The New York herald., 1875-02-21
RAPID TRANSIT.
A STATISTICAL INVENTOR.

To THE EDITOR OF THE HERALD:-
Notwithstanding the multiplicity OF rapid tran.
sit schemes which have appeared in print since
my communication to your valuable journal Iai
to discover in any OF them any practicable plan
for the Immediate relief OF the west side property
owners to whom more particularly wish to al
dress myself. All proposed plans require not less
than three years for their development, and by
that time many or the present owners will be sold
out owing to the pressure Of interest charges,
taxes and assessments. For instance let US see
the position OF Boue ward lot owners at the pres
ent time. l assume that there are some fifteen
hundred lots on the Boulevard, from FIity-ninth
street 10 155th street, which are taxed say, on a
variation OF $4,000 each, on winch the taxes at
three per cent 500 per lot equal $l35 900 Tor
ali. The assessments Will probably amount to
nall that sum, say $67, 500 and the interest and
other charges on membranes (which l estimate
at per lotl at ten per cent, win amount 70
therefore, foot up as fonows:-
Annual taxes. .....N................. SlS5' 600
Interest Charges 4scSSS
To Which may be added interest on equity, say
S7 600 per lot at seven per cent equal TO $40
per lOt 7S5UJO
Annual loss to owners 81, 1897 800
AS stated in my former letter, the plan l pro-
pose Is to connect at Fifty ninth street with The
Greenwicn street Elevated Railroad, and BY a
llne OF steam carriages, with rubber tires on the
Boulevard, convey passengers in iorty-fve minutes
from the Battery to any point below 55th street at
fare not exceeding ten cents for the entire dis
tance. We have seen tnat the Boulevard property
owners are now losing nearly 81, ,5o00 900 annually,
west side property at double that sum, we have
an annual loss OF over $4OO0,Ooo, which, in
to render available other rapid transit proJectsi,
would amount TO some $i2,O00O00, surely an enor
nous sum But what nat win the new plan costp IS
VIII endeavor to answer. In the first place, to
the Elevated Railroad, which can be made as safe
however, is not The case:-By the report Of its
President, recently made, 1t appears that expen
diture OF some S35O,OoO Is necessary to compiete
the road to Fifty ninth street, and the necessary
turnOuts, so as to run trains each way every ten
minutes. am ignorant OF me pecunlary position
necessary Ior the property owners to take
100000 of bonds to insure the completion Of
would only require an outlay OF that amount
without expense, as the company would pay in
riage service. | estimate that the cost OF
SIX steam carriages Que to connect every ten
minutes with the @ railroad S masng the round trip
structed so AS to be capable OF carrying nlty pas
sengers each nnd requiring an engineer and
ing $40, ,OoO and an additional expenditure OF
$4,000 1or waiting looms, repair shop. &c. in
ALL say $50, 000 The daily expenses OF running I
estimate as follows:-
Three OF coal to each carriage at So ,.... SIS
Conductor and engineers wages - ach"..........
Repairs and Incidental expenses s-.................
Daily expenses of each carriage $50
or $3.50 daily for the whole, one half OF which
would be returned in fares the first year, which
would deficit OF So, $50, to be borne by the
property owners
The total amount which the property owners
would have 10 RAISE among themselves would De
as foHows:-
For investment IN bonds ds...................S S2nUO0
For cost OF carriages, Recommendations. 600UO
For deficiency hrst year. $4,000
Total 92S3,000
and the actual cost TO them would be:-
Interest on cost and depreciation OF carriages
say per S500OO. 5000
Deficit as 5000
Total ............................% $4,000
nave thus endeavored to show that with an
outlay OF $283, 000 and an expenditure of $685. 900
the nrss year (which would diminish yearly as the
travel increased) the problem OF rapid transit
would be solved 30 far as the west side is con-
cerned and the property brought into the market
u once Tor immediate improvement. MEMO.