The times. [volume] (Richmond, Va.) 1890-1903, 1902-04-24
Street Railway and Electric.
Properties Consolidated.
CLOSED IN BALTIMORE
Men Representing Merchants
Trust Co. Make Purchase.
WILLIAMS INTEREST RETIRE
Not Their purposeto 10 Permanently Con-
duct the Street Railway or Electric
Light and Power Business.
Virginia Passenger and
Power Company the
New Owners.
WILLIAMS INTEREST RETIRE.


The entire control and ownership Of the
Richmond Traction Company and1ts elec-
trio power ally. The Virginia Electrical
Railway and Development Company, "aS
yesterday sold 10 a New York trust COM
,,any. which has for some time iAnahced
and controlled the Richmond Passenger
and Power Company. 49,,
This Important deal prapes dbl 'i1'
street railway and electric power proper
ties of Richmond under one ownership
Tho financial interests which have been
represented here by the banking frm OF
1oh- l.. Williams and Sons retire from
street railway. business in 3ticiifnoho, a,iu
vicinity. The company which VIII pe
formed i,y- the consolidation OF the I"
,n.eres;s. will have for its chief e&ecu'iNe
officer here Mr.. Fritz siiterdihg. at ''ii''
time president of the Virginia Passensei
..s ,ooy.er company and Slce-presidsnt
of the local Richmond passenger ana
Power Company.
The plants Of the two companies, "hlci
,,.ye been financed by the Williams N
1erests. will actually be transferred ~
the control and operation OF the olher
company in about sixty days.
DEAL CLOSED IN BALTIMORE
The deal which brings about the cohsoi-
,dation vas effected yesterday IN Baiu-
..a REPRESENTATIVES of the Williams
,,,-cnarties met with representatives OF
the Merchants Trust COMPANY. OF New
York. which has for some tune hhancso
the Passenger and Power Sompan ny J.
could not be learned last night at VIVA,
nricc the Traction Company ana aliieu
properties were sold
The stock of all The companies has been
c,,ofed for quite time ct about. par.
Renreeertati,e of the Williams hanklRs
1,c,,sea last night stated tbet tless4Nefs 2
n1.ased with the figure at which the oeal
went through
For quite time the peculiar conditions
which have existed in Richmond have sug-
r-ested The advantages which would result
from a single ownership Not oiiiS iiaee
the Two rival street railway companies
kent mn a continual warfare IS 10 trans
ferss and franchise rights. but each mas
ayailed itself OF the privilege OF op-
Grating for a considerable distance upon
The tracks of the other. IN TINS way eas
ron1panv has been making a bid LOT the
choices, patronage Of the other. and the
result has been an expense of mana Ee-
mont by- rcas son of duplicated service,
which has cut down dividends ana aroused
stockholders to the advantages which
would result from the merging OF tne I"
properties into one ownership Gnder tiie ne
..w regime the consolidated system VIII
be operated with much greater economy.
MR.. BEMISs' STATEMENT
When seen in Baltimore last nlsh'
President Benliss. of the. Iractlon Com :
panr gave out the following statement
Within The last few days stochholders
in this city of the Richmond Iractlon
Company the Virginia Electrical Kali
way and Development Company, and the
Westharnpton Park Railway Company
have been approached with propositions
to rool their stock at. a definite hsur",
and informed that a scheme of conso iGa-
tin was being worked.
"A syndicate composed of New York
part1es acting through Mr.. Winsio"
Williams and AII.. Nelson Perrin. of Ba!
,inlore, has been negotiating with US for
several weeks for the transfer OF these
three properties. The owners of the ma
iolIty of the stock named price at which
they would dispose CT their interests, pro-
vided the same terms should be offered
to the other stockholders. The syndicate
has announced its readiness to pay this
,,rice and to agree to certain Stlpulatlo
for the protection OF the bondholdecs.
u have no authority to speak for the
prospective purchasers. but my under
standing is that an entirely new company
7glI be formed by which all interests Will
he l,arn1onized and the whole street rail-
WAY and lighting interest in Richmond
will be virtually consolidated.
II am not in position To discuss tho
price which viii be paid for the proper
ties if they are sold, further than to
saw that it is in my opinion a fair one
10 ali concerned. and that The Interests
Of the stockholders ani bondhnldeTs
alike have been carefully guarded !
cannot see how the public should suffer
by the proposed change. but Oh the con-
trSrr it should result in large benefit 10
them both in transportation and electric
lighting, =
MEANS NEW. MANAGEMENT.
The representatives of tho Williams in
1erests haze stated more than onca in the
past that the obstacle in the way OF con-
sclidation was their nnwillingness to ne
s-atiaIe with Mr.. George E, Fisher. The
negotiations witl, the representatives of the
Passenger and Power financial interests.
which have resulted in the sale. have been
With Messrs3 Perrin and Winslow VII
li..ms In this connection. another gen.
tleman, prominently connected with the
Traction Company and its allied interests.
last night said:
1T should be stated clearly and en-
nhaticaliy that before conse',tins to the
transfer OF our properties our people We're
distinctly and positively assured by
aossrs. Perrin and Winslow Williams. of
Baltimore, who represented the purchas-
crs in the negotiations. that the new con-
soiidation will be in charge of an entirely
rev set OF mon, and that the old manage
nicnt. which VIC have opposed so persist
entity for some Years past, shall be zcn-
t:relys eliminated. Only after this assur-
ai,ee did we consent TO the sale and con-
so!idation.,
Details. oft the Deal.
Tie following special dispatch to Tho
Times last night from Baltimore gives
the details OF the deal SO Tar as they
ere there known:
The Merchants Trust Company. OF
New York. entered into agreement here
9. day by which Sc hecanaa fi1n n,l,cha ser