Evening times-Republican. [volume] (Marshalltown, Iowa) 1890-1923, 1904-11-22
Organization of Chicago Sub
way Company Promises Relief
From Terminal Congestion
USE OF THE VAST TUNNELS
Among Other Important Changes the
Deal is Believed to Mean the I'm
mediate Diversion Of Traffic and
Freight From the Streets to the
Tunnels.

Chicago, Nov. 22.-The announce
ment Of the organization of the Chi
caGo Subway Company and it's .our-
poses by the Associated Press MOI day
has evoked great interest all over the
country. The fact that the subway
company, the s3O,OO0,0OO company here.
which has already built fifteen miles of
freight tunnels under the city streets.
The vast tunnels of the railroads .ep-
resented by the f1nanciers in the new
corporation will be converted into the
cornpany's tunnels, which are already
under every street in the business
district of Chicago. Apparently in con-
Ernest Cassel the financial adviser Of
the king OF England, was In Chi :ago
today with Jacob Schiff, head Of thu, in
ternattonal banking house Of K Inn,
Loeb & Co., who liz heavily interetted.
Men who will enter the directory of
the new corporation are Edwart H.
Hartman, the principal factor in the
Union Pacific and the Southern Pacific,
and big factor in the Alton & ILL.,
nois Central railroads.; James stillr1an,
president Of the National City banls Of
New York, and factor in the control
OF large number of great eastern and
western systems. notably the Chicago
d Northwestern, and the Chicago, Mil
Waukee & st. Paul railroads; and FAC
OBJ Schif. OF New York. member. of
the Wall street firm Of Kuhn, Loeb &
Co. and a big factor In the Pennsyl-
vania system.
Mr.. Schiff accompanied by Sir F,rn-
est Cassel and a party of other English
financiers, was escorted by President
Albert q. Wheeler Of the Tunnel Com
pany today thru the great system. of
underground bores.
Among the foreign members of the
party was Sir Robert Fleming, Of Lon
dor. one Of the most prominent ban gers
in England.
The Subway Company has taken over
it is announced officially, the er tire
stock CT the Illinois Telephone Con-
struction Company, Sc 2-3 per cent of
the stock Of the $30.0000O0 Illionis Iun-
mel Company, and stands ready to AXE
over all the remaining stock Of the
Tunnel Company at the terms on which
1t acquired the two-thirds.
The Illinois company will remain the
horne operating corporation, but owned
by the Chicago Subway Company of
New Jersey.
President Wheeler Of the Illinois
Tunnel Company will retain his pre,,ent
position. He is director of the Chic ago
Subway Company and his holding, in
the Illionis Tunnel Company and the
Illinois Construction Company remain
intact.
With the exception Of President
Wheeler the other officers in the I'LL
nois Tunnel Company, 1t 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 spe edyF
relief for Chicago from the present
congestion in terminal roads AMI in
the down town district.
At present the Illinois Tunnel Com
pany has completed about fifteen miles
Of tunnel. The bores are six and
half feet wide by seven and half
high, altho in places the dimensions
are 10x12 feet. Two thousand tons Of
freight a day are being handled.
The new owners will extend and Inn
prove the system and as fast as pos
sible the steam railway Of the Harri-
man and other truck railroads will be
transported thru the underground sys-
tenn.
The deal is declared to mean the i'm
mediate diversion of traffic and fret ght
from the streets to the tunnels; the
of all newspapers for out
Of town circulation to the early trains
thru the tunnels; for the transferring
of mail between the main postotice
and the railroad stations and betw cen
railroads; for the letter boxes t. be
connected with the tunnels that when
mail is dropped In the boxes the mail
will drop down to the level of the tun-
nels and be taken Immediately to the
postofice; it provides a means for the
Transportation of freight and of hand
ling it expeditiously without compell-
Ing the railroads to absorb high priced
nronerty in the center Of the city for
freight purposes, and freight yards
ran be moved out ten or fifteen miles