The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-09
WILL ADOPT TIE
THREE=CENT FARE
Richmond Passenger and Power Com
pany's Innovation.
WILL GIVE ALL-NIGHT SERVICE
Attorney Ainslie Attributes Alderman
Goodrnan's Remarks to Lack Of
Information-How Affairs
Stand.
WILL GIVE ALL-NIGHT SERVICE

Both branches OF the city having de-
ternined to recognize the Richmond Pas
senger and Power Company. the company
will rush the work OF Improvement and
rehabilitation of the various lines COM
prisng the system.
1t is the purpose of the new owners to
make the lines they have acquired up-to-
date in every respect, and the work they
have already done shows that they mean
to carry out their promises to the Coun-
ell and the people.
4 striking innovation, and one that will
be very popular, no doubt, is set forth
in the following statement given out TO-
day:
ION and after August 18th, pending a
complete rehabilitation of the line, and
until further orders fares on the Clay
Street line (Unon Division will be re-
duced to three cents Transfers will be
given only on five-cent fares or tickets
AS heretofore stated the tracks on
Franklin from Seventh to Ninth;
Ninth from Franklin to Bank; on Bank
from Ninth to Twelfth, and on Twelfth
to Franklin and down to Twenty-first
run down Seventh to Main and on Main
to TWenty-frSt.
ALL NIGHT SERVICE.
Another change, which will be of great
convenience to the people, if not a paying
investment for the company, is set out in
the following:
ION and after August 18th, and until
further orders, all-night car will be
run on the Main-street line Getty Divis-
ion).''
During the past few years there have
been many requests for an all-niSht SER
vice, and this action OF the company will
be highly appreciated.
Messrs Martin & Ainslie, the general
counsel fon tho Passenger and Power
Company, re now busily engaged in draw
ing up the various contracts that must
be executed according to the terms of the
ordinance. This work will be completed
next week, and Mr.. Martin will go to
New York. He will ask Mr. Carlton Nc
Carthy, the clty's expert accountant to
accompany him and to superintend the can
collation. Of the bonds surrendered to the
cCmpany.
I ne Passenger and Power Company will
rush the work of improvements On its
various lines just as rapidly as possible.
All TIE plans have not been mapped out,
but the officers expect % have the finest
system of street-cars In the South when
the work is completed.
MIR AINsLIE's STATEMENT.
Mr.. George Anslie was asked to-day if
he had anything to say in reference to the
remarks made by Alderman Gordon at the
meeting Of the Board last night. He re-
piled:
Mr.. Gordons remark about the five out
standing Richmond and Manchester bonds
being withheld from some Interior motive.
and appearing to Indicate the presence of
a 'nigger in the wood-pile,' was made on
account of an entire lack of information
on the legal question involved therein, anu
his trouble could have been easily relieved
had he put his question to counsel for the
company, who were in the Council Cham
Der for more than half an hour before the
Board convened There is no "ulterior
motive nor any "nsger in the wood-pie, :"
but these bonds are held as they are for
valid, legal reasons.
The reason that these five bonds have
not been turned in, is that the 3e5 bonds
which have been turned In are beng used
as collateral for the loan of the money,
which was used by the company to pay
for Them and under the laws OF the State
of New York, if the entire issue of those
bonds had been turned in, under the call
for their redemption, the Trust Company
"Ouiu not Dc allowed ny lIle otdte
ing authorities to keep those bonds as col
lateral to the loan because, in the eyes of
the law, when call is made for bonds for
redemption. and the entire issue is turned
in, those bonds are regarded as practical
y rEid and cancelled and the financial in
stitutiors of New York are not allowed to
receive such as collateral for their loans.
AS soon as arrangements are made TO pay
the loan, the outstanding five bonds will
be turned in, the entire issue cancelled,
and the mortgage released
CONTROL LITIGATION.
The reason OF our unwillingness to can
eel the ], S26 Richmond Railway and Elec-
trio Company's bonds which have been sur
rendered in exchange fof Passenger and
Power Company's bonds,i is that we are
holding these bonds uncancelled in order
to be in a position TO control any litigation
which may be instituted by the holders
OF the outstanding III bonds OF the Rich
mond Railway and Electric Co. II we were
to canoe! these bonds, which seems TO be
desired by some members Of the Council,
xye would absolutely denude ourselves or
our ability to protect ourselves and the
city from the effects OF malicious litiga-
ton. 1t is for this reason that these bonds
are held uncancelled. Distrust was also
expressed of the Merchants Trust Co,
our trustee and financial agent.
AT the close of business on June 30th OF
this year, the financial statement of that
company, sworn to by Mr.. John G. Grant,
its secretary and treasurer, was:
Unimpaired capital paid in cash.. 100000
Unimpaired surplus, ................ 100000
Deposits, 900, ttV
Without dispara cement to any OF our own
institutions, l doubt if this gentleman can
point 10 a stronger institution in the city
of Richmond, although the Merchants
Trust Company is only little over eight
months old, and its business standing in
New York is of the highest character, as
we ascertained before We began dealings
with it.