New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1886-06-17
FREEzIYG OUT 4 STREET RAILROAD.
PLOl OF THE PHILADELPHIA SYNDICATE IN CHI
CAGO-A "JAKE' sMARP sCHkME.

PLO1 OF THE PHILADELPHIA SYNDICATE IN CHI
CAGO-A JAKE" SHARP sCHsME.
CHICAGO, June 16.-.The Ddiiy Ners this
morning publishes iour-column article the North
side Railway matter under the heading Yerkess True
Scheme" I. says 1.-THE full intention Of Mr.. Yerkes
and the Philadelphia syndicate in their pending neso-
uations with the doodle gang in the City Council Is at
last disclosed. Less than a month ago new company
was organized TO seize the La salest tunnel capture
valuable street franchises the North stie, and in
Deed to swallow the old North Chicago Railway Com
pany. The new company is called the North Chicago
street Railroad Company title like that OF the
w"knOwn North side cOrpOr ltion, the North Chicago
CITY Railway Company, that II evidently inserted
Tor the purpose OF deception, and far successful
that until yesterday except those directly in
creste In the scheme O rapacity dreamed that an en-
trey enterprise projected. The organizers Of
the new company control the stock OF the Old. While
the two Corporations ostensib!y under separate
management is presume that the syndicate in
power IN each is the same
AFTER Mr. Yer.es secured controlling interest in
the stock Of the North Chicago City Railway Company
lie secretly organic "a the North Chicago Street Railroad
Company with S5OOOOOO capital When the books
were opened FOR subscrp Ons l. II. Wentworth,
whose name IS unfortunately missing from the Chicago
city directory promptly subscribed for 1920 shares
representing par value OF 100000 The ten re-
naming shares handed to four other capital
lists Of equally low degree but who fortunate enough
to be friends OF Charles T. Yerkes The scheme Was to
absorb the old company. This was easily done by the
ierkes people In the old Board Of Directors leasing the
franchise OF the oil company to themselves. The new
company, 1t "a said. agreed guarantee an annual
dividend Of $50 a share the Old eompauy's stock
lnasmuch each share produces dividend OF 500
year this proposition wiped out ODehd Of the value or
the old stock 1t stroke
" The next for the old corporation
the right to adopt the cable with all the attendant ex
p nse. and finally the monopoly OF tho tunnel was 10 20
10 tue new company with All the attend ant tases
very naturally minority stockholders IN the present
t. Adams, heavy holder OF minority shares. hurried
nr,n,s,g ,-e9n 10 hal hsstv rehabilitation
with Alderman Mallcrre. aud returned none the iser
OF tie intentions OF the Philadelphia gang. The manner
oil wreckng the old company had not Jet been dscoY-
ercL
"The Aldermen deny being aware OF the concern.
When tue tunnel ordnance was read IN the Council the
similarity OF led Co suspect the existence
oi the company. May - the North CHICAGO street
Railroad Company fled articles Ot association III the Re-
certificates Of Incorporation from the Secretary Of state
and tue report OF stock Commissioners showing that
Andrew Crawford. James VI. Clifford, " warren l. Fur
beck EiNln g. Markham aud william ID. Walker for two
shares eacn tnus covering all Tie capta s'ocA Oh inc
| new company.
In the lsnt OF this illumination doth appear that
the r"iouutbe Mr.. Charles T. lerles, as President or
the younger North side Railroad Company has put MN
seii 10 tie way Or swallowing the older North side Rail
corporation leased himself president Of the
young aud rapac0us concern the right 10 operate us
North chicago street Railroad Company, holding the
pass through which the whole system can alone be
/ over all the roads, TO himself
president oil company for 30 per cent on Its
t stock. ami divide the remaining 90 per cent and
anything LETT over among the slnA Dlt seiect mum
Der OF Quaker stockholders in the North chicago
Street AI.rOad Company. What tue Broadway franchise
the Of the Philadelphia syndicate In New.
York the La safest tunnel u 10 The same unscrupu4ous
Tho disclosure, have created a sensation tho
Aderneu but they are loath to express IN opih'oa.