of wise; Au
5rey G. Weaver. of Warren: c NJ.
Lunsford, OF Botetourt, and Richard
Evelyn Byrd. Of Winchester. fatne
the bills In the House.
One OF these measures nroyidcs ,ra
any corporation in which the Common.
wealth owns stock may relieve itsel,
oil all obligations not equally appli-
cable to similar concerua If II lie.
"i"''s to do go, Il shall pass resolu.
Ion by its board of directors two
thirds Of them voting in the aflirma
i've surrendering all Its exemption
rom taxation and giving UP every
non-repeaiahle feature of It's charter.
men a meeting OF the Stockholders
must be held within six months, and
two-thirds of them must also be re-
corded In the affirmative on the propo-
sition. All holders Of stock not voted
tor the merger may apply 20 the court,
which shall hear the case and decide
what was a fair cash value for the
stock thus held, and the company must
buy the stock nj the figure fxed by
the court. II the holder SO desires.
II shall he made treasury stock ana
cancelled and retired or held and dis
posed OF by new certificates
Proxies Arc Bound
In the other bfl n commission lie
provded, composed of the Governor.
the three members of the state Cor
poration Commission and one other
person TO be chosen BIZ any three of
those already named, TO have charge
or the negotiations They are to an
prove the plan. ana the state proxies
may not vote against such a plan but
must irdorse IT, No agreement made
Is binding unless the Richmond. Fred :
erickshurg and Potomac pays into the
treasury the regular franchise and
property taxes for 1911 and 1912. as