Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1894-06-13

that since he has been here he has paid
out million and half OF northern capt.
tai lie prefaccd his explanation Of the
contract between the two companies by
declaring that the Richmond Railway and
Electric Company was able to meet its
every obligation, and expressed surprise
that o receiver should have been appoint
Cd Tor & perfectly solvent corporation and
without the company being notified at all.
TERMS OF THE PURCHASE.
Mr.. Fishers statement was as follows:
ON the 20th of February, 1898. he agreed
10 buy the Richmond and Manchester line
on the following conditions; II the Rich
mond and Manchester companys floating
debt Of about $4,000 was paid; II that COM
pany's mortgaged per cent. bonds.
amounting TO 10000 were cancelled: II its
second mortgaged per cent. bonds.
amounting to 10000. were cancelled. and
It's stock turned over to fhe Richmond
hallway and Electric Company. the said
hachmsnd Railway and Electric Company
would issue TO the Richmond and Man
chester company $4,000 worth of bonds
AT per cent. on that property. These
bonds were to be endorsed by the Rich
nond Railway and Electric Company.
But before the $4,000 worth of bonds
were TO be issued the Richmond and Man
chester company were 10 be free from all
incumbrance.
"Of the 10000 worth Of bonds TO be
issued the Richmond and Manchester
company was 10 receive $4,000 and the
remainder OF the amount was TO be used
towards improving the property. There
was no tire specified" he said. las to
when the Richmond and Manchester Com
pany was 10 pay its floating debt and
cancel its bonds"
He says he has always been ready 20
setil" as soon as they compiled with
their part OF the contract. In the mean
time be was operating the line as leased
property.
ADVANCED FOR BETTERMENTS.
lie advanced $4,000 or $4,000 on the pro-
perry for bettcrments. He thought II
strange that the Court granted the injunc-
ton without hearing the other aide OF IT,
lie also thought. he said. IL inconsistent
that the Richmond and Manchester COM
pany was willing TO take the endOrsation
OF a company that II claimed was bank
rupt Mr.. Fisher declared that there are
very few corporations I'm this country in
better shape than the Rich
moud Railway and Electric Com
pany. II IS capitalized at 5000
90, with a bonded debt Of 100000. OF
''''N-t fs' company wv liN Ulif lOuliD. me
majority Of the bonds are owned by the
company and the syndicate running the
company. lie says every valid claim
against the company has been settled
promptly. When he came 10 Richmond "a
few years ago and undertook TO develop
the streot-car lines and the electric-light
business he found things in "a very bad
shape.
CONSOLIDATED FIVE LINES.
lie consolidated five different COM
pdnies. to-wit: The Union Passenger Rail-
way Company. the Richmond city Rail-
way Company, the Virginia Electric-L Light
and Power Company. the Richmond
Schuyler Electric Lighting Company, and
the Ola Dominion Electric Light and
Power Company. This consolidated COM
pany. known as the Richmond
Railway and Electric Company.
Is, Us already stated. capital
lied at g. o0O,on. with bonded debt of
100000. In addition to the companies
already named Mr.. Fishers people own
III" Manchester Railway and Improvement
Company Marshall street aud Mayo's
bridge, and Seven-Plnes Railway Com
rany and the RiverNiew Railway Com
Idny. These companies have no debt
The Richmond and Manchester Company.
he says, could not make their property
pay unless he would take hold of it. He
did this al what he considered a very lbe-
raj price on his part.
PROTECT THEIR CREDIT.
Mr. Fisher further stated that he had
arranged 10 give his personal checks for
all debts against the company maturing.
Captain Andrew PiZzini said last night
that Mr. Fisher had done this to protect
the credit OF the corporation. as all money
to its credit In the banks and coming
in were locked up under the rcceivership