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Ayes-- Brooks, Esleeck, White,
<br />Nays-- Hutchins, Smith, 2.
<br />
<br />On motion,
<br />
<br />a~ our ne
<br />
<br />August 11, 1922
<br />
<br />C~T¥ CLE~ .... : ~UDITO~,
<br />
<br />August 15, 1922
<br />
<br />At a.special meeting of the City Council August 15th there were present:
<br />
<br />Messrs-- Vernon Brooks, R. B. Esleeok, R. A. Hut chins,
<br /> J. Alden Oast, J. C. Smith, R.E.B. Stewart,
<br /> L. G. White, ?.
<br /> Also the City Manager.
<br />
<br />The following directions were read for
<br />
<br />"Mr. L. C. Brinson,
<br /> City Clerk & Auditor, City.
<br />
<br />the sRecial' meetly:.
<br />
<br /> "Portsmouth, Va.,
<br />
<br />August 12th, 1922.
<br />
<br /> "Dea~ Sir:--
<br />
<br /> You will please call a special meeting of the City Council for Tuesday,
<br />August 15th, at $ o'clock-P. M., to consider the reply from the ~a~ Ry. & Power Co.
<br />
<br /> Very respectfully,
<br />
<br /> R. A. Hutohins, Jr,, PTesident."
<br />
<br />The "call" havimg been read, the following reply was read from the Va. Ry. & Power Co.:
<br />
<br />"TO THE~HONC~ABLE CITY COUNCIE-OF THE CITY OF PORTSMOUTH,
<br />
<br /> Portsmouth, Vita. mia.
<br /> Gentlemen:--
<br /> The Virginia Railway a~d Pgwer Co~panyham ca~fully considered thexes~lu-
<br />ticn adopted By your HonorAble Body on July 1~, 1922, and a~ees ~ith the resolution thm~
<br />efficient amd adequate system of u~ban transportation for passengers is essential to the pro-
<br />g~ess~expansicn s~ud prosperity of a city,' and that 'such a system must cf its ~na~t~e be a
<br />monopoly'so regulated as to protect the interest of the city and its citizens, while at the
<br />sametime in~u~ing a~just and invitli~g return o$ the.ca, it.al i~v~s~ed ip th? ~n~rprise o= _
<br />neede~for its fu~ure~expansion.' This is an eConomxc .~acm which xs ac~ngwze.~ge~ver¥..gen~r
<br />ally, and when a prac~icab!e method of working out the t~m~portation system xn .tne cx.~y ox
<br />Portsmouth is based upon these principles, the integri'ty of capital will be established in
<br />the oommunit2 in a way that will attract other indust~ies and this aid mubstantially in the
<br />development of'the community.
<br />
<br /> This company .is willing t~ cooperates to the fullest extent with the city of Portsmouth
<br />toprovide an efficient a~d.adequate transportatio~ system based on thes~ principles.
<br />
<br /> In doing this it must be borne in mind that the State Corporation C~mission ~of Virginia
<br />has jttrisdfction of mllmatters relati~g io the making of rates amd the d~araoter~nd quantity
<br />of service, andthiscompamy cannot enter into. any contract which will curtmil this power, and
<br />in speaking about details hereinafter it will be u~derstood that the compaay is no~ s~eelng
<br />or mttempting to agree mo take mway from the State Corporation Commission any JUriSdiCtion
<br />which it hms over the company's property.
<br />
<br /> The company has given considezation to the practicability of obtaining fimanCes for making
<br />~he mecessary i~prov~ments, amd has reached the conclusion that it will be necess~y to form~
<br />a corporation to be.know~ as ~the Portsmouth T~a~sit Company, which will acqui~ea~l of the
<br />property of ~e.virginia~ ~d Pewe~ Comply us~ i~ Po~sm~t~ ~or~st~eet ~ailway~r-
<br />pose~. ~ the p~so~nel of ~ ~mrd~of direc~°~ 0f ~s ~ew company ~esidents ~f the ~'ty
<br />of Po=t~outh shall always constitute a majority, so t~t there can be no queStio~ about the
<br />local imte~ests being protected and safe~arded,
<br />
<br /> ~ $~ock in ~ths new ocmpamy will be offered for sale to the people of Pcrtsmouth~ and will be
<br />'~'~: cumulative :pzeferred stock.
<br />comfy its c~e~t in sec~i~ finances
<br />imte~est, ~he
<br />be made, to se~e the necess~y ~nds in the city of Portsmouth.
<br />
<br /> The Virginia Railway ~d Powe~ Company, however, c~ot u~dertake this burden o~ guarantee-
<br />i~g ~he-i.~eg~it~ of the capits~ invested in the Portsmouth T~amsit-Company i~ such
<br />bu~dems ~ :equi~i~g ~he comply to pave mhd repmve betWee~ the ~=aoks and two ~eet outside
<br />thereof sh~l =em~ i~ fo=ce, the=ef0~e '~ modification of the pavi~ requi=~ts in existing
<br />
<br />
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