The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-07
WHY THE DEAL DID
not GO THROUGH
Fisher Withdrew the OPP
tions He Granted.
CONTRACT DIDN'T SUIT
Williams & Sons and Wilson & Co.
We're TO Finance the Company.
TO BE LIBERAL COMMISSIONS.
Two Banking F'irms We're TO Take
Care OF the Financial End OF the
street Car Situation. But Fisher
Interposed-Why the I,-
corporators Could Not
Agree.
Williams & Sons and Wilson & Co.
uforo - E;n,rco +ho cnmnanv
10 BE LIBERAL COMMISSIONS.

There has been much speculation by
those who were not on the inside as
to what caused the disagreement among
the incorporators of the Richmond Pas
sengers and Power Company. otherwise
known as; the Richmond Street-Car SYM
dicate. One thing, however, was plain TO
all who have followed the Developments
in the recent fight. That was that the
incorporators were at odds.
1t was generally known. however ehat
an agreement had been entered into re-
Sarding the financing of the new COM
pany. II now develops that contract.
dated July 20, 1893. had been made be-
tween E. w. Wilson s. Co.. bankers, and
John P Mum and George T. FISHER.
owners of the stock of the Richmond
Railway and Electric Company. and its
allied lines and OF sla0,oo0 face value
first mortgage bonds of the Seven zines
Railway Company, and $50, 0G0 facentaiue.
first mortgage bonds of the Manchester
Railway and Improvement Company, by
which Wilson & Co. secured an option TO
purchase on or before December 10Th. tss9.
all of the stock of the Richmond Rail-
way and Electric Company. or Fisher
and Mum. and the entire capital stock
OF the Seven Pines Park and Land Com
pany, and certain real estate. located at
Seven Pines. and all claims or debts
due by the street railway lines or either
or all of them to Fisher and Mum. to-
gether with the bonds.
WILSON & WILLIAMS CONTRACT.
Wilson & Co. stated that tier intention
was 10 secure charter and franchises to
ca,erate the lines named. This IS the pre-
arnbIe to another contract dated Novenr
ber H. 1899, made between E.. w. Wilson
&. Co. of New York, and John Il. Will
Iiauls & Sons. of this city. This contract
states that the two banking firms have
agreed to cooperate III reorganizfns ana,
rehabiltatirg the properties OF the CONF
panies whes, the franchises were obtained,
and for that purpose to market and dis
pose of the securities of the new corpora.
ton.
Accordingly, Williams & Sons were sold
by Wilson & Co. 5one-h haif interest and titie
n and to the contract or option between
the latter and Mum and Fisher. ana III,
tie stock. bonds and ether p-operty 20 he
transferred Though the option expired
December 10, 1899, an extension OF ninety
days was to be asked for. Wilson & Co.
further agreed that before the Board OF
Aldermen of Richmond should act on ene
ordinance then pending. that they Wouiu
obtain written agreement frc0l at !f'aSt
five of tr, then present fucorporatorss
that after the approval of the ordinance
they wctg,d resign and eject tive others.
their successors. who Were to be natneu
by John T.. Williams e Sons, and transfer
and assign all their interests and title se
franchise. and charter then granted, aoe
that Williams S. Sons would be emitted ie
subscribe and have ftve-eievenehs or IN
total capital stock of the corpany on sae
same basis and terms as the otheF SUD
scribers, which fye-ele.enths OF the stocR
should be subject to the pooling arrarye-s
rnent and tire terms and conditions OF the
contract. together with the remainder OF
the stock The TWO firms, 1t was asressl,
were to mutually cooperate, in fnane.t1s
and reorganization. 1t was stipulassd tn11
both firms were to equally share All peiie-
fts and rrcfits, share and sha-e alike
SOME DETAILS
In the settlement OF the BoTd-Se"ton
syndicate the amount OF capital STOCK
to be given them wcs not 10 exceed
ssGO, goo par value. but IL was understooa
that If it was necessary to pay-dnore 20
the syndicate additional compensation
for their services. and cooperation the
expense was to be paid out OF the shart
of the profits of Wilson & Co.. without
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