The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-03
COUNCIL ADOPTS
NEW ORDINANCE
New Company to Be the
Recognized Owner.
BLOOMBERG's STAND
Opposed the Measure as Proposed on
General Grounds.
THE CITY ATTORNEY EXPLAINS.
Report and Ordinance and tho
Effect the Measure will Have-A
Summary ofthc Report and
Ordinancc-Somc Inter-
csting Remarks by
Members.
The CITY ATTORNEY EXPLAINS.

After celebrating over the report OF
the special committee which went to New
York md the ordinance stipulatins the
conditions under which the bonds of the
Richmond Railway and Electric Company
are to be gathered in by the Richmond
Passenger and Power Company, and the
time within which the franchises are to
be surrendered, the Common Council last
night adopted the amended ordinance pro-
posed by the following vote:
Ayes-Messrs. Cottrell, Curtis, Enel,
Ferguson, Gibson, Grimes, Mccarthy,
Mills, Pollock, Shea, Stein, Tanner, Tee
fey, Whalen, Williams, Winston and
Woody-1S.
Noes-Messrs Adams Bloomberg, Camp.
Caskie, Gunst, Miner, Peters and West-S.
Mr.. John NJ King submitted COM
muncation asking that his name be with
drawn from the report Of the special COM
mittee, which was done.
The Ordinance.
The ordinance. as adopted, provides that
the said Richmond Passenger and Power
Company shall within one, hundred and fifty
days after the filing Of its acceptance OF
the provisions OF this ordinance. file With
the Richmond Passenger and Power Con-
pany, to be acceptable to the City Atpr-
ney, of all the rights, properties, privileges
and franchises, from all the street railway
lines, other than those chartered to tie
Richmond Traction Company, subject only
10 any existing mortgages on SAID prope'-
ties; and also file a contract between 1t
and the city of Richmond, indorsed by TIE
Merchants Trust Company, agreeing that
the 1885 bonds of the Richmond Railway
and Electric Company, secured on It's prop
critics by the mortgage to the Atlantic
Trust Company, now on deposit with the
Merchants Trust Company, and which
We're exchanged for the bonds of a like
amount of the consolidated mortgage bonds
OF the Richmond Passenger and Power
Company for the sole purpose of controlling
any litigation that the outstanding bond
holders or any of them, may institute,
and to protect the city of Richmond and
the Richmond Passenger and Power Com
pany against any interference by outstand-
ing bondholders; and agreeing further by
contract that the Richmond Passenger and
Power Company will deposit one hundred
and seveuty-four bonds for the exclusive
use of the holders OF the outstanding bonds
of the Richmond Railway and Electric
Company, with the right reserved on the
part Of the said Merchants Trust Com
pany to deliver the bonds in exchange for
way and Electric Company, the Trust Com
pany being required to notify the City
| Auditor OF such exchange. The contract
shall stipulate that the Richmond Passen-
ger and Power Company will protect the
| city from all loss, damage or expense
growing out of and accruing to or in any
| wise imposed on the city by reason OF any
| litigation instituted or prosecuted by any
| of the outstanding bondholderS Of th
| Richmond Railway and Electric Company
| and also covenanting and agreeing that the
| company will obtain from the Merchants
! Trust Company its consent to the surren-
der of the franchises of the said Richmond
| and Manchester Railway Company, granted
| by the city Of Richmond TO the city OF
! Richmond, and shall also obtain the like
| consent of the owners or holders OF the
| remaining five bonds of the Richmond anc
Manchester Railway Company to surrender
! the franchises of that company, and alSt
| to execute to the city of Richmond a bono
p, in the penalty of $4,000. conditioned tina
| it will indemnify and save harmless the
city of Richmond, and pay all cama ges
| loss or expense that may be incurred o.
| the city on account of any litigation arts
| ing within the period of twelve month:
| from or growing out Of the transfer Of tict
properties, franchises. rights and privileges
| of the Richmond Railway and Electri'
| Company to the Richmond Passenger ant
! Power Company: and also agreeing t
execute another like bond at the expiration
! Of said period of twelve months.
BECOME CITY'S PROPERTY.
| If, at the expiration of the ninety day
for the acceptance of this ordinance, TIT
| Richmond Passenger and Power Compan.
| shall have failed to accept the same. or If
| at the expiration of the one hundred AM
! fifty days in which the company is alloWe
| to file the assignment of the properties
| rights, privileges and franchises now be
I longing to and exercised by other stree
| railway companies upon the streets Of thi
| city along which the Richmond Passenge
| and Power Company proposes to run it
| lines of street railway under this ordl
| nance, or shall have failed to execute tn
| contract and bond. as hereinbefore pro
| vided. and file the same: then. and in tina
| case, the said bond or bonds aSSreSatin
! the sum of $4,000, required TO be filed b
| section 9 of this ordinance, shall be for
feited, and become the absolute propert
! Of the city of Richmond.
| Mr. Caskie asked for information as {
| the effect of the ordinance, and City Attor
| ncy PoIlatd explained its provisions and re
| viewed the work done by the R;chmon
Passenger and Power Company.
Mr.. Bioomberg said that on three forme
| occasions he had stood for the original or
| dinance granted the company. Mr.. Bloom
! berg said that the committee had asked tn
| City Attorney to do the work for then
/ and declared "the ordinance rendered nu
| and void the protection heretofore grant
ed" He thought that all the surrenoer
should be made to the city. and that 1t wa
time to call halt, as radical change wa
| about to be made.
Mr.. Gibson defended the committee wh1c
] went to New York, but Mr.. Gunst ob
/ tected to voting for the ordinance. as
thought that the members ought to nav ',
at least two weeks TO consider II. Whii
Mr. Tanner also defended the con1n1.tee; =;
At this 5uncture Mr Bloomoerg "a diS
/. claimed any attack upon the committee
! but was expressing his opln'oti, ne SAID, Q
- ranort and the ordinance. He did no
.hinl. fhat Mr.. Pollard should frame tn
policy Of the Council and the ord.nanc