Bankruptcy and Takeover
When the World's Columbian Exposition closed, lack of development along the southern portion of the route led to plummeting passenger numbers. The Chicago and South Side Rapid Transit Railroad Company went into receivership in 1895 and was sold under foreclosure on September 16, 1896 for $4,100,100. The South Side Elevated Railroad was formed to take over the route in 1897. Service was extended into the newly built Union Loop on October 18, 1897 connecting the South Side Elevated Railroad with the Lake Street Elevated Railroad, the Metropolitan West Side Elevated Railroad, and (after 1900) the Northwestern Elevated Railroad. These other companies used third rail electrification to power their trains so the South Side Elevated Railroad enlisted Frank Julian Sprague to convert its rolling stock to electrical power. Sprague used his previously untested system of multiple-unit train control (MU) whereby multiple self-powered cars could be linked together and controlled by a single person, making the South Side Elevated Railroad the first in the world to use MU operation.
Read more about this topic: South Side Elevated Railroad
Famous quotes containing the words bankruptcy and, bankruptcy and/or takeover:
“Bankruptcy and repudiation are the springboards from which much of our civilization vaults and turns its somersets, but the savage stands on the unelastic plank of famine.”
—Henry David Thoreau (1817–1862)
“A woman’s whole life is a history of the affections. The heart is her world: it is there her ambition strives for empire; it is there her avarice seeks for hidden treasures. She sends forth her sympathies on adventure; she embarks her whole soul on the traffic of affection; and if shipwrecked, her case is hopeless—for it is a bankruptcy of the heart.”
—Washington Irving (1783–1859)
“A poet is a combination of an instrument and a human being in one person, with the former gradually taking over the latter. The sensation of this takeover is responsible for timbre; the realization of it, for destiny.”
—Joseph Brodsky (b. 1940)