New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-09-10
James Richards of Boston, Has Transformed "Soulles'
Corporation" by Shrewd and Kindly Methods and
Has Made 1t Both Popular and Profitable.

tons he seems TO be a young man. vet
he is fifty-three years old. II he ever
talked fluently. the habit has disappeared
through disuse. Nor will he accept any
credit for the work he has done, giving
il all 10 his board of directors and the sub
ordinates who have carried out his plans.
The son Of a Massachusetts farmer, he
has earned his own living ever since he was
twelve years Of age. He left school about
that time and found employment in a bank
Coming TO Boston when he was eighteen,
he clerked in tobacco store for few
dollars a week. At nineteen he was a
! salesman on the road.
4 travelled for several years" he told
me. and learned many things-human
character among the rest" Three years
| thereafter he was taken into the firm
When he was twenty-four he began to
manufacture tobacco in New York. Later
| he managed and partly owned a large
factory in kentucky. At one time, while
| he was in the tobacco trade, he directed
| the movements and originated the policies
| Of $50 statesmen.
James b. Duke. president Of the Amer
| lean Tobacco Company" he quietly re-
marked said he would hang my hide on
the fence. The next year our company
paid a 60 per cent dividend TO its share
holders. Then the trust bought our factory
and offered me a yearly bonus TO stay out
OF the tobacco business
In the meanwhile Mr.. Richards retained
his interest in the Boston house where he
had begun as a clerk, only selling II few
years ago He had also put some money
into trolley lines and into street railroads
at Lexington. Newton. Middlesex and other
places. All told, he is interested in 40
miles Of track.
The companies had paid a little some
thing at first" he said, when the rails
and cars were new and the only outlay
was for power, labor and clerk hire. When
the equipment and the rails began to wear
out, however. the profits vanished, and in
their stead were deficits
Il got into the con panies at that time.
Auditors from the outside. whom | en-
ployed. went through the books. State APP
prasers put value on the properties. The
law Of Massachusetts prohibits the water
ing Of street railroad capital. stu, sus-
picion was prevalent and ! wanted the
patrons of the road to know the truth.
After l had the figures showing capital.
actual value, earning and expenses, went
into forty cities and villages and made the
people acquainted with the situation, keep
ing nothing back and avoiding all mystery.
My object was 10 show them that the fare
for carrying a passenger had TO be ad-
vanced from cents to cents II the COM
panies were to remain out of bankruptcy.
When the people understood the facts
they paid the increase In fare without OBJ
lection. The additional penny We collected
from each passenger made the roads profit
able instead Of Improbable. Tell the peo-
pie the truth, work openly, and they Will
be Just TO the corporations which follow
that policy. Experienced men said
couldn't raise the rate They were ignor-
ant, you see, of human nature. The peo-
pie want good service. Secondly, they are
opposed 10 subterranean methods. Thirdly,
they object TO paying more for thing
than it is worth. When dealt with can
didly the controlling majority in any
American community will be reasonable
Undoubtedly the sorely troubled gas
magnates were attracted to Mr.. Richards
by the wonders he had worked in trolley
and streetcar management. Their prop
erty was sick and required immediate and
competent treatment. Moreover, their Gus
toners were carrying clubs and talking
riotously All OF the gas companies were
consolidated on June 10, 1895. Gas was
then selling a 81 per 1000 feet. The Massa-
chusetts Gas Companies, holding organi-
cation, was capitalized for S25,cooooo of pre-
ferred stock, s25.OOc,Ooo of common stock
and about 100000 Of bonds. Both kinds
Of stock now pay per cent annually.
The holding corporation owns the Boston
Consolidate Gas Company, the East Boston
Consolidated Gas Company. the East Boston
Gas Company and several smaller illuml-
mating companies in the vicinity of Boston
also the New England Gas and Coke com
many. which manufactures gas for all the
other companies and sells coke as ny
rroduct. also the New England Coal ana