The Washington herald., 1918-01-13

Yerttsement and told his story while
the news columns and editorial
columns fiayed him numerically. But
Doherty stuck to his task and met
the people, rode with them on his
street cars and at last he won out
and is now about to make the Toledo
wage Garner a shareholder In a profit
able public utilities concern.
The street railway company, under
the ordinance plan. Is to be separated
from~the lighting properties. It ds to
be controlled by a new corporation
pany. Its capital stock Is to equal
as determined by the valuation board.
The stock will be held and voted by
five trustees. whom She final ordinance
will name. The former Railways and
Light Company will get trust certifi-
Gates in return for its equity.
The stock will be sold to the public
in $40 shares Any one can buy them.
and can buy on the instalment plan.
1t will be provided that the stock
must always pay 6 per cent. unless
that interest cannot be paid without
raising the fare above cents.
City Can Purchase.
After five years the city may pur-
chase the properties at any time by
paying the par value of the capital
stock plus a premium of 6 per cent
and assuming all valid debts and
obligations. Or after fve years the
city may lease the traction proper
ties for one-quarter of the purchase
price plus a monthly rental of one
half of per cent on the balance.
Meanwhile the Railways and
Light Company agrees within the
first eighteen months to buy
81, 900. 900 additional stock in the
new traction company. the money
to be spent within five years on ex-
tensions and improvements of the
line. Funds are also to be created
for operation. upkeep. ETC.
The cash fare on the street cars
is to be 5 cents. not more nor less,
but IL changes are necessary they
are to be made by changing the
number of tickets one can buy fof
a quarter or by regulating the issu-
ance of transfers. Changes will de-
pend on the action of the city and
on the condition of an equalizing
fund.
The provision for the equalizing
fund is given in a synopsis of the
agreement as follows:
''The rate of fare established
when the ordinance goes into effect
shall continue for six months, OF
until the company shall have accu-
mulated a fund of $780, 900 after de-
Quoting taxes, allowances, dividends
and various other payments. That
fund will be known as the 'equaliz-
ing fund The minimum level OF
this fund will be 100000 and the
maximum 100000.
Council to Supervise.
when the fund reaches the mini
mum level the company may put
into effect the next higher rate OF
fare, but If the council rejects the
increased fare the matter must be
arbitrated. When the fund reaches
the maximum level of 100000 all
surplus is to be deposited in. the
amortization fund or the council OF
the city may decrease the rate OF
fare. The maximum intermediate
and minimum levels of this fund are
subject to change when the capital
stock of the company exceeds
$7.5OO. .oOO."
The city council is to have su-
pervisory powers over the service
Ihere is an arbitration provision
for possible disputes. with teeth In
the shape of a plan for Withholding
dividends.
Mr.. Doherty believes that the
community ownership plan will dc
much for the people in fostering
the idea to save.