The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-01-27
Bondholder Attemptstto Break
Off the Deal. #
WANTED TO INTEREST
LOCAL CAPITALISTS
w. G. Heinroth Said He Had Not Been,
Informed ofth True State Of AZ
fairs--Statemen Of Mr.. Moore.
The rrice Paid by the Bell
for Richmond Phones
Not Stated.

Z . : i. " ri j. < 3 y Kos
Despite a strenuous attempt on the
part of one Of the bond-holders OF tho |
Richmond Telephone Company and a.
strong disposition OF certain councilmen
tc postpone final action on the ordinances /
permitting this corporation to be absor- /
bed by the Southern Bell Company, the \
Common Council last night. after de-.
liberation OF two hours, voted to con-
cur In the action OF the Board of Alder
men in passing the measure. It is now
up to the Mayor TO approve the merger.
after which the foreclosure sale will bo
effected and the property turned over to
the gigantic telephone concern.
HAD TO SIGN, A CHECK.
The ordinance was passed by an yea
and nay vote, and It was. therefore. Inn
possible TO tell Just how the members
stood on the proposition. This action
however. was llot taken until after Nj.
Warner Moore lad drawn q. check for
s.u2 and turned it over to City Auditor
u. Il. Warren IN payment !, for the taxes
of the Richmond company for the pres9g
ent year, short recess being taken BY
the t,ounos. to permit OF this rather sre-.
markable preceding. 3
Mr.;W. c. Heinroth. Of Chicago, who Is {
prominently connected with tho La
Crosse Electrical Construction Company
appeared at the meeting last night In.
company with Mr.. George Bryan as his
legal representa- tive. and together they 4
opposed the passage of the ordnance.
asking q postponement OF thirty day J.
TO HOLD UP MERGER.
Mr.. Henroth is a bondhnlder in tllh.-
Richmond company to tho extent Of. 81, =
600, and as such he urged that tile pro -sS
posed merger be held up for "a short ts
time. on the grounds that he could inter-
est local capital sufficiently to place the
concern on a paying basis and thereby
give the citizens an Independent COM
ipany and guarantee competition and low
or rates. AssseN
Tho allegations of Mr.. Heinroth and his
attorney came with suddenness that
was surprising, no opposition from such
a quarter having been counted upon by
even those who wished to defeat tfla
proposition, and 1T looked for a tlroe
as II the well-laid plans of the company
would fall and the merger be held up ffOr
another month. si s5 AZ sS
In speaking from his client, Mr. Bryan
alleged that until this year tile interastcn5
MS ItdS UcSll pdlQpg ana
he had been kept In ignorance OF thS.
true state Of affairs. FIe claimed furtheil
that the other bondhoder, Mr.. Warmer
Moore, had never received a cent OF in-,
terest, and that the proceeds OF theGfore.,
closure sale would first be used to pay
the Indebted interest. the stockholders
and his clients suffering as consa-3
Quence. j$ igss5
COULD BE MADB TO PAY.
~. AZ -
he was firmly of the opinion that thu
independent company could be made to
pay a handsome dividend If 1t were prop
erly managed. and he expressed a belief
that local capital could be induced to
invest, provided the ordinance was held
up for thirty days.
Mr. Moore was extended ths courtesy
Of the floor and explained at length the
np-hill fight the Richmond company had
made He said that every single re-
source had been cxhaused in the hope of
interesting additional capital, and did not
think that tho company could be made
to pay He said that the concern had
now only 750 subscribers, and number
OF f2these had given orders for the removal
Of their phones. NM
FORTY THOUSAND INTER EST.
IN response to q question from Mr.. Pol.
lock, Mr.. Moore said the Interest on the
bonds he held would amount to $4,000;
He did not care to divulge the price the
Bell Company proposed paying. but went
at some length into certain details.
stating thai tho proceeds Of the sale
would first go towards paying the inter-
est on the bonds. after which tho floating
endebtednessi OF the company would be
paid off, and then remaining proceeds
would go to the stockholders, President
Maupln said that the company would
| suffer loss OF $4,000.
During the meeting there were sew
| eral lively spats between Council msn,-
bers, hut the final vote showed that
decided majority favored the combine