New-York tribune., 1880-02-06
ELEVATED RAILWAY PROFITS

A REPORT on TIE NEw-YoRK LINES MADE BY AN
ASSISTANT OF THE STATE ENGINEER - LARGE
TRANSACTIONS BROUGHT 10 LIGHT.
lBY TELEGRAPH THE TRIBUSE.l
AIBANY. Feb. 5.-Elnathan Sweet, jr, an
assistant OF Engineer has just made report
ON the result examination Of the Elevated Railroads
of New York which he requested to make 10y sub
committee OF the Hepburn Committee that last Fall
investigated their affairs Mr. Sweet in his report gives
history of the construction OF all the elevated railroads
describes their structures and analyses the financial
statements OF their officers. Defects In the structures
are pointed out
The aggregate cash cost to the NewYork Elevated OF
lts roads completed, he may be stated follows
Cost prior TO September 80, 1879, $7,302,79l OF;
Maid Manhattan Company for completing con-
,truction and equipment, Sl,4l6'246 II; total,
re 7loOse 26 Mr.. Sweet judges that the allow
snce 10 the Manhattan Company is such liberal one
thar there will probably he It's hands after completing
The road surplus OF 344s97 "a, so that the total
,etoai cost for the present lines OF the New-York
Elevated will be $e,374, lao 81.
The New-York Loan and Improvement Com
,suy expended in the construction OF the
Metropolitan Elevated Railway up TO September
30 1879. the sum of $10.s29790 so 1t is
Mr. sweets opinion that S2,22s,042 50 Of this
,um is chargeable properly TO the construction
account 1t is made up OF items for legal expenses for
the purchase OF real estate and other charges OF Ike
character. There is an item OF $4l5,OOO charged to
discount.
In bonds OF the Metropolitan Company sold to Kuhn
Loeb Co. 600 at So per cent aud the rest at 80
1er cant Not more 10 per cent OF the real estate
ear.ed at 1898 1892 49, Is needed, on account OF the
consolidation with the New-YOrk Elevated Road. The
cost Of the Metropolitan In every item except that OF
the road structure greater than that OF the New
York Elevated. The cost OF each foundation OF the
former was S468 that Of the latter only S20l.
In one part his report Mr. Sweet says: Let us
THAT the EewrYork Loan ard improvement Company
pald for SO 900 OF Manhattan stock, SS5O0,OO0 or
The first bonds and $6500000 OF the stock OF
The Metropolitan Company representing the whole
knayzes the financial statements OF the pany and
comes 10 the conclusion that they paid for the above
named securities as. $50 l42 90.
A fabuated statement shows that during the year end
ing october 80, 1879, the record OF the roads was
New-York Elevated--Mnes operated, 10 passengers
carried. 29e76.912i gross receipts, $2239,4Se Oe;
operating expenses. S1,l7l,33e 49, net earnings,
assTcpolitsn- operated; passengers carried
16O69 ls9; gross receipts, 81 2s59sO % Operating
erneuses g7Oa b24 AZ net earnings, S670.45o 62.
Duing the four months ending January o, $780, their
record as f0owsj -.
New-York Elevated--MiIes operated, ID gross re-
cepts 1922 12l OF operating expenses, @Z5l 4OO Vi
nef earnings. $840 72l OIL.
Mstropoiltan-Miies operated, IL gross receipts.
s5s9 26O 40; operating expenses SlSos5o AS net
earnings, S303 ,423 o. u,-,.,
M Sweet ~ conclusion. says: "The earnings OF the
usfropolitan for the last four months show large In
In earnings, and operating expenses reduced 70
Al ner cent The great volume and rapid increase OF
this busness, with tho ADDITION that must come
10 il from the eontributory suburbs and unimproyed