The Superior times. [volume] (Superior, Wis.) 1870-1912, 1909-01-30

lars win such speed and thoroH2h
ness chat by 1859 Inc uai accumulated
a fortune generally estimated at
$2oooooo. Then le retired from ac-
tive work i'm Cleveland and returned
TO New York
Two millions isn't a great deal now
adays, but when q man comes back
10 town with that much money there
is some smiling about down wan
Street way to See what chance there
is Of taking it away from him. Thcro
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 so 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. lie did
| Whenever he saw a chance to get
something valuable for less than it was
worth-and his instinct, always a 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
| EranCisCo-Was in those days lot Of
| separate lines. The key to them all
was the system that had its tracks
! in Market StreCt-a thOrOughGarc 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 lincs-they all run into Mar.
! ket streCt-was controlled by Mcssrs.
| SlosS, IIellman 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 we'll 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.
ycstm"nt Company Of San Francisco,
a 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 CahoGn's now
company got the whole thing for about
! $1S,0O0,0O0. They issued bonds against
the property to pay for it and retained
/ the common stock, amounting to some
/ $40, 600 600. There also was some $50
/ 100000 of preferred stock, some of
! which was turned over to the sellers
| as a part Of the purchase price. tn"
! stock Of the investment company was
! $4,000 600 at first, but thi. was in
creased in 1906 to $4,000 ,Or0. This
made a total of about $4,000 900 CAPT.
Utilization in the two companies, as
/ against a purchase price Of SIS 100000.
/ Of course there were a greet many
| millions Of bonds Of both co lpanics
! besides.
Made Properties Pay Well.
The separate units Of the street rail.
way system had not been pros neriug
/ to any marked degree before hey
were united in one company by 'al
4 houn Economy In operation, FOR me
! thing. put them On paying basis
! quickly The common stock of the IN
veatmcnt company SCARED 90 close -
| par Other companies in other cius
were bought with some Of this stock
and some OF the bonds In 1908 the
+ San Francisco company cCutrol,~
some lines Of the = Louis ramwal
system and that Of PittsbuIg The
/ St. Louis company has passed out Of
! the investment CDmpany's hands but
! it still holds the Pittsburg tramWays.
4 Probably If the earthquake had not
shaken and the fire destroyed San
/ Francisco in 1906 the stock Of the trac-
/ ton combine would have been be
tween $40 and 800 a share IN the
market today. These disasters add
cd to the six months bitterly fought
strike that preceded them sent The
stock down SO that last year In the
time Of depression It was sol.r-
around FOR the common and q for
h preferred Now the common Is IN
NE sas
The strike on Tie United Ral|an
..ausat The bulldog gr.r and fsh.n