The Detroit times., 1915-08-18

Possession OF al the properly = q
os turpsd over 70 the city - go
after the people approve The e2otsAel
city s q 4. s x. p.o. s's rSss ~ III
ishinG and improvlHG its pwp, 6eFyye&
while the court o. engssed - SskilG
the evidence and deciding @ - wha1
The CITY has sixty days aftSe the
vote Of the people before sterting swift
70 hx the price. during, which otxty
days the street railway commlsstoo
Be ssns ,n 9: =.
Will not be the break Of . minute
In the service. no interrupti0n and No
inoonventsnce 70 the public.
49, The price e to DO paid ~ psy;.ssg ne
property a. they fall due. from time
to tina, t69thc extent Of the price.
whatever that may be. ~ hxed By
81. Es;: :. sss.s:. g; ss = I ss:s l.
falling due in issi.. Ne payment
whatever II to be made until June
7: isic ns:nt =, the cry = nah
The City obiisatss' itself personally
only for two per cent OF the asseesed
sn. 81 ss CITY Ky S. hss VII 3:
price 10 secured only on the property
general city financial system 10 not
Interferred with by the street railway
a.. that u aSs: not snr s ossst
improvements.
A sinking fund out Of the earnings
Of the railway u provided for, whion:
Il 10 expected by the Commission. Will
pay the entire cost OF the railway
os enc . sna
No part Of the amount which the
fail. due untii issk. except p 900. 900.
which falls due juno !, 1915. IL IL
considerable part OF this irst pay
mont may be realised from earnings
before June i. 1915.
The mortgage debts over and above
the purchase price must be paid by
the railway company, and the cou rt
this subject TO provide that {. perfect
title be delivered. All Of the rail-
way company property OUTSIDE the
City 10 pledged TO pay the surplus
S 90 ossr is Il given fS 70 sSs coSr'
to compel the payment OF this sYr-
plus by the railway. 90 a. to free eAe
City lines. Meantime the City pays
nothing out Of its own FUNDS .Sn until o5S !
90. June I. iSis. and this can easily
Be made out ef earnings In very
In order to bind all Of tho mort
s:s: n. 10 ' Srovdss
their representatives. namely. the
trustees Of the mortgages. shall Dc
made parties to the suit. ana the rail-
way company agrees that they snai.
suit I'm order that ali persons inter :
Gated may be before the court ana
an intsrssts protected and q perfect
'': Ths PROPOSED charter amendment.
II adopted, will give the necessary
powers to the Railway Commission
and to the Common Council TO carry
out the city's part OF the contrecs
and the necessary powers t9 operstc
IL the duty Of the board to 90 con-
duct and manage the railway e to
eventually. It provides for savinGa
e Be set ssids rsSu lar ys.S Scfmsc to
meet nItimatsiy the payment OF the
price, and to pay for necessary ex-
tensions and betterments. In case any
city bond. should be issued q any
from earnings OF the railway. semi.
annuaiiy TO tho City Treasurer. the
interest on such bonds. %
Much attention has been given oy
the Board to the question wne eoes.
ably. The best answer to this aues.
ton 10 past operating data re-
sume of which, together with Sink
Ing. fund computations. 70 hereto ~
The whole plan Of the commissio,
| A TO pay for the entire property AM
| its extensions out Of earning. - y
extensions were necSSssry me, erc D'v ~
oDcrstinx charses. at the presen
rstes OF fare. BY 1883. but ~ extern
sions and improvements are nSce9
eary in the meantime. two metnoo
n.ns s ss: 81 -
charter amendment The nrst 70 tn'
pledge Of the City's credit up ot e n e.
approximate amount OF $il,O0O,vvv
ether r, e ~ D.TTss . the ssnetnno
msSt OF Of the 81. 900. 900 due in 1915
but IL will be available. ~ neeoeo
for any subsequent payment =, ~.
member OF the Board that. outsid,
1915. X viii never be necessary &c
call on the City to issue any OF IL
bonds z, t On meet cu: the ' bo or.
rowing power based upon the piedg.
Of future earnings. will take care Of
all future payments.
The Board believes that the propo.
sition. a. embodied In the CONTRACT
with the Company. 10 the most prac.
ticai and economical method that car
be evolved at present for securing
possession OF Q street railway systen
Tor the City. 1t provides for prompt
delivery OF the property At 2 fall
and reasonable price. on basis thai
n entirely workable from Q business
standpoint. The board feels eousIi,
CONFIDENT that the City can ehec'
economies In operation and Improve,
ments in service under municipa
ownership such an will well warrant
taking over the lines, aside from tn
broad advantage OF removing thu
City streets from corporate contro
and the public business from conse'
ouent corporate influence.
We therefore request that TIT
questions Of approval OF the contrac,
and Charter amendment, ~ attached
hereto, be submitted to q vote OF the
electors at an early date, and re,
spectfully recommend their approva
by the electors and the Common
Respectfully submitted,
BOARD OF STREET RAILWAY
COMMISSIONERS,
BY JAY g. HAYDEN.
Secretary.
AGREEMENT.