Certificate for shares in the Glasgow Tramway and Omnibus Co, 1901.
The GTOC was founded in 1870 by Glasgow's leading bus owner, Andrew Menzies (d 1873) to lease Glasgow's tram tracks from the Corporation and provide horse-drawn tram car services in the city. The first service was introduced in 1872 and ran from St George's Cross to Eglinton Toll. Heavy initial outlays meant that the company could not pay a dividend to shareholders until 1875. Subsequently shareholders did very well, with dividends rising to 11.5 per cent.
Glasgow Corporation decided to operate tram services itself and refused to renew the GTOC's lease in 1894. Furious, the company decided to stay in business by providing omnibus services in competition with the municipal tramways. It also diversified into vehicle hire and funeral undertaking in the west of Scotland and in Edinburgh. By 1901 the company had 1,400 employees and 1,800 horses but it was suffering heavy losses. It went into liquidation in 1908.
Reference: Museum of Transport, T94 - 064
Reproduced with the permission of Glasgow City Council, Glasgow Museums
buses, Glasgow Tramway & Omnibus Company, share certificates, trams, tramways