File:The Commercial and financial chronicle (1909) (14760999574).jpg

Identifier: supcommercialfina88newy (find matches)
Title: The Commercial and financial chronicle
Year: 1909 (1900s)
Authors:
Subjects: Finance Banks and banking Securities
Publisher: New York, W.B. Dana
Contributing Library: Robarts - University of Toronto
Digitizing Sponsor: Internet Archive

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mpany Is required, under conservative restric-tions, to advance moneys for the construction of subways by the city.The expenditures for reconstruction and extensions, including any contri-butions for subways, after Feb. 1 1907 are to be added to the value of theproperties recognized by the ordinance, together with 5% of such expendi-tures for brokerage. As compensation for its services in construction,the company will receive an additional 10% of all expenditures for recon-struction and extensions, exclusive of amounts contributed for subways.The company agrees to lower and reconstruct the tunnels under theChicago River at Washington, La Salle and Van Buren streets. Theordinance requires through routing over certain lines of the ChicagoCity Ry. Co. and the exchange of transfers with that company. The lines-of the Chicago City Ry. Co. cover what Is known as the S uth Side of Chi-cago, and the lines of the Chicago Rwys. Co. the North and West Sides. 2G ELECTRIC RAILWAYS ; Vol. lxxxviii.
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MAP OF CHICAGO RAILWAYS CO. LINES mt , i Feb., 1909. ELECTRIC RAILWAYS 27 Bight to Purchase by Citi/.—Under the terms of the franchise, the companyhas agreed to waive all rights under previous giants, and has granted thecity an option to purchase all of Its property for municipal operation atany time prior to the expiration of the 20-year franchise granted the com-pany l>v the ordinance. The price to be paid by the city to be $30,-779.875, the valuation of the properties February 1 1>H)7, as above men-tioned, plus all expenditures after that date tor reconstruction, exten-sions and additions to the properties, Including any amounts advanced tothe city for construction of subways In the downtown business district.In case the property shall not be purchased, as above stated, prior to 1927,the expiration of the present franchise, the city covenants that It will notthen grant a franchise to any other corporation for the operation of a com-peting system In the companys territory, u

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