The cable railroad, which was the one with which Mr.
Ryan was identified, offered $750,000, half in bonds and half in cash.
Mr.Sharp, however, offered $500,000 all in cash.

The aldermen voted in favor of Sharp because cash was not only a more valuable commodity than the bonds but, to use Alderman Fullgraff's own words--"less easily traced." That Whitney financed lawsuits against the validity of Sharp's franchise appears upon the record, and that Ryan was actively promoting the Conkling investigation, is likewise a matter of evidence.
Sharp's victory had the great result of bringing together the three forces--Ryan, Whitney, and the Philadelphians--who had hitherto combated one another as rivals; that is, it caused the organization of the famous Whitney-Ryan-Widener-Elkins syndicate.

If these men had inspired all those attacks on Sharp, their maneuver proved successful; for when the investigation had attained its climax and public indignation against Sharp had reached its most furious stage, that venerable corruptionist, worn down by ill health, and almost crazed by the popular outcry, sold his Broadway railroad to Peter A.B.Widener, William L.Elkins, and William H.Kemble.Thomas F.Ryan became secretary of the new corporation, and William C.Whitney an active participant in its affairs.
This Broadway franchise formed the vertebral column of the New York transit system; with it as a basis, the operators formed the Metropolitan Street Railway Company in 1893, commonly known as the "Metropolitan." They organized also the Metropolitan Traction Company, an organization which enjoys an historic position as the first "holding company" ever created in this country.

Its peculiar attribute was that it did not construct and operate street railways itself, but merely owned other corporations that did so.

Its only assets, that is, were paper securities representing the ownership and control of other companies.