The times. [volume] (Richmond, Va.) 1890-1903, 1893-07-09
VTRG INA ~ NO DEFAULT.
Ready TO Deliver Her New Bonds and Pay
All Interest.

There is great complaint that the settle
lied oit. The idea prevails in London
that this State has not carried out her
promI.es. called on Mr.. Rylard, TIE
Second Auditor, and asked; Have you
delivered ths new century bonds to the
holders OF the old bonds"
Mr.. Ryland: Il have delivered the new
century bonds 10 all who have applied
for them. who had deposited their old
bonds with the State. have not delivered
bonds TO the bondholders' committee. who
hold a manuscript bond for over six
teen million dollars"
Reporter: Why have you not delivered
the bonds 10 the committee"
Mr.. Ryand: Because the committee
have not sent In the manuscript bond, or
demanded the new bonds.
Reporter: Are you ready to deliver
them?"
Mr. Ryland: Eyes, am ready. and have
been ready. and would have been glad
10 be relieved of their custody ever since
they were engraved last March, and so
notified the boudholders' committee In
a letter bearing date Of March q. 1893.
Reporter: why has not the committee
taken them away?"
Mr.. Ryland Il do not know
Reporter: Have YOU paid interest on
the bonds 10 the committee7"
Mr.. Ryland: Eyes. / have made four
half yearly payments. amounting 10 over
six hundred and fifty thousand dollars
Reporter: ''Do you know that it is re-
ported IN London that the delay IS be-
cause the State has not been ready or
willing to comply with the contract"
Mr.. Ryland: II suspect so. because |
- q.
State does not issue the bonds
Reporter: lis II true that the committee
are delaying the delivery OF the bonds
that they may have use OF the six hun
dred and fifty thousand dollars paid them
az INTEREST,""
Mr.. Ryland: 81 know nothing about
that. do not know who has the money"
Reporter: Us there any reason that you
know OF why the committee might not
have received the bonds last March when
they were engraved. and have distributed
them 10 the holders?"
Mr.. Hyland: AS the State was ready
last year 10 deliver them. the committee
might have taken them then, but could
not have distributed them until their com
mssiOners had agreed on the terms Of
distribution"
Reporter: when aid the commissioners
decide"
Mr.. Ryland: I'm May last"
Reporter: when did you begin the dis
tribution TO those who had deposited d.
rect with the State7"
Mr.. Ryland: The first week I'm June"
Reporter: HAS the State complied with
the spirit and letter Of the law, and ex-
ercised due diligence in preparing the
new bonds for exchange?"
Mr.. Ryland: The State has done every
ht,rr IN
and the commissioners of the sinking
fund would be very glad 10 complete
their work by delivery Of the bonds. but
we cannot force the bondholders' COM
mittee to receive them"
Reporter: Don't you think the public
ought to know that the State is In no
wise to blame for the delay. but that all
responsibility rests on the committee Of
the bondholders7"
Mr.. Ryiand: YES, | will be very glad
you win give the facts as much pub
LEFTY as yoa can"
1t may be added that n these new
bonds had been put on the market n year
ago they would have readily sold az 60 10
e. Nothing will sell now M fair nr,c.
Some Of the new century bonds have sold
AZ %. but there are very few on the mar
ket and will not be untn the bondholders'
committee make distribution
Since fhe above interview was held. Mr.
hylend' ss president OF the commissioners
OF the sinking fund. has received letter
from Mr.. T, T. Olcott chairman of the
Virginia b0ndholders' committee dated
New York, July 9th. The letter. which
explains Itself, reads as follows: ITO en-
able the committee 30 make the proper
distribution Of the SIC 559. $50 of new bonds
we shall require 1900 one thousand dol
lar bonds. and the balance IN FIVE hundred
dollar bonds.
referring 70 The letter Of the secre-
tary Of the committee OF March % teq,
and your reply thereto. we viii send tho
manuscript bonds properly Endorsed or
tuesday next 10 he exchanged FOR coupon
bonds as above stated IN bulk"