RARE 1935 TOKEN. Obverse Legend : PUBLIC SERVICE COORDINATED TRANSPORT . Reverse : GOOD FOR ONE 5c FARE/ THOMAS N. McCARTER PRES.
The Public Service Corporation of New Jersey was founded 1903 after series of trolley accidents raised
concern over public safety. Small transportation companies then organized as a
group led by Thomas N. McCarter (1867-1955), former Attorney General of the State of New Jersey (1902-1903) and then General Counsel of Fidelity Union Trust
Company and son of the founder of McCarter & English law firm, conceived plan to create Public Service Corporation
by combining more than 500 gas, electric and transportation companies in NJ,
with McCarter named first president, a position which he held until 1945. The Newark subway first ran in 1935 and this token is for that 5 cents fare.
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