The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-07

| NIHYTHE. DEAL DID
NOT GO THROUGH 4
Continued from First Page.l
liability upon Williams & Sons. The
excess payment of the 5000 capltS.
stock should not be paid In the stock OF
the newly organized company, 50 as to
impair the majority of the stock prob
vided to be held by said e. w wilson
s. Co. and John L. Williams & Sons for
period of two years from the Issuance
of the stock under the pooling agree
ment provided for. Mum and Fisher
were not to receive sum in excess of
S500,c00 PLUS any sum advanced after
ward by them to pay interest due on the
bonds of the Richmond Railway and5
Electric Company and other allied lines,
but If it was necessary to pay an-t ID
ditiona1 sum Wilson 6 Co. weres to stand
II. but it was also underSt TODD that what
ever amount should be paid Fisher .
Mum not to exceed the mentioned sum
then 1t was to be contributed half antE
half by both parties. The money was
to Zoe contributed half and half by both
parties. The money. was not to be paid,
however, until Mum and Fisher had FUR
n1shed proof OF having discharged all
liens against the franchises and proper
ties, except the mortgaged Indebtedness,
which was s2,600,00O. and other indebted
ness, due and payable by the street rail-
way company, and each and all had been
paid and settled. Fisher and Mum We're
ito give bond in the sum of S50,ooo. with
security, to discharge any other debts
of the company incurred prior to the
date Of payment by Wilson & Co., which
debts may not have been paid at the
date of payment of the $4,000 and inter-
est provided for.
STOCK OF NEW COMPANY.
It was also mutually agreed that the
stock of the new company should be
81, 500, GOO. and that bonds. to be issued by
the new company and secured by a first
mortgage. should bear interest not ex-
cedng per cent, and should be about
the sum OF 100000 and should not ex-
coed 100000. The total bonded 1ndebt-
edness Of the old property acquired un-
der the Fisher and Mum contracts
amounted in the aggregate to- s., soc, 900.
and only this amount was to De ex-
changed for, the basis being as follows:
Of the bonds of the R. R. 6 E. Co..
amounting to S2u0,0co, the owner was TO
ACCeiSe per cent lace value OF
the old bonds in bonds-of the new COM
| pany, together with a bonus in stock OF
| the new company. not exceeding 80 per
! cent of the face value Of the bonds sur
rendered
| For bonds Of the Seven Pines Company
agsregating $4,000, and for the bonds Of
| the Manchester Company, aggregating
| SoouOO, the holders were to receive S12O.-
| COO of first mortgage bonds in the new
| company.
For the bonds of the Richmond and
i Manchester Railway Company. asgresat-
ing SiC0.COO the owners were to receive
| 10 per cent of the face value of the old
bonds in new bonds.
| COMMISSION 100000.
It was mutually agreed that commits
| sion of $4,000 in bonds of the new COM
pany. or cash, for organizing and hnanc-
Ing the new company. and for securing
! ana having transferred the properties
and franchises conveyed by the Num-
Fisher option, was to be paid to the Joint
accounts of the two firms contra citing.
A commission of $4,000 was to be paid
for the sale or exchange OF the first
mortgage bonds in the new company.
1t was provided that s200,OaO was to be
set apart for the payment of expenses
incurred, but as little as possible was to
be used.
l
event there was to be set. aside to the
| credit of the joint account of the too
contracting parties s1,3D0,000 of capSSt
stock in the new company, to be equally
! divided between Wilson & Co., and Will
| liams & Sons.
It was eventually agreed that the
| stock was to be pooled and remain in de-
post for two years from the issuance,
the. voting power being wasted in a COM
mittee of three and each selected by
Wilson & Co. and Williams &: Sons, and
the third by the two parties selected. In
case no agreement could be reached
regarding the selection of the third party
before the chartering and organization Of
the new company. That party was to
be selected by Wyndham r. Meredith, Of
| Richmond. The powers of the committee
Of three were not to include the right to
SELL lease or consolidate with any other
| company.
SECURE POSSESSION.
= Wilson & Co., were to secure possession
| of the properties and franchises held by
Fisher and Num-, and In case the new
company was not able to obtain a charter
| then the stock and bonds and franchises
| of the Richmond Passenger and Power
Company We're to be transferred to the
Virginia Railway and Electric Company,
and that the bonds and stock of that
! company be issued on the terms and IN
| the amount provided for in the contract
to be issued by the Richmond Passenger
and Power Company, and held. dis
tributed and disposed Of in the manner
| and to the parties as designated and pro-
vided for in the contract.
from what can be learned where the
existence of this contract>becamek known
to Messrs. Fisher and Mum, they With
drew the option given to Wilson & Co.
The split among the incorporators thus
resulted.