On March 26, 1888 the Wells Street line of the North Chicago Street Railroad Company's cable car system opened for business. In the late 19th century, cable cars ran up and down many of the thoroughfares of the city of Chicago and provided a much needed transit network for business and leisure travelers alike. The North Chicago Street Railroad Company ran lines on Clark street, Wells street, Lincoln street and Clybourn (note that these last two were was not called Avenues at this time). Aside from the North Chicago Street Railroad Company, other cable car lines were run throughout the city by companies such as the Chicago City Railway, Chicago West Division Railroad, and the West Chicago Street Railroad (Don't ever get those last two mixed up, they really hate that.)
Our story begins with Charles T. Yerkes (June 25, 1837 – December 29, 1905) from Philadelphia, PA. In the late 1850s and 1860s Yerkes amassed a large fortune first as broker in the Philadelphia Stock Exchange and later as a banker. Unfortunately, Yerkes fortune was not to last.
"While serving as a financial agent for the City of Philadelphia's treasurer Joseph Marcer, Yerkes risked public money in a colossal stock speculation. Unfortunately for Yerkes, this speculation ended calamitously when the Great Chicago Fire sparked a financial panic. Left insolvent and unable to make payment to the City of Philadelphia, Yerkes was convicted of larceny and sentenced to thirty-three months in the dreaded Eastern State Penitentiary, notorious for its system of solitary confinement. Scheming to remain out of prison, he attempted to blackmail two influential Pennsylvania politicians. The plan failed. However, the damaging information on these politicians was eventually made public and political leaders like President Ulysses Grant feared that the revelations might harm their prospects in the upcoming elections. Yerkes was promised a pardon if he would deny the accusations he had made. He agreed to these terms and was released after seven months in the Eastern State Penitentiary. Yerkes spent the next ten years rebuilding his fortune." - Wikipedia Charles T. Yerkes
