Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-08-04
THE OLD LINE SOLD
Boyd-Nsvton Syndicate Buys The
R, R. & E System.
EVERY INTEREST IS INCLUDED
The Price Paid Will Not Be Made Pub
lie for the Present.
no CHANGE IN MANAGEMENT.
This VIII Follow When Franchises
Have Been secured-The Entire
System to lie Modernized and Put
I'm First-CIass Order.
so CHANGE IN MANAGEMENT.

The association OF Richmond capitalists
known as the Boyd Newton syndicate has
purchased the Richmond Roadway and
Electric Company. stock. lock. aud bar
rel"
The sale was effected last night. aud
the association win take charge Of tho
property at once. che price paid VIII
not be made public. but IL must have
been very considerable, since tho interest
OF the bond and stockholders IN the old
company is represented by s., ooo,00o worth
OF scrip.
II is understood that there win be- 20
change in the management OF tho lines
vnul the necessary franchises have bean
secured by the new company.
Tho syndicate. which Is composed OF
Mee'srs. Virginius Newton. president of
the First National Bank j. n. Boyd.
president OF tho Planters National Bank;
5. d. Crenshaw. secretary OF tho Viz
ginia-Carolina Company; Thomas Atkin-
son, and other prominent capitalists. has
been in the field for several months. 1t
has been represented throughout the
weeks OF delicate negotiations by Meskrs.
Martin aud Anslle, Of tho wel-known law
firm OF this city.
WHAT HAS BEEN BOUGHT.
The property acquired includes the real
estate, buildings, rolling stock. and all
rights and titles OF tho old company In
the seventy-odd miles OF street railway
included In the following branches: Main
Street. Broad-street. Union Paasengop
Railway, Richmond and Manchester,
Seven Pines. Manchester and Improve
ment, R-ver-View. Brookland Railway
and Improvement Company, and the
Paramount Traction Company.
The syndicate proposes TO thoroughly
equip and operate these properties in thu
most modern way when the city Council
shall have granted thf necessary fran
chises. application for which will be made
probably, az the next meeting OF the City
Council. The syndicate will soon apply
for "A charter
The most formidable competitors OF tho
Richmond capitalists FOR the property
were the Associated Railways of Phfia-
delphia, and a local syndicate represent
cd by Captain Andrew Pigzini. Jr., or
this city There were several other BID
ders, notably the Traction Company. OF
this city, and a syndicate OF capitalists
from Washington. but Mr. Miles Martin,
representing the home enterprise seems
TO have forced the negotiations from the
start and about two weeks ago had
brought them to a point whore a dennita
answer was promised by Mr. George E.
Fisher, the general manager, on a GER
tain day and at a certain hour. THIS ar
FuT tartI1 -.
upset by the appearance on the scene or
Captain Andrew Pizzini, who was able 10
secure the cooperation OF interested par
ties in pOstponing the decision. Ii was
an open queftion Tor some days as 10 who
the successful bidder would be. but. as
previously stated, the matter WAS closed
Up late last evening In this city, after
two days devoted 10 the discussion ana
arrangement Of various important points
at ISSUE.
Mr.. Martin gave out the following
statement last night:
1.-THE syndicate. composed Of MessrS. v.
Newton, J. n. Boyd. 5. u. Crenshaw. ana
Thomas Atkinson, has obtained control
OF the properties Of the Richmond Rail-
way and Electric Company and allied
lines"
DISPOSITION OF FRANCHISES.
The disposition Of the Main-street fran
chse. which lapses IN tho year 1907,
and other franchises has been vexed
question before the city Council for soma
time. This main line Is by
far the most valuable piece OF property
owned by tho Richmond Railway and
Electric Company. and IL has been pretty
well understood that there would bs a
large number Of competitors In the field
for II when the time arrived for IT'S re-
newal majority OF the members OF the
Council were I'm favcr OF selling IL at
auction 10 the highest bidder. bot under
existing circumstances some other ar
Will probably be made
a resolution Is pending before the Com
mittee on streets-tO which body 10 Was
referred By the Common COuncil-csiling
upon the committee to arrange, IL pos
sible. with the Richmond Railway and
Electric Company 10 operate the two
ends Of the Main-streot lne--tha; Is.
through Rockets and fulton and from
the car-sheds 10 the Rescrvoif Park
until January l. 1901, when the franchise
TO the Main-street line falls In. The
franchise 20 the two ends expires January
J, 100.
The franchise OF the Union Passenger
Railway Company has fifteen years yet
10 run. and next 10 the Main-street line,
II IS reckoned as the most profitable
branch OF the system.