Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1897-05-22

submission. but I tell YOU the Lesisla-
ture before long has got to make an
amendment. II has got to come. and
hope It will come when the people nre
educated to the condition that we have
got into. We ARE 40 used 80 tlx, old
system. People have been educated up
to the steam railroad and to the horse
cars. Every man. woman and child
knows about the horse railroads. They
know all about the street cars because
they have ridden on them all their
lives. They take It ~ they take the
sunshine. We do not stop 20 think
where the street railroads get their
propulsion and their sustaining power.
II am now going to leave with this
cOmMlttee copy Of this blu. know
It In late In the session. know It IL
difficult 20 have the hill passed. hut II
the Legislature feels like passing It the
street railway companies. rs soon IN
the bill ID passed. will. I am satisfied,
put to work In Chicago 10000 men, and
there ARE lots of them that need that
work to-day"
Clinton d. Evans NJ the Chicago
Economist was the first speaker. He
sud In part:
$50 fur IN the bills that have been be-
fore thls Legislature are concerned, I
have seen some objections to them and
I aM not here to speak In advocacy OF
those bills. The first point I do want
to make Ii that the subject has not been
argued, It has not been fairly treated.
] want to speak particularly Of the in
Jury that has been done to the city Of
Chicago. to not merely corporate inter-
ests. nut to private interests Of every
sort. by thIa method Of treating this
subject.
II have observed. having some spe-
clal opportunities for observation. that
It IL extremely difficult now to interest
any man outside Of Chicago In any b'is-
iness proposition nChicagO. You can
not get man down Mast. save IN u
few instances. to consider an Invest
ment In Chicago. ! have the testimony
Of twenty men who are fancllar WIN
the situation IN Europe that the Feeling
aga inst American securities IL very
strong. hut particularly Is the fee"nS
strong against anything that bears til"
name Of Chicago.
"The popular notion IL that every one
Of these street railroads Is making
money by the millions. As matter or
fact. only four out OF the tweiriy-ohe
railroads In Chicago pay dividends. The
rest do not pay any because they can
not. OF the elevated roads In Chicago
one has recently passed into the haiH'S
Of % receiver: another nas Just p'lsst"
through the process Of foreclosure;
third has lad Its bonds scaled 40 per
cent to save II from bankruptcy. ana nv
to the fourth. l fancy there are men III
this room now who are very much wor'
rietl ut the present moment ~ to where
the money 10 coming from to put IL III
condition. OF the street railroads, Two
are In the hands OF receivers. In re-
spect to one other. an application Tor
q receiver has been died.
This subject. however. II 4 great de'i
wider than the simple question OF ahe
prosperity OF the street iaalrOsld com
panies. Take read estate. for instance
In 1870 the c0nveyAnces Of real estate
In Clirago-I quote from memory. nut
think c0rrectly-were $2.7. OOO'Ooo: Ia
1891, &lO3. OOO 900. very much less than
half. In 1890 the property placed I'M
der ninety-nine year leases amounted
to $tO.OOO,O 900; In 1890. $3,OOO,OW. AZ