| Show I SUBURBAN ARTICLES FILED Attorney Says He Cnn Satisfy Inquiries In-quiries as to Companys Intentions Inten-tions nnd rinandal Ability The Suit Lake Suburban Railway coinimny which Is seeking a street car franchise In this city and county yesterday yes-terday llled a copy oC its charter and byluws In the oillce of Secretary of Stale Hammond The charter which was granted by the Stale oC Delaware fixes the capital oC the corporation at JiiOOOOO represented by 5000 shares ot stock whoso par value Is tOO each The BubKurlbers to the capital stock mentioned men-tioned In the charter are A V Taylor ol1 this city and L C Furey and Lewis w Pitcher 01 Chicago The fee for filing the papers in the Secretarys office of-fice amounted to SlIII and the filing wan done by 1 A V Taylor attorney of the company Now that the company has secured an official status In this State said Mr Taylor after concluding his business busi-ness with Secretary Hammond I hope the authorities will give us a franchise without further delay Our engineers will go to work us soon as the franchise fran-chise is granted and the work of locating lo-cating the line and grading the roadbed road-bed will be pushed with all possible spend I know that the t managers arc very anxious to have the road In opera tlon early next year It Is I their Intention Inten-tion to utilize all the favorable weather during this summer and fall In constructing con-structing the roadbed as the work of tracklaying can be carried on in cold weather when It Is impossible to doan do-an grading Mr Taylor was asked If he was prepared pre-pared to give the names of the people who are Interested In the company and who will put up the money to build the road rondI I am not he replied The stockholders stock-holders live principally In Chicago and arc men of large means A few of them reside here but none of them care to disclose their Identity until I the I franchise fran-chise has been seeurid and the building of the road Is assured The moment the franchise Is obtained I will give the newspapers the names of all persons connected with the cnterprise At t present pres-ent all I can say about the stockholders Is that 1 II Powers president cit tile t company Is a capitalist who resides at Madison WIs 1 L C Furey and Lewis II Pltchor who were associated with me as subscribers to the capital stock for the purpose of obtaining a charter In Delaware nrc respectively president and vicepresident of the American Guarantycompany a wellknown corporation cor-poration which 1115 Us hcadnuarters in Chicago It was suggested to Mr Taylor that the City Council and the county board l might Insist t upon knowing the financial finan-cial backers of the cntcrnrlso hMor conscnllng to give t a charier nn I have anticipated such require ment on their purl he replied and urn prepared to satisfy them not only 01 the good faith of the men behind this project but of their financial ability to carry It through I have a letter from the American Guaranty company say big if the desired franchises in this city and county are forthcoming It will underwrite the companys bonds to the amount of 100000 That statement I take it will be suflleient to satisfy I everybody as to the companys financial standing Only about thirty miles of road are to be built and It Is estimated that the maximum cost of construction and equipment will not exceed 12000 a lillie miklng a total outlay of 53GOOO It will he seen therefore that the guar anty company practically agrees to provide all the money necessary to Imlld and equip the entire line with SIOOOO lo spore < V ° are nshl sr a fran chlse from thc city oC Saittly In addi tion to the franchises c we desire from this city and county The people out in the count nJC cnKOr to hElve the line built nnl In operation at the earliest fSnlbICr May Already two petitions Tin favor or thc road have been scnt to the m i county hOllrl1onc rflrolQ from ir vicinity ° Hiday and contftllllt about MO signa tures md one from the bclween Sandy and Murray people living Mr laylor appeared before the Coun cil Commute on Municipal Laws last night and urged that the franchise asked for by his company be granted Councilman A J Davis iiake what compensation the company proposed to give the city for the franchise 011 Taylor replied tlIlL lie short only such privileges as had been granted other street railroads He thought tax of a 01 25 annually on each car operat JCzu ed would be about right MiS DavIs saul he was opposed to granting any more franchises with OIJ t comr > enslIlIon Instead Councllmon Thomns stmggcnjtei that of demandlllg 0 fixed sum as compensation he would favor Iclull Ing the company to pay a certain r ft f rtC 11 wii icllll per IJcnt of Its gloSS earnings each i i year Into the city treasury Mr Taylor said he thought the company would be wlll IllS to pay a compensation based upon Its gross receipts This plan he thought would be fair to all parties In sition tcrClted i Ire said if a money compen should be demanded the matter might as well be dropped ns he felt confident the men at the head of the enterprise would not pay anything in advance for the privilege of building a road that probably would not earn any dividends for several yearn Hc then read to the committee a letter from thc American Guaranty of Chicago offering if the necessary company franchises were secured to underwrite the company bonds to the amount of 100000 The committee without lakini any action laid the application over for one week |
