The Spanish Fork press. [volume] (Spanish Fork, Utah) 1902-current, 1909-02-04


ness that by 1889 ne had accumulated
fortune generally estimated at
100000. Then he retired from ac-
tive work in Cleveland and returned
to New York.
Two millions isn't great deal now
adays, but when a man comes back
to town with that much money there
Is some shifting about down Wall
Street way to see what chance there
is of taking it away from him. There
seemed to be little chance of doing
this with Calhoun, and so it was not
long before he had a strong following
of friends-as friends go in that part
of Manhattan. They were powerful
financially, and saw in Calhoun man
who was likely to make money for
them If they hunted with him. He did.
Whenever he saw a chance to get
something valuable for less than it was
worth-and his instinct, always little
keener even than that of his associ-
ates, rarely misled him-he got it and
added it to his collection.
Saw His Opportunity.
In the early nineties the scent of
much money came family to Calhoun
| from San Francisco, and he went
thither. What is now the traction
combine the United Railways of San
trancisco-was in those days lot of
separate lines. The key to them all
was the system that had its tracks
! in Market street-a thoroughfare 200
| feet wide, double the width of the
broad streets and avenues in this city,
and the main artery of the towns traf-
fic. This property and some of the
tributary lines-they all run into Mar
ket street--was controlled by Messrs
Sloss, Hellman and Gersel-not jointly
but as individual representatives of
some Of the great banking interests
on the coast. How Calhoun got hold
of the Market street line and of all Of
the feeders to it and of all the subur-
ban lines as well is a long and pic
turesque story. The United Railways
of San Francisco finally was organized
in 1902.
At the same time that the traction
combine company was incorporated
under the laws of California there was
organized also the United Railways In
vestment Company of San Francisco,
holding company which took posses
sion of all the stock of the traction
company except II shares necessary
to qualify certain directors. The man
ner of purchase of the San Francisco
lines was simple. Calhoun's new
company got the whole thing for about
$18 900, 900. They issued bonds against
the property to pay for it and retained
the common stock, amounting to some
500 100000. There also was some $685.
100000 of preferred stock, some of
which was turned over to the sellers
as a part Of the purchase price. The
stock of the investment company was
$10,000,000 at first, but this was in
creased in 1906 to $25,000,000. This
: made total of about 100000 CAPT
Utilization in the two companies, as
against purchase price of $1S,000,0 900
OF course there were great many
millions of bonds of both companies
besides.
Made Properties Pay Well.
/, The separate units of the street rail
/, way system had not been prospecting
were united in one company by Cal
houn Economy in operation, for one
thing, put them on paying basis
quickly. The common stock of the In
vestment company scared to close t.
! par. Other companies in other cite!
3 were bought with some of this stool
$ and some of the bonds In 1903 the
+ San Francisco company controlled
t some lines of the ST. Louis tramwa!
= system and that of Pittsburg Tn,
] ST. Louis company has passed out o
Y the investment company's hands, bu
1t still holds the Pittsburg tramways
: Probably If the earthquake had no
I shaken and the fire destroyed Sal
e Francisco in 1906 the stock of the trac
3 ton combine would have been be
4 tween $40 and 800 a share in tn,
|. market to-day. These disasters, add
/. ed to the six months bitterly Tough
: strike that preceded them, sent tn
v stock down so that last year in TIL
s time of depression it was selling
|. around IL for the common and 81 70
n the preferred Now the common is II
h the 3Os.
J. The strike on the United Railway
# brought the bulldog grit and fightin
& qualities of Calhoun more into publ
e notice than anything else he had don
r or that had happened to him previous
l. ly. He had made up his mind that tn