Richmond times-dispatch. [volume] (Richmond, Va.) 1914-current, 1922-03-29

creased rapidly in the transportation
division OF the company. the deacit
TO pay bond interest and sinking
fund charges for the two months
ending in February being sll7.sI1.1e.
according to MIR. WhcclwriSht. An
additional evidence OF the financial
straits OF tho company is seen In its
announcement that IL cannot meet
Its share of the strect-pavinE pro-
gram. as required by its franchises.
In Hands of Gouids.
The controlling interest in the Nir-
Einia Halfway and Power Company
is in the hands of the Goulds. who,
Il is. reported, have for n number of
years been willing TO sell their hold
ines. IL given their price. In recent
months there has been considerable
activity In traction shares. and one
New York syndicate was formed re-
Gently TO take over the transporta-
ton, light and power companies in
six cities of the South. the deal in
volving the properties In Memphis.
Birmingham. Little Rock. Nashville.
Chattanooga and KnoXN.is Among
the possibilities discussed in "onnuc
ton with the Virginia Railway and
Power situation is that the same
syndicate may be attempting TO get
control of the property In the four
Virginia cities.
Company officials have not hesi-
tated in recent months TO state that
grave financial difficulties were faced
unless the city OF Richmond grants
in order 10 attract the necessary
capital 70 mcet improvements and
extensions. Relief from the unre-
stricted "jitncys" and the granting
Of troilibus franchise are also
necessary 10 tho future development
Wheelwrieh;. His solution yestcr-
day was given as follows:
Would Regulate Jtncys.
"a" That jitneys be forced to dis
continue their trade III territory
where street cars are running.
"tb) That reliable service for the
people through the use OF the track
less trolley he furnished where no
street car tracks exist.
"6c) That the city should give the
traction company contract so that
the value OF the traction company's
property now in public use be recog-
TO enable the company 20 obtain a
rea sonahle return on its property in
order TO obtain enough additional
capital to make extensions and I'M
provcments.
Declaring that n proposed fran
chise which the company has sub
mittcd to City Council should afford
basis for solution of the trans
nortation problem. Mr.. WhcelwriGht
explained tho provisions OF this
franchise as follows:
Whrclw right Explains Provisions.
First. il provides. in effect. for
franchise OF indetcrmnate Duration,
so as TO safeguard the integrity ot
the investment and for taking over
OF the property by the city at 4 fair
value at certain periods II It desires.
Second. It provides for a variable
rate of fare. depending upon varying
costs OF service, so as to yield fair
and inviting return. not less than
per cent on the capital actually in
vested.
Third. it provides relief from the
indirect taxes. such as paving. ctc..
which are burdens unrelated 10 ser
vice. and which should not I've inn
posed on the car rider. and thus
makes the fare as low as the cost
Of service permits
Fourth, i, leaves broadly in the
hands OF the public authorities the
adjustment OF schedules and extern
sions and service generally. from
time To time
Summarize Compnny's Petition.
Summarizing the company's petit
ton, Mr.. WheelwriGht concluded:
What we arc seeking is en- agree
ment under which the company rnn
1.-Two and render service; an agree
ment which will invite capital rather
than repel it; one which Will he so
flexible In its terms as To he work
anic. not only now, but ten or more
years hence under dnercn, condi-
tons
MIR. Whee!wright declared that he
believes the trackless trolley would
do more than any other one factor
just now I'm helping TO solve the
present chaotic transportation tangle
IN Richmond. He pointed out that.
in his opinion, the Tackles trolley
would provide Il more flexible means
OF transportation in sections not
served by the company. and added
that the operation Of tho tracklcss
trolley would he 10 cents per mile
cheaper than gasoline or storage