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 and western states of America. Few indeed of the pioneers in the business became wealthy; many no doubt lost their money, though they tried in vain to vary or improve their fortunes through the changes that were rapidly developing the mighty problem of transporting the crowded populations of our cities. There were, for instance, the days when mules were substituted for horses, and sacrificed rapidly and ruthlessly on the principle that it was cheaper to replace them than to care for them, a system about as bad in its consuming cruelty as that adopted by some factories with reference to their human employees. Then, in a few of the larger cities, there were the cable cars, but the second phase came with the adoption of electricity as a motive power, and the coincident development, almost a miracle, of the towns of middle and western America into real cities.

With electricity as a motive power, and the consequent cheapening of operation, the street car business entered upon its second phase, and it ushered in at once the era of speculation in franchises and social values, watered stocks and bonds. The era of exploitation came upon us, and out of these privileges, out of other privileges to conduct other public utilities, i. e., privileges to absorb social values, enormous fortunes were made, with all the evils that come with a vulgar, newly-rich plutocracy. To keep, and extend, and renew these privileges, they must have their lawyers, and their newspapers to mislead and debauch the public mind; they must go into politics, organize and control the machines