A Classification of American Wealth
History and genealogy of the wealthy families of America - Sponsors


 Part 1 : Colonial and Mercantile America  Part 2 : America in the Gilded Age
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   Part II-Chapter 12 :  Utility Tycoons  > Philadelphia Rapid Transit  :  Previous  1 - 2 - 3 - - 5 - 6   Next  

   Union Traction and the Philadelphia Rapid Transit system

Page entitled : Philadelphia Traction Company

Content of this page is about :

How Elkins, Widener and Kemble acquired Union Passenger Railway, consolidated it with Continental and formed the Philadelphia Traction Company in 1883.

Extract :
capital, they promptly tapped by leasing additional lines in which they had invested their earlier profits. Thus in 1884, Philadelphia Traction leased the West Philadelphia (Market Street) Passenger Railway, at a fee of 20% on its capital stock and assumed responsibility for the Philadelphia City Passenger Railway, which had been leased for 15% on its capital stock by the West Philadelphia just months before. In 1877, the Market Street railway had notably been involved in a scandal involving an over-issue of its stock  ...

 

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