The times. [volume] (Richmond, Va.) 1890-1903, 1900-08-03
COUNCIL ADOPTS
NEW 0RDlNANG
Continued from First Page.)

at the same time. While consideringhe |
ordinance perfect measure SO far aShe !
legality OF it was concerned. yet he as |
not in favor of its passage. lie venom |
TO say that the report did not state ,w |
many Of the bonds had been gathere'n
and the present status of the outstanaS
bonds
Mr. Pollock then said: ''I must say tat
the gentleman from Jefferson Ward Or.
B!oomberg) has not read the report ne
report distinctly states how many bo1s
and states trust upon which bonds &c
held"
Mr. Bloomberg asked City Attorney Fl
lard a question concerning the surrenGr
of the original franchises. Not receivig
what he conceived to be a proper answs.
he said: 1.-The City Attorney has evadH
a question asked -by a member of tlE
body, and he is not answering directly
Mr.. Bloomberg clrimed that dealing via
the Richmond Passenger and Power Con
pany n such a manner as proposed tn
whole burden would rest upon the Cit
Attorney. and asked if a franchise did nc
require the approval Of the City Attorne
when in force.
Several motions to send the ordinance
to both the Committee on Streets and tn.
Committee on Ordinances were defented
after which the ORDNANCE was adopted.
summary Of the report OF the commit
tee which visited New York is as fol-
lows: They reported that they
found deposited with the Merchants Trust
Company eighteen hundred and sixteen
Q,Sl6) bonds, for thousand dollars
(s1,OoO) each. of the Richmond Railway
and Electric Company, which had been
surrendered to the said company in ex-
change for the consolidated mortgage
bonds, for a like sum Of the Richmond
Passenger and Power Company. Accord
ing to the count made by your committee,
there are still outstanding one hundred and
eighty $50 of these bonds. of one
thousand dollars (s1,C00) each, being less
than ten QO) per cent Of the whole issue
OF s2,COO,o0O
The committee is satisfied that, in
accordance with the statement in the
communication returned herewith from
the Merchants Trust Company, these
bonds were surrendered in exchange for
the consolidated mortgage bonds, of like
denomination. of the Richmond Passen-
ger and Power Company, and that re-
ceipt in the form attached TO said commu-
nication, was taken by the Merchants
Trust Company from each person to whom
said bonds were Delivered and a contract
Ca copy of which is also filed with said
communication), was executed between
the Merchants Trust Company and the
bondholders, setting out the trusts upon
which said bonds were held. Attention Is
called TO the statement in the communl-
cation, which is no doubt true, that these
bonds are coming in from time TO time
in small lots, and that exchanges are be-
ing made on the same terms, and that
there IS no reasonable doubt that ali
practically of these bonds will be under
the control of the Merchants Trust Com
pany within a reasonable time.
REMAINING FIVE. BONDS.
The committee further reports that
of the four hundred 600 bonds of $1,000
each, secured by mortgage of the Rich
nond and Manchester Railway Company,
three hundred and ninety-tive $3.50 are
held by the Merchants Trust Company
as security for promtssory note OF the
Richmond and Manchester Railway Com
pany for $3.50 co executed by said company
to raise money with which to discharge
the said 395 bonds of $1,000 each. But the
Merchants Trust Company, IN lis COM
municatiOn indicates its willingness 10 at
tach TO each one of these bonds printed
slip, showing its consent TO the SURRENDER
of the rights, franchises and property of
the sad Richmond and Manchester Ran
way Company TO the Richmond Passen-
Trust Company also states in Its conanlu-
nication that it is authorized by the owner
or holder of the remaining five 90 bonds
OF said Richmond and Manchester Rail
way Company, and agrees on oehalf Oh
said owner or holder. that a similar con-
sent and similar surrender may De maze 20
the city of Richmond or to the Ricn-
mond Passenger ana Power Company, SO
far as the holder of the said five 90 bonds
is concerned.
Work on Shocl1oe Creek.
There was a meeting OF the Council
Committee on Shockoe Creek last night
at which the proposed changes in the bed
OF the creek were gone over. The counsel
for the Chesapeake and Ohio Railroad, APP
peared before the committee and explained
the work the railroad proposed to oo' II
they could get the privilege 10 90 II.