The Richmond Virginian. (Richmond, Va.) 1910-1920, 1911-04-20
TRACTION LINES
WILL Be MERGED
Electric Properties of Rich
mond and Norfolk to Be
Consolidated
MAKE SERVICE BETTER
AT REDUCED COST
Gould System Here and That
in Cities by the Sea Shown
to be in Good Condition.
Effective July 1st

Announcement is made that an
agreement has been reached between
the interests controlling the Virginia
railway and Power Company and the
Norfolk and Portsmouth Traction
Company FOR the merger and consoli-
dation OF the Norfolk and Portsmouth
Traction Company with the Virginia
Railway and Power COMPANY
The Virginia Railway and Power
Company controls and operates the
electric railway. light and power pro-
perties in the cities of Richmond and
petersburg and contiguous territory.
including an tnterurban raifway OF
twenty-five miles between Richmond
and Petersburg. The mileage or the
railway lines. including $50 miles OF
leased lines, IN about lla miles The
company also controls water powers in
the James river at Richmond and in
the Appomattox river at Petersburg.
from which power for the operation
OF Its railway lines and power plants
IL generated TO very large extent
This company has outstanding
s4.soe,ooo par value OF per cent
preferred stock. and sT45o. 600 par
value of common stock
The company has paid dividends OF
] IL per cent. on the preferred stock
for the fiscal year ending June 80
1910. and since then has been paying
per cent. on the preferred stock
payable semi annually
The Norfolk and Portsmouth Trac-
ton Company controls and operates
the electric railways. light and power
properties til the cities Of Norfolk and
Portsmouth and contiguous territory,
including suburban and interurhan
lines TO the various seaside resorts in
that neighborhood. II operates, own
ed and leased lines Of approximately
12o miles. including the lines Of the
Norfolk Railway and Light Company.
which are leased for ninety nine wears
This company also does the electric
light and power business In the cities
of Norfolk and Portsmouth and con-
tignous territory and controls the City
Gas Company Of Norfolk. the only
gas company doing business In that
city.
The Norfolk and Portsmouth Trae-
ton Company has outstanding. S.
ooo@eo 8 per cent, preferred stock,
and 100000 common stock.
] he company has been paying divi-
cends on the preferred stock at the
rate or 5 per cent. per annum. pay
able quarterly since It's issue in the
early part of the year 1910.
Nearly Five Millions
The combined properties are earn
in9 nj the rate OF approximately s4,-
6oo.u per annum gross and IL is
believed that by the consolidation Of
the properties considerable economy
can be effected in the operation Of
the same with increased efficiency In
service rendered. and the result OF
the operation of all Of the properties
under one management and control
@ili be to the benefit of the holders
OF the securities OF both companies
and give better market for the
securities of the consolidated COM
pany.
The stocks OF the Virginia Railway
and Power Company are now listed |
on the exchanges In New York Phil, |
8aeIpsssa and BaiSifhorc ;rilri rrse xrocks
III the Norfolk and Portsmouth Trae- /
ton Company are listed on the eS-
changes in Philadelphia and Balti~ |
more
Effective duly j.
The details of the proposed con- !
solidation, including basis OF exchange |
Of stocks. are being worked out and |
1t is anticipated that the completed |
plan viii be submitted to the board |
of directors and stockholders of the /
respective companies for their action |
thereon in the near future
The present plan is to have the |
merger become effective as of the first |
of July. 1911. since the fiscal years uf t
both companies end on June 80