The times. [volume] (Richmond, Va.) 1890-1903, 1900-06-30
CONF AZ READY
TO TAKE: Up BONDS.
Argument Before Judge WaddiII to
Vacate Receivership.
Mr.. MEREDITH IN OPP0sITIGN,.
He Questions the Right of the Pas
scnscr aud Power Company to
Call in the Bonds at This
Stage OF Proceedings.


ments in the Richmond and Manchester
Street Railway case in the United States
Circuit Court next Tuesday.
AT that time the counsel for the tenn
porary receiver, Mr.. B. R. Selden, will
be ready to reply to the motion made
yesterday by counsel for the road that
they were solvent and ready to take up
the outstanding debt.
The Richmond Passenger and Power
Company stated through counsel in the
United States Circuit Court yesterday
that so far from being in liquidation. 1t
was ready to buy up the bonds of the
Richmond and Manchester Company at
lo5 payable upon presentation at the Of
flee OF the Merchants Trust Company in
New York, on or before January l, 1901.
This statement was made on Il motion to
discharge the receiver, recently appoint
ed to take charge of the Richmond
and Manchester road, to dissolve the in
junction and to return the property to the
Richmond Passenger and Power Company,
the successors of the Richmond Hallway
and Electric Company.
The Richmond Passenger and Power
Company had as its counsel Messrs. Mar
tin and Ainslie. A. B. Gugon. Christian &
Christian and Leake & Carter. and Messrs.
c. V. and Wyndham II. Meredith repre-
scented the receiver, Mr.. B. R. Selden.
COMPANY WAS READY.
Judge Leake made the opening state
ment to the court and in. doing so de-
clared that the Passenger and Power
Company stood ready to redeem the bonds
at any time. They would also be prepar-
ed to pay the interest on the bonds on
July 1st the time at which they became
due, and to further show that the compa-
ny was not insolvent. he declared that the
bonds would be taken up at $3.50 each,
showing d certificate from the Merchants
Trust Company OF New York. which bore
him out.
Mr. C. V. Meredith, in replying to Judge
Leake. said that the purpose of the hear
ing was not that of removing the re-
ceivar. but to hear motion for permis-
sion to issue bonds TO the extent Of $4,000,
for the maintenance, repairing and improv-
ing of the road.
In support of his contention, he stated
that the Passenger and Power Company
had not taken advantage of the oppor-
tunity given them to redeem the bonds and
he questioned their right at this stage of
the proceedings, while the case was in
court to pay these bonds. He, therefore,
desired a sufficient amount Of time to in
quire into the right of the company to do
so, and to investigate the claims that they
made in reference to the payment of the
bonds. He asked the court to refuse the
request made by the Passenger and Power
Company.
NOT INSOLVENT.
Mr. Frank Christian, for the Passenger
and Power Company, replied to Mr.. Mere
dith and endeavored to show that the court
had perfect right to discharge the re-
cever, because the company clearly
proved that it was not in a state of in
solvency and was able to protect the
property Of the Richmond and Manchester
road
-nt ST IN
lions adopted at a meeting of the Rich
mond and Manchester, Richmond Railway
and Electric Company and the Richmond
Passenger and Power Company on June
9th in which the statement was made in
reference to their willingness to take up
the bonds.
! The question as to a continuance, made
by Mr.. Meredith was objected to by Judge
Leake on the grounds that his clients
were in condition to take UP the bonds,
were perfectly solvent and that they
wanted the property restored OF once SO
that necessary Improvements could be
made.
In passing upon the matter Judge Wad-
dill said that he was not disposed to de-
| eide the matter without giving the receiver
| some time in which to make reply, ana
by agreement Judge Waddill set next
| Tuesday as the time for hearing the argu-
ment
DIRECTORS DECIDE.
The defendant company filed the follow
ing resolution of its Board of Directors,
adopted June 9th:
THAT this company has determined to
call, redeem and pay on January i, 1901,
| all the bonds, with accrued interest there
| on issued and outstanding under the mort
| gage made by this company, and the At
| lantic Trust Company, of New York, trus-
| at of February
| by paving to the respective holders of said.
! bonds the sum OF $1,000 for each of said
bonds and the accrued interest thereon up
! to the time 81 redemption, according to the
provisions of the bonds and mortgages.
And the president of this company is dl-
rected to take such steps as may be proper
for the purpose of effecting the calt
redemption and payment OF the said bonds,
pursuant to the provisions of the said
bonds and mortgages"
And the defendant also fled a call
for the redemption of its bonds oustand-
ing under its mortgage or deed of trust
to the Atlantic Trust Company Of New
York trustee, bearing the date of Feb
ruary 90 1885, in the following words and
figures:
CALL THE BONDS.
Notice is hereby given to the holders
of the bonds of the. Richmond and Man
chester Railway Company that said COM
pany hereby calls for redemption each and
all of its bonds. each for $1,000 and num-
bered consecutively from / to 400 inclu-
sive, bearing date the Goth day OF Feb
ruary, 1893 and secured by the mortgage
Dr. deed of trust dated February 20, 1888, to
the Atlantic Trust Company. of New York,
as trustee, which bonds this company has
the right to pay off a the rate of s1,oao
and accrued interest for each bond on
any day on which interest is due.
1.-The holders of said bonds are required
to present and surrender the same with
the coupons thereto belonging at the office
of the Merchants Trust Company, $40
Broadway, borough of Manhattan, city
of New York. on the 1st day of January,
1901. when each of said bonds will be re-
deemed by the payment therefor of the
sum of $3.50, and all accrued interest
thereon, from which time all interest
thereon will cease.
"By order of the Board Of Directors.
(s.gnet) ..L0GIS E. SPENCER.
president
WILL REDEEM THEM.
.If the holders of the aforesaid bonds
of the Richmond and Manchester Railway
Company will present them al the Office
!, ,sz,yo-oba->c r>rI1Sf EC,pmpany afOre-