Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1890-11-21
FIVE MADE INTO ONE.
STReET-cAR AND ElECTRlC-llG1 !
PROPERTIES COMBINED.
Deeds of Sale Recorded and n Two-Miiiion'
Dollar Mortgage Given by the Con-
solidatcd Company.


solidated Company.
The Union Passenger and City rail-
way lines and the three electric-llght
companies here are no longer separate
institutions, bnt have united in one gen.
eral concern under the charter OF the
Richmond Railway and Electric Com
pany
The deeds OF sale from four ont OF the
five individual corporations were re-
corded in the Clerks office of the Chan
Gerry Court yesterday afternoon, and
mortgage deed to the Atlantic Trust
Company to secure bonds amounting in
the aggregate to 1000, ,0O0 was filed at
the same time.
While this appears 10 be mammoth
transaction, it is, in fact. mere formal
proceeding. giving effect to a TRANSACTION
made in the early summer, the pro-
visions Of which this paper has fully
published.
THE PROPERTIES CONVEYED.
The properties conveyed yesterday are
those OF the City Railway Company. the
Virginia Electrc-Light and Power Com
pany. the Old Dominion Flectric-Light
aud Power Company, and the Richmond
Schuyler Electric-Light Company.
The transfer embraces oil of the ef-
fects, including real estate. and all
rights and franchises held under the re-
spectiye charters. The Union Passen
ger Railway Company is also embraced
in tho transaction, though its deed OF
conveyance has not yet been executed.
The deed includes all Of the lighting and
power companies operating IN Rich
mond, and the two street-car lines are
the principal ones here, and the Mar
shall-Street road is also controlled by
one Of their.
RATIO OF HOLDINGS.
Though this has every appearance Of
formal sale and change of ownership,
it is in fact only consolidation of the
five valuable properties and their fran
chises and merger of their interests in
the one general concern. The effect will
be to throw these enterprises, which have
all the while been largely owned by the
same persons under united manage
ment. all operating as branches OF one
institution.
Mr.. Windham r. Meredith. counsel
for the company, when asked last night
what ratio the different organizations
bear in the consolidation. replied that
the division has been made in propor-
ton to the bonds formerly issued by the
respective companies.
TIE MORTGAGE.
The mortgage deed covers some
twenty or more long pages Of print and
embraces resolutions adopted 10y the
several companies agreeing to become
factors in the railway and electric com
pany, and also describes infinitely the
property conveyed by each. The deed
is to secure 1000 $1,000 gold bonds
bearing date from the lst of July last
and running thirty years at per cent.
The trust covers the whole OF the pro.
perty Just decided to the new company.
The interest is TO be paid semiannually.
HOW TO DE SPENT.
or the s2,000,0 900 thus secured $780,
600 is to be preserved in the treasury
for the Improvement and development
of the properties as well % to pay for
the renewal OF track. motors, and new
&C ~. and for the further extension OF the
enterprises. both railway and electric
lighting, as the city's needs may require
and the company may find it advanta-
geous a great many of the bonds go
TO pay some Sl50,0O0 Of indebtedness
incurred by the present management,
and which had to come out OF their
pockets.
CAUSE OF DELAY.
The DELAY in issuing the bonds and
recording the mortgage was due to va
rious legal troubles Of minor impor-
tance, but without the removal of which
the company did not think it wise to put
its securities on the market
The Union Passenger Company has
conveyed its property to the railway
and electric company as well, but Mr.:
Meredith said last evening that the deed
would not be put on record for day or
two. He expressed the hope that unless
the tlghtness OF the money market proves
more than temporary the improvements
in the street-railway service and in elec-
tric-lighting will be continued and in
creased.
THEIR VALUES.
The State tax on the five deeds record
ed yesterday aggregated 81, 100. This
does not include the Clerks fees, which
will probably increase the total cost of
recordation about S25. The considera-
tion in the different deeds is merely
nominal. The papers of conveyance are
signed by tho officers of the respective
companies, and the name of Mrs. Flynn,
who is very largely interested, only APP
pears in one instance and that is where
her acknowledgment was taken.
Mr.. Hobson Elected Treasurer.
A meeting of Powhatan Club was held
last night to elect a treasurer to fill the