Wood County reporter. [volume] (Grand Rapids [i.e. Wisconsin Rapids], Wis.) 1857-1923, 1899-05-11

Chicago, May 5.-The Record says
In this city Thursday the Whitney,
| ElkinsWidener syndicate Of New
York and Philadelphia closed a gigan-
| tic transportation deal. More than
$50,O00,0O0 is directly involved and in
directly the capital concerned amounts
to nearly S75,000,000. The combina-
ton was effected after a series OF
meetings at the Auditorium The fol-
lowing are the results: The consol-
| idatiOn of the Yerkes street railway
lines and the retirement of Charles T.
Yerkes from his holding in this prop
erty. The consideration was $4,000
600 and a share of the stock for his
son, Charles E. Yerkes, in the Hill
nois Electric Vehicle company The
details were arranged and deal
practically closed by which the eastern
syndicate will absorb the other street
railway interests of Chicago. The
permanent organization of the Illinois
Electric. Vehicle company was effected
with a capital Of $25,00O,00O. The
equipment Of all the street railway
be furnished by the new system of
automobile storage, according to pat
ent inventions owned and controlled
by the American Automobile company
OF New Jersey, Of which the Illinois
Electric Vehicle company is an arm,
the establishment in Chicago of
great factory for the manufacture
of
and for all purposes; also the establish
ment Of a line of these vehicles for bus
ness on the streets Of this city. The
men who engineered this scheme to a
successful issue were Isaac L. Rice of
New York, president of the Electric
Storage Battery company and Of the
Electric Traction company Of this city;
Martin Maloney Of Philadelphia, silent
partner in the traction firm Of Elkins
& Widener; Charles E. Yerkes of New
York, son of the Chicago street railway
magnate; William L. Elkins, Jr., of
Philadelphia, son of the traction mag
nate Of that city; Egbert
Jameson, counsel for Charles T.
Yerkes; and Levy Mayer, attorney
for the Whitney Elkins- Widener syn
dictate. Accompanied by Attorney May
er, the eastern capitalists arrived in
Chicago yesterday and then met the
Chicago men interested. The eastern
men, all of whom are directors in the
American Automobile company, con-
stituted themselves a directory of the
Illinois Vehicle company and elected
officers who represent the personnel Of
the executive staff of the American
Automobile company with William c.
Whitney as president.
"Maloney announced that it was the
intention of the company to establish
in Chicago Immediately a plant to cost
81 ,000,000 for the manufacture Of auto
mobile vehicles. AS soon as practical
BILE the company intends to operate on
the streets of Chicago a certain class
of these vehicles to do the work that
ordinary cabs or carriages are doing
now. This line of automobile vehicles,
Mr.. Maloney explained, would number
1000 to begin with and cheap fares are
promised. The company will not con-
fine it's field of operations to Chicago or
Illinois, 1t will extend it's system Of
highway transportation throughout
| the west. Other companies, all arms Of
the American Automobile company,
are in contemplation for other western
territory"
With reference to the details Of the
street consolida ton, Maloney said: L
am not in a position to give out the
| details at this time. We have closed
all the business that brought us to-
gether and are now engaged in perfect
ing the plans. The details are not to
| be given to the public before Friday.