Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1897-04-17

| without some emOluments to the city.
Mr.. I.ittler-DOes the city of Chicago
receive II percentage on the gross earn.
ings OF any street railway now doing
business In that city!
Mr.. ierkes-There are two lines o,,
the West Side where It II provided
that after five years I per cent. shall
he paid. after ten years = per cent. untl
after fifteen years 3 per cent.
Mr.. l.l''ler-'whcn will your charters
expirey
Mr.. Scrkcs- The ordinances that We
are dOlng business un,ler--I am speak.
Ing now Of the claim of the clty-tlp
first expires In six years. and they
string along To nineteen years. We
claim. however. that the law under
which our original company was or.
ganlzch-whlcl was before the general
law went into effect In this Siatc-gavc
Us charters covering u period of ninety.
nine years from the date of those chnr.
ters.
Mr.. llttler-IIow many miles of
street railway are there IN Chicago:
Mr.. f"rkes--.\hOut GOO miles.
Mr.. Littler-What ARE the gross earn.
lngs Of that system:
Mr.. ierkes-.IbOut SlG.WOO.OO
Mr.. l.ittlrr-rhen as ! understand II
your proposition Is 10 practically place
~ interest for the benefit Of the city
of Chicago to start with mere than
Sij.OOO.OGO
Mr. ferkes-rhat IL what II would
amount to AT 3 per cent.
Mr.. I.ittler-l further understand that
rs the city develops this system will
naturally develop. and these earnings
TO the city win Increase from year to
year.
Mr.. ierlies-Yes, sir: that Is true We
found until these hard times came
along that We Increased AT Il ratio of
about 10 per cent, every year.
Mr.. Llitlcr-Eo you propose to pay
this , per cent. from the date OF the
passage of this blllI
Mr.. Ierkcs-It does more than that.
II goes back u year ana pays 3 per cent,
on the earnings for the year ending the
Isl of next August. Thus we would
pay seven years before we would have
To pay II cent under ordinary circum-
stances.
Mr. Lltilpr-in other words yOll
would pay s3.5MO Tor the unrxplred
term OF your charter:
Mr., Nerkes-Ycs. sir: provided we
lid not Increase our receipts in any
way.
Mr. Iiltlcr-Will you state approx
malcly what the city would receive IA
bfty years:
Mr.. Ierkes-Tlat would he hard To
say. This year we would pay s5OO,U0o.
Next year We would Increase our re-
"eipIs III per cent, and 50 on through
III" lifiy years, II the amount remain
ed M $4,000 per annum that would he
S25,O0O,Oo0. but there Is no doubt that
az the end of iifly years the annual
earnings will bc twenty times the pres
ent amount.
Mr.. I.ittler-In other words. the city
Of Chicago could rely on receiving on
an average of at least ~ 400, 600 u year.
Mr.. Yerkes-There Is no doubt about
II.
Mr.. Littler--Now, Mr.. Yerkes. can
you tell us how we can pass this hill
without you making "A lot of money
yOursclfi uaughter)
Mr.. Yerkes When these railroads
pay all that is provided in those bills
they viii have two thingS--securlty for
their property and security against the
raids that are continually made on
them by certain people In Chicago ana
elsewhere, We will have that, and for
that we will pay this . per cent. There
fore, We viii have more security and
less money
AIR, ierkes was Then questioned at
length by senator Munroe. lie denied
that the street railways have the abso-
luic use Of the tunnels, and said that