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Newspaper Page Text
good precedent along this line in the
action of Mayor Hunt of Cincinnati
when he directed confiscation of an
ice plant in his city two years ago."
Two other suggestions will be
offered the council tonight.
Aid. Utpatel will present a resolu
tion demanding a showing by the
traction companies why the revenue
of the street car companies is not ad
equate to grant the increase asked by
Drastic action to fit the emergen
cy is demanded by Aid. Kennedy, the
second Socialist member of the coun
cil. He will ask the city through its
police power to take over and oper
ate the car lines until the street car
strike is closed by arbitration.
The three great reasons why the
car officials would not consent to ar
bitration as asked by the union men
were outlined by the labor officials to
day. The union demanded that the
terms of the Commonwealth Edison
contract with the elevated and street
railways he uncovered. This is at
present a secret
The Edison and traction directo
rates are controlled by the same
clique and the union officials want to
know how much "swag" is contained
in the bill which the traction compa
nies pay the "electrical trust" every
year. The more the Edison company
gets, the less goes to the city's trac
The second reason was that the
street car officials would not agree to
any of the five arbitrators asked by
the union men. They wanted an ap
pointee of Mayor Thompson.
For reasons of its own the trac
tion company did not want to open its
books to the arbitrators to show its
real accounts and financial dealings.
FIELD ESTATE, MORGAN & CO. AND JOHN D.
ROCKEFELLER, SR., OWN PART OF STREET RYS.
How the Rockefeller-Morgan banks
and the Marshall Field estate own
and control the street railways of
Chicago is shown in the Investors'
Section of the Chicago Economist,
' the hest known financial publication
r in Chicago.
t Chauncey Keep, trustee of the Mar
. shall Field estate, is listed as a di
rector and a member of the finance
committee of the Chicago Railways
. Co. The Central Trust Co. of New
i York, a Morgan concern, is a custo
dian of participating certificates and
, named as active in the management
of the company. This is the North
. Side company, of which Henry A.
Bliar is president
The other big company, the Chi
, cago City Railways Co., of which L.
c A. Busby is president, is strictly a
i Marshall Field-J. P. Morgan concern.
The Economist says:
"In January, 1905, Marshall Field,
John J. Mitchell and P. A. Valentine,
in behalf of a syndicate headed by J.
P. Morgan & Co., offered to purchase
any and all stock of the company that
was offered at $200 a share provided
not less than a majority was offered.
Under this proposal over two-ttiirds
of the entire capital stock was pur
chased, payment being made in cash
at $200 a share."
The National City bank of -New
York (Rockefeller is known as the
heaviest single holder of bonds of
these two street Tailways. A report
made by John D. Rockefeller to the
U. S. industrial relations commission
in January showed John D. Rocke
feller, Sr., to have been personally
the holder of 20,000 shares of st6ck,
chiefly in the Chicago Railway Co.
Sturgis, S. D. 4 to 12 inches of
snow lay on groun'd here early today.
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