The New York herald. [volume] (New York [N.Y.]) 1840-1920, 1877-09-28
We Want Those Cheap Cabs.

Ihere appears TO De some nltcn IN the
cheap cab project which was started some
time ago in this city under the active super
vision Of Mr.. Frank Kavanagh, who stood
forward as the chief promoter of the enter
prise. According to the representations of
that gentleman he had secured good
amount of English capital for investment in
the business, and under the influence of
these representations several American SUBJ
scriptions to the capital stock OF the pro-
posed company were secured. The time
fixed for putting the new vehicles on the
streets of New York was October 1. We are
now within few days of that date and there
is no prospect that this promise will be full
filled. 1t is said that some American sub
scribers have paid the required instalments
on their subscriptions, but that the English
money is not forthcoming If the project is to
be carried out the capital should be promptly
paid in, and any delay on the part of the
English stockholders would be exceedingly
unfortunate as the American subscribers
have only the word Of the promoter for the
capital alleged to be ready on the other side
to aid the enterprise. If the English SUBJ
scribers are not satisfied with the prospect
before the company md desire to withdraw
the fact should be honestly stated, and then
the American stockholders would be in q
condition to carry out the project on their
own account. A meeting of the company is
to take place tomorrow, and it is to he
hoped that there will be no further haggling
or uncertainty about the matter, but that it
will then be positively decided whether the
alleged English subscriptions are to be paid
or not.
The question as to the remunerative
character of q cheap cab enterprise in New
York has already been decided affirmatively
There is no doubt on the subject. The only
difference of opinion that exists relates to
the details of the management. Many per-
sons believe that the hest plan is to form a
company with capital enough to purchase
large number Of close and open cabs and
q sufficient supply of horses, and to let them
to licensed drivers ut n rate which will
pay handsome interest-say twelve per
cent-on the investment, over and above all
expenses of wear and tear, repairs and main
tenance. 1t is calculated by competent per-
sons that cab, with change OF horses,
could be let out at two dollars a day and
nav this interest. A driver who piled
for ten hours per day or night might
assuredly calculate on obtaining fares for
five hours, or one-half the time, at the rate
of one dollar an hour or twenty-five cents
mile. This would bring him q clear profit
of three dollars day, which is fair wages
in these times. This is the plan pursued
in London and Paris. In the former city in
1874 there were seven thousand eight hun
dred cabs. run by two thousand eight hun
drcd proprietors, and the licensed drivers
numbered over ten thousand, or more than
the whole number of cabs, showing that the
driving business is profitable. We want
cheap cabs in New York, and it is to be
hoped that if Mr.. Kavanaghs company is
not to be speedy and assured sue
cess it will be superseded by some other
scheme