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.
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 ...