The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-10-06
RUMORED BIG DEAL
FOR THE PURCHASE OF THE CITY
RAILWAY.
Jay Gould Reported at the Head OF the
s,ndIcate-A Million Dollars Capital to
he Put In the Entcrpri-e-Icr"s" ' '"'

jay Could Neroftcn Nv wv 49, "
s,ndicate-A Million Dollars Sapitni L"
n. Put I'm the Entcrpri-e-Tcrms OF the
Agreement.
II leaked ont Yesterday that deal Is
pondinp. or has probably been consuil-
mated i'm New York, by which the sie',
6nancior. Jaw Gould. will obtain coniioi 81
the properties in this city oi the 'i'H nan
way COMPANY. the Union Passenger Kan
,,ny COMPANY. the Schuyler Electric l.ighi
Companv. and the Virginia Electric LiSht
and Power Company.
For several days past these liopcI'l'7
have been in litigation ia Inc hi'hNl''"
rhaucery Cont. and counsel in opposition
to Mrs. Florence {. Flynn, who + iafscH
interested. have applied for receiNerH'" ''Nc
charge of the railway lines meniiohVu' III
order that they may sue ana I''" IN
certain debts claimed to hc uue' ~
case has been held in allowance To give inc
LAWYERS time 10 prepare their papers ana
dav before Yesterday there was TAX 81
COMPROMISE. and the case was postpone
until Thursday next 10 see If matters c"uiu
ho eauitablv arranged without the appoint
mcnt Of receivers.
TIE DEAL
rororrcd to is the result. the elimination.
The idea j. 10 pool all the stock of The com.
panics named and then issue consolidated
itust bonds amounting 10 "a million dohth-'
which prominent bankers have offered l"
take. .--oo,o g.. g. la
maid for the bonds of the companies IL l"l-
lows:
Union Passenger Company. ..... $500 ,.,o
City Railway Company
Virginia Electric Light and Power COCOA
Company ......''
r..,, S7j0.00O
The remaining $2j0.oOO will be spent IN
thoroughly equpping the road ana paying
of outstanding debts.
TERMS OF TIE AGREEMENT.
II the consolidated .mpany is formed u
will be- guaranteed that the present oloc hnOi"-
nrs shall receiyepsr value for the bonds ana
the stock will be received az iiNed price.
The new company will take charge OF an
the properties. re-equip them hahu~"nHe
turn ont all officers that they do not Ni>h I"
retain. put i'm new machinery ana lh"lo' -
and APPOINT capable electricians 10 manage
the works.
TIE STOCK on TIE PROPERTIES
is as follows
Union Passenger Railway TOM s-oo ooo
pany on n,a
! civ Railway Company "'
Virginia Electric Light and Power ,.o.,,
Company ,-,n,n
SCHUYLER Electric Light company" l'''O''
r..o, .... $4,000
ESTIMATES A. To TIE VALUE OF lhE
PROPERTY.
Nariou. estimates have been made a- U"
what the uroucriic- are worth DO net prom 10
4 ralculation made hv am auditor Sent mere
/ Iv tho -rr9g1o Motor Company places lH'
/ 6.,ir.- af Sl3l. 400 annually. This. of course
means with the two railways iu active nlt-
ration rmnuiuy a fun compicnith'
/ nf cars. and on q convenient -ch'uui''
modified estimate made 10y
| Richmond man. who il we'll post
| ed i'm the affairs Of the roads. -ats ln'
| line. will not net more than >e''Vo'' N"N.
! if amilliOn dollars is put in iht i"ao-' "",'
/ the smaller estimate j. realized. th' -..'N
would he H.. per cent. above par an0 " '7
thought the receipts would certainly 'r
sufficient 90 net the amount named
MIR. THORNTON y. MOTLEY.
The yice-prosident of the Electric ilhe
has called "a meeting of the holll ol u,l ''-
Tors fornoNt Thursday az !. VI I'D ,N'
/ York. and then This proposed d''l Ni" ''
/ brought mp and acted upon
Mrs. rINNN'> INTEREST.
Mrs. FLYNN owns the bulk Of stock in all
tho properties except the electric Inc. ih
/ ,hi. She has "A fifth interest. or LILO -hhIt 70
/ The minority If it j. controlled by james -
smith. Thornton y. Motley, and Henry
steers. who. together. own ',2W -hale''