New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1872-12-21
TEN MILLIONS GIVEN AWAY.
VALUE OF THE FRANCHISE OF EIGHT CITY RAIL
RoADs-THE sEcoND-AyE. EXTENSION.
~.

VALUE OF THE FRANCHISE OF EIGHT CITY RAIL
RoADs-THE sEcoND-AVE. EXTENSION
The Commissioners in the case OF the Second
ave- Railway extension met yesterday az NO. 40 Waist"
10 listen 10 the summing up OF the on the part OF the
city Inv Richard OGorman and his associate counsel
Mr. o'Gorman said 10 substance that he did not expect
the railway company 20 pay TO the city larger
amount than was just and to that ehd no D'o
labored to find out what monetary benent "ouiu
result from the extension by obtaining INC
views of interested as well disnterested persons
The courts have decided that the fee OF the railways is
held by the Legislature In trust for the State While the
people are the real OF the streets they can trans
fer their right at any time 10 the Commissioners Inc
question Is not what damage may be done 70 the city
but what Is the advantage gained by this Company Dy
reason Of tho franchise granted by the act IL appears
In evidence that for years the Company has been anx
ious to obtain the franchise Iu regard to tho value OF
this franchise we must take the standard of ordinary
mercantile transactions. The sworn statement OF the
officers of tho road filed with the State Engineer nj
Albany gives the following facts;
Receipts sSSssi2i expenses sS balance slsIon oeaee'
, H.. s,ssSi.ep PEI Hs5s SIS 81
Reduce this pro rata to distance OF four miles, the
length OF the new extension aud the amount OF Denent
for that will be about $1,000 year, ono mar OF
which should be paid to the city annually.
Mr. OGorman was followed by his assistant who fur
nished tho important statements aud figures which ap-
pear below.
Tho promoters of street railroads in this city at first
attempted obtain their franchises from the city GOV
ern,nent and tho following grants made giving
away to the corporations millions OF public property as
SIhs,e Railroad Ju9e 1851 EgAhays R,lro,t sep,mher
1 11 sSa a Si Rsd DnSer osa Sys Railroad
September 1875 beside the AMI Harlem R0ad De'e@oe'
1891, aud the Nv River Railroad, May, lsi7 .....
1t was then found that the city had no legal night thus
to give away to corporations for private gains, the pub
Ito Streets purchased and graded at public expenses; and
n 1854 the legislature by an act which appea.en 70 pe
Serted confirmed the grants heretofore made by TIE
s s wSoe w tRs to RS"n
not checked until A. T. Stewart offered two mfions
dollars for the franchise which the was on
the point OF giving away The first actual step toward
reforming TINS great evil was by the last LegsatuIe
which introduced In the bill for the extension OF Tie
second-ave Railroad clause requiring the Company to
pay the city the value OF the nights a9d pIiyleges
Froed Is the net earnings less seven per cent interest
the cost and the immediate value OF tho FRANCHISE u
TO show the value Of the franchises which the city has
given away the following figures were presented;
sEcosDAyE VI RsrL I.c.
Ra estae.... Sl29 Annual value Of franchise s6lo3
r isf r ana Of pc1ey ss Value Of f.acSsc yer
0rJs. annual earaIugs... $780, me..,'.'''''''' j1S
THIRD AVE. RAILROAD.
Length Of track, miles . , 5000,
Zeal s ss 4 4s1s y T 9ss St.n'a'. .s
(iros earupgs... ItOs5 AsS
sIxruAvE RAILROAD.
Length ssIo q ss Sss ..I mIs, slo1os
.e n5 Ss 49, 5 1 13psai ,iss q franchise s ss
sIos. annual eSiUSss s55s0 value Ofhse permss. 1881
sEvENTHAyE. AND BROADWAY RAILROAD.
Length S,1s tfs E'S g., q s,G mile. e,rg,
ioia value ss9Il3 g,ss 'ss9a
EIGHril-AyE. RA5LRoAD
Real .s Sg &aaS,i ' value et,nsA.
Track and rolling stock. ss 20 Value o. hHS
Gross .naaal sarOnS' is!sss mile ''''''""'''' hS'1
Dry DOCK, EAST BROADWAY AND BATTERY RAILROAD.
Length o. t5a ss y miles ,n...,,.. 70. ,,-
.I :,s, 30 VAL y.a Of g ,.as:: 1860
1S s s ss II esS Sls5 ss e 81 PER sa
FoRrY SECOND ST. AND GRAND ST. FERRY RAILROAD.
R., .,,a.. L'U Sl,f Il :tai Sc e e His sss
irscE rolling ok 2 $50 AM al ysac Of franchise 6sA
Es;. ,ss e S IS y yss Of rsne Der MI: i
BLBLcKERsT. AND FULTON FERRY RAILROAD.
Lers.a Is q ar Sr'S e. = s, Tlss sre4,o
ci ami rolling stock. value Of franchise seS
Gls Co.,: s saS 81 ss s value per- nil. 5
Total value Of poper s3 4sEoai yase franchise e o5
st sa1nr. s value Of frauh per mile iss
These. estimates have been based upon the sworn
staements VI tine officers OF tine several companies, and
lie property worth more than 100000 has been given
@ 10 BY So eE c Hn ss sSe s sRS
an annual revenue VI s2ll0 aud that the railroads.
Alter paving ths, sn w1I sun abcS mus so l
touching upon runnin9 near the line OF Broadway
pays batter than others, and that the crosstown lines
pay better tban others OF tho same character running
north aud south. IE was argued from these gures that
son o. least interest per cent sG9a5o9 per
annun, though the new avenues OF travel which would
ircAse, per mile, nearer to that q the Broadway or
tue East Broadway aud Dry Dock lines.
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,TvTfrkT. JOKJNG AMONG ACTORS