The times. [volume] (Richmond, Va.) 1890-1903, 1898-10-27
A Mortgage Filed to Secure $780,
900 in Gold Bonds.
ALTIM0RE AND RICHMOND MEN.
The Negotiations Were Made by Mr.
". j. Payne. Prcsidenh aud Messrs.
OFcrraii 4 REGISTER a. General
Counsel-A Large Amount
is to be spent in fmproy-
ing the Property.

HAMPTON. VA, October 2s-special-
The transfer OF the property Of the New
port News. Hampton and Old Point Com
pany TO the Newport News and Old Point
Railway and Electric Company was vir-
tually made to-day. The parties repre-
senting the various interests have been
hard at work for two days in Hampton
at the office Of the company IN preparing
for the consummation OF the deal.
Negotiations have been in progress for
several weeks. Tie property Of the New
port News street Railway Company and
the Hampton and ola Poin Railway Com
pany were conveyed first 10 the conson-
dated company the Newport News.
Hampton and old Point Railway COM
pany, and the property Of the Chesa-
peake Light and Power Company was
transferred some days ago to the New
port News and Old Point Railway and
Electric Company, which company was
represented by w. J. Payne. who nego-
tiated the purchase, Messrs. O'Ferrall
& REGISTER. Of Richmond, looking after
the legal rights Of the company. =
THOSE PRESENT.
Among those who were al the meetings
here yesterday and to-day were eX-G0v-
ernOr Charles II. O'Ferr1ll and Samuel
REGISTER. of Richmond; Henry j. Bow
doin Of Baltimore; Mann S. Quarles, Of
Richmond: Alexander Brown. OF Batl-
more, and Thomas Tabb and A. S. segar,
representing the Oh company of which
j. $. Darling owned the bulk of the
stock. OF Hampton
The consideration is about 10000. This
Is Tho largest deal ever negotiated in
this county.
The new company as consolidated VIII
control the entire street railway and cleo
tric lighting facilities OF This place.
THE AMOUNT PAID.
NEWPORT NEWS. VA. oct. 25.-Spe-
dal.-The property Of the Newport News,
II. mpton and Old Point Railway Conn
pany and the electric railway between
this city and Fort Monroe, viii be for
mally turned over % the new company,
az the beginning Of business tomorrow.
The exact sum involved IN the deal has
not been made public, but II IS known
that with the extensive Improvements
contemplated 81 VIII exceed $1,000 gl The
first intimation the public had that the
negotiations which have been pending
for several weeks had been closed, was
this afternoon when mortgage from the
Newport News and Old Point Railway
and Electric Company 10 the Maryland
Trust Company. Of Baltimore, 10 secure
100000 OF per cent. gold bonds, was
admitted to record In the Corporation
Court.
A LARGE DEED
This is the largest deed ever recorded
The clerks fees alone aggregated
sg225O. and the revenue stamps required
amounted TO $50.
Tho new railway company is headed by
a syndicate OF Richmond and Baltimore
CAPITALISTS. Mr.. Alexander Brown. Of the
well-known banking firm Of Alexander
Brown & sons headed the Baltimore
syndicate. Ills firm took bonds TO the
amount Of $4,000. and $4,000 Of the pre-
The company viii be omcered as fol-
lows: President, W J. Payne, Of Rich
mond: Treasurer. II. l.. Schmelz. of
Hampton. Va: Secretary. ID. q. Zolii-
Golfer. Of Richmond; General Counsel
O'Fcrran & REGISTER OF Richmond; Di-
rectors. NJ. l.. ingalls,, Cincinnati; Alex
ander Brown. baltimore; W. J. Payne
and Samuel Res. steri Richmond; Nv. A.
Post, Newport News; f. w. Darling and
G.. A. Schmelz. Hampton. Va.
THE NEGOTIATIONS
The deal was negotiated by W. J.
Payne, the president, who has interests
in this city. The legal part Of the trans
action was directed by the law firm
OF OFerrau & REGISTER, Of Richmond.
The new company contemplatos max
ing extensive improvements In the road,
and will spend several hundred thousand
dollars in equipping the road with roll
ing stock; besides operating the electric
railway it will do general lighting ana
power business and manufacture ice.