The Richmond Virginian. (Richmond, Va.) 1910-1920, 1917-06-03
WANTS TO KNOW WHO
IS TO PAY DEFICIT
Iangbourne NJ. Williams Says Tide.
water and Western VII Lose
$4,000 Year.
OFFERS ROAD AT CUT PRICE
Says His Company VIII SCH at a Price
Representing Fifty Cents on Dol
lar of Reproduction Cost.

Mr. Langbourne NJ. Williams when
asked today what he had to say in
reply 10 the arguments presented to
state corporation commission by
Messrs. Justis. Hobson and others.
charging him with making exorbitant
rates on the Tidewater and Western
railroad, said:
scented to the commission by Messrs.
Justis. Hobson and others is based on
obviously erroneous hypothesis The
simple facts are that during the past
ten years the Tidewater and Western
railroad shows a total deficit of over
$4,000 as the-result of the opera
Ition of the road, or an average of
over $1,000 per annarn. and In eight
year we have paid over $4,000 in
taxes and nothing to the security
For the twelve months ending De-
cember 81. 1915. cur actual deficit
was s12,786 after crediting certain
items amounting to
'$4,161, SO that the actual deficit for
the twelve months ending December
i21. 1916, amounted to $16,s48.
/ Neither the state legislature nor
the national government has appro-
priated any money to cover deficits in
Operation of railroads. and while the
state and national governments have
put certain burdens on railroads, they
have done little or nothing In recent
years to support or develop railroads.
Before starting on our program OF
dissolution, I offered all of the stocks
and bonds 10 one or more of tho most
influential citizens of Cumberland
Powhatan and Chesterfield counties.
at price less than so cents on the
dollar OF the estimated cost of repro
duetion of the property. but our Of
fers were not accepted.
Says Right TO Dissolve Is Clear.
The state law giving us the right
to dissolve and cease business is as
lclear as day. and we have met all
the requirements or the state law
reading as follows.
Whenever all the stockholders
shall consent TO dissolution. NO
meeting or notice thereof shall be
necessary; but on fling the said con-
sent In the Office OF the state corpora
Ition commission the said commission
shall issue a certificate of dissolu-
ltion. and the said corporation shall
thereupon stand dissolved. and the
said board shall proceed to settle up
and adjust the business and Affairs
OF the said corporation, provided. how
yer, that no such dissolution shall
effect the rights of any creditors of
said corporation existing at the time
of such dissolution
ar c. 3. Garnet chairman OF the
state corporation com mission, Is maxi
ling a most laborious effort to try to
write into the law that which is not
i'm the Law. I think he will fail.
when the chairman OF judicial
body states in advance OF a hearing
tunlawfuily held. that he had largely
formulated his opinion In advance 1t Is
time for the citizens at the bar to
look elsewhere for Justice.
III the road is making no money
on the business now being handled
by IL no one is justified In charging
lus with making exofbitant rates. ana
liz there is any one who can find any
profit that has accrued from the oper-
alton Of the Tidewater and Western
railroad during the past thirty days. !