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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 :
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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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