The Daily times. [volume] (Richmond, Va.) 1886-1889, 1889-10-01
CRITICAL CRISIS
IN THE AFFAIRS OF OUR CITY
RAILWAYS.
A Long Suffering Public Likely Z" "e' SAT-
fsfaction ut Iast--t Receiver Asked FOR
-serions Charges Against the Manage
mcnt-tllcgcd Crooked Iinancecrins.

mcnt-tlicgcd troohcu hh""''''"-'
Tho crisis seems 10 have come, and long
suffering people will at least be glad 10
know that there is a probability oi n change
I'm the control of the electric and horse car
lines now operated under the Flynn fcgt"c'
PETITION FOR RECEIVER.
Yesterday CAPTAIN John :. Wise. Of New
York counsel for Mcssrs. Henry Steers,
Thornton y. Motley. and the ~praguc Elec-
trio Motor Company. and Mr. tohefi faNhe
(of the firm of Payne. Nc''ure Low.
BROOKLYN lawyers. representing Jan''
Martin. assignee of Guy {. lioichki-..
Fields a Co.. appeared before judge J.. II.
Fjtzhueh. of the ChancCry Court. M
his residence. corner Leigh and rim
sfreoi. and asked the appointment
of "a receiver to take charge oi
the Union Passenger Railway and the ely
Railway. Bills were filed and the inoii9h
was argued. and al The request Of Mr. ".
Il. Meredith. counsel for the railway COM
panics. was continued until to-day ai
I'D o'clock. when IL is expected that Mrs.
Florence FINN and her local counsel. Mr.
I.awtcrback. orat least the latter. VIII bel
present.
INJUNCTION GRANTED.
Mr.. PAYNE also asked for an injunction 90
prevent Mrs. Flynn or her representatives
| from dsposing of .cr interests IN me street
railway and other properiie- which came
10 her recently at the death of her husband.
THE CHARGES.
The bill filed by the Spraeuc Company
and Thomas y. Motley. ON behalf Of ihem-
selves and other creditors. who are honN-
holders of the electric line. allege That ihe|
road is hOpolc-,ly iusOlNcni, and unable %
meet it's OBLIGATIONS: that besides tine bonded
indebtedness. of the road. the interest
unon portion Of which is NOW in
default and has been for months. there iS q
floating debt due to various parties VINO
have credited IL in addition f0 the large open
account due 10 the ~pra-ue company; in'l
fine interest due Henry Steers and Thornton
/ y. Motley has not been paid. although de-
mandod hy Them. and the railway is utterly
unable tO pay the same. ANA 10 i- Nlihuul
means 10 meet its mniurcd Interest upon IFS
/ bonded indebtedness cor tine large heating
debt hereinhniore sDi forth. that inc current
r.coipts from all sources are barely -uiii-
ciont TO meet it- running expense; illl ihc
condition of tine road under ii- present
management is such Chat iis credit r csc
| huu~tod and 10 ]. in danger ui being come
pclcd to stop hy reason of tlc inability ni
! ITS management to provide for current iit-
cp--iiio-: -uch sioppa-c would calls" lirr-
parable damage 90 the creditor. ol ilc
road. that the equipment, oi iN' iol" BIS
very much Out Of repair anf drl'ii'it.iii-
lrauidly hN reason of lack of funds in renew
and replace tho same. and ihaf iu inc pres
eni administrators and iu-Olfeni cNnd'iNn
of thc affairs Of tho COMPANY 10 i- unable i'
borrow money io make fIe ut'D--i-
lr. rorlir- that tine affair, oi ihe
railway company are in such condition iiial
ia. RIGHTS and interests of lt- creditors
should hc projected by ihr Intervention oi
the Cont of Charcc1 100 when lhc "--rl-
Oi the company. and tAe rights ana ifNi-
! lcyD- of the creditors of ilr cumr1uic, may
Doe asccriaincd and the affairs oi the c1iila-
nv wound up and the debts paid 81. Tor Us
the assets win go toward ihe payne 100 oi
tho -ame and in lhp meanwhile receiver
of fhc company Doe appointed iu i1hc chlI- go
of ifs Affairs and conduct Tine railroad COR
! tho benefit Of THE creditors and al lNiic.
interested until iilD road i. sold.
SERIOUS CHARGES AGAINST AprAp Man.
The BIN filed hy ihr complainam- allcre
some nptiY crooked hn1pcD.ru- on ih'
part of fle late Maurice T.. Flynn. II say :
Prior to June i3 is~-. the Richmond Mon
Passenger Railway WAS 90 position ui n-
Naly towards The Richmond Joy hHlWal.
and Doe and others agreed Win flthh li'N
the co-operaiion Of the tN0 railway stems
would he both desirable and prnAiahif.
Anof.conicrcncc with steers. Flynn opened
negotiations with Charming NJ. Bolton ile
lcxclu-i1c owner Of the City Railway. Tor
the purchase of the City Railway. loi
reasons NOT necessary To- Doe stated th' CONE
piainanf- did not appear in inc n'-oli II
! lions. but were conduct u ll Maurice u.
Fhm alone. and On thc liih ol June. l0>''
au agreement was concluded i"lNtfh
Flym aud Bolton. by ihc terms oi ihe pup
chase Flyun acquired th' whole property,
real. personal franchise. and ali ilie capital
stock for The SIM of >2lN.*l. although thc
agreement states that the sum az
s.un.e8l was the consideration. inc
terms of the payment We're expressed
to Dee SfOD.O OO cash and the balance pay a-
bic In equal instruments of S5N,uW 40 SIX.
twelve. eighteen and tWDuit-lonr months
credit. The feet is that Flynn onlf Inn
90 Bolton the sum of Sl0Nn0 in cash. hl
look nj. recent fr 100000. Having cone
Guided the hlfuIu Flynn was lil-Dd Odd
possession Of thc cts Railway. ANA Boz d.
/ turned lO New lorA and repre- 'niei To
Horny steers and hi. brother Joseph Flynn.
that ,hc paid $ill.nlo for the road OBJ
which sum 100000 had been paid i'm cash.
HOW THEY PAID JP.
Mr.. Hem, Steers paid $4,000. Alr. Thorn
ton y. Morley paid S2O,Un. Joseph lynn. %
brother OF Maurice y. Flynn. paid $1,000,
and Gilbert ~uccr. $1,000 towards tine allc--
al cash payment of 100000. and The stock
of ihe civ Railway was deposited with %
| trust company i'm New J DIRK as collateral
for the deferred payments.
WILL FIGHT TIE MOTION.
Mr.. W,ndham u. Meredith. as the COM
uanic,' cOu-el. viii of course heni ihc mo-
ii0n for q receiver. II D. probable movie ci'
that one viii Doe appoinied-h NOT for BOTH
lines. az least for one.
Personal.
Mr. Flynn was member of thc firm OF
Guy't. Ilotchkiss. Field ~ Co.. and after
his death Mr.. Field, ihe sole partner. made
an assignment 10 Martin. who is irlrc-enl-
cd here by MI. Payne.
ON the injunction bond Captain John =.
Wise WAS Tine principal. and Mr.. \. l.. boui-
ware. of This city. the surety, IN the sum oil
$500.
TIE EFFECT.
Icis difficult to.say into whose hands the
road would iail after "a receiver fakes pos
session. The original owners. or one set oi
them. would probably buy the property and
start ont. free from the incumhrance oi OLD
contracts and agreements. and equip ih'
| line properly and make money uui OF d. Tor
! There is DO question about the property hc-
/ img valuable. and 10 could hc made 90 pay
If MANAGED well by men thoroughly ac-
Quuiuted with the application Of electricity
|
GREENS IDEA.
Lieutenant Green. an electrician of the
Spraguc motor system. has come here at iiit
| instance oi thi, company. hccauec charge,
have been made THAT thc system VIII mot
| work here. Tie wa, asked Yesterday about
the condition of ihe road and hc said that
thc trouble is AN ON account of gross mis-
management and when ihc affair is fully
ventilated il will Doe worse than a c-s-p0ol.
As 10 whether the ~prague system would
do the work required the Lieutenant said;
know 10 viii. as IL has been clearly de-
momstrated. When ! had charge of the
road the -praguc motor gave satisfactory
service. and il i, all owing ID the fact that
incompetent men were employed 90 do work
which they knew nothing about. The same
ls,~tcm i, IN use all over the country. and ~
giving perfect satisfaction. and the roads
using the Spraguc moiors' are making
money.
What do YOU intend 10 do:
am here % take complete inventory of
the company. and il the court appoints "a
receiver and as soon a- make my report.
some of the largest holder, of the stock ol
One company will furnish the receiver with
"a sufficient amount OF money % pat the