OhioGuy, I believe the old Franklin Square station is under 7th and Race Streets. Chinatown Station is on SEPTA's Broad Street Line's spur, and Franklin Square is on the PATCO line, which mainly serves South Jersey. The problem with the Chinatown station is that it's really a few blocks off from Chinatown (might as well walk down to the Market-Frankford Line), and service on the spur is very infrequent. You might get a better idea from this map:
http://septa.org/maps/click_map.html