The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-02
Large Attendance of Members, With
Fixed Determination.
lNCoRpoRAToRs' PETITION
should the Bond be Not Forthco'nin: ):
at the Stipulated Time, the fra',-
chisc Will bc Sold 10 the High
est Bidder-Iiesolntion OF
tcrcd by Mr.. Blooinbcrs
Was Referred.

The petition of the corporators OF lhe
Rictg,nond street-car syndicate, Wh'eh W.
presented to the City Council last h'sht
was refused without a dissenting foice.
There is, however, possibility OF the bona
required being flied before the esn IN
start, the prescribed time.
1t was almost $50 O'Clock wEeil ,f's-
ident James C:askie declared the body IN
session only four members being absent
The petition OF the coTporators was iheil
road nv Clerk August. The petition was
as follows:
To the Council OF the City OF Rlchlhoiiu !:
Gentlemen,-As the incorporators na1heu
in the ordinance granted by you 10 the
Richmond Passenger and Power Soii.
many. we deem it our dutw TO accualne
YOU with the present conditions SUR io"ii'
ing our efforts to carry INTO ehecl .ne
requirements set forth in said ordinance.
By it we were required 10 file noilo
of $4,000 within forty-five days after lhe
aDproyal of the ordinance. TO be iorlelle'
,Ipon our failure to accept the ordnance
within ninety days from said approval
or upon our failure to bring III ana SUI :
render within thirty days from such &c
ceptance certain franchises owned or con-
tro,lcd BY the RchmGnd RalIWay anu
Electric Company
for the faithful performance of the OF
dinance it is not usual to require II
before the ordinance is accepted. Inc
I only reason for such an unusual re-
uuirement must have been Tor the Pal
pose of getting a guarantee lhat Inc
incorporators would make some ealhes.
effort to place themselves in the sltua-
ton where they could feel feasohaDiS
justified in accepting said ordinance. we
41,,, S-trr1 n
longer exists. We beg to assure you that
most earnest efforts have been made to
get the financial arrangements IN such
shane as will allow us 10 I'M
medIately accept said ordinance.
AT the time of your granting,
there was in existence a written option
r1pon the stock of the Richmond Railway
and Electric Company, and assurances
we're given to your incorporators that
the owners of the stock had agreed TO
extend the time OF the option. At the
same time assurances We're made that
: there would be but little real difficulty III
getting the bondholders to come into the
new corporation upon reasonable terms
and surrender their bonds rpon what
was thought then and is thought now 10
be fair and equitable compensation Tor
their bonds in the old company You VIII
readily understand, such is the large and
requiring us to get in s2.09o0oO of bonds.
widely scattered IN different portions OF
this country, that the work would require
considerable time and labor, even If the
bondho!ders were in frame OF MIND TO
enter upon a fair settlement for the
oblisations held by them. 1t is equally
evident that a very much longer time
and much more labor would be necessary
if settlement with the bondhoiders
nod NV {~.al,l n
tiations.
DISAGREEMENT AND FAILURE.
After the ordinance was approved. we
set 10 work in what we then had a
reason TO believe was the wisest course
TO pursue i'll making satisfactory ar
rangements with the bondAo!ders. We
have learned that the course pursued
only resulted in disagreement and, at
least. temporary failure We have had to
encounter two very serious difficulties.
The requirement OF the ordinance that
we should surrender the aforementioned
franchises has led the bondholders to be-
lieve that we would have to pay them
such prices rs they might demand III
order to meet the requirement imposed
,,pon us by You as 10 such surrender.
The requirement encouraged anu
strengthened them in the purpose to de-
mand Of us unreasonable and eXtrava-
reasonable requirement that you imposed
for the benefit and protection of the city
has been used against us as a lever to
force us to settle with the bondhoiders
at figures not only unreasonable, but
which, If accepted. would encumber the
new enterprise to so heavy an extent as
to ieopardiZe the successful operation OF
the new enterprise in rendering the fair
service required by the ordinance. and
ts.l !, x,Sf IN, o1I
70 the above difficulty. at the only meet
ing of the bondholders. at which we have
been able to have any committee present,
The bondholders were given most incor-
rect and misleading Information as to
the value of their bonds, The source OF
the information was one well calculated
10 strengthen the bondholders in their
lextraragant demands and to greatly
hinder and hamper us in the accomplish
ment of what we had In rleW-Niz., the
settlement upon a fair basis.
We respectfully submit that these facts
will show you that we have not been
idle during the time that has elapsed
since the approval OF the Ardinance, ano
that although our efforts have not yet
been of much avail. we have attempted
to carry out the object which you had
in view in requiring the bond aforesaid
namely that We should earnestly try to
to get in the aforementioned railway
franchises. We respectfully submit that
as we have worked to carry out the OBJ
ject had in view by both the city and
ourselves, it would not be reasonable.
under the circumstances above stated, to
require us at this time to put up said
bond. If sou will extend the time al
3 lowed us by the ordinance for that pur-
pose. we assure you that our efforts will
! be equally as earnest and we think upon
Z safer lines. and we hope will give more
satisfactory results.lf you should re-
Z quice US al this time TO put up the bond.
Z sou would not benefit thee but would
4 simply strengthen the confidence OF the
bondholders In theif belief that they
can get from Rus extravagant compensa-
ton. We submit that 1t wiA not be hene-
= Acial 70 the city that the bondholdefs
should be thus encouraged, They will
! tel that tf ne have that amount sot