New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1883-03-21
REPORTS on THE ELEVATED ROADS.

Albany. March 20.-The State Engineer
and Surveyor sent TO the Senate to-day communication
In response resolution Of the senate Gazing LOT III
formation relative to thu New-fork elevated raroads
upon which TO base legislation looking to reduction oil
fare The commun inoloses the reply OF the At
General transmitted 10 the Senate yesterday to-
eetber with a letter addressed Ia II. NJ. Galloway,
yice-president OF the Manhattan Railway company
eauesung the views OF his company on the matter ana
n copy OF Mr.. Galaway's reply incosng "ooserValons
by the counsel OF the Manhattan Railway Company re-
speetng the question involved In the correspondence
with the Attorney General"
The counsel for the company says that the Newfork
Company insists that s made in good faith to
obtain the cash needed should be included as part OF
the cost aud Celebrates this conclusion by long arSu
ment There Il also incosed letter from n. " and H.
w Poor addressed 20 Mr. Galloway taking the same
Wow rs that Expressed by the counsel.
The state Engineer and Surveyor regrets exceedingly
that tho opinion of tho Attorney General was not
asked as 20 the proper legal construction to DO placed
unon the term 1.-THE capital OF the company actually eK-
pended as used the sen9to resolution and the law
10 which refers before the facts as 70 tho Identity OF
the railway corporations with the construction com
panes and parties contracting to build and equip the
elevated railways fully ascertaned for the reason
that by doing so. the Attorney and both the
Controller and himself he State Engineer, have been
plaeed In a comparatively false position The state
Engineer arrives at the following conclusions;
l. That fraud has been eithor exercised attempted
on the mart OF these corporations against the Stite at
large the public or individuals with reference to the
amount capital actually expended the actah COSY O
construction aud equipment or the rates charged or
transportation. ,, -, ...
tive corporations represented by their outstanding
stocks aud bonds greater than wss actually ro
ourcd provide the means necessary TO secure
the proper obstruction and equipment Oh heir -
and that the whole amount OF these securities mas etuer
been absorbed utilized In good fan for that purpose
8. That IL Is the common ptAotoe oi runway
tona IN this state and the United states To charge
The losses discount their securities TO me cost o.
oonstruction ECU pment and other necessary eTpend-
tnIs and appears 10 be no valid reason why these
elevated railway corporations SHOULD Do hholeu IrO
That the roads we're at first regarded Wild and
visionary undertakings, aud It required years OF the
cosst study accompanied by experiments before their
conception became sufficiently developed to induce capt
asts In their securities upon any terms ana
even nc the present time their final aud permanent sue
cess must BIO regarded exceedingly problenatical'
s. That with regard 10 tho Manhattan Railway Com
pany which the lessee and operator OF the rat
thai its stock should be regarded in degree as fac
in the capital actually 0y h S ,ssr 1e
The examination Of the state Engineer shows the iOl-
lowing; .... ,,,.,
Capital actually expended .,.ooooo
Fist mortgage per cent SSoooo9
Can ....-............-.....-......... S9l92l
Total eap,tal expended o2l
Business OF tho year-t0lal earuings $2lO5o9
PsaSe' 2os 4GS- 2O5sI59
surpn, slIO92I6
Equai 10 7. 55 per cent capital expended.
METROPOLITAN ELEVATED ROAD
Capital actually expended .....
FiI.t per cent bonds .......... lOSlS0OO
essSna mortgage per eon. YY2gSS
Total canltaI erprndod 81 O. 400 500
Business of the year-ota earnings o. 214
Pss' 203Sss 9O267os
surp,u, ............................... s7sl 496
Equal 10 3. rs pef cent on capital expended.