The Richmond Virginian. (Richmond, Va.) 1910-1920, 1920-03-09
CITY TO AID COMPANY
IN FIXING VALUATION
OF ST. CAR PROPERTY

Director Of Public Utilities Trafford,
will be requested to cooperate and
verify the valuation OF the physical
properties OF the Virginia Railway
and Power company in Virginia now
being made by Stone and Webster ac-
cording to an ordinance adopted last
night by the council committee on
streets and recommended to council.
Director Trafford will be empowered
with authority to select a necessary
Iorce Tor the valuation to be made by
the city. An appropriation for the
work viii be made by the city council.
Mr.. Tranord Is of the opinion that
Hfst class engineer and force or
about six men to value the property
VIII be able to follow the work Of
Stone and Webster.
The city will not make separate
valuation OF the railway property but
Will work in cooperation with Stone
and Webster and will check up figures
and the method pursued by the en-
gineers
1t was only after a prolonged de-
bate that the committee decided tn
spend any money in the valuation of
the railway property, but it was felt
that the citizens of Richmond would
demand that proper check of the
method OF valuation OF the railway
properly be made. Aldermen Epps
ana Gunst were bitterly opposed to
any expenditures in the valuation. and
the plan TO have Director Trafford
make the valuation for the CITY was
adopted as compromise. Comm
trolier Cofer will make a check of the
figures
Inc streets committee was unde-
cioed as to what kind of valuation it
Would accept from the engineers
"Hetner a pre-war value, or a present
Fatuation or the property will be ac-
cepted with or without depreciation.
was dubious matter with the com
nlttee. 1t Is understood that the en-
sineers are making a valuation of the
property according to what It would
cost 70 buy and install today. No de-
preciation of the property will be al
ioWed 1t is understood
stone and Webster. of New York
are engineers of nationwide reputa :
.lon, and are being employed by the
virginia Railway and Power com
pany for presentation to the coun-
GU IN an effort to obtain an increased
tare. 1t is understood that the val
uation OF the property will also he
usea when the company appfies for
new franchises.
Inc committee was Unanimously
Oh the opinion that valuation nj tha
property according to new valves
without depreciation" would not he
accepted FOR the purpose of granting
increase In fares. Several members Of
sns eoaiHittee stated that they would
ior subscribe to such a measure.
A11y
counsel for the Virginia RAILWAY ans
Power company. addressed tba 60
mlseee In favor OF representation -,
tne part of the city in the yaluat;on
OF the property. He said tina. tbourb
- was not absolutely necessary he
lett ehat 1t was to the cfty's inferas,
70 see mat proper valuation was he
ING made. He stated that the civ ~
-Sor'oik has representation in ,he
'aiuatlon of the railway pronertv IN
that city. p''ei y III
the Virginia Railway and Power
roH. pany Is going to keep nae. with
Enlnohds development we must
49, increased revenue Mr.. VIII
ans stated: We have not at pres
en-. GOT credit to get money ana %
only get money where We can s,,nn.
fair return along with integr,,,- ~,
ehe investment Determination N
ger the best accredited valuation So
ehe purpose for which intended not
only with view of settling oues,io, a,
ratt but also for new contracts ana
Itanc hises, Ia our aim. 1t viii he ~
great Importance in readiustinr con.
tracts with the city. we are deter-
mined to get valuation of the nror.
Fry 10 back up our claims for IN
creased revenue" III