The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1873-01-18

the island with population. dense population
the surface roads, II would interfere with and
take away the through travel but the way travel,
. Se dens the
Even in the case OF horse railroad on an ave.
nue. along which there ran, elevated or under.
draw to 1t so much travel that the character and
business Of the avenue would improve, and this
would increase the way travel.
II an elevated steam road were to be built along
the Second or Third avenue, which are now prin-
cpallv valuable for business purposes, the way or
surface travel would In time tend towards the
avenue which was the line Of steam transit, for the
reason that 1t, between the two, would become the
main thoroughfare and that the main thorough
fare would supply the best way business.
3. That the use OF the same tracks by other roads
decreases the business OF the first road by the COM
petition, and diminishes Its value.
The exclusive right OF one road to use its tracks
Is limited by the right given to other roads to run
over the same tracks or on 2 parallel track in the
competition is at terminal point OF q road and
the two roads run on parallel lines 1t may seriously
diminish the travel on the first road.
such is the case with the Second Avenue Rail-
road, and consideration must be given to the fact.
In other respects these points have controlling
force on the question we have to decide.
x The general franchise OF a railroad company
includes more than they receive from the city cor
poration 1t Is the OF the powers q corporation
has OF accomplishing it's purposes and Of making
money subject to the duties imposed upon It, On
general principles OF public policy discrimination
Is to be made between the aggregate value Of the
franchise and that portion Of 1t for with they
should make compensation. The public convent
| ence and advantage are motive which the Legis-
| lature in granting these franchises, and the Just
profits OF those whose energy and 1oretnougnt es-
| tablish them should not be interfered with.
The whole value OF the franchise as determined
by calculation of the profits OF city railroad and
thence OF the worth OF Its capital and by deducting
therefrom the cost OF It's construction, LANDS and
equipment, Ia not to be taken as the guide TO the
| determination OF this compensation.
XI Where a railroad company acquires right OF
way BY purchase they pay the market value OF the
| land; II BY lease they pay Q rent measured by
! percentage on such value. t
The occupation OF the streets by the city rail-
| roads is In the nature OF the perpetual lease OF
right OF wav or for term as long as their charter
| endures, for mixed public and private use In
common with all other public uses, and yet In some
| respects an exclusive use and burden on the land
| We must appraise the value OF such an occupa,
| ton in determining the compensation.
IL should be In the form OF an annual payment In
the nature OF rent. II Is In accordance with the
| best policy OF q municipal administration to have
fixed sources OF annual income rather than aces
| sions of capital
This annual payment, in view Of the term and
| time OF the occupation, and OF the progressive
| growth OF values, should be variable from time tt
| time, as IL customary In long leases, and not bt
| fixed at the outset Tor all the future.
h A proper measure would be percentage on the