The Street Railways of Philadelphia
The original franchises, granted fifty years ago, and all subsequent grants, were subject to the ordinance of 1857, reserving to the city the right to purchase at original cost, and putting on the companies certain obligations, 233–236.—Rights of the public were also protected by a dividend tax (236–238) and by the ordinances of 1893–94 stipulating that the companies shall remove overhead trolley wires whenever required to do so by ordinance, 238–241.—An ordinance of 1907 frees the companies from all old restraints and obligations, (241–246).—The original franchises have acquired great value, 246–248.—Capitalization was much increased during the period of consolidation and stock-watering, 248–257.—Market values suffered during the recent depression (257–259), but capitalists have too much at stake to permit the over-capitalized system to disintegrate, 259–260.