The daily exchange. [volume] (Baltimore, Md.) 1858-1861, 1859-05-03
THE CITY PASSENGER RAILWAY

! To the Editors of the Exchange:
! Although we are assured, both officially and
anonymously, by the conspirators Il beg pardon
l mean, corporators) of the City Passenger Rail-
way, that the yoke has been fitted around the pub
lie neck with such care that any attempt to loosen
or shake 1t off will be labor wasted, and are adj
monished that it is our duty, as good citizens to
DOW submisslvely to the edicts of our rulers-no
matter what, or by what means enacted-yet as it
is the constitutional privilege of an Englishman to
grunlbe, his descendants on this side of the water
may claim the same right
Assuming, then, that the parties are correct
and we bound, noens polens for fifteen years to
come, it may not be uninteresting for the public
to know something of the history of Street Rail-
ways, and what the owners expect to make out of
Baltimore by their speculation.
The success of those roads in all the cities has
surprised their most sanguine friends in their in
cipiency they were looked upon coldly, both by
capitalists and citizens-the one doubling whether
they would pay fair return on the investment the
other fearing they would injure the business and
value of property in the streets through which
they ran. Both have been alike disappointed
the investment has proved proitably beyond anv
thing known in the railway history of the country
and ease of access has enhanced the value of all
property within reach of their influence So
much for business experience against theoretical
opinion.
The working of the Third and Sixth avenue
roads in New FORK city may be stated as a fair
specimen of how these things are managed else
where, ana now the owners expect to manage them
here
The Third avenue road is six miles in length
$4,000 would be ridiculously large estimate of
the cost per mile, yet the owners issued and sold
stock to the extent of Sl95,000 per mile, and the
Stock thus diluted, is selling in the New York
market at 81 per cent premium, the net earnings
OF the road last year being IL $40 per cent on the
amount Of stock issued.
The Sixth road is four miles long, and
probably cost about the same to make as the Third
avenue. The of this road issued stock at the
rate of SCI 900 per mile, which now commands a
premium of &c per cent and earned last year IL 40
per cent. on the stock, clear of all expenses
Those two roads are selected for illustration as
their earnings present the actual average of all the
New York roads-some less, others much
larger
The estimate of the owners of the Baltimore grant
is that the road here be built and equipped for
about $500, O0O-that it will pay per cent on an
issue of 100000 of stock and that that stock can
be sold at par-then allow 500 900 for the expense
of procuring the charter, and we have million of
dollars the profits expected to be realized by the
operation; and taking the results of the Third and
Sixth avenue roads as basis, the calculation is not
unreasonable one.
There has, probably, never been an instance where
an entire corporation, from ''snout to tall" has
been so adroitly humbugged in this case. None
OF the Council appear to have informed themselves
of the practical results of the Street Railroad in
other cities, and the probable results here; the
plausible statements of interested parties were all
they had or seemed to desire, and it will be mat
results are fully developed, to each member of the
Council who voted for the BILL to think how ridicu-
lousy cheap he sold his constituents to a body of
foreign spectators.
take no exception to the action of those who
have bought the charter-they are business men,
fairly entitled TO the best bargain they can make
and if they have shown, in this transaction, the
sharpness that is proverbial in ''Philadelphia
lawyer, no one has any right to complain of it.
An advocate of the present grant writing in
The Sun of last week, who, from his nom de plume
ought to be very knowing on the subject after in
dulging in few abortve attempts at w.t. exulting-
"Componies an Philadelphia, all charging five cents
sand competition HIGH it is singular that some of
'them do not lo,oer their rates if as conended three
Scents 'coutd prone amply remuneratires"
AS the writer don't seem after all to be as know
ing as he pretends to be, | will inform him that
while nominally charging five cents, the Philadel-
phia Companies have been compelled from compe-
tition and to create business virtually TO come
down to three cents.
They charge five cents on all the roads and give
the passenger ticket on any other road that CON
meets with them, for one cent additona this gives
three cents to each road This is the case on all
the roads but two, which have very long routes.
where the additional charge is three cents making
four cents to each.
Children under five years are taken free; from
five to twelve, three cents and all school children
without regard to age, having their books with
them, three cents. On some roads all passengers
before seven O'Clock in the morning paw three
cens--this is to enable mechanics and laboring men
to go to their work in the morning and will proba-
bly, be adopted on all the roads
The head tax of one cent will efectuay prevent
any such system OF Communication here, the cent
must be paid on each passenger without regard to
the charge made by the company
Nor it likely that this head tax will be removed;
the proposition of the Mayor to submit it to the
people at the next election is only adding insult to
injury, when it is well known that three fourths of
the people have no occasion to use the cars and will
regard it as capital good idea to have magnifi
cent Park at the expense of the other fourth
Some few, indeed, of those who reside near their
place of business, or keep their own carriages,
might vote against it the ground of its gross
Injustice, but the majority would decidedly approve
OF 1t. X