Virginian-pilot. (Norfolk, Va.) 1898-1911, 1900-01-20
OUR LOCAL TOLL ROADS.
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| terms and conditions as may be agreed
upon, as fully and completely as IL the
same were specially authorized in tho
charter of any such turnpike or toll
bridge company SO operating ana main
tanning turnpike or toll-bridge in
either or both of said counties: provid-
ed. however, that nothing in this act
snail in anywise authorize any Increase
I of tolls or charges beyond those now
authorized in the charter OF any such
turnpike or toll bridge company: and
provided further. that in case of the
sale or lease of the works. rights.
property, and franchises OF any such
turnpike or toll-bridge company to.
| or of the consolidation of any such
turnpike or toll-bridge company With
the said Consolidated Turnpike Com
pany of Norfolk, Virginia, the agree
ment of the companies fixing the terms
OF the said sale lease. or consolidation
shall be lodged for record In the office
OF the board OF public works in this
| State.
4. The said company may borrow
money ana issue bonds or other
evidence of indebtedness, and secure
the same, or any part thereof, by mort
gage or deed of trust upon all or any
| portion of its property. real or person.
al. or its chartered rights ana privi-
leges. including its franchises and may
sell or otherwise dispose OF its said
bonds or other evidences of indebted
| ness.
.. The principal Office of said COM
pany shall be in the city of Norfolk
| Virginia, but ii shall be lawful after
the organization for the said company
to change the location of its principal
Office To the county of Norfolk. Vir-
| ginla provided notice of such changes
be published for four weeks in one Of
the newspapers published In the said
| city of Norfolk.
6. The said company shall pay it's
taxes in lawful money of the United
States. and not in coupons
| 4. This act shall be In force from its
passage.
MIR. PAGE INTERVIEWED.
After the meeting Mr. Fl. l.. Page
was interviewed OIL the Toll Road bill.
lie said the idea of Il consolidation of
all the local toll roads was his own pet
idea, and the move is in the line of
improved roadways and lessened oper-
ating expenses, and not In any way
detrimental to the best interests of the
public.
He spoke of the increasing price of
oyster shells and the fact that they
nave become too dear for road ma king
uses, so that some other material must
soon be used. lie favors crushed stone
macadam," and says that one big toll
road company could buy this more
cheaply than six small companies.
Other savings by union in one organ
dzation would be the lessened expense
of officers, as there would be only one
president and one secretary and treas
lrer His idea, then, is to employ n
general manager for the united sys-
tenn, secure the latest road making ma
ichinery and employ Il permanent repair
crew and outfit. including wagons,
horses, machinery, etc. AS TO an in
crease of toll rates, he quoted the por-
ton OF the proposed bill wherein
raise III rates is expressly forbidden
In his conversation, Mr. Page stated
there are many advantages In the pro-
posed new company. which would re-
suit i'm better roads, lessened expenses
and better returns TO investors without
Idctriment or increased expense to the
public.
As the matter is one of great import
ance it will no doubt be fully discussed
pro and con, to the end that the best
interests of the public will be sub
served
Mr.. Page stated that there is a mis-
apprehension in some quarters rs to
Che dividends paid by the local toll
roads to stockholders and that to-day
the four companies in which he Is in
terested do not return an average of
over per cent. on the investment.
One of the companies in which he is
and has been interested for fifteen
years did not, he stated, pay dividends
for its first ten years.
! MI Page saws that in the meeting he
spoke rs an individual and not as the
representative of his companies. The
plan of consolidation has never been
submitted by him to the stockholders
OF the different companies. and he does
not know whether it would meet with
their approval or not.