The Wilmington daily Republican. (Wilmington, Del.) 1890-1902, 1899-05-05
MAMMOTH COMBINATION
Big Eastern Syndicate Captures
Ohioagos Street Railways.
MORE THAN $780, 100000 INVOLVED

The Combination VIII Also Manufac-
turs Automobile Vehicles and VIII
Extend It's System OF Highway Trans
portation Throughout tho West.
Chicago, May 5.--The Record says:
In this city yesterday the Whitney
Elkins- Widener syndicate, of New
York and Philadelphia. closed . 81
gantic transportation deal. More than
$50,o00.0e0 is directly involved and In.
directly the capital concerned amounts
to nearly 37s.00o,o 600 The combina-
ten was effected after q series Of
meetings at the Auditorium Annex.
Following are the results:
Consolidation of the Yerkes street
railway lines and the retirement of
Charles T. yerkss fram his holding
In this property. Consideration about
w, 0eO,6O0 and q generous share of
stock to his son, Charles z. Yerkes,
In the Illinois Electric Vehicle COM
pany.
Details arranged and deal practically
closed by which the eastern syndicate
will absorb the other street railway
interests of Chicago.
Permanent organization of the Illi-
nois Electric Vehicle company, with a
capital stock of $25.000,000.
Equipment Of all street railway roll
Ing stock with electric power to b
furnished BY the new system Of the
automobile storage. according to pat
entsd inventions owAed and controlled
by the American Automobile company,
OF New Jersey, of which the Illinois
Electric Vshacie company ia an arm.
The establishment In Chicago Of .
great factory for the manufacture of
automobile vehicles Of all descriptions
and for all purposes, also the establish
ment Of . hne Of these vehicles for
business on the streets Of this city.
The men who engineered this scheme
were Isaac L. Rice of New York, presi-
dent Of the Electric Storage Battery
company and of the Electric Traction
company Of this city; Martin Maloney
OF Philadelphia, associated with Elkins
and Widener; Charles II. Yerkes of
New York, son of the Chicago street
railway magnate; William L. Elkins,
Jr., of Philadelphia, son Of the Trac-
tion maEnate Of that city; Egbert
Jameson, counsel for Charles T.
Yerkes. and Levy Mayer. attorney for
Whitney Elkins- Widener syndicate.
Accompanied by Attorney Mayer, the
eastern capitalists arrived in Chicago
They were met by the Chi
cago men interested, and Charles T.
Yerkes personally escorted the party
on a tour of inspection over all the |
lines OF his system. The eastern men,
all Of whom are directors In the Amer
lean Automobile company, constituted
themselves the directory of the ILL
nois Vehicle company and elected Of
1cers, who represent the personnel of
he executive staff of the American
Automobile company, with William C.
president. i
Mr.. MalOney announced that 1t was
he intention of the company to es-
Lablish in Chicago Immediately a
,lant to cost about 81, 900, 900 for the
of automobile vehicles.
As soon as practicable the company
Intended to operate In the streets OF
chicago a certain class of these ve-
licles to do the work that ordinary
abs or carriages are doing now. This
Inc of automobile vehicles, Mr.. Ma
oney explained, would number about
900 to begin with, and cheap fares
re promised.
The company will not confne its
leld of operations to Chicago or ILL.,
lois. It will extend its system of
Highway transportation throughout the
vest. Other companies, all arms Of
he American Automobile company, are
n contemplation for other western
erritory.
In the afternoon the details of the
Of the street railways
'ere gone into. Mr.. Yerkes' terms
nd his interests were looked after by
Judge jameson and Charles e. Yerkes.
was agreed that the west and north
lde system could be taken In, and
ould be Immediately after the Yerkes
bstaole was removed. The magnates
rocseded to do it by agreeing to pay
le price that Mr.. Ysrkes had asked
IT his property.
With reference to the details of the
rect railway consolidation Mr.. Ma
ney said: Il am not in position to
I've out the details at this time. We
ave closed all the business that
ought us to Chicago and are now en- +
I in n~fN d.