An attempt to trace the convolutions of America's street railway
and public lighting finance would involve a puzzling array of
statistics and an inextricable complexity of stocks, bonds,
leases, holding companies, operating companies, construction
companies, reorganizations, and the like. Difficult and
apparently impenetrable as is this financial morass, the
essential facts still stand out plainly enough. As already
indicated, the fundamental basis upon which the whole system
rested was the control of municipal politics. The story of the
Metropolitan's manipulation of the New York street railways
starts with one of the most sordid episodes in the municipal
annals of America's largest city. Somewhat more than thirty years
ago, a group of New York city fathers acquired an international
fame as the "boodle aldermen." These men had finally given way to
the importunities of a certain Jacob Sharp, an eccentric
New York character, who had for many years operated New York City
railways, and granted a franchise for the construction of a
horse-car line on lower Broadway. Soon after voting this
franchise, regarded as perhaps the most valuable in the world,
these same aldermen had begun to wear diamonds, to purchase real
estate, and give other outward evidences of unexpected
prosperity. Presently, however, these city fathers started a
migration to Canada, Mexico, Spain, and other countries where the
processes of extradition did not work smoothly. Sharp's enemies
had succeeded in precipitating a legislative investigation under
the very capable leadership of Roscoe Conkling, who had little
difficulty in showing that Sharp had purchased his aldermen for
$500,000 cash. In a short time, such of the aldermen as were
accessible to the police were languishing in prison, and Sharp
had been arrested on twenty-one indictments for bribery and