The times. [volume] (Richmond, Va.) 1890-1903, 1900-02-02

money al STAKE, We VIII = more ieduHs
yield TO their demand. 1t is certainly
TO the interests of the city that we should
get the bonds a t fair and not cxtravagant
figures.
FIGURES TOO HIGH
We ask you to bear in mind that we
could have dealt with the bondholders
had we been willing to pay their high
figures and run the risk Of making the
enterprise an unsuccessful one. Ave nave
declined to deal with the bondholders
upon the basis of those figures for the
reason that we did not think it fair to
the city that we should over-encumber
the enterprise, and because we believe
that when we should come to you ana
lay before you the circumstances by
which we have been surrounded, you
would give us such help as will In your
power remove the over-confdcnce or the
bondholders. and let them know that you
will assist US in preventing them from
obtaining unreasonable and eHtfaNaSaht
prices for their bonds
We ask that you will extend the tune
for fling the bond sixty days from Feb
ruary 8, 1880.
Very respectfully,
S. wv. TRAFERS,
L.. u. MORRIS.
+. B. ADDISON.
JAMES H. SDOOLEY,
J. d. CRUMP.
j. d. PATTON,
F. STTTERDING.
H. l.. VALENTINE.
DAVID A. AINSLIE.
This was followed by an addition which
read as follows:
Richmond, Va. Feb. /. 1905
To the Council of the City OF Rlchmoha:
Gent!emen.-1n making our pe.ition 10
vour honorable body for an extension
to give our bond, we disclaim any in
tention or desire TO secure your assist
ance in obtaining the bonds at less tnan
their real value and as an evidence oI
our good faith, we suggest 1hat we are
not unwilling to take all OF the bonds al
a value to be fixed by three disinterestea
street railway. experts, provided. OF
course we can at the same time secure
possession of all of the outlying fran
chises which we are required, under the
ordinance, TO deliver to you.
This was signed by the incorporates.
President Caskie then stated that a
petition had been handed him, ard ne
ordered its reading.
This petition. signed by II. W. Roun-
tree. ". S. Forbes. D. r. Midyette, w.
r. Jenkins and John C. Robinson, asked
that the Council refuse to grant the
petition for extension and continued:
ANOTHER PETITION.
"We assure your honorable BODY that
if the corporators of the Richmond Pas
senger ard Power Company fail to accept
the franchise granted them by the or
dinarce approved December 90 1899. and
1c deposit the bond required and the
franchise thereby lapses, then the Nir-
cinia Conduit Railway Company stands
ready to apply for and carry out fran
chise for the operation of the Main and
Broad street lines, which have expired
or are about to expire, and will equip
the same with the jenkins underground
system. and will also take in and operate
the other lines Of the Richmond Rail-
way and Electric Company, provided
satisfactory arrangements can be made
to obtain the securities controlling such
other lines.
Mr. Joseph Wallerstein secured the rec
ognit1on Of the chair. II move said he.
.'that tho petition Of the incorporators be
refused.
.'It is a remarkable document. in that
a body OF men invoke the aid of the Coun-
Gil of this city to compel the bondho!ders
to accept certain terms. These incorpo-