The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1899-08-06

tribute niclSels to the revenues of their
street railways. If their view of the
case is correct, they are public bene-
factors to a remarkable extent Ger
tainly never before was the control of
SO many street railways been lodged
in the hands of few individuals.
This great system had its beginning
back in the sixties, when William V.
McGrath and Jacob E. Ridgway or
ganized the Union Passenger railway in
Philadelphia. Peter A. b. Widener in
vested the profits of his meat business
in the enterprise, and William l.. Ell
kins, a produce merchant of the city,
was another stakeholder. In 1879 this
line was Joined TO the Continental line
with State Treasurer William II. KEN
bic at the head of the combined sys-
TEN, and Mr.. Widener and Mr.. Elkins
closely associated with him. By this
time Mr.. Widener was devoting him.
self wholly TO the work of street rail-
way management, and on the death OF
Mr.. Kemble he became the directing
head of the company.
Getting Control In Philadelphia.
In 1883 the Philadelphia Fraction COM
pany was formed. In the years that
followed Mr.. Widener displayed his
genius for engineering consultations
by bringing one line after another
under the control of this company.
The final step in this process was the
pany, which brought together three
large systems. and practically meant
the consolidation of all the lines in and
about Philadelphia. The company has
a capitalization of over $50 900, 900, and a
bonded Indebtedness of about the same
amount. One hundred millions would
not be an excessive valuation of these
- l. -, -.
miles of street railway.
The formation of the Union company
made Mr.. Widener and Mr.. Elkins su-
preme in Philadelphia traction affairs.
BY extension, reorganization and con-
solidation. the men who started out as
stockholders in a company with a face
capital of $1,000,000, and only half Of
that paid in, had worked themselves to
the head of an enterprise worth $780,
100000 While doing so they had devel-
oped in Philadelphia an extensive
and efficient system of street transpor-
tation.
Moving On Chicago.
Having conquered Philadelphia. these
enterprising traction kings looked about
for new worlds. They held controlling
interests in Philadelphia gas COM
panies, and owned as much Philadel-
phia real estate as they cared for. 1t
was really necessary for them to go to
other cities if they were to extend their
operations in their chosen field of con-
trolling municipal franchises.
About this time Mr.. Charles T. Yer
kes. who had gone to Chicago with
borrowed capital of a few thousand
dollars, secured an option on the North
Side street railway in that city. Mr..
Widener and Mr.. EIkins became stock
holders in that line, and so secured
foothOld in Chicago traction interests.
They also invested in gas companies
and street railways in Baltimore, and
some of the smaller Pennsylvania cities.
The Three Kings Join Forces.
In 1889 Mr.. William C. Whitney. hav-
ing retired from public life, began his
interest in the affairs of ttfle Metro
politan Traction company. Widener and,
Elkins bought into Metropolitan Trac-
ton, and the three men came into the
close business relations which resulted
in the combination of their interests.
This combination was one of brains
as well as millions. The political train
ing of Whitney and Widener had
taught them how to deal with men-and
politicians. They all knew the posi-
bilitieS in street traction. and they set
cut to develop schemes so far-reaching
that less resOurceful men could not
even have contemplated them.
Backed By Unlimited Capital.
1t is very natural to wonder in this
connection how men. even with the
rapidly growing wealth of these three.
could financier undertakings so vast as
they have carried through in rapid
succession within the past few years.
But a large part of the strength of this
combination has lain in its ability to
command seemingly unlimited wealth
for the schemes that its members de-
vised.
Mr.. Widener has long enjoyed the
confidence and support of number of
very wealthy men in Philadelphia Mr.
E,lkins is Standard Oil magnate, and
his associates in that great corporation
are renowned for knowing and backing
good thing when it is presented to
them. Mr.. Whitney also is connected
with STANDARD oil by ties of marriage
and friendship. 1t is rather less than
conjecture, therefore, that many of the
millions put into the enterprises of the
Whitney Widener- Elkins combination
came from the inexhausIible stores of
the Standard Oil.
New York Brought Under Their Sway
The rapid development of the Metro
politan Traction line dates from the