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WHEREAS, the depressed state of the railroad industry in this Country in recent years is a matter of common knowledge and concern; and WHEREAS, various agencies of the Federal Government that have studied the situation have advocated that the railroads, in order to cope with increasingly intense competition and rising coats, do something them- selves to solve their problems and have expressly encouraged consolidation and merger of railroad lines as a means of effecting economies; and WHEREAS, Seaboard Air Line Railroad Company and Atlantic Coast Line Railroad Company have proposed a merger of their properties into one rail system and have applied to the Interstate Commerce Commission for approval of such merger; and WHEREAS, the merger study, resultin~ in the action by the two railroads, reveals an ultimate annual savings of $38,700,000.00, as well as an increase in the service and efficiency ~o the users; and WHEREAS, one strong railroad system would not only be in a more favorable competitive poeition~ but would accrue advantages to Portsmouth in its por~ and industrial development efforts. NOW, THEREFORE, BE IT RESOLVED that the Council of the City of Portsmouth, Virginia, does hereby go on record as commending the Seaboard Air Line Railroad Company and the Atlantic Coas~ Line Railroad Company for endeavoring, through self-help, to meet the di£ficult problems confronting them and their industry today and as strongly favoring the proposed merger of their properties; and BE IT FURTPIER RESOLVED, that a certified copy of this Resolution shall be transmitted to the Interstate Commerce Commission for filin~ in the aforesaid merger application in Finance Docke~ Number 21215o Adopted by the Council of the City of Portsmouth, Virginia, at a meeting held on July 26, 1960. Teste: City Clerk