Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-11-29

, be IN mat position at the ti1iie thn. ,La
charter is granted To say nothing OF ,'Io
technical, legal difficulty OF this situn,
| ton. does it not strike every fair-Wil.. S y
| businessman that. whatever may NC 49,
| bora fides of the Richmond men co' =,
posing the Boyd-Newton Syndicate, :
| will he very materially TO the interest oi
Mr. Fisher, as his agents, AFTER tns sil 90
| ter has been granted. 10 90 ever 'nin7
prevent the sonsumm0tion OF the 'P,t
which the Boyd-Newton syndicate clall,
in order that they may decline 10 accept
the franchise: and when they nave uo Iii
. so again Messrs Wilson and watson WI
appear upon the field. ana Er.
Will absolutely dominate ana cohlIo, ~
railway system of Richmond Tor thirty
years Under these circumstances, iet
those who desire to secure the lrdhChlSe
recognize that they are 20 become .he
partners OF the people OF Richmond tha'
the franchise * to be granted III cDn-
sideration OF the most thorough service.
Let the Council Of the city OF Richmond
who are the trustees Of the people, care
fully guard the point that the franchise
IS not granted 10 those who nave always
disregarded the interests or the cluIehs
OF the city Richmond in the service whlch
they have rendered open the neld 10 ialr
competition. and either by accepting rea-
sonable provisions In reference 10 taxa
tion, or by n sufficient cash compensation
for the franchise at the beginning. let tle
people OF Richmond derive the greatest
advantage from the disposition or their
franchise which Is possible. under exist,
Ing circumstances this IS impossible, ana
consequently unfair"
FISHER HAS NO INTEREST.
Colonel Elletts statement reViyes the
question which has been several times
raised as 10 whether or not MY flsreI
and his associates, who now own INC
Richmond Railway and Electric CoH-
pany's properties. will have any interest,"
in them If the proposed sale to the hoyu-
Newton syndicate is Erected Mos9' =
Virginius Newton and James ~ boyu' 40
well as their attorneys, nave uc0i"i w
both in published interviews ana III s,S1e-
ments before the Street Committee that
Mr. Fisher will not have one doliar ~
terest in the new company. Mr. Mics NJ.
Martin. Of Martin g. Ainslie. counsel FOR
tho syndicate. discussing Co1ohel Llo''
statement last night, said:
Mr.. Fisher is a bugaboo held up All
through this fight by our rivals 10 irlBht-
On the Richmond public. We nave an
swered all this before tho Committee Oh
Streets. but we will answer 1t again il
the Elicit syndicate will say who they
are here and elsewhere. IL Is strange
that they have waited so long 10 Vehu
late their fears / suppose the cluz' r. -
Richmond have more commence IL ne
statements heretofore frequently nlaue
nv the gentlemen Of the Newton-Boyd
syndicate than they are apt 10 nave III
the long-delayed fears Of rival syndl-
cate. whose identity has never yet bech
disclosed"
When asked why the names Of Messrs'
Wilson and Watson We're put in the iran
chise Mr. Martin replied: because we
,-o~o asked b. % r,omher of the Street
Committee to disclose the names or our
Nv YORK com. ....ns. and TO include
them i'm the ordinance. If we had any
then freely and frankly gave the names
of Messrs. Wilson and Watson, members
Of the firm OF r. W. Wilson x Co, ana
they were thereupon Inserted IN the or
dinancc.
Has Mr.. Fisher any interest, or will he
have any interest. I'm this franchise If 1t
ba granted TO your company Mr.. Mar
tin was asked.
..'ro the best OF my knowledge and be-
liet." replied the attorney. "he VIII nave
absolutely no interest whatever except
the actual money TO be paid him FOR ms
preseut interest In the stock OF the Rich
mond Railway and Electric Company
TOO EARLY TO SAY.
at IS too early to make any specula-
tions or predictions along that line re-
plied Mr. Martin. when asked what a.
lion would lie taken by the syndicate
when the ordinance recommended by the
street Committee passed the Council. lie
continued. 1.-THE ordinance has not yet
been adopted, and may not be. IL may De
altered by the Council. IL would be lule
for ms 10 saw that We would or would not
accent something which has not Yet
bcen offered TO US. II the ordinance be
adopted and IS signed by the Mayor,
we viii lay it before our clients Tor tleli
consideration. and 70 will then be deter
mined whether TO accept or reject H.
'Do YOU regard the proposed ordinances
as a particularly onerOus oneF
In some OF fits provisions II Is very
hard The company would be absolutely
i'm the hands OF the City Engineer; out
we do not anticipate any unreasonable
ness on the part Of the present Engineer
I'm the matters Of construction and future
repairs. Yet, the power Is there, and
the company could be seriously embar-
rassed bv a hostile Official hereafter elect
ed"
THE RATE OF TAXATION.
Touching the rate Of taxation proposed
by the committee. Mr. Martin said:
III it is not too high. then the tax i'm
posed by all other cities Is too low. The
rate proposed by this ordinance. calcu-
lating upon last years gross revenues Oh
the Richmond Railway and Electric Com
pany. Is 4-10 per cent. for the first ten
wears. We have been unable 10 find an
other city I'm the United States Of any
where near the same size which charg $
SO high tax Great uncertainty at
taches % the fixing Of the tax for only
ten years. and leaving IL open Tor the
remainder Of the life Of the franchise.
The Council could raise Ii 10 any point,
and we would have TO accept II, and as
they now propose to raise the Traction
Company. I'm the face Of its financial
statement. there is no reason TO think
that we would not be raised. Il Is pro-
posed that we start Off paying Z 40 per
cent. of gross revenues for the INST ten
years: then. If future councils should be
Of the same mind as the present Finance
Committee, at the end Of the ten years
we would pay $40 per cent. for the So
cond ten years. and II 40 per cent. for
the remainder Of the franchise. no matter
what those receipts might be, and no
matter whether the company was earn
; ing its fixed charges and interest on
! bonded debt or not However, When
the ordinance passes our clients Will eN-
| anime il. and If they think the enterprise
can be managed successfully under sucl
burdens they viii accept II, and II they
don't they VIII reject it,
what will you advise them to do?'
"They need no advice from anybody on
that line. They are able TO do their
own figuring"
Matters in Bankruptcy.
netition in bankruptcy was filed in
l the clerks office of the United States Dis
/ trict Court yesterday by j. 7. Ferrell;
q liabilities. S27US.s0; assets, nothlns' An