The Montgomery advertiser., 1905-04-08

savings banks where they are obtafn- ing only per cent. and invest them in street car certificates secured by 6 mortgage and a twety-year franchise.
 "As to the legality of these certifi- cates there is no possible doubt. Soma of the best lawyers of Chicago hava already declared in favor of their va~ iidity and we can have test casa made which will reach the Suprema Court of the State inside of three Of foru months which will forever set at rest the question of legality.
 "The question of public utilities by municipalities Is no untried theorya Wherever a municipality has taken over a public utility, as to this utility Ieerruption and bribery cease There if no motive for the corruption of m Alderman in case of utility operated by the public.
 'srhe movement in favor of municipal ownership of all public utilities has taken deep root among the intelligent people of this country. It is here to stay. Municipal ownership and oper- ation of public utilities and govern-' ment ownership of the railways. tele- graphs and express transportation is a practical question upon which the peo- pie must pass within a very short time and the politicians and parties who ig-
 
 for a short-lived career before the people,"
 Judge Dunpe quoted Judge Cross cups estimate of the actual value Of the Chicago street railway as $27,000s- OU0, although capitalized at $10S,00e,- coo to $175, 100000. Even allowing a fair margin for the value of the fran- chise this he regarded as excessive. The market value of the stock, he saids md YnQfnfafna6 that figure by the expectation of fur ther extensions of the franchise and by bogus sales of stock. To secure funds with which to purchase the roads Judge Dunue said he would favor ts- suing street car certificates payable at the expiration of ten years by sink ing fund. Would not any measure of confiscation or buying out of the com panies at a price fixed by valuation and not at the market price for the stock be a great injustice to the wid- ows and orphans who have bought as investorsT' was asked.
 1T reckon most of the widows and orphans are New Workers and have off, fees in Wall Street." replied Mir. Dunne Franchises of nearly all the street car companies in Chicago, he said, were already run out. The sing gle exception was the Union Traction Company, which has line in the cen ter of the city, but the Judge added 1t was not an important system.
 Judge Dunne further said: Tn my judgment in the second year of my term we will have real municipal own ership in Chicago" Asked what tac- ties would be used in acquiring con- trol of the railways he replied: If | cannot be done by fair and just bar gaining we will be compelled to resort to the courts for condemnation prQr ceedings and they will be compelled to surrender the utilities for the price that will be named in the verdict. If within a reasonable length of time af- ter the trial, verdict and judgment, the corporations do not surrender the util- ities, the people of Chicago will confis- cate their property, run in their own interest, and the railway corporations can resort to the court of appeals but In the meantime the people will havo possession. There are forty-two Dem ocrats in common council and thirty eight Republicans. SIX of the latter have openly declared themselves as fa- vorable to my policy and shall have the majority. The forces of corrup- ton in the city of Chicago are on the run and Chicago has set an example for every other city in the country. Before long Chicago will not only have government railways but will operate its own telegraph and telephone sys- tems and sooner or later every public utility"