The Forest Republican. [volume] (Tionesta, Pa.) 1869-1952, 1904-11-23
CHICAGO SUBWAY DEAL.
Company Organized With Cap
ital of $4,000, 900.

Company Composed Of Men Who Con.
troll go Per Cent Of Railroad Termin
als-ls Declared to Mean the lmme
diate Diversion Of Traffic and Freight
From the Streets.
Chicago, Nov. 22.-The Chicago Sub
way company, capitalized at $4,000,
00O and composed of men who repre-,
sent 80 per cent Of the railroads hav
ing Chicago terminals, was organized
yesterday and took over the $30,O00,-
coo company here which has built 10
miles of freight tunnels.
The vast tonnage of the railroads
represented in the new corporation
will be diverted into the company's
tunnels, which are already under
tvery street in the business district.
Apparently in connection with the
mammoth deal, Sir Ernest Cassel,
financial adviser of the King of Eng
land, was here with Jacob Schiff, who
is heavily interested
Men who will enter the directory of
The new corporation are Edward H.
Hartman, the principal factor in the
Union Pacific and Southern Pacific
and big factor in the Alton and ILL
pois Central railroads; James Still
man, president of the National City
rank of New York and a factor in the
control OF many great Eastern and
Western systems, notably the Chicago
and Northwestern and the Chicago,
Milwaukee and st. Paul railroads, and
Jacob Schiff of New York, a member
of the firm of Kuhn, Loeb G. Co. and a
big factor in the Pennsylvania sys-
TEN.
Mr.. Schiff, accompanied by Sir Ern-
est Cassel and a party of other Eng.
lish hnanciers, was escorted by Presi-
dent Albert G. Wheeler of the tunnel
company through the great system Of
underground bores. Sir Robert Flem-
ing Of London, one Of the most prom.
inent bankers in England, was in the
party.
The subway company has taken
over the entire stock of the Illinois
Telephone Construction company
sc 2-3 per cent of the stock of the $780,,
100000 Illinois Tunnel company and
stands ready TO take over all the re
naming stock of the tunIel company.
The Illinois company will remain
the home operating corporation but
owned by the Chicago Subway com
pany OF New Jersey.
President Wheeler of the Illinois
Tunnel company will retain his pres
ent position. He is director of the
Chicago Subway company and his
holdings in the Illinois Tunnel COM
pany and the Illinois Construction
company remain intact.
With the exception Of President
Wheeler the other officers in the ILL
nois Tunnel company it is understood
will be replaced by representatives Of
the new financial interests All the
new officers will be railroad men.
The deal guarantees the immediate
use of the tunnels by the railroad in.
terests concerned and promises speedy
relief for Chicago from the present
congestion.
At present the bores are 6h feet
wide by ~ feet high, although in
places the dimensions are 10 by IL
feet. Two thousand tons of freight a
day now are handled.
The deal is declared to mean the i'm
mediate diversion of traffic and freight
from the streets to the tunnels: the
transferring of all newspapers for out
or.town circulation to the early trains
through the tunnels; for the transfer
ring of mail between the main post
office and the railroad stations and be-
tween railroads; for the letter boxes
to be so connected with the tunnels
that when mail is dropped in the boxes
the mail will drop down to the level
Of the tunnels and be taken immedi-
ately to the postotIice.
It provides a means for the transpor-
tation of freight and OF handling it ex'
peditiously without compelling the
railroads to absorb high priced prop
crty in the center of the city for
freight purposes, and freight yards can
be moved out 10 or IL miles and the
freight transferred, and having the
trains run into the passenger stations
with electric locomotives and doing
away with over so per cent of all the
smoke in the heart of the city.
With these representative interests
in control space can be rented to the
other public utility corporations which
vii do away with the necessity of tear
ing up the streets for repairs, and
thus bring about permanent pave
ment with asphalt, which can be
cleaned with water, and keep the
downtown streets thoroughly clean.
Assurance is given Of ample means for
the extensions of the tunnels to han
die parcels and packages throughout
the city. Belief Is expressed that the
enterprise will prove highly beneficial
to the future growth and beauty OF
Chicago.
Arrested For Patricide.