Chicago eagle. [volume] (Chicago, Ill.) 1889-19??, 1904-05-28

act could he secured within year. As
tu the time required FOR the various in
tcrcsts in the Union Traction system ~
ratify an ordinance ii one were drawn.
he said: Five or six months. but the
committee would also have to consult
first the council and then refer it to
the people. 81 that is equal"
In presenting his statement to the
Mr. Miller said it purposcly
had been made general. The details
could I've gone into afterwards il ii was
determined worth while. So when
Alderman Bennett asked him. What
about compensation To the city, 10
answered. THAT is Il detail" "A most
important one" remarked Mr.. Bennett.
When the question was asked. How
about lowering the tunnclsf" Mr.. Mil.
lcr said the companies had not yet
acknowledged the right of the United
States government TO order Their re-
moval. hut he did not believe there
would hc trouble If other means of get
ting across the river were provided
during their disuse.
When Mr.. Miller said that in n re
ucwal of franchises one for the CHI
c?go Passenger road should I've includ.
ed. Mayor Harrison asked:
why not take Il new franchise for
this company Us compensation for Tia"
ninety year claimst'
Il am afraid that is beyond my
jurisdiction" replied Mr.. Miller, smil.
ing. AS we look mt IL these claims can
hr waived only 10y consent of the stock
holders"
Would you accept Mueller law Ger.
tifirates as compensation for the prop
critics so that municipal ownership
could he had ut oncei" asked Alder
man Bennett
II could not answer that" replied
Mr.. Miller. Then, turning to Corpora.
ton Counsel Tolman. he said:
your theory of being able to pnr-
chase is through these certificates, Is
it not?"
Mayor Harrison suggested that the
| value Of the properties to he acquired.
including the franchises. might he AS
certained by condemnation proceed.
ings.
| Il believe the companies would I've
averse to this IL the ease were to b"
tried by a local jury" returned Mr..
| Miller. AS to the 'ninety-nine year
rights II the courts decide none exist
there will he none to pay for. All
existing franchises of other kinds
which expire before the ten years are
up would he equally without value
The reason why the companies ask
eel for ten years of operation before
selling. he said, was:
I'm order tn insure the ability IA
raise the money which will he needed
to improve the service In the manner
that the city will demand. This wi!
take several millions of dollars
Gould not that je avoided If tn,
rity agreed to take over the proper
ties subject TO such incumbranccs II,
might he put on for this purpose." ask
cd the mayor
Perhaps So" said Mr.. Miller. n
am not iinancier enough to answer
As l understand It. the ten years nr,
asked for In which 10 acquire Il sink
ing fund"
The basis of negotiations suggested
10y Mr.. Miller In his formal statement
Is.
That the negotiations between III
take the direction of finding som,
basis az plan of settlement by whicl
the city of Chicago might acquire III,
contract right to purchase and TAX,
over the systems of street railroads BE-
longing to the Chicago Union Tractlo.
Company and its underlying compnnie
and receivers, and their equipment,
and properties, tangible ana intangible
including all existing franchise or or
dinance rights, for ana upon the pay
ment by the city of Chicago of jus
compensation therefor.
The suggestion intended contem
plates that such right to purchas,
might he exercised at any time whei
the city should elect. after some specl
fled reasonable time (say ten years,
i
the city should 80 elect, or until III,
city should so elect within a specific,
time (sny twenty years.. ana that tn
fair cash value to constitute the pu,'
chase price OF such properties entire
including the railroads, equipments
and existing franchise or or,iinanc,
rights, should be ascertained In sucl
manner as may In such settlement h,
agreed upon by the parties and ~
embodied In the ordinance and con
tracts.
The suggestion also contemplate
that In the meantime, and until sucl
purchase by the city shall he mad
Tor its right to make such purchas
should expire, II limited In time,. tn
companies should continue the main
tenance and operation of their road.
under such existing rights so far II
they In fact exist and apply: and so ia
as they do not exist or apply, and so IA
AS any may expire in the meantima
such continued maintenance and Opc,
alton Is to be under undetermined
license from the city.