New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-21
AgOUT TIE ELETArED ROADS.


The decisive defeat of tic Five-cent bill is
not surprising. The subject has been elab-
orately investigated and discussed. The value
of the elevated roads TO the City of New York,
and to the people Of the city and State, has
not been forgotten. UnQuestlonably, the ele-
waited roads have deserved sharp criticism or
censure for many things, but 1t does not fol-
low that a forced reduction Of fares to five
cents would have been wisest, either as
punishment for past misdeeds or as remedy
for evils not yet corrected. The only ground
uDOn which such a reduction can be justified,
in disregard Of the privileges promised and
granted when capital for the building Of these
| roads was sought is that the profits realized
by the companies are disproporioned to the
! services rendered. Whether this is true those
can Judge best who remember now anxious
| the people of New York were to get the roads
built with all the franchises then granted
and how readily still larger franchi es would
then have been given had it been necessary
to secure for the city, within reasonable time,
the enormous benefits now enjoyed.
1t is not fair to say that tia rights of the
companies should be curtailed merely because
their work has proved exceptionally profitable.
For, first, there was extraordinary rlsk In the
undertaIing-risk which, as will presently be
shown, has not yet been wholly removed For
such risk, in a new and untried work, capital
always demands large and tempting returns.
1t has reason. Money can be employed In q
thousand beaten paths, without especial risk
of any kind at q handsome profit The man
who consents to fOregO the reasonably sure
profit and to take all risks in a new undertake
| ing of great public utility, ought to have guar
| anteed to him, in case of success, profit far
beyond that of ordinary investments. The
| only true measure is the value OF The work
accomplished to the people who are served by
il. Does any man doubt that the people Of
New-York would even now gladly give double
the present net earnings of the elevated roads,
rather than have them torn down 7
There is a question OF good faith III the
| matter Capital was invested in reliance upon
the legislative act granting certain franchises.
There was confidence that the people would
not confScate the roads. nor destroy their
value to the owners nor violate the under
standing that the roads, if successful, might
charge certain stipulated rates. In that faith
every dollar put into these roads has been in
vested, and if the roads had proved an hun
dred tunes more prOnlaDlc IMAM aHyDOdy tnen
expected that would have been no reason for
breaking the agreement.
But the truth Is that the owners OF these
roads do not know, and in the nature of the
case cannot yet know, whether they are to be
largely profitable or not. The physical prob
lem has not yet been solved. Roads of this
character may become weakened and worn
out in use, either through the constant vibra-
ton and disntegration of the iron. or from
other causes, with rapidity which cannot yet
be estimated. 1t is impossible to say how
soon repairs may be necessary and in such
road serious repairs would necessitate very
costly interruption of business. Nor can
any man guess how soon some yet undis-
covered weakness i'll the system may result
in terrible and costly accidents, by which the
net earnings for a long time might be swept
away IN an instant. One such accident would
cause an iucalculaba loss through diversion of
travel to other modes of transit. All these
risks remain, and they are neither small nor
calculabie The owners of TIE roads may
rightly ask to be permitted to accumulate such
proiits rs the original agreement secures to
them, at least for a time, until some provision
has been made against losses, or the dangers
have been removed.
One other risk remains. The roads are still