The Saint Paul globe., 1905-04-08

the financial market the financial syndi-
Gates of this nation will be tumbling over
each other 10 get possession OF these
securities; and even If the financial pow
ers that be should combine to discredIt
them, the savings bank depoSitors Of Chi
cago. II they are offered these certificates
Will be very glad 10 take their money
from the savings banks. where they are
obtaining only per cent. and invest them
IN street car certificates secured by a
mortgage and 20 year franchise.
a public utility. as to this utility. cor
ruption and bribery cease. There Is no
motive for the corruption of an alderman
In case Of a utility operated by the pub
If good results have been secured in
the cities Of Europe and Australia why
cannot they be secured in the cities Of
New York and Chicago. and the other
cities OF America. The movement In favor
OF municipal ownership OF all public util
ities has taken deep root among the intel
stay. Municipal ownership and operation
OF these utilities and governmental owner
ship OF the railways, telegraph and ex-
press transportation is a practical Ques-
ton upon which the people must pass
within very short time. and the pol
iucians and parties who ignore this send-
ment must be prepared for shortlived
career before the people.
Coufseate II Necessary
In an interview this afternoon May
or-elect TunDe quoted Judge Gross
cups estimate of the actual value OF
the Chicago street railways as s27. .00O.-
600, although capitalized at sos, 900 900
to S117,00o.000. Even allowing fair
margin for the value OF franchise. this
he regarded as excessive. The market
value Of the stock. he said, was $685.
100000 and was maintained at that fig
ure by the expectation OF further eX-
tensions of the franchise and by bogus
sales of Tn l5 xxvfrH
which to purchase the roads Judge
Dunno said he would favor issuing
street car certificates payable at the
expiration OF ten years by a sinking
fund.
would not any measure OF confisca-
ton or buying out OF the companies at
a price fixed by valuation and not at
the market price of the stock be a great
injustice to the widows and orphans
who have bought In as investors" he
was asked.
Il reckon most of the widows and
orphans are New Yorlers and have Of
fees in Wall street" replied Mr.. Dunno.
The-franchises of nearly all the street
car companies In Chicago. he said. were
already run out. The single exception
was the Union Traction company.
which was not an important system
There was nothing to prevent the city
from paralleling IL on the street Level
or building a subway II desired. Judge
Dunno said also:
Condemnation Proceedings
In my judgment in the second year
of my term, we will have real municipal
ownership in Chicago"
Asked what tactics would be used in
acquiring control OF the railways, he
replied:
II II cannot be done by fair and just
bargaiing. We will be compelled to resort
to the courts for condemnation proceed
ingS. and they Will have to surrender
the utilities for the price named in the
verdict. II within reasonable length OF
time after the trial. verdict and judgment,
the railroad corporations do not surrender
the utilities. the people OF Chicago viii
confScate their property and run Ii In
their own interest. and the railway cor
porations can resort to the court of ap-
peals. but in the meantime the people
VIII have possession. There are thirty
two Democrats in the common council and
thirty-eight Republicans. Six of the latter
having openly declared themselves as IA
vorable to my policy. shall have the ma
jority. The forces OF corruption in Chi
cago are on the run. and Chicago has set
an example for every other city In the
country. Before long Chicago will not
only have a government railway but will
operate its own telegraph and telephone
systems. and sooner or later every public
utility