At that time, there were about 25 independent transit lines in Seattle. By 1907, the Seattle Electric Company, owned by Boston-based Stone and Webster, leveraged its foothold in the electric power industry to consolidate these into one operation, known after 1912 as the Puget Sound Traction, Light and Power Company. It cost a nickel to ride. Puget Sound Traction was bought out by the city in 1919 for US$15 million. However, under the city's management, the streetcars chronically ran a loss (even after a 1923 fare increase to three rides for a quarter, a fare of 8-and-a-third cents), and the quality of the system deteriorated.