The Detroit times. [volume] (Detroit, Mich.) 1903-1920, 1910-03-15
JOHN N VICAR SAYS
80" ORDINANCE IS
WORST EVER
Believes It Emanated From D. U. T..
Birthplace Of Codd- Hutchins Meas
ure-City Ownership Petition Goes
To Council Next Week.
Fifty" Has Difficulty in Mastering
Quorum To Indorse Webster Settle
ment Plan-More Objections.

Not until next week Will the citizens
committee on municipal ownership
present It's initiative petition TO the
common council requiring a vote on
the Moore plan for ownership and
operation OF the street railway system
by the city. While sufficient names
have been signed to the copies OF the
Petition that have been In circulation
throughout the city, there remain some
iormalities with regard TO the affidav.ts
accompanying the petitions.
We have 14.709 names" stated
Chairman John McVicar, Tuesday
morning. las the law requires only
l4,l74 names, we are well on the safe
eide. These copies of the petition
were brought in Sunday and we found
we had enough, but | sent them out
again TO be properly sworn to- There
VIII be some other names coming In
during the week I'm addition to the
number I mention.
The ordinance drawn up by the
committee OF fifty Is the worst thing
ever. Ii emanated from the ID. u. r.
In my opinion. just AZ the Codd-Hutch-
ms ordinance did. think that the
great majority OF the committee or
fifty members are honest, but there
are some members OF that committee
who are in very close touch with the
ID. u. r. That ordinance will never
DO for a settlement OF the question"
Business men familiar with the az.
fairs OF the Detroit United Railway
state that one insuperable objection
to the acceptance of the committee OF
fifty plan is the difficulty of charging
off the water In the securities OF the
system TO the suburban roads. as coli
.emplated in that plan.
1T will be a bookkeeping matter
solely" was the statement of one who
has been close To the deliberations or
The fifty" recently. THE ID. U. r.
will accept the valuation of it's city
lines as agreed upon and charge of
the remainder OF its Indebtedness TO
its suburban lines. The whole thing
will involve only transfer from one
side of the ledger to the other"
4 But experts In financial matters OF
! this kind say that the operation is not
so simple. The d. u. RS great sub
urban railway system has been built
up by the issue OF bonds. secured by
the property and earnings of both the
city and suburban roads. In almost
every case, the interurban lines have
been secured at high price and
bonds issued to take care OF the in
fiated price. In time, the roads would
doubtless grow to the value OF the lit
vcstment and water, but that time has
not come yet.
The big profits made by tho meH
who sold to the d. q. r, vemain as q
charge upon the system. without any
investment to earn In
terest to meet this burden. Some OF
the roads were secured for their
strategic" value and this strategic
value Is a debt on the system.
Ypsi-Ann Road a Sample.
The Ypsilanti-Anr Arbor road is
fair sample OF this method OF finance.
1t was built by capitalists outside the
%. u. X. circle and was bonded for
81, 600, 900. Up To the time OF its sale.
The "Ypsi-Ann" paid only little more
than interest on its bonds. 1t did not,
pay we'll enough TO allow CT laying by
Il depreciation fund.
The d. u. X. paid 100000 for the
stock of the Ypsilanti-Ann Arbor. In
addition TO that, il was necessary TO
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