The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1904-03-18


|blS,: foved a April 2. tTtidks
OH tho site Of hes l;esen BFidBg
and on the exi istin s IA ii as6nr ii ers
lSlEcdsrn steel girder brid dgesss stfff
accommodate to present 4 md future rsuuira-YNs
J ments OF travel for ears to come .sS 9 he N
act ing lues ton Satl rizes 4 he appoints%j
81nent Of a. comrnissio ons BY stl,e two q ties
Ito acquire I he Mayo Bird go by chastss5
or ion and to rear Hi ut itsHplanGss
lSn. new and otlern f,ri Id sc. gT The cl
sNIancles has q lready appoint ed Ssits
Of the commssi oilerss and y$'
IIhave regularly or6anlz zed III q Icssiss actipil9s
|funler tho L terms OF the artl lcles Of HI
corporation saves any danger OF 6yacat-
Ing the charter. which would have lapseff
\ April I'd otherwise. Richmond Is yeti
to nppoins Its commiss soners, and Y ef-s7s
forts are now Under way to have this 81
done. The Manchester Council has adont-s
3Gtl an ordinance agreeing to endorse and
guarantee. iointIy wi the city OF E2 lctl-sI
.gmond. an issue 4 bonds to the5 53a mouI
OF $3.50 900, bearing interest at 8 IL pel;
CENT and payable In W fly yes st Ssfl
bonds to he secured by ii mort 81 &c on
& the bridge property, which securlt Y wi II s
8irdemnify the two ci ties In tho even + tha
Il fo. any reason the interes t on the honda
lis mot paid 1T Is \ regarded z by SO
business men as veSy irnprobable Y hat
Ettc city8of richmond or tic cty$ e
scbes ter, will ever be- called pom to I,s
any sum by sreIsOn o + fills dOrseme1 AZ
ot thebpnds for The income dc we'd frnF,l8sss N
street $rnilwny traffic & nder con tracts ~ II
now existing and continuing IN q
SWilI$provicleS nn nmoun sil fficlent TO pa y ys
moe onlYtlle interest on this issue l,,Itl
wtths8incrcased travel vii prov 3
sinking fund With " Whlcll 10 ret
bends atFm1tnrity or before 4
Richmond Council Must Act. y,
that Is row neele' to Insure no 5s,l'-3
cess 6or tho project and The cons
without delay OF tho bridge is the Spas
sage rtnn ordinance by thas u Ricls-ss
lnond similnr8toA hat already y asseSsSh
fthe Manchsster8C Council, agreeing ~ sssS
Edorset and guarantee these bonds. y sSti3ls
With the ide,l4 d G. awakening he scl lsensia
Sof Richmond to tile great q Iva ta gest.SsGi SsGi
and benefits to flow from such brid F.ss;;SS
connection OF tho two stiles md S5s pSiss$. III
Impress ,,pol, thu councll the wisdom 81
tho action proposed as q iIlunle
8rrstnlert. 5 u N n g5 WI SsE
Tile fInnacial plan in4detatl is Il s falsssS
lows: The holders Of the $l50, ,O0O of four F
per- cent, bonds, secured by mortg Et,s; s
on the present bridge, have agreed ~ ~ sS
fund all these bonds ut ,S5 ~ % = cen
nav issue bonds. proposed TO bosg,rnafa'isyyg ~
by tho two citles.5' 'rhls will take s127 Spl A
at par, ard leave l211, kn arran Sc
mont has been nude Whereby nlnet ty-siasiss III
cents on tho dollar can he real izetl fpfs5ss HI
these bonds. " hich will net tile sum Or
Sill, 600 This sum, It is estimated. VIII
b, ample with which to build q flrst-cl lass
bridge OF the character TO be descrtbc .sssiE
Further Financial Details, s5l
a provision in the mortgage shall re-
louire that any ana all sums deri 3D.
from Transportation and tfansnlisslol s4
privileges, !, IN excess OF liked G M
repairs, shall be applied and treated ;tis iS a
a sinking fund for the gradual Iett lee5sss
iment OF the bonds This plan for fillnnG n
ing tho enterprise enables ~ very low a3asSS a3aSS
rate of interest bonds 10 BIO issued - W u 4
Interest on the entire Issue amount ~
but $3.50 per annumI The assure y Atil- AN 5Sss
come, from transportation colress oils
for tho first year VIII not be less tllailssgss Es
SO 0Oc, this sum being tho amount pa " n
sby the street rai lw;ly ine for the opera ss
ton Of It's regular cars on tho basis q
the last twelve months, opera Ion q IL;
the present antiqunted bridge, Y he defi.fsa ss &
cit arising ard Ia be met by HE t@fsIs Is55
cities. $ayen on this low estimate OF reY- 1a
eu,,e. Is therefore bur Sa,750. There Nis 3Sss
every reason TO hope that this surp ~ 9lSy
gradually decrease from year las ysJsr
and soon bo entirely ext tinsuls Shed lptyt Sc
means OF ths iMreaseI travel # q x SsssEb$
modern bridge nna iInpyoy ~ Sfat ssrvit g{p
Ia ths heart Of the bns sitess alsas
would ,aturail ass, itpt
tie sum derived from sraistlng oIlsSg sfSs