Chicago Automobile Plans.
The New York Times
May 5, 1899
CHICAGO, May 4.—William L. Elkins, Jr., and Martin Maloney of Philadelphia, both representing the Elkins-Widener interests; Isaac L. Rice of New York, President of the Electric Storage Battery Company, and Charles E. Yerkes, the son of Charles T. Yerkes, representing Eastern and local capital, will complete to-morrow the Illinois organization of the Electric Automobile Company, recently formed by William C. Whitney and other Eastern traction men.
The company for this State will bear the title of the Illinois Electric Vehicle and Transportation Company, and will have a large capitalization. The preliminary details of the plan of organization were arranged at a meeting to-day at the Auditorium Annex. To-morrow the amount of the capitalization will be determined, officers will be chosen, and the scheme of operation decided upon.
According to the plans made, the company will build and operate electric automobiles in Chicago and throughout the State and the West generally. A large plant will be constructed in this city, where the general offices will be located. The chief Western interests will be held by William C. Whitney and the Elkins-Widener syndicate.
According to general report, the scheme for the consolidation of the Chicago street railway lines may also be taken up to-morrow. The Eastern men will inspect the lines of the three large systems.
Those at the meeting strenuously denied such a move, but it is said to be contemplated. A new company will be formed, it is said, with a capital of between $100,000,000 and $200,000,000, and will absorb the present corporations. In this company, Joseph Leiter will be the controlling spirit.
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