Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1905-04-08
Mayor Elect of Chicago Outlines
His Scheme For Municipal
Ownership
HOW MONEY WILL BE RAISED
Purchase Price to Be Raised by Spec
iaI or Limited Promises to Pay Out
Of the Income Collected from the
systen,-Mortsaee on the Tangible
Property.

New York, April S.-F'resh from MS
triumph in the recent municipal cleo
ton, Mayor ELECT Edward f. Dunno
OF Chicago, came to New York yester-
day and last night addressed a large
meeting in Cooper Union under the
auspices of the Municipal Ownership
League of this city. He told how he
expected to carry out his pledges made
in his recent campaign in Chicago to
attain municipal ownership; OF the
benefits as he conceived them, of city
control of public utilities, and closed
with congratulations to the local league
New York.
His speech was enthusiastically re-
ceived.
Recent agitation in New York for
municipal ownership added interest to
Judge DUNES utterances. James Gra-
ham Phelps Stokes, vice president OF
the league, presided, and introduced
Chicago's mayor-elect in a ten min
ute speech. Judge Dun0e sand:
1.-THE. exploitation of public property
by private capital, with it's attendant
greed, extortion and corruption has
had it's day in American cities, but that
day lis about to end" said Judge
Dunno.
Next Monday Chicago starts upon
her mission of dislodging private cap
ital from the control of our street car
system. She has succeeded in opera
ton Of her water works system, in
paying some s3s,0O0,o0O for it's equip
ment; has loaned $5,00Q,000 for that
department to the state system; is
today giving the cheapest water of
probably any city in America and has
a cash surplus Of nearly $1,000,0O0.,
.tShe has so managed her electric
light plant that she has reduced the
cost of arc lamps from s125 to about
SEA for arc. lamps per annum. She is
operating both departments as we'll as
her police fire and educational de-
part,nents. without scandal, without
graf. or corruption, besides cheapenlng
the cost of utilities furnished to the
public. She will have the same rec
ord Of success in relation to her street
car system"
He then went into the history Of the
struggle for municipal ownership and
its result in Chicago. Explaining how
Chicago proposes to raise money for
the operation of public utilities, Judge
Durtne said:
How It Will be Done.
owe propose to raise all the money
necessary to purchase an up-to-date
street car system upon certificates
which are special or limited promises
to pay out of the income collected from
the system. Under the law of the state
of Illinois these certificates are termed
street car certificates, and are secured
In three ways:
"First-By the pledge of all the in
come of the municipal street railway
plant, this income being unlimited as
to time.
'Second-These certificates are Sc.
cured by a mortgage which conveys all
Of the tangible property in the trans
portation department Of the city, both
real, personal and mixed, and every
kind of property used in the trans
pcrtation department
.Third-These certificates are secur-
&c, by twenty year franchises, in other
words there is provision in the law
under which, if default be made in the
payment of street car certificates, or of
Interest thereon a period of one year,
then the holders Of the certificates may
apply to court of chancery to fore
close all of the tangible property used
by the city in it's transportation de-
partment, and at the foreclosure sale
there shall be knocked down to the
bidder. the franchise commencing 70
run upon the date when the purchaser
buys the property and running twenty
years thereafter. This security in nv
Judgment is much better security than
the private companies in the past have
been able to offer, either to their stock
OF bond holders"
He expressed the greatest confidence
IN the success of the Chicago plan,
and declared that it "can be carried
into effect without imposition Of a
single dollars worth of taxes"