The times. [volume] (Richmond, Va.) 1890-1903, 1899-07-09
American Railway Company VIII Buy
IfFigures are Satisfactory
THE DIRECTORS MET THURSDAY.
They are Unanimously of the Opinion
That the Deal Will BE Closed at an
Early Date-Mbat is Said
About the Ncgotia-
tiOns in This
City.

Tho deal which was on foot some time
ago 20 purchase the Richmond Railway
and Electric Companys lines IN this city
exclusive information OF which was given
by The Times when tho attempt was first
made IS now believed % Doe practically
complete. and most probably within
very short time the road indicated will
become tho property OF the American
Electric Railway Company. The state
ment is made that the books Of the COM
pany are now being examined, and that
if they arc found satisfactory the deal
will be consummated
DEALS PENDING
a special 10 The Times last night from
Philadelphia gives This interesting in-
formation.
important developments in the affairs
of the American Railway Company are
likely t0 occur before the close of the
present week Several deals are pend
ing-two of which are with southern cleo
tr.c railway systems and one or more
with electric railroad companies Don large
western cities Directors of the COM
pany admitted that such negotiations are
pending. but they declined to give any
Information on the ground that premature
publication might spoil their plans. as it
did I'm the negotiations with the Conson-
dated Traction and Philadelphia Com
panies of pittsburg "a few weeks ago
NEGOTIATIONS OPENED.
cone OF the directories said that had it
not been for the newspapers both of
these deals might have been closed long
before this Notwithstanding the rotei-
cence of The directors it is known that
negotiations have been opened for the
lease or purchase OF one of the street
railroad systems I'm Richmond. Va
"Tho street railways of that city are
controlled by two cOmpanies-the Rich
mOnd Railway and Electric Company
and the Richmond Traction Company.
DO is believed tho present deal is with the
frst-uamed company. But the belief also
exists that f. possible. both roads viii.
be absorbed thus placing the American
in absolute control OF the transportation
facilities Of Richmond.
CONSIDERED THURSDAY.
"The purchase or lease of the Richmond
Railway and Electric Company was con-
sIdere1 by the American directors at their
meeting last Thursday but. contrary TO
reports tho deal was not then closed.
There seems to DE unanimtty OF opinion
among the directors. however. that it will
be c0nsummatcd at am early date.
"As one OF them put it yesterday, IF
the figures presented for an examination
provo accurate. and ] have no doubt
they win do so. it viii not Doe long before
our company is in possession 0f the pro-
perty'
ellis statement appears 90 intimate that
am examination OF the Richmond com-
nlny's books is now being made and
that n the returns c0rroborate the fig
ures already in their possession. then
the deal win so through so terms how
ever. are now obtainable. but it is be-
lieyed they win include an outright pur-
chase OF the property"
NOTHING TO SAY
Captain Andrew pizzini vino is said %
have had charge Of the negotiation begun
some time ago. as above stated. said last
nirht that Doe had n0 Information concern
ine the matter to make public.
Mr. T. Randolph Williams. president
OF tho Richmond Traction Company de-
n'od that his line had entered into any
dealings with the American Company.
IL is not believed that tho owners OF the
Traction line could Doe easily induced 90
part with the property
THE TWO LINES
The Richmond Railway and Electric
Company was organized in 1891 by con-
soIidati0n Of three street railway and
three ciectric-lightng companies. Its
lines occupy the principal streets OF Rich
m0ud and Manchester and 70 supplies tlo
entire electric lighting for the two cities,
having exclusive contracts with Doth
municipalities. It's capital is 100000
and ln addition they have issued "a FIRST
mortgage per cent. bond for 100000.
Tho mileage OF the system is eighty
miles The earnings aggregated Test
year }i7153l. the net income being Slss.-
3i
Tho Richmond Traction Company was
organized I'm August. 1895. and has a mile
age of sixteen ard 70 half miles iis
capital ls N0eoa and there are also first
mortgage 8 per cent bonds outstanding
10 the amount OF $4,000. Last year it
earned a surplus of Slfe3l