Richmond dispatch. [volume] (Richmond, Va.) 1884-1903, 1899-12-21
TBURspAy. DECEMBER q, 1899.
.rppyr RAILWAY FRANCHISES.


Tho conclusions reached by the Com
mon Counoi with respect to the IRAN
elises OF what is popularly called the
old Street Railwey Company, viii, we
think. be satisfactory 70 the public.
The foremost question AZ issue was the
rata Of taxation which the recognized
oomnapy should bear as a measure OF
conpensation TO the city for the use OF
it's streets. etc.
Full discussion developed the fact mat
the Councils committees had prescribed
a rate which was I'm excess Of that paid
n, like properties In cities Of our class,
and was higher than the expected income
Of the company would warrant the
statistics and arguments produced before
the Council satisfied it that II might well
make conoees ions in that direction, ana
this II has done. At the same time, we
believe it can justify itself before the
people and claim that, all things consid-
cred no other city of Richmonds size
has made better bargain. AS the gross
receipts OF the company grow tho city's
income therefrom VIII increase.
Furthermore, It is practically assured
that the management Of the new com
pany Will be in tho hands OF Richmond
ers. II is true there would be nothing
10 prevent any holder OF the stock OF
the new corporation from selling out;
nor would It be possible for the Council
10 pass any law which would deprive
any stocl1holder of that right. But, ex-
perlence has shown that any set of CAPT
talists who undertake 10 run these lines
without responsible and authoritative
Richmond management would be foolish
in the extreme.
We trust, and we expect, that the new
owners Of the property will profit by the
lessons Of the old owners and commit the
management of the property. in fact as
well as In name, 10 Richmond men
There is no foolishspreJudice here agains
pprtherpers, but there Is a local pride
which rejoices in seeing local men pu
prominently forward In enterprises. the
business OF which is chiefly local.
The Common Council having acted upoi
this ordinance. Il now but remains TO
the Board OF Aldermen TO meet and con
alder IT, After the exhaustive discussion
which took place in the Council chamhe
on Tuesday night. we cannot but belev
the Board will adopt the same View
which found expression in the Council
OF course, If the Board finds anything
wronn In the ordinance II ought TO amen
II and send It back. But time begins I
A.. mo a
only aged, but feeble. Most of Its car
and much of its track are IN dilapidate
condition. The sooner the line is re
novated. the better IL win be for tn
public. However, we cannot encourag
the belief that this can be done at light
ming speed After a charter is granite
by the City Council. the next step for IN
syndicate viii DO to gather IN the bond
of the old company That is indispensa
ply necessary before new loan can
placed. We suppose, however, som
work of that description has been don
in advance, so that the syndicate wi
know where 10 put their hands upon mo.
OF the bonds. Yet all business-me
should know that II is rare for a transa'
ton of this magnitude to be put throug
without meeting with some kicking
ders-men who either have 10 /
coaxed, bought out, or fought in III
courts Hence. time becomes an elemer
in this matter We recommend that 4
time be wasted. but we must not be al
derstood as advising headlong hast
With the initiation of new 'ownel
ship and new management, the Ricl
mond public may expect that there vi
be transfers from the old line 10 n
new. and vice versa. and we may hoI
even that for limited distances the ca
OF the one company viii be run over II
tracks of the other company a mutu
arrangement for the benefit OF the publ