What purpose is served by the silver circles on taxi hoods?

Crystal

New member
I live in Chicago. I see taxis everywhere. Many of the cabs have silver circles (about 4" diameter) with holes (about 1" diameter) in the middle of the circle on the top of their hoods, usually on the passenger side and imprinted with writing. They're usually moving quickly through traffic, so I can't tell what they say. Why and what's the writing?
 
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