The times. [volume] (Richmond, Va.) 1890-1903, 1894-06-13
WHAT Mr.. FISHER SAYS
onrrBEAP PoTSTME OF A RE-
osITSR ron Ms ROAD.
49,. General Manager Expresses Himself
81 Greatly surprised ard says iheS
Can Easily Pay all Their Debts.

Nr. George f. Fisher. vce-presi1en1
,..ssurer and general manager OF the
rfhmoud Railway and Electric com
AMY. arrived in this city Monday h'sh"
,,r Fisher came here directly from 'he
Nsr,h for the purpose Of taking steps
toward upsettlng the injunction grant
Il against the Richmond kai""S
and Electric Company by 'u"s
charles II. Simonton. who Is )udse %
The Circuit Court q the United S'"'es
.. ~ Eastern district Of Virginia
The law firm Of Christian q N.''i'' .1n
and Mr Wyndham X. Me'en psiIwsv and
~ounscl for the Rchmoad i'a'i lN az 10y ",iI
f1sS,-.o,rtc Con,nany. Mr.. Fisher expressed
himself as being very ii'uee,..t,, - - 80
when ne learned that MS Company nau
49,, placed I'm the hands OF a receiver.
~ az n9t understand how company
de- nom debt and perfectly solvent could
s. placed In the hands Of receivers.
CAS- PAY ITS DEBTS.
,r~ Fisher says that the Richmond
v.fyav and Electric Company Is ready
- nav every dollar 81 owes-ready TO
a., AIN current expenses. The company
. DRESSED for nothing and just so soon
e. STR Fisher learned OF the action Of
a. court he arranged to give his per-
Eva. checks for al current claims. He
,rks that Just as soon as his counsel
~ prepare and present their papers
81. here VIII be no trouble in up
.rrg the injunction
e stated that on the 10Th OF February,
d. be agreed 70 buy the Richmond
r-f Manchester line on these conditions:
Il tie Richmond and Manchester Com
fsrNs floating debt Of about $4,000 was
tt.l II that company's mortgage o
Pr cent bonds. amounting 70 $4,000
We cancelled: II that company's second
n.r,eage G per cent. bonds. amounting
n 10000. were cancelled. and that com
rlrv stock turned over 10 the r chmOud
+ way and Electric Company. The
]. lmond and Manchester Company was
@. issue 10000 worth Of bonds at
yrg cent. which the Richmond Railway
ana Electric Company was TO guarantee
tie interest upon. But before the WV
Cs worth Of bonds we're 10 be Issued. the
E.chmond and Manchester Company were
o. he free from all incumbrance.
~ the 10000 worth Of bonds 10 be
issued the Richmond and Manchester
Company were 70 receive $4,000 and the
remainder OF the amount was 10 he USED
towards improving the property Mr;
Fisher says there was no time specihed
IS 20 when the Richmond and Manchester
Company was 10 pay Its floating debt ana
cancel its bonds. He says he has always
been ready to settle az soon as they
complied with their part a the contract
IT. the meantime. he was operating the
line as leased property. He advanced
eighteen or twenty thousand dollars on
the property for bettermenis.
HAD RIGHT.
The Manche. ter comTany was indebted
10 him ard his associates for q Is entire
amount above their entire receipts. and
also sever al thousand dollars 10 the Rich
UCnd Railway and Electric Company.
Mr. Fisher said he had a perfect right
10 remove armatures from the Manchcs-
Ter cars and place them upon the Rich
pond cars. He thought IL strange that
the court granted the injunction without
caring the ether side Of IT, lie thought
Il inconsistent that the Richmond and
Company was willing 10 take
the endOrsation Of a company That u
claimed was bankrupt Mr.. Fisher SAYS
that there are very Few corporations IN
this country In better shape than the
IdchmCnd Railway and Electric Com
pdny. 10 is capitalized at 100000, with
n bonded debt OF 100000, of which the
owns One-fourth The majority
Of the bonds are owned by the company
and tire syndicate running the company.
He says every valid claim against the
company has been settled promptly.
CONSOLIDATED COMPANIES.
When he came to Richmond a few
years ago and undertook 10 develop the
street-car lines and the electric light
business, he found things in very bad
shape. He consolidated five different
to wit: The Union Passenger
Railway Company. the Richmond City
Railway Company the Virginia Electric
Light and Power Company. the Rich
mCnd Schuyler Electric Lighting Com
pany. ana the Old Dominion Electric
Lieht and Power Company. This con-
solidated company. known as the Rich
nond and Electric Company. is. as al
ready stated. capitalized at 100000 with
% bonded debt Of 100000. In addition TO
the companies already named Mr.. Fish
IRIS people own the Manchester Railway
md Improvement Company marshall
street and Mayos bridge. the Seven
Pines Railway Company. and the River
View Railway Company. These companies
nave no debt. The Richmond and Man
hester Company. he says, could not
make their property pay unless he would
axe hold Of 1t. He did this at what he
Considered a very liberal price on his
lart.
Mn Fisher says that his company
tands ready 10 fulfil their contract Just
20 soon as the Manchester Railway Com
ANY fulfil theirs.