River Falls journal. [volume] (River Falls, Pierce County, Wis.) 1872-2019, 1906-04-05

The 99-year statute was already in
| litigation, and had been for 35 years,
and the possibility that the courts
might rule adversely to the contention
of Yerkes and his attorneys served to
drive the stocks downward day after
day. Six months after the flotation,
the prices were not much more than so
per cent. of those at which Yerkes had
sold his North Chicago and West Chi
cago street railways.
Everyone who crosses Chicago from
one depot to another in Frank Parm-
alec bus, or who sends his baggage
across in Parmalee transfer wagon,
would be interested to know that
Parmalee was the man who secured
enactment of the 99-year statute which
has been SO important. He was the
original street car man in Chicago
back in the days when Lincoln and
Douglas were debating slavery ques-
tions and mutterings of war were
heard. The guns of the civil war were
not yet silent when the measure was
framed which served Yerkes so well
and other multi-miilionaires so i'll.
Uncle Dick" Oglesby was governor
Of Illinois, and he evidently saw the
evils in it, for he vetoed the bill, but
it was passed over his veto.
Yerkes loved to fight, but things
were getting too hot for him in Chi
cago in 1898, when he began the final
balloon blowing process. There was
open talk of lynching the aldermen if
they made concessions to Yerkes, and
more than once YerlIes himself was
threatened. He BACKED the eye of one
prominent business man and called the
newspapers blackmail sheets. When
the banks called loan to him of
s., 100000, he told them to loan him
as much more. When the banks
scornfully demanded security for the
extra 100000, he produced $S.00O,-
900 of registered government bonds,
and got the money.
He then called a loan he had made
to Moore Brothers, the promoters of
Diamond Match and Rock Island con.
solidation fame, and their suspension
cago stock exchange.
Necessarily, the story of the smash
of the values of Chicago Traction Sc
curities is the story of Charles T.
Yerkes, who died December 20, last,
in New York, deserted by his second
wife, as he had been many years be-
fore in Philadelphia, by his first wife
when he was sent to the penitentiary
on a charge of which he later was ac-
quilted. He was broker at 81 and
a banker, as his father before him,
before he was 80. He spent few
years in Fargo, N. D., and st. Paul,
Mimi, before going to Chicago as a
broker in 1888.
But when Yerkes has sold his bal
looms" the interest shifts to ''the boys"
who bought and held them and who
played with them contentedly at first.
Soon troubles began, and troubles
thickened with each month. The
North Chicago and West Chicago COM
panies were not paid the respective Il
and six per cent. rental moneys re-
quired by the leases, the $10.000.000
guaranty fund proved almost q Joke,
and Union Traction stockholders were
paid only one dividend. Finally re-
ceivers were appointed. The Union
Traction and West Chicago companies
are in receiyership now. This was by
no means all. Stockholders of the
West Chicago company sued the North
Chicago company. The city of Chi
cago sued the Union Traction CON-
pany for 100000 and finally poor
car service drove the people 70 elect