The Montgomery advertiser., 1906-03-17

diciaf body in the State upon the val jdity of the Mueller certificates could be obtained Inside of six months. An ordinance is now being drafted, according to the Mayor, for the licens- ing of every car run by the street rai1- way companies. The old license of $50 | n car A year may be adopted. The Controller also urked that the eompa- | nies be forced to pay the large amount of back compensation which has been l in dispute between the city and the
 companies for over year.
 | with every other leg knocked out from under them the opponents of nut lly worried lest nobody will buy S75. .000- i GOO worth of Mueller certificates, and that for these financial reasons Chl- lcago will be uable to have any mu- nicIpal street railway system" said Mayor Dunne. If the traction com panics a few years ago could dispose ! of bonds by the millions on an an- tiauated and run down system based upon rapidly expiring Franchise rights | the city of Chicago. with an unlimited guaranty of franchise rights. can cer- 1 tainIy find as ready purchasers. "Chicago will have ten times the collateral security behind its street
 railway certificates that the traction
 companIes had behind their bonds" l An assessment btl lHf NFIilulpH SlOCh of the Enion Traction Company now starca in the face holders of securities. who today saw millions more knocked off values on change. There are some 1 s6 coo 900 of receivers certificates out standing, which will have to be paid.
 and in an apparent realization of the adage that trouble never comes singly l the anxiety of the little fellows who own common. stock In the dismantled concern, which has been swamped In It's own deluge of water. grew into laIn,ost panic. In Nasalle street to- lday 1t was common report that trac- l tlon authorities intend to proceed | against certain holders of common stock in order to raise necessary funds | for the immediate needs of the com pany. It appears that these stock l holders are liable to assessment for 100 | per cent of their holdings. for they l paid nothing whatever for their stock | In tho first instance.
 | The street car stocks suffered great ly in the Chicago Stock Exchange to- | day There were no sales af Union
 Traction, but North Chicago, West Chi cafio and Chicago City Railway all de- clined heavily.
 l North Chicago opened at 50 and the lnext sale was at 40. From that point 1 the stock declined anywhere from 2 to l Y points at each successive sale, until | 1t touched 35, when 1t rose Tn six safes to s5, where it closed. 50 points below | it's price when the decision of the Su- preme court was announced.
 West Chicago opened at 30, where lit closed last night. anl held at that point, during the day and rose to B | just before the close of the Exchange. There were not more than half dozen
 deals in the stock and the total sales fdid not aggregate two hundred shares. The decline in the stock has been 21
 points since the decision of the court. Chicago City Railway Company closed lat TO last night and sold at 160 to- day. there being but one sale of the stock registered. The last figure quot ed on the stock prior to the decision
 was l9s l-2, but this was some weeks ago.