The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1854-01-20


street sr Ae Foe' the lover terminus viii bs At a.
paus ..assh 40 osd- sy. opposite the DOT o, ths
PhrR. los 4,S construction on the .boye naued
~ IN 80. = trsek and Of squippug with 4s
-. .-t .oa nAfness toxether with the rssl
t.- 80 Gn'ea 70 s7G5 900 A. being sl5 900 a in
-, ,o--o chptta stock q rhich excess - 800 "a as
.rc 81 rom the surplus earnings. sfte- paving
.1if o. N. di,ioends the This excess ia ths
49, ceht o~bg by the company; the floating
reo. s53l54 90 existing =. the time Of our last annual
h. m having 0sen paid aad the funded debt OF SIT 600
syDg been g.orc-d So 100. This las. AIMED
consists q UNINSURED mortgages the real estate par
chased The deb IL rot likely to o6some a cnsrys upon
ths earnings Of Ne road, have sdrplus los
the sixth avenue and Fort fourth And Forty NTH streets
which at fair vxu,tion may scli for $50 600 Toe
real esate owned by the company consists OF tins above
named ten lots, Of fourteen lots With tae depot stsblss
and backsmtth's shop upon them and OF one-haf the
Zee az property ~ Vessy street. and one half interest in
the years lease OF property 10 Barclay street The
toll complement of forty three was not placed upon
the ROAD until June last This owing TO hs difficulty
q getting them through ths oy.rcroaoeG work shops
In this same month owing 10 excavations made 10 the
progress Of building in Church street. track in that
seet fell in and not restored until October last
Owing TO these es the business of the road
erisy less than would otherwise nave been The bu
ness for the past year has been follows during the
year tive and half millions Of passengers have
ridden the rc.d The recsips from passengers have
amounted TO 500 $50 SO The expenses OF working the
road $40 $40 49, The rate OF working expenses has
net been as low as was hoped, owing to the extrAord
psry high prcs OF horse feed which prevailed last sea
son. having been ntAir ed during the present Never
hesss the profits OF the years business after paying
into the city treasury Ss273 40 taxes amount to sIs
|
holders in dividends leaving surplus fund of s34l2 IS
to TIE credit Of earnings This surplus would have been
larger equal per cent the capital stock but for
the great falling of in The December receipts, owing
mainly to the obstruction of the track by and to
the consequent Increased expenses OF keeping up with
double teams and extra labor the public accommodation
along the line OF road Besides pay Jog the aIgs OF
$4,000 taxes into the city treasury the company
has been upder an .xpsi dture at the annual rate OF
shout zoo Tor cleaning ana Spin king the public streets
through which the cars are run
Two important facts presented in this report which
may be OPPORTUNITY commented on in connection with
the project Swallowed forth by recent resolution Of the
Beard Of Aldermen, calling FOR information ~ to the cost
of the sixth and Eighth Avenue Railroads. The cost Of
the sixth Avenue Railroad with Its equipments and real
estate appears TO be e7e5o 900 To purchase At ten par
cent sdrsnce according 10 the terms OF the agreement
with the Common Council would require $500 600 to
be levied upon citizens in addition to their present
heavy tAies. To carry ga millions OF passengers cost
5000 average aboutSh cents per passenger riding
Any distance. The - cent profit each passenger has
enabled the company to ten per cent dividend to the
stockholders This Is with the energetic and economical
administration that individual enterprise has brovght
bear, Under city psnsgemsnt where other motives
thsn their business would obtain in tine appointment
OF the oicsrs and aubordnates managing the road
ii Ia than likely that the u cents made of Of
Zach would te materially diminished before its
fractional representative reached the city treasury The
present rate expense 81 Gems per passenger, would
probably be enlarged TO point leaving email margin
the I've cents fare collected Perhaps less gain would
the result 10 he city treasury than the sl4,00O
Ans street cleaning paid and saysd the city by the
company working the road The increase OF Off ,ers
and the recruits it would bring to the army or place
men now swarm!pg the City Hall, would be OF
advantage 10 the public morals, No cheaper riding
than the Eve cents paid could be achieved as
rpy 10 " Oys
msrated evils. To purchase the two roads-ths Six
and Eighth syepue-would involve expenditure Of
ever oae ard half millions IL is net likely that ct
zsns vood be willing TO subject themselves to tax Of
nearly two millions, to be expended in . purchase
fraught with such results OF doubtful good and positive
evil Nor would the mischief stop here. If these two
ROADS were purchased why not all the city railroads.
and this 81 expenditure OF four or Ave millions 1t
we're wiser policy TO encourage the construction and
operation CT Avenue city railroads in the hands OF iad
yidusl enterprise which only make 1t paying bust
ness Let them take hin. from the report of the
pxny now before and strive like Brooklyn to promote
the deyepement Of the outer wards by encouraging the
from the working and sls pin portions OF the city. We
commend the report TO their aen ton with the sugy-s
ton that grant to the company Of the Mercer street
and University place branch, parallel to Broadway hsie
tofore petite ned for by its officers, would aid ia such
dey. and furnish all the accommodation with
GU, being loaded with the objections that attach to
rSI DAD in Broadway itself.