Excerpt from The Street Railways of Chicago, 1901: Report of the Civic Federation of Chicago

To the Civic Federation of Chicago:

Your committee appointed to conduct an examination of the true financial condition of the Street Railways of Chicago, so far as the same is shown by the books of account and corporate records of the various street railway companies, beg leave to report:

Immediately upon their appointment, your committee took up and pressed the negotiations then pending to obtain access to the corporate records and books of account, with the result that Mr. Edmund F. Bard, an expert accountant of this city, was employed to make the examination, the details of which are embodied in his report herewith submitted. The report speaks for itself and bears evidence of the ability and fidelity with which the work was done.

This examination could not have been had without the consent and active co-operation of the street railway companies themselves, and full recognition is given to the courtesies extended and the service thus rendered by their officials to your committee, the Civic Federation and the public generally.

The question of compensation for franchises must necessarily turn on some plan of profit sharing, for it is only the excess of profit remaining after payment of all proper operating and maintenance charges, together with reasonable returns on the investment, which can justly be demanded by the public. The first question is, therefore, what is the amount of actual profit.

This preliminary investigation is the one to which your committee has addressed itself. We believe no similar publication of facts has ever been made, for the reason that never before have street railway books been opened to a similar investigation.

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