Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1901-08-17


Traction stockholders are carrying on
violent Irritation with the holders of
blocks OF Chicago City Railway stock.
and the Inference Is that this same
Union Traction interest l. willing to
t1ke over the South side company.
That IN acquisition will become u fact
al once, however, Is not believed. II is
anvHn, from Trustworthy source that
certain men who have large holdings Of
Chicago City Railway stock have been
alrftseaed and asked 70 say definitely
what they would consider proper fig.
ure II they We're asked to part with
shelr holdings. That the City Railway
Company Will pass eventually into the
consolidation forming, we'll posted men
along La Sale street do not seem 10
doubt for an instant. As given out by
4 seml-authorltatlve source 1t j. said
that this Is only the first step In the
scheme which will end in the merging
OF the surface roads with the elevated
lines and of which the purchase of the
Union Loop Company early this week
by the Northwestern Company was the
forerunner. Common Union Traction
stock just now Is being bought up for
purpose. 1t Is said by men on the
inside, and this buying. it appears. Is
being done by a COURAGEOUS clique
which has full confidence in the ulti.
mate outcome and control of all the
surface and elevated lines In the city
and comes pretty near knowing that
the franchise question Is to be settled
Oh a basis satisfactory 10 the stock
holders of the various companies. \
large stakeholder IN all the companies
Is authority for the statement that the
merging of the surface lines Il a cer.
sainty and that after that becomes a
tact the stockholders will be willing 10
give the city as high as 10 per cent Of
the gross receipts If they can get
perpetual franchise.
The proposition which will be made
10 the city, IL Is understood, j. that the
railway company pay 10 the city after
the first five years 2ls per cent of the
gross receipts: after ten years ! per
cent; after fifteen years ~ per cent,
and after twenty years 10 per cent.
This, the shareholder quoted says, they
see their way clear to paying. In
addition II can be stated authoritative.
ly that the traction companies viii not
accept a twenty-year franchise from
the city. Members of the Council Com.
mlrtee on Local Transportation have
decided to 90 ahead with the traction
question whether the street railway
companies apply for ordinances or not.
II j. the talk IN City Hall circles that
the Chicago City Railway Company is
awaiting favorable time 10 present It's
views on the franchlse-eXtens!O ques.
ton. Chairman Bennett wants To get
10 work az once 10 prepare the outlines
OF scheme into which any extension
ordinance must fit TO be acceptable to
The city.
Recent statements by officials Of the
onion Traction Company are taken bv
Aldermen To indicate Il knowledge that
the city has the whip hand, despite the
J9-year act and all other claims Of pro-
lection made 10y the companies. The
Chicago City Railway Company, II is
believed, will act Independently Of the
North Side company. The questions 10
he considered by the new committee.
a. outlined by Aid. Bennett, are
Settlement Of downtown terminals
routes Of loops and trolley In the busl.
ness district