To the
'
S ta t e
o n or a b l e ,
of
th e
Il lin o is
'e mb e
r s of
'
en e r al
the
As s e m b l y
of
t he
.
G E N T L E 'E N ' W hen t he H u m ph rey Bil l s m et deser v ed defea t in
in t h e H o use of R eprese n t ati v es o n M a y 1 2 1 8 9 7 w e m a y safel y
ass u m e that t h e o b j ectio na ble fea t u res em b od ied i n t h ose m e asu res
'u b l ic
w ere appa ren t t o the m e m be rs w h o v o ted agai n s t t he m
sen t i men t s u s t ai ned t he actio n of t h e H o u se w h ich i ndeed o nl y r e
T i me n eed n ot be spen t
fl ec te d t he v ie w s an d w i shes of t h e people
the refo re i n m e re repetitio n of t h e a rg u m en t s al ready ad van ced
I t is tr u e t h at M r Yerkes d id n o t hesi t a t e to se ve re l y c r iticise th e
actio n of t h e H o u se a nd the m em b ers w h o v o t ed to u pset h is p l an s It
is tr ue t hat h e d id n ot hesi tate to co ngrat u la t e th e m e m be rs w h o v o t e d
in h is fav o r
It is t r ue th a t he s ay s t h at he d id n ot in t e nd to do
a n o t he r t h ing o r t o l ift h i s h and after t h e defeat of the H u m ph rey
”
Bil l s
Bu t I w as prevailed u pon
h e sa y s
b y p eop l e co n n ec ted
w it h ou r r a il r oa d c o mp a n ies ,
to com e do w n he re a n d
m ake a not he r effo r t I h ave al so bee n tal ked to wi t h rega rd to
m odified bil l s an d w h ile I do n ot b el ieve i n m odify i ng an y th ing
i n these H u m ph rey Bi l l s s o cal l ed ye t I a m w il l in g t o accept
so m e m od ification s At th e sa m e t i me I bel ieve i t i s a m is t ake
”
t o m od if y them in any m an ner
W e do no t fo r o ne m o m en t b el ie ve t ha t th is s t atem en t of h i s
opi n io n by M r Yerkes w i l l be decisi ve w i t h t he m e m b ers of t he
H o u se as to w h at o ugh t to b e do ne
O n t he con t rary w e bel ie v e
t hat the m em b ers of the Legisl atu re w il l rat her si d e w i t h the peopl e
and con sider t he ir rig hts an d i nte res t s
A j u s t co ncl u sio n m u st th erefore b e b ased u po n t h e fac t s a nd i n
o rde r t o ascertai n w hat the Ye r kes B il l con t ai n s w e i n v i te y o u r at
ten tio n to t he fol l o wing co m pa ri so n
Th e h u m b ug preten se fo rm erl y in sis t ed u pon t ha t th e s t ree t rai l
road bill s d id n ot co m e f rom t he s t ree t rai l road s a nd their m an age rs
h as n o w been sm o ked ou t a n d defi n i t el y aba ndo ned
M r Ye rkes
h i m sel f p rod uces t he p resen t bil l w h ic h bet ray s a m os t st rik i ng r e
sem b l a nce so t he di s credited H u m ph re y Bi l l s
,
,
.
,
,
,
.
,
.
.
.
.
,
.
,
.
,
-
,
.
.
.
,
.
.
,
.
.
,
.
.
O
L
YE R KEs
B IL L
H ''''R E Y B I L L S
.
.
S ub
SE C TI ON 1
258
S EC TI O N 1
No
E x isti ng st reet
rail road com pan ies shal l h a v e al l s ta n t ial l y iden t ical
the additio nal po wers confer red
by this act
S u b s ta n
SEC 2
S u ch corporatio n s
Id
S E S 2 an d 3
m ay e xe rcise po w e r of em inen t t ial l y iden tical w ith prov isio n ih
domai n to ta ke any p roperty r e se r t ed pe rm i tt ing car riage of
q ui red f o r roads depots po w er packages
hou ses etc s u bj ect to r es t r ic
ch
tio n s i n section 9 be
bel o w w hh ich
proh i bits t aking street rail road
p ropert y
Id
S EC 3 C o ns t itutional
SEC 4
S u b stantial l y
t utio n al requ i re
m en t o f con sen t by co rporate eau iden tical
t h o r it ie s
r e e nacted
eted for n e w
gran ts al so requi iires
r es st rict co
c m
pl ia n c e w ith al l p rovision s of l a w
o r to be void
SEC 4 N e w l icenses may be
SEC 6
S u bs t a n tiall y
Id
gran ted f or not to exceed fifty iden t ical
years and rate of f9 r e fixed at no t
to exceed fi v e cents pe r r ide
S EC 5 O rdinan ces of e xi s t
ing corporation s extended thi rty
fi v e years f ro m fi rst T uesday of
Septem ber 1 8 9 7 t hey to charge
5 ce n t s for t w enty years f o r dis
.
,
.
.
.
.
,
,
.
.
.
.
.
.
.
,
,
,
.
.
.
.
.
.
.
-
,
.
.
.
.
.
.
,
.
.
.
,
t a n ces
l t ei eby
,
fl ed
sp ec z
in
o r d in a n ces
d ed
f or rem aini n g
fifteen years fare to b e fixed b y
corporate au tho rities
'ay men ts t o city i n co un ties of
o r less , on e per cent
to
t wo per
’
s o ex t en
,
.
.
.
cen t '
an d o ver t h ree
pe r cen t fo r fif tee n y ears fi ve
per cen t fo r ten y ea rs an d seve n
per cen t fo r ten y ear s on gross
receip t s f or pre v io u s y ear W here
road e x t e nds i n t o t w o or m ore
m u n ici pa li t ies pa y m en ts to b e
d iv ided p r o r a ta as per m il eag e i n
each E xis t in g c omp en sa t ion t o
co rpora t e a u t ho ri t ies sh al l co n
tin n e t o b e paid b u t s b a l l b e
,
.
,
.
.
.
,
,
.
,
d ited
cr e
o n sa id
er
7
c
en
7 ta J
e
s
g
p
.
e xis t in g ccom
pan y d esi r
o m}
ing t o avai l i t sel f of s u c h e xte n
s ion sha l l o n o r before t he fi rst
T uesda y of A ug u st 1 8 9 7 , fil e
n otice w it h S ec r e tar y of State an d
co rpora t e au t ho rities an d m ak e
pa y m en t of percen t age to officer
designa t ed at ti m e n am ed i n A ct
Term s of act ex t ended t o roads
n ot con str uc t ed
SEC 6
A n y m o t i ve po w er
excep t s t eam l oco m o t ive s per
E ve r y
,
a
,
.
.
.
mit t ed
.
.
SEC 7 Track s t o b e laid i n
cen t er of s t ree t e t c
SEC 8
A p pl ica t io n s fo r n e w
l ines t o b e m ade t o l ocal official s
named w hose repo r t o n n ecessit y
e t c , of su ch l ines is made con di
tio n p recede n t to g ran t O rd i
n an ce t o b e so ld a t
e
t
c
au ction
.
.
,
.
.
.
,
.
.
,
~
Or d in an c es to
l in es
n ot
to b e
.
ex ten d ex is t in g
d
i
e
f
cer t i
as
to
n eo
Id
SEC
iden tical
.
.
.
8
.
S u b stan t ial ly
ess i ty n or so l d a t
n s at io n
e
p
nan ce
au c tio n
co m
to be fi xed b y ord i
.
No co rpo ratio n shal l
enter u pon appropriate o r u s e
No 2 5 8 SEC
w h ole o r an y part o f p ropert y o r
t rac ks of an ot her street rail road t ial l y iden tical
c o rpo ra t ion except to cross the
sam e w i tho u t its con sen t
Id
SEC 1 0 S uch co rporations
S EC 1 1
m a y pu rchase o r con t ract for iden tical
u se of trac ks o r p ropert y of
e ach other T hey m ay con sol i
d ate s t o e k proper ty an d fran
u n less paral lel o r com
c h is e s
peting
'revio u s co ntr acts of
th is ch aracter legal i z ed
Id
SEC 1 2
R epeal s H o rse an d
SEC 1 1
iden tical
'u m m y R ail road A ct etc
SEC
9
.
.
,
,
.
.
10
.
S ub s t a n
.
,
.
,
.
.
.
.
.
S u b s t an tial l y
.
,
,
.
,
,
.
.
.
.
.
,
.
S u b s t an t ial l y
.
.
.
I t w il l th u s be seen t hat w h il e the S t a t e C om m i ssion has been
el im inated th e presen t bill con tai ns an eq u all y v ic io u s in t erfere nce
w ith l ocal self go v er n m en t f o r it at t e m pts to e x t en d o rd in an ces
gran ted by the C ity of C hicag o an d other m u n icipal ities by a n ac t
of t he Legislatu re To o bviate t h e co n sti t u t ion al o b j ec t io n it i s
so ugh t i ndirec t l y t o obtai n t h e co n sen t of t he corpo rate au tho ri t ies
by thei r receipt of the prop osed com pensa t io n In even t of thei r
refu sal t o accep t the bri b e and barter a w ay th e righ ts of t he ci ty
then it w il l do u btl ess be clai med by th e street rail roads th a t by t hei r
w ri tt en acceptance a nd o ffe r to pay
t he e x t en sio n s h ave al ready
beco m e fi xed so that they can n ot be in t erfered w ith
-
,
'
.
,
.
,
I
,
.
W
'O F A 'O R T H E 'I L L '
M ost of the m e n w h o w en t to Springfiel d w it h M r Ye rkes are
k n o w n to hav e personal inte res t s w h ich he can in fl uence '
o r to be
d i rectl y con nected w ith the interest s w h ich h e see ks to p rom o t e at
.
expen s e o f C hicago
No t o n e o f the m co m es f o r w a rd to hel p
sec u re f o r the people f ai r a nd h one s t t reat m en t a t t he hand s o f th e
st reet rail road s They d o n o t repre s e n t t he o pin ion o f t he p u b l ic i n
C h ic a g o n o r o f I l l ino i s
They as s u m e to s a y that the re h as been a
g reat c hange o f o pi n ion o n the s t reet r a il ro ad bil l s
W h e re i s the
p roo f o f thei r a ss e rtio n s ' No s u c h proo f ex i s ts beca u se no s uc h
f ac ts exi s t
Th e o nly co rro bo r a tion o tf e r e d i s b y M r Ye rkes w h o
states tha t ' gentle m e n w h o v o ted aga in s t t he s t ri ki n g o u t o f t he
enacting c la use o f these H u m ph re y bil ls
ha v e bee n ta ken
b y the ha n d a n d co ngrat u lated b v ce r tai n d iapha n o u s an d e l u si v e
pe rso n s w h ose id e n tity i s n ot re v eal ed
These co ngr a t ul ato r y
w il l h ard ly s atis f y the Legisl at u re o f the
men in b uc k ra m
so u n d n ess o f t hese clai m s
the
.
.
.
.
.
.
'
,
'
.
.
W
H A T I S F A I R T R E A T 'E N T '
trea t men t t hey i n s ist req ui res that a m easu re of p rotec t io n
s ho u l d n o w b e gi v en to t h e capi ta l a l ready i n v ested w h ic h w as se
c u red in th e bel ie f th at e xte nsio n s of t i m e o n s u bstan tial l y t h e
sam e basis co u ld be h ad w hen t he p resen t ter m s gra n ted b y ord i
nan ces e x pi re
M r Ye rke s says ' ' T he e x pectatio n has al w ay s been to ha v e
those ord in an ces e x tended to h a v e t he ti m e extended
I f i t had no t
been f o r t hat capital w o u l d not have go ne i n to t he m to th e e xte n t
t hat i t h as
H e f u rth e r sa y s ' W h en a man goes i n t o an i n v est
9*
m en t pa rtic ula rl y i f i t is so m e n e w v en tu re
h e w il l n o t
o n ly ca l c u late to get his m o ney b ac k b u t h e w il l cal c u l ate to d o u b l e
”
h is m o ney
W e al l kn o w th at the capital nece s sa ry to cha nge th e m oti v e po w e r
e m pl oyed by th e g reat C h icago com pan ies w a s n ot o n l y for th co m ing
in a bu n da n t m eas u re so t hat th ose i m pro v e men ts ha v e been co m
pl e t e d a nd paid f o r b u t good retu rn s ha v e been sec u red u po n t h e
i n v estm en t
C api tal i s n ot n o w needed fo r n e w en ter pr i ses
No
s pec u lat i v e feat u re is n o w i n v ol v ed
C api tal to buy the street rai l
roads o f C h icago can be had i n an y am o u n t req u ired to co ver thei r
actual v al u e at f ro m t h ree pe r ce n t to fi v e per cen t pe r an n u m
T he i n v est m en t o n that b asi s w o u l d be as ce rtai n as go v e rn m en t
F ai r
,
,
,
.
.
.
,
,
.
,
,
,
.
,
.
.
.
.
.
.
6
W hy the n , s h o u ld the
bon ds or fi rst cl ass m or t gage secu rities
p u bl ic be ex pected to donate en ough t o ena bl e the h olders of t he
”
rail w ay sec u rities to d o u bl e thei r stock a n d hal v e thei r d i v id en ds
as M r Yerkes says Th ose w h o e xpect t o dou ble t hei r m oney sh o u l d
l ook el se w h e re fo r i n v estment
The on ly f ai r claim is the p u rel y eq u itabl e on e o f repay men t to
th e o w n e rs o f the actu al v al ue o f thei r p rope rties an d t h e r e sh o u l d
be n o do u bt abo ut th is No one d ispu tes it and n o on e a ttack s i t
The C ity of C h icago ha s n o d esi re to d ea l u nj u stly w i t h these com
pan ics b ut m o re th an th is w o u ld be a d on atio n o f pub l ic property
for pri v ate gai n C om pare the ci rcu m stan ces w ith t h o s e o f a gro u n d
lease w i th a pr o v 1 s 1 0 n f o r pav m e n t o f t h e a c t ual v a l u e o f the im
C an
pr o v em e n t s bel ongi ng to the tenant at th e en d of th e term
they n o w j u stly com p l ai n if th e ful l v al ue of thei r in vestm en t is
repaid '
,
.
,
.
.
.
~
,
,
.
.
,
.
.
T H E Y O ''H T T O A ''L Y T O T H E
C
I TY
A
'T H O R I T I E S
.
N o di s position to take ad v an tage o f th e rai l road s has bee n sh o w n
Th e ut teran ces of th e Mayor of C h icago h a v e been
any w here
em inently w ise an d fair I n al l p ro ba b il i ty t hey w i ll beco me th e
n e w lessees them sel v es
W h y do they n ot m a ke appl icati on to the
city co u n cil w hi c h can n ot com pel t hem to a nyth i ng at th i s ti m e '
S h ou l d al l fai r p roposal s be rej ected i t w o u ld th en be ti me e no ugh to
apply to the Leg isl a tu re
Th e only possi bl e reasons f o r haste can not a rise o u t of a n y co n
sideration s affecting the p rosperity o f the street rail road bu si ness
w e ha v e see n is i n a h igh ly p rospe ro u s conditio n
That
Large
d i v id en d s ar e reg u larly ear ned an d paid o n stock m u ch in excess of
the v al ue of thei r property and t hei r net ea rn ings as w el l as thei r
receipts are rap i dly i n c reasing W hy then does th is ex trem ely
u rgen t de man d arise n o w ' W e m u st see k f o r the reaso n s actuating
those w h o ur ge hasty actio n el se w here
'ossi bly p ri v ate an d person al i n terests m ay b e in v ol v ed to a
greate r degree t han has b een discl osed '
ossi bl y th ese p ro m ote r s
may ha v e dee med it less bu rden som e to deal b y the w h olesale
t h ro ugh t h e med i u m o f general la w s tha n w i th t he i nd i v id ual ca s es
.
.
.
.
.
,
,
.
,
,
.
,
,
.
.
-
,
,
each rail road w it h each d i ffe ren t m un ici pal ity '
ossi bl y t h e
m o vem en t i s spec u l ati v e i n c ha racte r w ith a v ie w to test eac h of se v
e ral Legisl a tu res co n c u r re n tly w it h e v e n a grea t e r n u m be r of ci t y
co u n ci l s a n d th u s to o btai n th e m o st possi ble fro m th e pu bl ic
of
.
.
N O H A ST Y L E 'I S L A T I O N R E ''I R E '
.
M r Ye rke s a s s u m es an d to so m e e xten t see m s to h a v e c reated
t he i m p ressio n t h a t the re is j u st n o w a serio u s c ri sis in t he C hicago
s t reet rai l w ay situ atio n
Spea k in g befo re the J ud iciar y C o m m ittee
of th e H o u se o n May 1 9 t h he ad m its that t wen ty yea r o rd i nan ces
”
f o r the ol d h orse car l i n es m igh t l o ok l i k e a prope r th in g
but
a rgu es that the i n v estm e nts n o w req u i red a re so h ea v y t h at char
”
te rs o ug h t t o be m ad e pe r ma n e n t a n d that the p ro po s ed legisl atio n
is im m ed i a tely nece ssa ry to i nd u ce capital t o seek i n v estm en t n ot
o n l y in C h icago bu t i n th e S t ate o f Il l i noi s a n d t h u s reliev e th e
p rese nt finan cial depression
W e ha v e heard v a rio u s e x plan a t i on s of t he co n ti n ued fi na n cia l
depres sio n bu t bel ie v e t h a t i t h as n o t befo re bee n attri b uted to t h e
i n abil i ty o f th e C h ic a go co u n cil t o gran t fran ch ises to M r Ye rkes
e xtendi n g beyo n d t w en t y y ears I n fa c t th is e xp l an atio n is n e w
to M r Yer k e s h i m sel f
A s l ate a s J a n ua r v l ast a t th e an n ual
m eetin g o f the stoc kh o lders of t he W est '
i v ision St ree t R ail road
C om pan y he said ' W hen I tal k to in v f r ie n d s i n rega rd to thei r
b u siness f o r l ast yea r th ey generall y te ll m e th at t h ey m ade pr ac ti
cal ly n oth in g
W h en I co m pa re w h a t is bei n g d on e i n othe r l i nes
of b u sin ess w it h th e res ults w e h a v e o btai ne d I feel p retty w el l
satisfied
A s w e are n o w go ing it l oo k s as th o u g h w e
”
w o u ld m ak e m o re m on e y t han w e d id last yea r
M r Ye r kes o n
'
t he sam e day f u rthe r s aid ' I th in k the p resen t di v ide n d No r th
C h icago 1 2 pe r cen t n e t earni n g
per cen t
can be m ain
t a in e d fo r a good w h i le if n ot i n c reased
I d o n o t k n o w bu t i t
w ou l d b e a good pl an to do u bl e t he capi tal stoc k an d h al v e th e di v i
”
de n d s
It t h u s appea rs that i n a ti m e o f gene ral fi nan cia l d e
pressi o n these p ro per ties a re p rospero u s t o a h igh degree Yet
'
M r Yerkes and t he i nte rested p eop l e c o n n ec ted w it l i o a r r a il r o a d
”
c o mp a n ies
w h o it s eem s in d u ced h im agai n to a ppeal to th e Legis
,
.
,
.
-
,
,
,
,
,
.
,
.
.
.
.
.
,
,
,
.
,
,
.
.
,
.
.
'
'
.
,
.
.
,
,
.
.
,
8
and w h ose in ordi nate g reed h e so fi t l y represe n ts h a v e t he
co lossal i m pudence to c al l upon t hose w h o rep resen t Il l inois to
l a tu r e ,
,
' '
t i a t t i e r ep u ta t io n of o u r c ity m ay
l in g ,
a n d t h a t p r osp er ity m a y a g a in d a w n up o n a s
r eh a b il ita t ed
g iv e
be
,
a s s o n z et z
'
.
T H E R E A L S I T 'A T I O N
The clai m tha t i mm ediate legislatio n is needed to in d uce the in
v estmen t of f resh capital i n these roads i s n ot bor ne o u t by th e
f ac ts Speak i ng be f o re the J udiciary C o m m i t tee of t he H ou s e o f
'
t he p re s en t situation M r Yerk es say s ' In stead of h a v i ng th is
l igh t trac k in stead of h orses and ho rse cars w e p u t i n a ca bl e road
w e p u t i n an el ect ric
f or a do u bl e trac k m ile '
w h ich cost
l ine w h ich cost
per d o u bl e track m il e w e p u t i n m achi ne ry
W e ha v e
at one station al on e w hich cost u s
W hat f or ' To im
spe nt i n the last t w el v e years
”
p ro v e o u r roads to e xtend them to c hange th e m o ti v e po w e r
.
.
,
,
,
,
A l l t l i is w as d o n e
.
.
un
d er
i i
ex s t n g
l eg is l a t io n
an
d
tw en ty y ea r
up o n
The i n v estmen t is made an d t he i m prov emen ts pai d
fo r
Secu rities represe n ti ng the n e w capital in v ested and oth ers
w h ic h are the sole s u r v i v ing e v iden ces of co n str u ctio n an d eq u i p
m en t l o ng since co n sig ned to the scr a p heap an d stil l others w h ich
ne v er e v idenced a nyth i ng b u t d i v idends ex pected a re o utstan ding i n
the h and s o f hol ders w h o reg ula r ly recei v e o n the m l i b eral i n terest
and e x traordi nary di v idends
T he holders of t h e sec u rities of these road s n o d o u b t i n v ested
w i th the expectation th a t they w il l recei v e rene w als o f thei r o rd i
n an ces as M r Ye rkes say s B ut has there been any serio u s th r e a t
to re f u se su ch ren e w al s ' H a v e th e co m pa n ies e v e n m ade any a p
plication to the proper and l egal a u thorities to secu re su ch rene w al s'
It w il l be ti m e eno u g h to ta l k a bo u t a narchy a n d co nfiscatio n w he n
the C i ty o f C hicago h as re f u sed these co rpo ration s f a ir treatm en t
i n t h e matte r
o f the re n e w al o f their o rd inan ces '
n til he has
as ked f o r term s a nd bee n re f used j u s t t reatm en t by the C ity of C h i
ca e
w
at
hose hand s he has recei v ed s uc h pri ncely g i f ts it i l l b e
g
com es M r Yerkes to assail he r f ai r nam e by tal k o f a narc h y an d
confiscation
o r d in a n ces
.
,
.
,
.
,
.
.
.
,
,
.
.
,
9
TH E
F
A C TS ''S T 'E 'I S C L O S E '
.
The on l y l egiti m ate pla n u po n w h ic h co m pen sa t io n can j u stl y b e
paid by t he co m pan ies t o t he p u b l ic i s o n e of pr o fi t s har in g No
mat t e r w h a t th e pa y m e nt p u rpo r t s to b e based u po n u n less t here is
a n e t p rofi t u n der skil l fu l a n d ho nest m anagem en t n o pa y m e n t at
al l sh o u l d be mad e t o the p u bl ic w h ich receives its b enefi t fro m th e
u se of an i m p ro ved h igh w a y fo r the t ran spo r tatio n of passenge rs
Th is s ho w s h o w i m possibl e i t is to m ake a n y fair adj u st m en t by
ge neral l a w fo r th e facts an d ci rcu m sta nces s u rro u n di n g eac h i nd i
v id ual co m pan y and i t s b u siness m u s t be kn o w n before an y fai r a r
ran gem e n t can b e m ade w i th it
W e are t old tha t o n l y a f e w of t he s t ree t rai l roads ea rn a ny d i vi
d e n d s a t al l
Thi s is u ndo u b t edl y t r ue '
oe s t h is f u rn ish an y ar
u
m
n t agai n st t h e pa y m e nt of reaso na b l e co m pe n sation by t h e s e
e
g
road s w h ich d o ear n en orm o us profits ' T he i r positio n i s as r id ic
n l o u s an d a bsu rd
w h en t h ey a t tem p t t o evade t he p ay m e n t of fai r
co m pen sation as w o ul d b e t h a t of a gian t w h o o b j ec t ed to t he b u r
den i m posed u po n h im b ecau se it w as too heav y fo r t he streng t h of
a bo y W ha t d i ffe ren ce does it m ak e t o su c h co m pa n ies w h e t he r
other co m pan ies earn p rofi t s o r n ot ' N o general l a w s uch as i s
p r oposed ca n b e j u st a n d fai r t o t h e d iffe ren t s t ree t r a il road com
pan ie s an d the p u b l ic
J u d g e th en , h o w i m po r t an t i t i s th at a f u l l i n vesti g a t io n of t h e
s t re et r a il road sit uatio n sh o u l d p recede actio n of an y ki nd Thi s
takes t im e an d s ufficie n t ti m e fo r it sh o u ld be gi ven
The co m plete recon struc t ion a nd rapid exten sion of the C h icago
stree t rail road s w i t h in t he l as t do z e n y ears , u n d er ex is tin g l a w a n d
up o n tw en ty y ea r o r d in a n c es
sh o w t ha t capi t a l is avail a b l e an d eve n
a n x io u s f o r su ch i n v est m ents Th e re is n o em e rgen c y requ irin g t he
Ge nera l A sse m b l y to e n act a n y h asty legisla t io n w h a t ever a t t he
close of its sessio n i n behal f a n d o n t he so le i n v i ta tio n of th ese co r
i
ns
r
o
a
t
o
R e ne w al s of their o rdi na n ces can b e h ad fo r t h e ask in g
p
o n te r m s fa r me r e l i be ral to the m than the ci rcu m s t an ces dem and
Th ou gh t hese co rpo ration s are co m m on l y bel ie ved to h ave agai n an d
agai n co r r u pted h e r offi cial s and fil c h ed he r i m perial reso u rces , C h i
.
,
.
.
.
.
,
,
.
,
,
.
,
.
.
,
.
.
.
10
w il l ing t o t rea t t hem n o t o nl y
is
no
t
seeking
revenge
b
u
t
is
stil
l
g
fairl y b u t gene ro u sl y Th ere is am ple ti m e befo re th eir presen t
o rdinan ces expire to con sider w hether any legisla t ion is d esi rable t o
enable the l ocal a utho rities to gra n t l onge r re ne wal s th an for t w en t y
years S uc h legislatio n sho u l d b e en ac t ed if a t a l l o n l y a f te r C h i
cago has been ful ly h eard a n d every preca u t io n taken t o pro t ec t h e r
righ ts There i s a con cl usi v e p resu m ptio n a g ai ns t any m easu re
w h ic h i s so ugh t to be r u shed th ro ug h at th is t im e u po n t he i ni t ia t i ve
of th ese corporation s a lone
ca
e
.
,
.
,
.
.
TH E
C
O ''E N S A T I O N I S I N A 'E ''A T E
.
The rate of co m pen sa t io n p rov ided t o b e paid t o the co rpo rate
au t hor ities is ridic u l o u sl y i nadeq uate It is n o m ore n o r l ess t h an
a free gift of m ill ion s u po n m il l ion s of d ol l ars t o t h e s t ree t car
com pan ies m ost of w h ich w o u l d be a bso rbed by t h ei r m anage rs
I t is n o t the p u b l ic no r even t he i n vesti n g pu b
a n d m an i pu la t o rs
l ic w h ic h w ou ld benefit b y t h is m u n ifi cen t gif t bu t t h e f e w in si d ers
w h o m anage the deal
.
,
,
.
,
.
ST O C K J O ''I N '
.
T he con sol idation fea t u re in Sec t io n 1 0 deser ves a w ord of co n
d e mn at io n
W e l ive i n an era of stock specu l atio n b y t he m an
agers and m anipu l ators o f corporat e i nte rests q u i t e u nexam p l ed i n
the w o rl d s his to r y l Thi s abuse h as g ro wn to be a grea t pu bl ic e vil
Not alone th ose w h o see k to ga m bl e on the m arke t i n s t ock s b u t
e v ery in teres t w h ich to u ch es in vestm en t i n co rpo rate sec u ri t ies b e
co mes the prey o f these bol d and u n scru pu l ou s opera t o rs
Th e C h icago s treet rail way sec u rities a nd m o re par t ic u l ar ly t h ose
of t he W e st '
i v isio n R ail road f ur n ish as com plete an d star tl in g an
i l l u stration of th is h u rtfu l m an ip u latio n an d spec u lation as can b e
f o u nd any whe re
C on d ition s becam e s uc h af t er t he recen t iss ues
o f secu ri t ies by th a t com pan y h ad b een spr u n g o n t he m a rke t , tha t
al l i n vesto rs so ugh t t o cl ose o u t their hol d in gs a nd even t h e ver y
s tock bro ker dared n o t h ol d them over nigh t W h o w as an d is r e
sponsible for th is sta t e o f affairs ' Th e v ery sam e person s w h o are
bac k of th is attem p t to spr ead t h e s h iel d of th e l aw o ver t hei r past
il legal operatio n s and wh o n o w seek fro m t he Le gisla t u re add ition al
.
’
.
.
,
'
,
.
,
.
‘
'
11
gra nts o f po we r to enab le t he m in t he fu t u re to i n c r ease an d m u l ti
pl y sim ilar s t oc k j o b bing o pe ration s A l a w to p roh i bit spec ul a tio n
i n the s t ock of thei r o wn com pan ies b y officers a n d m anagers o f co r
fi
n
an
cial
in
te
r
o r a t io n s is m uc h m o re needed to i nsu re sta bil i ty of
p
es t s a n d h ones ty to w ard s s t o ckh ol d ers a nd the p u bl ic than i s o ne t o
l egal i z e a nd e x t e nd t he fiel d of spec u la t io n s of th is cha racte r
.
.
S H A 'E L ES S
EF F R O N T ER Y
.
T he Gas T ru st an d t h e W h iskey Tr u st an d n o w t he p roposed
S t reet R ail road T r u st b y thei r nefario u s sc he m es a nd plo ts carried
o u t in t he stoc k m arke t often i n bold an d b ra z en de fiance o f t he l aw
a re w hat have gi ven an d w il l gi v e to C h icago a n d Il l i n ois sec u ri ties
'o yo u
w ha t eve r of bad rep u te t he y m ay ha v e a t h o m e o r a b road
w is h to aid th ese schem er s and pl o t te rs ' Y o u are n o w asked to do
so i n appa re n t se rio u s ness by these sam e me n w h o h a ve w ro ugh t
so m uc h co nfu sio n an d des t r u ctio n i n the past
Yo u are
as ked to do t h is a s re bu ke to a narc hy an d as a m ean s to re habi l ita t e
t he reputa t io n an d c red it of C h icago a nd Il l i n o is W o rd s fai l u s
w ith w h ich fi tl y to charac teri z e s uc h m o n u m en t a l e fi r o n t e r y
M r Yer kes m odestl y assu m es to be t h e o n ly perso n w ho u n de r
sta nd s t h e w a n ts an d req u i rem e n t s of t h e street rail road s H e sa y s
I ca n safel y sa y t here has n o t b een a s ingle m an e v e n of m v o w n
peopl e w h o f u l l y u n de rs t ood t hose bi l l s a nd al so the relatio n of the
”
stree t rai l roads t o t he m
H e e ve n goes f u r ther an d cr iticises th e
t h e di ff e ren t p u bl i c official s p res u ma bly i n cl ud in g m em be rs of th e
Legislat u re w h o opposed h is w il l
Sa y s
Ye rke s
B u t it appea rs t ha t t he s t ree t rai l road b u si
ness and th e l egis l a t io n req u i red in rega r d t o it are al m os t bey o n d
peopl e s u nders t an din g ' A nd if th is is t h e c ase h o w foo l ish it i s f o r
peopl e in a u th o ri ty to u nde r t ake t o criticise w here t he y k n o w n o t h
”
in g a b o u t th e s u bj ect t hat t h e y a re c riticisin g
C o n side red i n t he l igh t of h is e xperien ce w ith al l t h e ph ases
a b o v e p resen ted an d i n v ie w of the desi res an d ex pectation s w hich
h e m ay i nd ul ge w i th refe ren ce to h is p roposed stree t rail road tr u st
alo ng si m i lar l ines h e m a y bel ie v e th a t h e a l o ne real i z es the fu l l
poss i b il i t ies of t h e si t ua t ion
,
,
,
.
,
,
.
.
'
.
.
.
,
,
.
,
,
.
,
-
’
.
,
.
12
It does not fol lo w h o we v er tha t i t is desi rable o r e ve n safe t o
pass the Yerkes bil l at h is d ictatio n It i s certai nl y m u ch safer fo r
the pu bl ic if l egis l ati on be defe r red rather than hastily to s wall o w
h is a rtful con coction s w h ich seem so d i fficu l t fo r ot he rs to u nder
stand in the h u rry a nd co nfusio n i n ciden t to t he closin g d ays of a
l ong and f atigu ing session
,
,
.
,
,
.
TH E A LLE N
AN
'L I TT L E R 'I L LS
.
There seem s to be a fl oc k or w h ol e fam il y of th ese al lied s t ree t
rail road bill s The y a re al l o pe n t o t he o bj ection h o w ever t h at n o
l egisl atio n at al l i s d e manded by p u b l ic i n terests at t his t i m e
Moreover th ese bil l s are al l al ike i n pro v idi ng s u bstan tial l y
no t hi ng f or the peopl e and t he y al l p ro pose i n di ff ering d egrees to
benefit t he street rail road s a t the pu bl ic expense The o n l y safe
co u rse to p u rs ue to ward th e m a l l i s to defeat them
If either of the b i l ls w h ic h h as been in trod u ced sh o u l d b e passed
i t w o u l d perpetuate the u se o f t he o verhead tro l ley w ires w h ic h are
a con stant an d in creasing me nace t o p roper t y a nd to h u m a n l ife
Th is is especial l y t r ue in th ick l y se ttl ed distric t s fro m w h ic h t hey
o ugh t to be excl u ded an d i n w h ich the y s ho ul d be su perseded b y
im pro ved m e t hod s
,
,
.
.
,
,
,
.
.
.
.
'I 'E 'S S O 'E T H I N '
”
.
W
rese n t th e aspersions cast u po n the fair fam e of C h icago b y
t hese men wh o have f attened u pon her bo u nt y an d w h o n o w greedily
stri v e f or yet m ore m un itice n t d o nation s fro m t h e p u b l ic
Give
”
”
'
' G ive u s
u s som e t h ing
they s ay an d b ri ng b ac k prosperi ty
”
”
so m eth ing an d rehabil itate C h icago an d Il lin ois
G i v e I c ried
”
”
'
'
the h orse l eech s daugh ter and
G i v e 'an d Gi ve I
They de
si re t o h el p C hic ago an d I ll in ois by recei v ing so me th ing a s a gift
w h ich s hal l be so al l u ring an d attracti ve t h at id le capi tal w il l b e
eager to in v es t i n it W h o w o ul d benefit by th is 'W o ul d it be the
gener a l pu bl ic o r these v ocifero u s ge n tl em e n ' The reha bi l i tatio n
they so eag erl y seek can b e certain ly and speedi ly pro mo ted b y
t hem
Let them aban do n pu rely sel fish con siderat io n s f or t h e m o
m en t Le t them cease th eir a t tem p t s t o cor r u pt p u bl ic ser van t s
e
.
.
.
’
,
.
.
.
.
13
Let them deal fai rly a nd open ly w it h the p u b l ic an d C h ic ago w il l
e m e r g e fro m the c risis w h ic h t hey h ave p rod u ced a nd w h ich n o wso
serio u s ly t h rea ten s h er p rospe ri ty
W e respectful ly su bm it tha t a l l t he s e bill s sh o u ld be rej ected by
th e legisl atu re an d con signed to o bloq u y lea v i ng the en ti re s u bj ect
to b e deal t w i th i ndi v id ual l y an d sepa rately by t he d itfe r e n t m u
.
,
n ic ipal it ie s
.
J OS I A ' L
f
o
B 'R R ITT S 'IT '
A R TR I '
'E
NE W T O N A '
E'W I N
,
.
Sp ec ia l
,
Co m m it tee
.
.
Co n n n ittee
L O ''A R '
,
f
o
On e
b
'
in
d'
ed
.