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.