The Providence news. (Providence [R.I.]) 1891-1906, 1892-04-19


Field Wood lot as a part of Roger VIII
liams Park was adopted.
The Union Railroad Co.'S charter.
The following communication was re-
ceivcd from the Union Railroad Com
pany:
To the Honorable the CITY oounsa Of tho osty Of
Respectfully represents the undersigned,
the Union Railroad Company, as follows:
Your honorable body Is familiar with
the urgent needs of the community in the
matter of improved facilities for the rapid
transit OF passengers. IL Is universally
conceded that the future growth and
prosperity OF the city depend in very
great measure upon the early and success
ful solution OF the question.
This company, after careful study or
the situation, in the summer OF 1890, ap-
piled to your honorable body for permis-
sion to use electricity as motive power
under the trolley system on all its lines.
After prolonged discussion, permission
was granted IL to inaugurate that system
on the Broad street route, where 1t has
now been in successful operation for a
number OF months. The opposition to 1t
entertained by many good citizens prior
to its introduction has now substantially
disappeared in the light OF practical every
day experience Of it In our own midst
One has only to take trip over Broad
street to see the marvellous improvements
already called into being by. that line.
Similar results will undoubtedly be pro
duced by other lines in other parts or the
city. The great mass Of our citizens are
awake to this fact, and this company Is
now in almost daily receipt of applications
and requests to extend the electric service
in other directions.
We are desirous now, as In the past, OF
giving to the public a street car service as
good as the best in the land.
One thing we have learned by expert
ence, however, to replace horses with elec-
tricity MEANS in effect, to throw out our
entire present plant and replace 1t with
new one; the roadbed must be rebuilt and
relaid with heavier rails; larger, heavier
cars of different construction must be pro-
yded and new car houses built to meet
their requirements. Besides this there is
the matter Of electric construction and
power.
A conservative estimate shows that 1t
will cost this company not less than two
million dollars to equip its system for
operation by electricity. It is obvious that
the only way to raise this large sum OF
money is on bond and mortgage. Such
financial centres of the country.
Negotiations have been had with bank
ers and institutions, both here and else
where with view to placing the first
mortgage bonds OF this company, with
the uniform result that the gentlemen
applieu 10 nave oeciiheo W en'oi. ."'n 'no
matter.
Their reasons for this are set forth In
the letters of Messrs, Morton, Bliss e.
Co.. New York; Drexel, Morgan e. Co.,
New York; William Goddard, president
Providence Institution for Savings; Sam
Company; and Robert knight, president
Peoples Savings Bank, copies Of which
are annexed hereto. We quote the letter
of Messrs. Morton, Bliss g. Co., which is
a fair sample Of them all.
New YORK, April IL, 1892.
Jesse Metsalt, E.q. President linton Ratlroad Com
Dear Strive are in receipt of your favor Of
the 18th inst, with enclosures. as stated.
While the bonds of such companies as yours
good Investment, 1t is proper for us to state
that the clause Of the charter empowering the
city council In giving ninety days notice of its
the terms and conditions upon which your
company Is authorized to operate Its lines or
road, and to order tho rails or any part TO be
original condition, etc., would naturally
make any conservative person hesitate to pur-
chase them. Under existing conditions we
selves care to undertake their negotiation.
Regretting that we are not able to make
rS TSre Bliss Ms fsTon co
In order to obtain the money necessary
to carry out the improvements which are
demanded in the immediate future by the
citizens, this company finds itself, there
fore, under the necessity of applying to
the General Assembly for such legislation
features objected to. Il is believed that
the Objectionable clauses are Of theoretical
rather than real value to the city. To
order up the rails of the street car lines 1
out of the streets would create n revolu-
tion in the entire life OF the people. The
TO order up the rails can be OF value to
the citizens only in exceptional cases
where, owing to changing conditions, the
rails are no longer desirable in some par
ticular locality. This must have been the
intention in framing the law as it now
stands. A reservation of a right to order
up the rails in n street, provided an equiv
alent location be given elsewhere, would
not be Objectionable to bondholders, and
would answer all the requirements OF the
city.
We beg herewith to give notice to the
city of our intention to make this appli-
cation to the Legislature at once, and to
request your honorable body to cooperate
with us In obtaining the needed legisla-
tion, which will so manifestly inure to
the benfit OF the city as we'll as Of this
company
In order to prevent any, possible mis-
understanding. we will add that it is not
our purpose to ask for any legislation that
will in any way interfere with the entire
control by the city over the speed and
running Of the cars and other police regu-
lations ia the streets as at present; nor
with the right and power Of taxation by
the city; nor with the right and power of
the city to grant franchises and impose
payment therefor under the provisions of
the franchise act" SO called. Respect.
fully submitted,
Union Railroad Company.
JESSE METCALF. President.
The letters from the other bankers were
on the same lines as that published.
The following resolution was presented:
Resolred That Messrs. vose. Vaughan and
J. III. Kendrick of the Common Council, and
such as the Board OF Aldermen may add, to-
gether with the assistant city solicitor, be and
are hereby appointed n joint special COM
mittee TO appear before the General Assembly
at its present session, and see that the in
terests of the city of Providence are properly
protected in any legislation that may be asked
Tor by the Union Railroad Company.
The resolution was adopted.
The council adjourned for two weeks
LOCAL ITEMS.