The representative. [volume] (St. Paul, Minn.) 1893-1901, 1897-06-30
HORRAnA.4 ROBBERY.
The Way the Street Railroad Com.
panies Are Plundering the People.

The Way the Street Railroad Com
panies Are Plundering the People.
The cause of good government has
just won signal victory in Illinois in
the overwhelming defeat of the Hum
phrey bills. which proposed to extend
the charters Of the street car lines for
FIFTY YEARS. The Hobbies were out
in force, but the power of public opinion
was too much for them.
In the course Of debate the following
astounding statistics were used, from
the pen of that able Populist, George A.
Schilling, secretary of the Illinois Board
of Statistics:
In reciting the history of the street rail-
way business in Chicago George A. Schil-
ling says that on about 700 miles Of SIR
race lines which could today be duplicated
for Jess than $40,0OOOOO there has been
placed capitalization Of more than twice
that amount. The pamphlet sets forth that
TINS immense capitalization without a
corresponding investment APPLY illustrates
10 the initiated the unearned Increment in
such cases. but deceives the general p,,b
Tic as to the amount Of the exorbitant
trlpu,a levied by the owners of city fran
chlses 1t is stated that on the basis
or the average price Of their securities
IN 1896 the market value Of the three lead
ing street railway systems which oDera re-
4oo miles, is approximately $50 600 600
against valuation measured by the cost
or duplication of about $50 600 OOO
Inc original capitalization of the three
street railways is as follows:
Chicago City Railway Company incorpo-
SdteU 60 IL, 1907
North Chicago city Railway Company. in -'''''''
Chicago West Division 1 Street Railway ''' wv
Company. incorporated Feb. 81 lS6l $50 900
HISTORY is RELATED.
Mr.. Schi!ling marks the strides made
from this capitalization to that of the
present day. He tells now the franchises
we're obtained without compensation to the
city He gives portions of the messages
from former Governor Oglesby when he
vetoed. March 4. 1895, a bill passed by the
legislature extending the twenty-five year
charters of these three companies, and the
city licenses and ordinances relating to the
street railways of Chicago for ninety mine
years. At that time former Governor
Oglesby maintai ned the rate Of fare should
be left open to changed conditions The
bill was passed over his veto, but was soon
afterward repealed.
The pamphlet gives the history CT the
struggle TO make the street railway COM
D
their fight over the tax Of $50 on each car.
the attempts at evading this tax and the
final agreement. Then Mr. Schilling re-
vcals story Of watered stock In figures on
capitalization and the estimated cost of
building the same roads today The COM
mlttee Of one hundred sees in these figures
a forecast Of what would be possible IL the
people Of Chicago were placed at tho
mercy OF the street car companies fer fifty
years under the provisions OF the Hum
phrey bills.
NJ. Schillf1g makes comparison be-
tween the capita !ixation in 1856 and that of
1896 because in the former year an eastern
syndicate absorbed the North and. West
Chicago systems.
MILEAGE AND CAPITALIZATION
He gives the following table sh,win9 .As
mileage and capitalization of the 1nr.eua
railway companies in 1886:
Miles. Bonds Cap stx
Company ....::....:...:. 90 ssOocooo 100000
North Chicago City Rail-
way Company 90 1H7 900 500, 900
West Division Railway
Chicago Passenger Rail-
way Company ........ 81 4on, 900 1000, 900
Total ...................2 ssGS7 900 s. - ~
The table below gives the mileage and
capitalization OF the three great companies
at the close OF 1896:
Capita! Other oil
Miles. stock. cations.
Chicago City Railway
Conas.any .............1s4.22 sl2oooooo Ac1s. 800
North Chicago Street
;tAilruAd Company 1D1 90 6,6hl 900 S1S0 900
W.at Cticago Street
Railway ..............2oi.62 1a.lss,Ooo 171o2 0oo
Total ...........4s7.3 SCI $50 o,o SO. 0oa. 800
hts table shows that the outstanding OBJ
ERatioi's OF the Chicago City Railway are
$lG,Gl9,5o0 or SU,2l6 per mile: Of the North
sli. 500 or S149.346 per mile: and OF tho
West Chicago Street Railroad Company
81. 81. 500 or $145.500. The total par value
OF the obligations Of all three systems is
$5l. 800 s126 AGO per milo.
According 20 the pamphlet the capita;
per mile Of track has grown from 1856 to
TIA end Of 1886 from SG6 S3S u mile to $l26,-
AGO mile.
COST OF DUPLICATING THE PROP
critics.
AS q contrast to this wonderful financial
manipulation. Mr.. Schilling gives the .o!-
lowing tables Showing the approximate
c,lst. ;nea ;mum and minimum, of duulca:-
rg the properties II the three leAiing
rect companies OF Chicago:
Maximum COST
4a5.b miles electric and horse car track
AZ s,at,o OBSERVATION-DISCLOSURES. 6os. ~
sosa miles cable track al $4,000. 4!1-.ep
1890 :iles overhead and construction
fee1eIs at 5000 ....................... 1.sal 800
81 motor car. at s. 900. sl.71 90
Equip. st2 grip cars st $ha0.... 5i', ~
4.sH other cars at @SUO 3.7l5.&
- 6.os.So
p, ger mach;:.ery. =, D." horse power. at
Pv~s: houses. %, go horse power at $50 csl 0oo
Storage buildings and shops, 1T $1,000
mile as; 81 miles, .................... 2cs,ap
Land 1865. SO
d two I1uud red and twenty-fOur