The sun. [volume] (New York [N.Y.]) 1833-1916, 1905-06-04
STOCK SLUMP hits THE GANG.
MAYOR WEAVERS VAR KNOCKS
l.. G.. i. AND FRACTIONS.
Municipal Ownership Talk and Aauida.
ton Of Politicians Aecounts Help
EN- Fal-Ffght for Cent Fsres-The
Ripg Loses Another Good once.

Rlnk Loses Another Good once.
PHILADELPHIA, June 3.-United Gas
Improvement stock, Philadelphia Electric
and Rapid Transit stock went down with
q smash to-day in the Philadelphia market.
viping out the margins OF several big politi-
clans and putting many on the verge OF
bankruptc .
The increasing tendency OF the new
regime in Philadelphia to declare for munich
pal own ership of all p .blio utilities, and tho
positive announ cement that at Councils
next meeting resolution will be introduced
compelling the Rapid Transit Company to
put all it's wires underground or give the
peop three cent fares were two reasons
for the slump. U. G. I. closed at s7H. a
drop OF three points from yesterday.
Enforced liquidation Of big marSined
accounts OF politicians was one active
csuse. The certainty that the gas works
are to be taken back by the city in 1907 and
the activity at City Hall looking toward
retaining them at a minimum cost by the
discovery Of faxed improvement accounts
turned in by the company we're othe:
'sasons,
Asfor Rapid Transit, which has monop-
oy Of city street railway franchises, the
ntfTs that the Committee OF Nine had en-
boyed Wayne Macveigh to investigate
fhe manner of legislatins and the legislation
nader which its franchises have been secured
olth view of annulling them was enough
10 send the stock little faster on the run
than it has been for the last Eve days.
With the announcement Of Councilman
Joseph Clark that be would introduce into
Councils an ordinance compelling the tran.
ait company to place all wires under ground
sha o;<x vporR
Of bearing transit stocks was complete.
The proposed Clark ordinance ID re-
rarded on the street as . holdup, out 1t Il
the conception OF the Mayor and his ad-
vlsers and it will 60 through Councils.
any corporation it wants BY the thrc at.
The effect on Rapid Transit was to make
i, touch 81, drop OF flve points within .
week
Durham y reported T. have log :'oo, 900
oeaHiy. All the little msn are Wiped out.
There is a strong feeling that the future
holds oninous things for the public utility
Mayor Weaver Topped Of, another vgor-
removing Rolla Dance, secretary Of tic
Civil Service Board. Nearly every, city
employee has to appear before this board
and pass satisfactory examination before
city position can be secured BY him. It
D
and file. Its value to the machine u ap-
Not only did the Mayor rip out Dance,
/, but he suspended Dances entire list OF
sligiblee, with the exception Of those for
medical posts. The new secretary will
select the eligibles, who win b msn &C
ceptable to the Mayor.
report that e1 Magistrate j. NJ. Rush
lennon, who was dropped BY the organiza-
ton and who waged costly private wsr
successor added another drop OF bitterness
-. have always believed that city should
crrtrol and operate It's public works, watsr,
kas, &o." said the Mayor to-day.
The 60 It u believed, stands for street
railways and electric light plants, and what
ever the Mayor warts he gets these days.
a prominent banker. rejecting the fear
and feeling Of tho conservative element,
1t should be borne in mind that the pub
10 is not in favor Of a policy Of annihilatior
- regards corporations holding municipal
'-anohises. Their franchises, even II I'm
HroTdently granted. should not now be
.estioned. They. were accepted IN good
nth by thousands OF investors who put
socks in the belief that the franchises had
been granted without strings attached.
The p iblc Is undo ibtedly In favor Of,
and is demanding, b slnsss adminstra-
ton of the oity's affairs, b that part Of the
community which has inveStments at sta 10
is ce tainly not in favor Of an anti.franchise
camps ign CO rried on with big stick
There Is an Investigation going on ton
sontr cts and the departments OF Public
regime, and there are promises OF criminal
.CtiDp,