Chicago Subway Company
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Product Details
Company
Chicago Subway Company
Certificate Type
First Lien Twenty-Year Gold Bond
Date Issued
June 1, 1908
Canceled
No
Printer
International Bank Note Company
Signatures
Hand signed
Approximate Size
10 1/4" (w) by 15" (h)
Images
Show the exact certificate you will receive
Guaranteed Authentic
Yes
Additional Details
NA
Reference
Historical Context
The city of Chicago granted the newly formed Illinois Telephone and Telegraph company the rights to construct utility tunnels under the streets of Chicago in 1899 to carry its planned network of telephone cables. Initial plans for the tunnels called for filling them with phone cables, leaving a 6-foot by 14-inch passage for maintenance. When the city refused to permit manholes through which cable could be unreeled into the tunnels, the plans were changed to include rails for hauling cable spools through the tunnels. The city was largely unaware of the nature of the tunneling, and the first 16 miles of tunnel were excavated somewhat covertly, working from the basement of a saloon and carting away the spoil after midnight.
Initially, the intended purpose of the narrow gauge railroad below the telephone cables was limited to hauling out excavation debris and hauling cable spools during the installation of telephone lines, but in 1903, the company renegotiated its franchise to allow the use of this railroad for freight and mail service. In early 1905, the system was taken over by the Illinois Tunnel Company. By this time, 26 miles of a projected 60 miles of tunnel had been completed. The actual construction work was subcontracted to the Illinois Telephone Construction Company, under the management of George W. Jackson (1861–1922).
By 1904, the first round of financing for tunnel system construction had largely been spent. A second round of financing was arranged by James Stillman of the National City Bank of New York City, with public support from E. H. Harriman, Jacob H. Schiff, and Patrick A. Valentine, all directors of that bank. With this financing, the Chicago Subway Company, incorporated in New Jersey, became a new holding company for the tunnel system.
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