The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-08-01
THE STORY or THE TROLLEY
LINES.
what tho New Haven Directors Did I'm
Rhode Island.

1fflf1b1latt, Dut Tut piOhNs hhV
directors did not foresee, of course. that
the time might come when the Govern
ment would try to force disposal OF
the property at an immediate and also
ultimate loss. That the price paid may
have been too high may be frankly adj
mitted, but confscation would be pretty
severe penalty for an error OF judgment,
and the relations OF the New Haven and
THESE lines are such that to end them at
this time would be something like confis-
cation.
In ono sense the purchase was forced
on the railway company. The idea was
not original with Mr.. Melen or any of
the directors who held office during his
regime. Tho promoters OF street railway
monopoly in Rhode Island, when By
series OF manipulatons to be described
their object was measurably achieved.
sought TO sell to the New Haven at time
when Charles L. Clark was its president.
Apparently they did not realize then what
a good thing they had. They offered the
stock TO President Clark at $40 share
in exchange for New Haven stock at SlI5
a share. Mr.. Clark was a man OF large
views, who had already succeeded In
acquiring a lease OF the Old Colony, thus
getting a through line to Boston and
making the New Haven something more
than "a toll road" But his Views did
not embrace a monopoly OF tr;insporta-
ton in New England. Probably he did
not regard an electric system az at that
time n serious rival AT all events. the
offer was refused. Mr.. Melen paid far
higher price and got. not the property.
but a lease.
The bargain was n bad one. but II was
not wholly without Justification. That
perhaps was tho psychological moment
for looking ahead twenty years. Elec-
tricity had completely transformed the
old street car service. Long distance
n ts-l, "A lipCa daNa1ppfng
OF traffic. Tho trolley was becoming
formidable competitor OF the steam rail-
way. IL was even beginning to carry
freight and to lay spur tracks to facto-
ries. In the matter of suburban service II
was leaving the steam railway far behind.
II was not difficult TO Imagine a time
when this network of trolley lines would
he u system comparable to the New
Haven itself. with Its own right OF way
and facilities for through traffic of both
kinds The Providence and Danielson
line which was afterward bought by the
New Haven, was for some years previous
to that event supposed TO be desired by
the Grand Trunk az an entrance into
Providence The Grand Trunk afterward
laid out its Palmer and Providence line,
but there was reason for regarding the
Providence and Danielson as a menace.
The history of this extraordinary trans
action IL difficult to follow through all
It's financial cntanglemcnts. II covNrs
some twenty years OF promoting, with
great profits to tho promoters.
The Union Railroad Company. organ
lied in 1865, was the original street car
system IN Providence. II was "A purely
local concern, and IL had no ambition be
yond serving the needs OF the city OF
Providence. when electricity az mo-
tive power was first introduced the sub
urban service had hardly been developed
at all
The Providence Cable Tramway COM
pany was organized In 1854 The hill
which rises steeply from Market Square
! to the gates OF brown University could
not be traversed by ordinary street cars.
whether with horse or electrical power.
But this hill gives direct access to the
most desirable residential part OF Provi-
dencc. SO the now company built a cable
/ system mp the hill and through the heart
OF the East Side to the Scrkonk River. 1t
was leased TO the Union company In
| 1895. Later electricity WAS substituted
| for the cable. and ears were sent up and
| Gown the hill by a method of counter
weights. AS soon as the new tunnel
| under the hill is ready the cars will be
taken from it's surface.
when Senator Aldrich and his asso-
! ciatcs wished to get control of the Union
company and its leased line they organ
lied, IN 1898, under II New Jersey char
ter. the United Traction and Electric
CoI''p,.IlI, " " ,.s, n1' ." "po,.li'-
80, a,''', ny p''u ,u' We mn
800 w, M, 80 1,''',I ~ W 800 "
Sma'e w. s".INc Il'aIlelers wiz
pp"''vu ;. s,' '".Se n,o'i W. " aHs
D ,' ny ~. I"',s poIN'.'u VIC ,''onoy
~, o ao.,,o - '''"v,"; :. 10
Nv ~. ~ S ~. W. u ~" v'e, 'lvush ."'
o'I0.N '',..'on us'''I'i..oi n' ina.s ~,
! ~; ~ ,, e . ~
NJ. M Wv I.an" oe'', niI's
IN ioN' p''P''''S "efo '"f''"''@o'
| mus
Union Railroad ''''''''''''.''' '''ooooo'
Cable TramWay' ''''''''''''''' 5ooOo'
| PaWtutket lines .'''''....'.'. 100000
! Rhode Island SUBURBAN ''.''.'''' 100000
-
Total ''..'.'..'.-'''''.''. slisOoo o'
The United Traction issued 5000 900 II
stock and guaranteed principal and In
| terest on:
Traction bonds. Js..............., 50 600 oot
| Rhode Island suburban bonds. a. 46seOOt
Ihus the hIteu lIactloh STOCK, rep
,esohuhs, as II uIu larse excess OF IA
MHtles over nssc's' was rIucu'eu ioi
years me oner 10 tresldeht lark, az
mas peen saln was necIlheo' but many
IN CONSEQUENCE Oh inc great etNehsiohs ol
the serVico urousht D! electrlcity' IL pau :
per cent anu SOU apoNo par Us hsi
as w.
IIs's PROCESS OF Hhancial ueFeiophleh'
~