Word: tractional
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...Weekend Retreat League) purchased a 106-acre estate for $60,000 from Philadelphia's rich Coxe family, now have a fulltime retreat master, Rev. Dr. James W. Gibbons, who conducts 45 sessions a year. President of the League is John J. Sullivan, austere heir to a traction fortune, vice president of Philadelphia's Market Street National Bank and professor of business law at the University of Pennsylvania. Malvern has a mailing list of 6,000 men who have made at least one retreat there. Total attendance last year was 4,132. The secular spadework of organizing the gatherings...
...Connecticut Railway & Lifting leased its gas, electric and street railway properties for 999 years to Consolidated Railway Co., which was later absorbed by New York, New Haven & Hartford R. R. Co. New Haven sublet the gas and electric properties to Connecticut Light & Power Co. The traction properties were sublet to a New Haven subsidiary called Connecticut Co. Last year all Connecticut Railway & Lighting had to do was collect $1,400,000 per year from its leases, distribute interest and dividends pay taxes. More than $1,000,000 of its income was derived from the traction properties, not because the streetcar...
Last autumn New Haven flopped into a reorganization. With court approval the trustees of the road promptly canceled the traction lease made in 1906. The gas and electric leases remained in force. But the most Connecticut Railway & Lighting could expect from its streetcar lines is an annual $118,000, instead of the old figure of more than $1,000,000. That leaves the company $155,000 short of meeting even the annual sinking fund and interest requirements on its $8,989,000 funded debt...
...younger members. Excitement is occasionally provided on the floor by Salt Dome Oil, a mysterious issue which moves as much as 12 points between sales. As characteristic of the Philadelphia Stock Exchange today as it was in the 1870's is a deal of fast trading in local traction securities, foundation of most of Philadelphia's many fortunes...
...banking house of Lehman Bros, dates from 1850, when Brothers Mayer and Emanuel Lehman, emigrating from Germany, started a cotton commission business in Montgomery, Ala. The Civil War ruined the cotton business; in 1867 the brothers moved to New York. They helped form the Cotton Exchange, floated bonds for traction and ferry companies, backed early issues of Sears, Roebuck and Woolworth preferred. Mayer died in 1897, Emanuel in 1912. The present partnership includes four Lehmans, five non-Lehmans. Philip Lehman, 74, son of Emanuel, is patriarch and senior partner, presides at meetings in the partners' room on the third...