New-York daily tribune. [volume] (New-York [N.Y.]) 1842-1866, 1864-03-26
MEMORIAL In RELATION TO RAIL
ROADS IN THE GETTY OF NEW.
YORK.
IA f,o;.l1,,,, ~ "A. STATE Of Ne,c- Yo,k !:

The memorial of the subscribers, residents OF
the City Of New.York, and others doing business in
that city shows:
The first railroad in the city incorporated In 1891
Now, there are eight railroads in the city, embraced
in the reports Of the State Engineer three Of them
erng with steam power and the residueoperated by
horsepower
They now WELD an aggregate capital Of ele32o 600.
They owe aggregate debt Of sle,l2o 2j6 70. They
transport annually % e3 800 passengers and they re-
ceve annually for tlat transportation, a, ooa oJ0 j.
The interest involved Is manifestiy very impor.
tan one and demands duo consideration and discreet
regulation.
Hitherto there has been no general system OF control
or regulations the subject has grown to its present mag
nitude Of itself and thus far without much jar OF con-
hict with parts Of ITSELF or with other interests.
II has now however attained such dimensions and
being daily augmented by many new projects that
tie matter can 10 longer be neglected.
About sixty ycas ago whom II became apparent that
tho city destined largely 10 increase commission
appointed ~ lay out Ns sNcets squares and ave
nues and their plan ever since adhered TO- has been
the OF present conyeniences in that respect
About ter years ago when the increasing commerce
Of the port rendered necessary some general regulations
a as Fsssed AID pian iG
II is such that Is how asked for in regard 70
railroads
| The peculiar formation of the city IL imporan,
feature Erected on island, long and narrow ts
immense 10 concentrated in the southern and
narrow end and every thing connected with domestic
life 10 removed distance Of several mifs up town.
People live their business and the necessity
Of passing several miles every day IA and rom business
hes brought into existence our present railroad ctsf
and made them very remunorative.
Thus two classes Of people have been cared for 80 Tar
namely thoes who have .ls to nve 10 and from their
business. and those who have built the roads
But all other interests affected By the system have
either been entirely neglected wantOnly sacrificed
1t is supposed that as the city gross-and s poppla
ton has increased for more than twenty yearr over
% 0oc year. and Is now increasing OF the rate OF about
40 600 yeer-mOre railroad facilities VIII b. required
and unless general plan shall be devised, II ia
probable that tie future will behold the same fostering
to interests and the same neglect OF sacrifice
Of others.
right ~ demand protection;
Fir One Of the most important OF those Interests 10
the financial
Five cents seems email sum for carrying @ person
many miles but when the number Of passengers Is
counted by tens Of millions, the Remuneration easly
amounts 70 millions Of dollars.
Fare at five cents enabled the city railroads in 1902
In the aggregate, To pay all expenses, ana make an
ogSTas 'ss dividend Of about ~ per cent ya
EXPENSE and yield average dividend Of seven per
cent. All above that 10 grauy TO the owners Of the
roads OF tho expense Of the travellers.
That gratuity from purely city roads amounted in
Isl 3 IS '''' " ~ w. " 'N' '''- " '-''
CTho report for 1863 is not yet pubHshed)
During the year 1862 one oi'tbe roads-tbe Third
avenue-earned SOL .93S 81 over and above all
penses about 20 per cent on the capital invested 1t
divided among it, stockholders ~ per eenhe interest
its debt consumed two per cent and il laid by u
surplus OF s66ie 10. or about six per cent On lis
capital.
Tie Sixth avenue road divided 10 per cent among ia
stockholders and retained surplus Of e42o67 26.
about six per cent on It's capital
The Eighth avenue road divided 70 per cent and IT.
tanned surplus of s25.Sh 80 or about three per cent
Thus It win be seen that these three roads alone
made during the year clear profit of oyer s2oqcD
besides paying all expenses and receiving lawful inter
est on their money invested.
Can any good reason be given for continuing system
OF such fayortism 70 few at the expense OF whole
community
This mischief has arisen In great measure from the
peculiar manner IN which the grants have been made.
Ordinarily in the grants OF iranchiscs-as for instance
banks and insurance cDnpancs-the value there in in
the franchise is distributed among those who subscribe
for the stock and that is open 70 the competition OF oil
persons.
But these railroad grants arc upon O different plan
They given, in the first instance to fow favored
persons who sell them out Incorporated company
and thus make large profits without investing dollar
IN the road In instances, the prices OF such
have ranged as high as 500. coo OF e3O0O00.
This node foperaton has been devised probably for
two purposes one 10 secure these large profits 70 tho
grantees and the other To evade the provision of the
Constitution which gives to the Legislature the power
" alter, modify repeal any corporation; II being
claimed that though tho Legislature destroy the oorpo-
ration they cannot affect the grant, for that u in the
nature Of the contract
Thus Is detailed Of the interests neglected or sac
ritced by the present system.
Second Another Is, In the invasion Of quiet 90 earn
esly sought by many Of our citizens.
There many parts Of the city devoted entirely TO
private residences aud public builddgs where trade
does not ALL except here aud there occasionally
family grocery. Lafayette place ia such locality
whore there no store Irving place 10 another whore
there Is only store Cramercy Parck another where
there u stores 60 IL s with Madison avenue in Its
whole length Lexington avenue in milo Of buildings
has only Elk stores, and there are very many cross
streets. where there are entire blocks Of the fifth Of
mile long and no store whatever In them
These places have been sought by our citizens IN
streets which are no thorougharcs, because " quiet
and safety Tor their families.
There are many Thousands thus situated. whose
wishes, confort interests entirely overlooked and
viii be. until some tribunal shall ba erected where
knowledge may exist before evil shall be created
IhSds vast amount Of business ID transacted IN
Beside these, there several sshss grants, Of who's
NJ nd