The times. [volume] (Richmond, Va.) 1890-1903, 1902-04-25
They Are Said to Be Financing
the Passenger and Power Co.
PRICE PAID FOR TRACTION
The Williams Syndicate TO Retire from
the Street Railway Business in Rich
mond and Norfolk-Negotia-
tions Now in Progress for
Purchase Of Lines in
Norfolk and Vicinity

The most notable feature in the street
railway situation resulting from the pur-
chase OF the Traction Company proper
tics in Richmond by tho Virginia Pas-
sc;lser and Power Company. is the TACT
that this deal forcshadows and precedes
q, similar absorption by this company OF
The street railway interests OF Norfolk,
Portsmouth. Newport News and Hamp-
ton.
Back of the Virginia Passenger and
Power Company stands the wealth oil inc
Gould family. and the formation OF the
oo,npany and the active fashion III Whieh IL
is setting itself 10 the task OF securing
Virginia electrical properties attests 1he
zeal and interest of the Goulds III ms
,rvest,nent That they viii vigorously
prosecute the development OF virginia
o,oc,rica, interests in which they are plac-
Ing their money goes without saving.
IT is understood that as soon as ,he
richmond deal is closed up. which VIII
lie in about sixty days. q. similar con-
solidation of the street railway interestS
of Norfolk. Newport News and Lamp
ION will he taken up. The Niiiistns
svrdcate controls the lines in Nor'oih
with the exception of the Bcrklcy Kali
way, which is owned by e---Governor
Frarl, Brown, of Baltimore. The cleo
-1ric line running from Newport News 10
Old Point is controlled by the banklh6
house of Alexander Brown and Son, OF
Baltimore Ex-Governor Brown has, 1cr
some time. been negotiating for the SAFE
q, his interests. hut no. agreement has
bean reached.
1T is understood that the plan no"
underway contcmplates the merging OIL
all these lines into enc. The understands
ing in financial circles is. according ~
adyjccs from Baltimore, that the Nlr-
einja. Passenger and Power Company,
which will absorb all of these various
properties. will issue s15.noo1po OF . per
cent. first consolidated mortgage bones.
This would provide a. sufficient reserve
ia retire at maturity the various under
living bonds: To make improvements 'i'
connection with the merger; to provide
about S.. .nna.Nlo of bonds TO Ire used Tor
fu,ura extensions. and to cover the casf
requirements in connection with the pr
.,hose of tho properties embraced in the
,.oust !idation. Tie total amount oil 'hs
underlying bonds is s7.15o,o0o. In ad,ll'
lion. Tho virsiLia Passenger ard Powc1
co,,nany has outstanding sl,ooo,ooo II
bonds.
j., was stated in financial circles IN t'ai'
tip,ore yesterday that TIE Passenger ana
Power syndicate that has bought th'
,i,roc Richmond railways properties, wii
,ay for tic Richmond Traction Company
.,,,cl, ITS mar vali;c of fifty dollars a
share. What viii be paid for the STOCK
An the other companies is not yet 'ei'
nite,y known. The interests which cioseo
mi 1he;r holdings arc remarkably ST.
,e,t and have confined their statements
regarding the deal 10 the brief announce
n7ents of "Wednesday.
Tho following special dispatch 10 li.e
r,mes was received last night from New
port News:
III. II. Carr, general manager Of tht
PAYNE Companies OIL the peninsula ano
nr tho Atlantic Terminal Companies, wher
.oen ,,v a representative of The Time;
,o-nish,. refused 10 discuss The eiectrie
railway situation or TO indicate the IN
,ention OF his people in regard TO INC
norfolk properties. President ". j. Payne
,e,n,nea 10 Richmond this morning.
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