The sun., 1908-02-16
EASILY RLEECED OF A MILLION
STOCKHOLDERS IN THE BUNCO
ARR LINE CAN Walk.

Disappearance OT the ChleAgO-New York
Electric Ten Hour. Cooperative. Wall
street Hating. GUdgeOn Fishing, Pipe
Dream Railroad Fishing Was Good.
Folks who bought stock in the great
Chicago-New York Electric Air Line from
the Burr Bros. and the Hancock Com
pany Of the FlatirOn Building when those
public benefactors were getting rid OF the
stock in large chunks at prices ranging
from $50 to $50 about a year ago may be
interested to know that the Cooperative
Construction Company has abandoned work
on the line and is selling the equipment
II got together 20 build the few miles Of
the road near La Porte. Ind, that did so
much TO reassure timid investors News
concerning the progress Of the road that
was TO join the two cities along the balmy
air route and run electric trains in ten
hours has been scarce for some months.
In fact there hasn't been much information
since the Air Line NeVs that the Burrs
got out telling about each spike that was
driven suspended publication.
The latest news comes from Chicago
where the Cooperative Construction Com
pany. organized by the promoters to build
the road. has been located According 10
q
removed its Offices from La Porte. near
where the first spike was driven last June
with speeches that did much to help the
sale OF stock II has also sold ninety mules
that were paraded before the stock holders
on that auspicious occasion and dismissed
ninety laborers that had been az work OF
and on large part Of the co uipment
has been sold to a construction company
In Al
the chances for the stock holders TO enjoy
the advertised privilege Of using up the par
value OF their shares in transportation
appear to be poor Somewhere near La
Porte there are a few miles Of rails which
can be travelled on in hsndcar. but the
right OF the stock holders 70 even these is
said 70 be disputed.
At various times while the Burrs we're
selling stock in the air line and urging
people 20 take money out Of the savings
banks and buy 1t THE SUN called atten-
ton 20 the enterprise So fast was the
stock sold, according 20 the Burrs that
the price was raised nine times in six months.
finally going to $50. the par value being
500. Pictures Of electric trains built 70
bore hole through the air in order to
keep in tho ten hour limit were printed
in the advertising columns of many news
papers, with a map showing a straight line
drawn between the two cities. just be-
fore the date set for the stock 20 take a
jump from Si5 to Sal there were descrip-
tiOns Of five construction camps located
and the beginning OF the work Of grading
across Indiana
The air line will be built" said one of
these advertisements. MIR. Ma apedorm
!the chief engineer) says that there is no
impossible engineering feat confronting
him. and he speaks with a full knowledge
Of the physical condition OF the route
What this stock will be selling for next
year no one can tell " said the Burr brothers
in some Of their literature. 1T would not
surprise those in close touch with the af-
fairs Of the company TO see il above par.
And indeed 1t is no wild flight of the i'm
agination 10 picture il selling at several
times its par value within the next few
years"
After the Burrs had worked out their mail
ing list and their supply of adiectives the
Hancock Company became the sellers
The Hancock Company closed its Offices
all over the country last December after !
something like 20 900 persons had bought the /,
stock. II was said that more than 81 900 900 ,
had been gathered in by the reapers up
20 last fall
The sale Of the stock in the air line was |
helped along last June when a few miles Of !
track were laid near La Porte and a car
was run over them carrying President A. c. ,
Miller OF the company some of the stock
holders and invited guests, including ac- /
cording to the description given OF the |
in the dvertisementa the !
Mayor Of La Porte and Mayor Dahlmar
Of Omaha. President Miller on this oc-
casion made speech that looked good
in the advertisements, however il may
have sounded on the spot.
Il have lived to see the first wheels start
on the Chicago-New York Electric Air
Line. said the president on the day an. (,
nounced as the opening day. Il never will ,
live long enough, nor will any Of you live .
long enough to see them stop" The open /
ing ceremonies were held on June rs /
few weeks later the price Of the stock was
put up from s48 TO $50 and there wasn't .
much more heard of the air line. except
rumors Of trouble.
In the literature sent out all over the ,
the air line was described as a
road that was to be built and owned by the
American people. All such wicked things
a. bonds and mort cages which would have
given a Wall Street flavor TO the enterprise
were to be dispensed with and the road
was to be built through the sale of common
took. "A gigantic partnership" the Burrs
called IL. Not a dollars worth OF stock
shall be given to any one for any services
IL came out through a suit brought in
Chicago last summer that President Miller
was drawing 5000 year in cash out Of
lhe proceeds Of the sale of stocks and $40 900
a year in stock. Other officers Of the COM
Dany II appeared, were getting similar 1
salaries. the salaries being paid out Of what
was left Of the proceeds after the Burrs
and the Hancock company had taken out
their share Of the harvest. which is said
TO have been 20 per cent
NEW HEAD FOR BROOKLYN ROAD.
sIauter W. Hun Elected President or the