The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1914-11-06
RICHMOND. AND HENR|CO
ROAD BRINGS 100000
Bankrupt Property Is Sold Under
Hammer to f. Randolph
Williams.
is ACTING FOR BoNDHoLDERs
Sale Virtually Places, Virginia Rail-
way and Power Company In Con-
troll Of Properties-Road Has Never
Paid Operating Expenses.

pursuant 20 an order entered moro
than month ago by the Law and
Equity gGourt, q ireetins the public salo
of the Richmond aud Henrico Railwav v
/, !, Gompans's properties to, satisfy, Il
mortgage held By tic tfri!om ! Trust
! tCompany.. Limited, OF Toronto. Canada.
the property was sold at public auction
at II O'Clock yesterday morning for
100000 Tho purchaser was lG Ran
dolph Williams. member OF the ) law
iiiirm OF Munford, Hunton. Williams &
!.AndersOn 's"i
| The Union, Trust Company was the
underwater for u s1.250. 900 bond Issue,
executed by the Richmond and Henrico
Railway Company In 1910, to finance
the construction OF its lines Failure
on tho part OF the company to pay
interest on the bonds led the Union
, Trust Company ON June 8. 1913. to
| apply to the. Law and Equity Court
. for recevership for the road. and
Judge Crump placed the Virginia Trust
Companyin charge Of the property
UNDERSTOOD TO PLACE
OLD COMPANY IN CONTROL.
, II is understood that MIR. Williams
bought the property as the represent
tativc Of majority Of the bond
holders. This group. 1t is stated, is
on friendly footing with the Vir
ginia Railway and Power Company.
. and tho sale virtually places that COM
| pany in control OF the Richmond and
, Henrico properties. g,.s'
The bankrupt railroad line and its
equipment was offered by Auctioneer
A. V. Shea at the south door OF the
city Hall, and the; bid OF Mr.. Williams
was the only one that was received
~ the absence of a higher bidder, his
offer was accepted. The sale was wft-
messed by prominent officials OF the
virginia Railway and Power Company
and the Virginia Trust Company. the
receivers. ~
Judge Crump said yesterday that the
sale will be ratified as soon as a formal
! report oe the transactionsis is filed by.
samuel l.. Kelley and Samuel n. An
derson, the comm ssionera. These will
probably file with their report recon-
mendation that the Williams. bid be
accepted, and a. decree will be entered
by Judge Crump- making tho sale cf-
fectivc.
BANKRUPT LINE,HAS NEVER
PAID OPERATING EXPENSES
Besides seven and one -half miles of
track, the property sold yesterday In
cludcs the Marshall Street Viaduct, the
| Spring Street railway viaduct a power
house in Fulton. machine shops, office
equipment, rolling stock and sundry
parcels Of undevelopcd real estate. The
road. II is understood. has never paid
operating expenses. and 100000, at n
forced sale, was generally regarded as
good price.
In Its petition to tho Council for a
new blanket franchise. the Virginia
Railway and Power Company gives as
suraDce that l, is in a position to offer
the city the franchise rights of the
Richmond and Henrico Railway Com
pany, and includes In the list of con-
cessions which 1t offers as a considera-
ton for the new franchise the dcdica-
tion OF the Marshall stree; Vinduct MS
Il city thoroughfarc. subjec; to the
company's rights to operate it's cars
over 1t.
The suggested ordinance, died with
the Committee on Streets in blank,
proposes Il trackage scheme. in accord
ancc with which the lines OF the two.
companies will be merged i'll one sys-
tenn, and unnecessary duplicate tracks
eliminated. The Virginia Railway and
Power Company was admittedly the
chief actor in yesterdays sale, and the
union of the1two systems is not be-
.lieved to be far off,