Beautifully engraved certificate from the Pay-as-you-enter Car Corporation
issued in 1909. This historic document was printed by Albert B. King and has an
ornate border around it with a vignette of an old trolly car. This item has the signatures of the Company's President, Duncan McDonald and Secretary and is over 110 years old. This is the first time we have had this scarce certificate for sale.
Published in 1910:
PAY-AS-YOU-ENTER CAR CORP.-Inc. May 25, 1910, in Del., and acquired the entire $1,000.000 capital stock of a company of the same name incorporated under the laws of. N. J. in Oct, 1908, to own patents covering "pay-as-you-enter" cars, and to grant licenses to run cars thereunder. This New Jersey corporation has retained its corporate existence, and acts as the operating concern. A large number of patents have been issued in the United States, covering all the essential points of this type of car, a id company also holds patent rights in the principal European countries and in China, Japan, Brazil. Argentine, Mexico, Cuba and Australia
All of these patent rights, home and foreign, are the property of the company, and the various street railway companies contract for the use of same on a uniform royalty of $100 per car.
In 1911, a controlling interest was acquired in the Pay-Within-Car Co., owning certain patents covering door and step closing mechanism, and since that date licenses have been granted through a selling Organization called the Prepayment Car Sales Co. On Jan 1, 1912, about 12,000 PAYE cars of various designs were operated by 112 licensees.
The Corporation has an interest in the Railway Improvement Company which controls the Hedley Coasting Recorder and other devices for use on electric lines.
History from Encyberpedia.