The Bellefontaine Republican. [volume] (Bellefontaine, Logan County, Ohio) 1855-1905, 1904-11-25
CHICAGO'S SUBWAY.
Railways'TO Tonnage to be Sent
Into the Tunnel.
MAMMOTH CORPORATION.
1t Has Absorbed the Company
that Built the Subway.
HAS s5O,OOO,OOO CAPITAL

AAO S0U.UUU,UUU OAlllA0
Some Of the Most Prominent Railway
Magnates and Financiers In the
United States are Interested In the
New Company.
Chicago, Nov. 22.-The Ch1caep
Subway Co., with a capital stock uf
$50. 1000, 900 and composed OF men who
represent 80 per cent of the railroads
having Chicago terminals, was or
ganized Monday and took over the
$30,000,000 company here which has
built Is miles of freight tunnels under
the city's streets The vast tonnage
Of the railroads represented By the
fnanciers in the new corporation VII
be diverted into the company's tun-
nels, which are already under every
street in the business district Of Chi
cago. Apparently in connection with
the mammoth deal, Sir Ernest Cassel,
the financial adviser of the king Of
England, was in Chicago yesterday
with Jacob Schiff, head Of the interna-
donal banking house of Kuhn, Loeb Z
Co., who is heavily interested
Il 3lcu VIM Will CuIcI ku6 Ox
the new corporation are Edward H
Hartman, the principal factor in the
Union Pacific and the Southern Pa
cific, and a big factor in the Alton
and Illinois Central railroads; James
Stillman, president Of the National
City bank, Of New York, and Z factor
In the control of a large number Of
great eastern and western systems,
notably the Chicago & Northwestern
and the Chicago, Milwaukee & ST.
Paul railroads, and Jacob Schin, of
New York, member Of the Wall street
| firm of Kuhn, Loeb & Co, and . big
factor in the Pennsylvania system
1 The subway company has taken
over, it is announced officially, the en-
tire stock of the Illinois Telephone
Construction Co., sc 2-3 per cent Of
the stock of the $30,000,00 Illinois
Tunnel Co., and stands ready 10 take
over all the remaining stock Of the
tunnel company at the terms on which
it acquired the two-thirds.
The Illinois company will remain
the home operating corporation, but
owned by the Chicago Subway Com
pany of New Jersey.
i With the exception of President
Wheeler the other officers in the nli-
nois Tunnel Co., it is understood, viii
be replaced by representatives OF the
new financial interests. All new Of
ficers will be railroad men,
The deal guarantees the immediate
use of the tunnels by the railroad in
terests concerned and promises
lspeedy relief for Chicago from the
lpresent congestion In terminal roads
and in the down town district
u At present the Illinois Tunnel Co.
has completed about Is miles Of tun-
. nels in down town Chicago. The bores
are 61z feet wide by tx feet high, al
, though in places the dimensions are
10 by IL feet Two thousand tons Of
. freight a day are being handled
The owners will extend and improve
the system and as fast as possible the
steam railway freight of the Harri-
!, man-Stillman-Schif and other trunk
railroads will be transported through
the underground system.
The deal is declared to mean the
immediate diversion Of traffic and
freight from the streets to the tin
nels; the transferring of all newspa-
, pers for out-of-town circulation to the
! early trains through the tunnels; for
, the transferring of mail between the
main postofice and the railroad sta
, tions and between railroads; for the
lletter 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 Immediately to the postonice;
4 it provides a means for the transpor.
. tation of freight and Of handling II
expeditiously without compelling the
railroads to absorb high priced prop.
9 erty in the center of the city fol-
freight purposes, and freight yards
g can be moved out ten or 15 miles and
s the freight transferred, and having the
- trains run into the passenger stations
with electric locomotives and do away
with over so per cent of all the smoke
in the heart of the city. With these
h representative interests in contro
space can be rented to the other pub
lie utility corporations, which viii dt
|, away with the necessity Of tearing VI
the streets for repairs, and thus brint
: about a permanent pavement with as
|, phalt, which can be cleaned viii
: water, and keep the down town streets
thoroughly clean. Assurance is givel
of ample means for the extension o
the tunnels to handle parcels through
N out the city.