The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1874-01-29
NEW YORK HERALD THURSDAY JANUARY

The Certain Proats or Rapid Tram
sft-Ststfsties or the street Rail-
The official statistics of the street railroads
of New York. published in the HERALD to day,
show that about one hundred and twenty
million passengers travelled over the Lines Last
year, and the gross receipts were between
eight and nine million dollars. We can form
an accurate Judgment from these figures of the
business that would be done by two elevated
or viaduct city railroads run by steam, and of
the profits they would realize. The travel over
the horse car lines. as reported by the several
companies, is calculated on the basis Of the
cash receipts. but it Is very we'll
known that the companies do not receive the
full amount collected. and it is fair to esti-
mate one-third increase for the percentage
appropriated by the conductors and divided
between the conductors, drivers, spoilers and
starters If We bad rapid transit in place
of the horse cars many passengers who
now make only one round trip day would
certainly make two and probably three, and
the facilities for getting from the Battery to
Harlem River in twenty minutes would draw
to New York many thousands Of families who
now live in New Jersey or Kings county. We
may. therefore, fairly estimate that steam cars
would carry double the number of passengers
now carried by the horse oars, and that the
receipts. at six cents q head. would be two
thirds more than the receipts Of the city lines.
At least two hundred million passengers
might be counted on as certain to travel the
first year over two steam railroads running
from end to end Of the city, and twelve mil
lion dollars would be a moderate sum TO set
down as the gross receipts. Allowing six
millions for running expenses, and we have
six millions left This would pay interest at
six PSF cent on a hundred millions capital
The highest estimate made of the cost of an
overground railroad in New York has been ono
million dollars mile. The road which it was
proposed to build between the blocks has been
calculated to cost one million dollars mile for
fifteen miles Of road. If we double this esti-
mate for two roads of the same length we have
only cost of sixty millions for the two. Six
million dollars net profits would pay ten per
cent on this investment It is clear, therefore,
that two roads built by the city for the benefit
Of the people would pay the interest on the
bonds issued for their construction and
provide q sinking fund for the redemption of
the bonds at maturity If the city built and
operated the roads the profits would be used
for the benefit of the people, and as the
profits increased the rate Of fare would be
lowered. There would be no greedy stock
holders to demand heavy dividends and to
exact from the people higher fares as the
patronage and wealth of the road increased.
If the Legislature will pass an honest
bill, creating responsible and thoroughly
reliable railroad commission, and giving the
commission the power to raise money and
build the road, we shall not be much longer
without rapid transit But all jobs concocted
by the present profitable street lines for the
purpose of killing rapid transit must be sum-
marty disposed of. The people do not want
to be triAed with any longer. They demand
rapid transit and will have it The sooner
our Legislators recognize this fact and yield to
the wishes Of the people the better will it be
for their reputation and future political pros
pects