. Electric railway journal . ich isnow carrying about 65,000,000 passengers a year. In themeantime, the State of Hamburg had determined to havean independent electrically operated system. To this endit made a construction contract in 1906 with the Siemens &Halske company and the Allgemeine company, acting asone corporation, whereby they were to build for the sum■of 42,300,000 marks (approximately $10,300,000) the beltline and the three earliest extensions hereinafter operating franchise granted under a later and sepa-rate contract to the same joint company is for a period offorty
. Electric railway journal . ich isnow carrying about 65,000,000 passengers a year. In themeantime, the State of Hamburg had determined to havean independent electrically operated system. To this endit made a construction contract in 1906 with the Siemens &Halske company and the Allgemeine company, acting asone corporation, whereby they were to build for the sum■of 42,300,000 marks (approximately $10,300,000) the beltline and the three earliest extensions hereinafter operating franchise granted under a later and sepa-rate contract to the same joint company is for a period offorty years. Under this second agreement the contractor•organized a company with a capital stock of 15,000,000marks ($3,675,000) to supply the operating equipment, thestationary parts of which, as noted in the following para- graph, will come into the possession of the State of Ham-burg when the franchise expires. The franchise provides that the State of Hamburg shallreceive the following proportions of the gross earnings:. Hamburg Way—Ornamental Entrance to Hauptbahnhof Station 1 pfennig from the sale of 10-pf. tickets, 3 pf. from , 6 pf. from 20-pf. tickets, 9 pf. from 30-pf. ticketsand 10 per cent from all season tickets. In addition tothese proportions from gross earnings, the State is to re-ceive one-third of the surplus which remains after a divi-dend of 5 per cent has been paid to the stockholders. Atthe end of the forty-year franchise all fixed property,hence exclusive of rolling stock, becomes the property ofthe State. In order to carry out the provisions relating to the con-
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