The daily gazette., 1879-07-30
wEDSEsDAY, JULY so, 1879.

THE WONDERFUL SUCCESS Of the
New York elevated railways as an In
vestment is told in another column in
an editorial article copied from the
World. Mr.. Cyrus W. Field seems TO
he the most fortunate of these investors.
He picked up his bonds at $i2o per
81 900 and they are now at premium
over par. They pay 7 per cent. what
his stock cost him is matter of secrecy
but that is variously reckoned from - per
share to 500, while what they are worth
in the market is variously estimated
from $3.50 to $400. Mr.. Field says he
has none to sell. But this gentleman 1t
appears regards his road as the especial
"pet" of Providence, aud himself, OF
course, the recipient of the benents'
These elevated railroads show the great
value Of the stree's of great city and
how much is made by their occupancy
and utility by the cunning and skillfui
capitalist. Those who discover and ap-
ply the means to produce these results,
beneficial to the public as Mr.. Field has
helped to do, deserve large returns. The
convenience and value of the elevated
railways to the people of New York are
simply inestimable when considered in
all their beneficial results to health,
economy, and ease and facility and
rapidity of transit.
These great and unlocked for results
having been brought to view, the news
papers are now discussing the value OF
the franchises necessary to the construc-
tion of such rail ways; and are taking
great pains to prove that the public should
share in some way in the productive
value of such franchises. This is very
natural. The streets belong TO the real
estate holders and the public, and ali
proper ways and means should be taken
to secure from such franchises as mucl
as possible for the reduction of taxation,
to lessen the weight tn reof upon citi-
zens of all classes, as the services of al
classes 90 to swell the human tide from
whom these values are gathered.
In this connection it might be said il
reply by Mr.. Field to the criticisms O
the lines, World aud Herald that the.
too owe something to the general publ
If their reasons are founded in fact an
were carried out to their full logica
sequence. The very buildings whic
these establishments own might be mat
subject to similar law. 1t may be tn;
the Times building, and the Hera
building and U0rii building have a
quadrupled in value since they we
constructed or purchased by their pre-
ent owners. Wheref, re then should q
the revenue from the constructive Walt
of these buildings covering a very sma
space in the public strects-the hig
ways Of trade-go into the pockets
the owners? Why do not these gene
Gus owners at once say, they are willil
to receive 10 or 20 per cent annually I
the money they invested thus, and hai
over the balance to the public for t
general good. The question raised
the World upon Mr.. Field is rea
worth considering, and it is worth &C
sidering in all its bearings upon capi
and labor. The people who build
the trade and commerce of great citi
out of which such vast fortunes |
realized without labor, certainly sho,
have some return from these forum
circumstances realizing sometimes faI
lous wealth to be wasted In riotous
ing and debauchery. The same r
might apply to patentees as we'll, sill
the unbounded wealth of some of til
has shown no good results, and that +
lionaires make no better nor more re
BILE citizens than those of ordinary wea
while they are most prone TO become
merest ciphers so far as advancing
great public interests is concerned.
erpOst .fdcto law can be made.
whether it would be proper to fl
point from which revenues should b
to flow into the public Golfers is certa
aquestion involved In the criticism
advanced upon Mr.. Fields investmt