The evening herald. [volume] (Shenandoah, Pa.) 1891-1966, 1899-05-05
MAMMOTH
COORDINATION
Big Eastern Syndicate Captures
OhiCago's Street Railways.
MORE THAN s5O,oOO,OOO INVOLVED

The Combination WIN Also Mauufsc-
ture Automobile Vehicles and VIII
Extend Its system OF Highway Trans
portntion Throughout the West.
Chicago, May 5.-The Record says:
In this city yesterday the Whitney
Elkins- Widener syndicate, of New
York and Philadelphia, closed a gi-
gantlc transportation deal. More than
$50 200, 900 is directly involved and in.
directly the capital concerned amounts
to nearly SIS 5000, 900. The combiua-
tion was effected after a series of
meetings at the Auditorium Annex.
Following are the results:
Consolidation OF the Yerkes street
railway lines and the retirement OF
Charles T. Yerkes from his holding
in this property. Consideration about
S20,000,000 and a generous share Of
stock to his son. Charles e. 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.
nois Electric Vehicle company, with a
capital stock of $4,000 000
Equipment of all street railway roll
ing stock with electric power to be
furnished by the new system of the
automobile storage, according to pat
ented inventions owned and controlled
by the American Automobile company,
of New Jersey, of which the Illinois
trff L.
The establishment in Chicago of a
great factory for the manufacture of
automobile vehicles of all descriptions
and for all purposes, also the establish
ment of a line of these vehicles for
business on the streets of this city.
The men who engineered this scheme
were Isaac L. Rice of New York, presl-
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 E. Yerkes OF
New York son of the Chicago street
railway magnate; William L. Elkins,
Jr., Of Philadelphia, son of the Trac-
ton magnate of that city; Egbert
Jameson, counsel for Charles T.
Yerkes, and Levy Mayer, attorney for
Whitney-Elkins-W Widener syndicate.
Accompanied by Attorney Mayer, the
eastern capitalists arrive in Chicago
yesterday. They We're met by the Chi
cago men interested, and Charles T.
Yerkes personally escorted the party
on tour of inspection over all the
lines of his system. The eastern men,
all of whom are directors in the Amer
ican Automobile company, constituted
In
nois Vehicle company and elected Of
ticers, who represent the personnel OF
the executive staff of the American
Automobile company, with William G.
Whitney president,
Mr.. Maloney announced that it was
the intention of the company to es-
tablish in Chicago Immediately a
plant to cost about S1,000,000 for the
manufacture of automobile vehicles.
AS soon as practicable the company
intended to operate in the streets of
Chicago a certain class of these We
hicles to do the work that ordinary
cabs or carriages are doing now. This
line of automobile vehicles, Mr.. Ma
loney explained, would number about
1000 to begin with, and cheap fares
are promised.
Inc COmpduy Will not CONNIE its
field of operations to Chicago or Illi-
nois. 1t will extend its system of
highway transportation throughout the
west. Other companies, all arms of
the American Automobile company, are
in contemplation for other western
territory.
In the afternoon the details of the
consolidation of the street RAILWAYS
were gone into. Mr.. Yerkes' terms
and his interests were looked after by
Judge Jameson and Charles f. Yerkes
1t was agreed that the west and north
side system could be taken In, and
would be Immediately after the Yerkes
obstacle was removed. The magnates
proceeded to do It by agreeing to pay
the price that Mr.. Yerkos had asked
for his property.
With reference to the details of the
street railway consolidation Mr.. Ma
loney said: II am not in position to
give out the details at this time. We
have closed all the business that
brought us to Chicago and are now en-
gagged in perfecting plans"