Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1917-01-20

NJ Williams last night Mr. Williams
Is one of tn" stockholders whose pro-
tests fled with presidon, William II.
White. Of the Richmond E'redcricks-
burg and Potomac. and with Chairman
Garnet,, OF the State Corporation Com
mission. have hrourh; the proposed
Byrd Street transfer 10 an issue. The
dissa tisfed stockholders he said have
practically decided TO apply TO -, the
courts for restraining order sho..ld
the devcio:ments Of III" nest few days
warrant H.
WILL LAY PAPERS BEFORE:
ConroitATION COMMISSION
President White Informed Mr. Car
nett yesterday tlat he will TO-DAY lay
before tn" state Corporation Commis-
sion all the rapcrs dealing with tho
appraisal OF the Byrd Street. and West
End properties of the railroad to-
gcther with all the correspondence and
records that have bearing .p this
matter. In his opinion. hc - Mr..
Garnett the vatuc that has been placed
on tho Byrd Street property is fair.
and Involves no injustice TO the Rich
,noni, Frcdericks and Potomac
stockholders.
Officials OF the Richmond Fredericks-
burg and Potomac preferred yesterday
to max" 10 statement until the case
has been laid before ~" State Cor
poration Commission Tn. corrcspon-
dence 50 far published. they SAID, *
almost wholly eX parte and does TIA.
directors OF the company an injustice
because only 81 much has been Quotc}.
as appears to sustain the protestants.
Among tn. documents that Will be
fled with the State Corporation Com
mission to-day, It was stated. is a lot
tor from II. 4. Pollard. Jr.. written in
December 1916. in which he reai'irins
mis- belief that the value Of s2So.6oO
placed by The appraisers on the BYRD
street nrop.rty in 1913 was a fair one
then and is >till a fir valuation now.
II anything. Mr.. Pc, AID Is quoted "a
saying in this letter, III" property Is
worth less now than three years ago.
because ther" has been Il general d..
olir" IN property values sine" that time
APPRAISERS ASCERTAINED
FEE SIMPLE VALUE OF LAND
Mr.. Pollard is the surviving member
of The Two appra iscrs who made valu-
at"n : the Byrd Street terminal in
1919. Tho other appraiser was y. w.
Bowc. now deceased. according To the
published extract OF letter Of IN
s,rnctions 10 the two appraisers in
1913, they were directed - appraisc
the land. mot with regard 10 Tho par
ticular value attaching TO the same for
the two respective railroads" but
rather to determine the fee simple
worth of the property in the open
market.
To this procedure tho protesting
CT IL. No ,nl.
out that the value Of tho land 10 III"
IN be considered. since. from its loca-
ton. ii is most desirable for railroad
purposes. In support Of this contcn-
ton. they point to the S3i00oo paid by
the Atlantic Coast Line in 1914 for
approximately one square block ad
Joining Tho Byrd street terminal. COM
pared with tho S2S..G00 nXcd by the
appraisers as tho value of thu Byrd
street station property. representing
twice the area. not counting IN" i'm
provcm"nts in The way OF buildings
and yards already on ;hc sitc
In answer TO this hostil" yiuw "i III"
Byrd Street appraisal, III" reply was
made that tn" price paid ny iN" Vi
lantic Coast Line for the adjoining
property is, hy no means an iudcN to
the true value Of land I'm ii,a, section.
Tho owners OF the property. it was
pointed out. naturally ncl6 out for Il
high price. knowing that the Atlantic
Coast Line had TO have the land for
imDerativ" cnlarccmcnts. IN thc Opcn
market. it is claimed. tn. property
would hay" commanded no such price.
VALUES APPROVED BY
DIRECTORS IN 1916
While tho controversy ever the r~o-
posed transfer OF the half-intcrcSt in
tn" Byrd street terminal has only just
now come to 4 head the valuations
which form the center of the present
difficulty were approved nearly IL year
ago. In May. 1916. tho Richmond,
and Potomac directors
CAV" their approval T." the entire
schedule OF values determined as the
hasis for tho transfers agreed upon
by the officers Of the Richmond. .'rcd-
rricksburG and Potomac and Atlantic
Coast Line Rnilroads in their plans for
the joint dcvclormcn, by the two roads
Of Hcw station facilities at Byrd street
and in ,hc West End
In the schedule referred to. values
were fixed for the Byrd street terminal
tho Old baseball grounds near I.uin-
hardy Street, and the Hermitage Golf
Club property. upon which the new
union passenger station will be erect cd.
No concurrent action either on the part
OF the stockholders or on the part Of
the directors at a later meeting. was
necessary to effect the transfers
At the meeting of the Richmond,
and Potomac stock
holders in New York on Thursday, tho
progress Of the transfers was noted.
No action was taken on the protests.