Omaha daily bee., 1903-03-01

JUDGE j. II. REED.
ert Mackey, president of the Continental
line of horse cars. which ran by the old city
hali-Independence hall-and therefore was
much used by politicians, judges and law
ycrs.
Mackey. who was n power in municipal
and state politics. saw in Wldener what he
said was the making of a fine politician,
and he interested himself in the young
man. During the course OF the lessons
that Mackey gave Widener in things polit-
zeal the latter also CLEANED from his teacher
some interesting data about the profitable
ness of the street railway business.
Some years later Mr.. Widener became
treasurer Of Philadelphia. At that time
the ONCE paid its holder. besides a liberal
salary. about $40, CO0 a year in fees. When
Mr.. Widene= began receiving this money
he cast about for a way to invest IL, and
then IL was that he recalled Robert Mack
ey's statement that a good street car line
was equal to a big vein gold mine for re-
turns. Mr.. Widener decided to buy street
railway stock, hut when he went into the
market he found that the Peoples company
controlled nearly all the paying lines. and
that so gilt-edged was their paper that no
one wanted to part with his holdings.
III ASCbAS - PAOhNA WIZ - ~ 49,
ter and built-up portions of the city. Sur
rounding them we're other lines, all OPP
Grated independently and all near bankrupt
for the same reason-scarcity of population
along their routes. Thwa- tied in his at
tempt to get into Peoples, Mr.. Widener
began a careful investigation of these rail-
ways, with the result ok he became con-
WINGED that several Of them would be good
investments in a few years when the city
had grown more. AS his treasurer's fees
were velvet" to him, his business bring
ing him an income sufficient to live on,
he decided to get control, IL possible, of
the NEST promising of these outlying
lines. This proved to be the old Union,
whose terminals were in the open country
to the north and south.
In figuring up the situation MIR. Widener
discovered that, IL the amount of his sur
plus capital were doubled by some one else,
the road could be secured. Right here he
thought Of his friend, William L. Elkins.
At that time Mr.. Elkins was a pros
porous oil dealer in that part OF the town
through which the Union line ran, and
which he used to get to his business. On
that route also, Mr.. Widener had his most
imCOrtant butcher shop, and 1t CHANGED
that frequently the two men met in tho
cars. This led TO a nodding acquaintance.
after a while to a speaking acquaintance,
and gradually into friendship, 80 that when
Mr.. Widener was thinking OF going into
street railways the intimacy had become
marked and warm.
1t did not take Mr.. Widener long to con-
vince Mr.. EIkins that the Union line would
be a good investment in a few years. They
pooled their capital and experienced no
difficulty in securing a controlling inter-
est, for the stockholders were only too
willing TO sell what they considered hope
less property. Two years later, owing to
economies and the spread of population,
dividends were declared.
This more than hoped for success en-
couraged Mr.. Widener and Mr.. Elkins to
branch out, and they bought up a connect
ing line, two miles in length, whose equip
ment was exactly four cars and eight
horses, and which penetrated still farther
into the country to the south. And pretty
soon that paid, too.
Then 1t was that the plan was con-
ceived Of getting hold of all the independ-
ent lines surrounding the Peoples system.
which gridirOned the business section OF
the city. The partners. keeping in the
background. quietly set to work and when
ever an opportunity offered bought blocks
of stock, no matter how large or how
small, through agents. This thing kept up
for several years. until even the strong and
important Continental line had been largely
absorbed. Widener and EIkins, in the mean
time not showing their hands and manipu,
lating everything 30 unostentatiOusly that
the public did not dream of what was
going on.
Neither did the powerful corporation. the
Dnnnlafa unNn A.z L.. ~.
ened to the fact that some unknown parties
had got hold of their eonuacfina Hnas