New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1885-06-07
LOCAL INVESTMENTS.
SOME ILLUSTRATIONS OF THEIR SPECIAL
ADVANTAGES

In number OF maxlns current In our literature, OF
which, Distance lends ench to the view and
Far of fields are greenes familiar examples The
reason TO be that the distant and indefinite admits
OF the exercise OF the imagination the mental process
through which receive much of satisfaction and
enjoyment. In no domain Is ths popularity more
forciby illustrated than In the history or investments
made by capitalists and notably those OF tho City OF
NewYor This city being tho financial centre. attracts
schemers and spectators from all parts Of the country
who bring aconstant pressure to bear Its moneyed
men for Investments in the line OF their various enter
prses; dazzling them with the brliancy OF mines In
Colorado and Mexico and lnHamng their imagnations
with plans for building railroads which shall develop
those mines and resources of like uncertain nature;
discoursng of tunnels solid silver and pacers Of
told god OF transporting goods IN regions where there
Is freight OF land grants and cattle ranches In Texas
and Mexico, and OF iron and coal where the pro-
ducton Is cheap but tho market Is imagnary-enter
rrses that may be located anywhere and everywhere
outsldeIof New-York City.
were it for teachings of history. It would be
supposed that capitalists would prefer to invest their
money where they conld watch It's expenditure and
where they could at least have tho evidence Of their
senses that tho objects for which 1t was nomnaly
pended really had physical existence; but here
In that aid to the Imagination, and Distance lends
enchantmont to BIO disenchanted only by the too fire.
quent test OF bittor experience. Scarcely 1.-THE OF the
investments made in those distant fields found to
be romuneraye Like the prizes In lottery there Is
here and there that produces such return to
keep mp the enchantment and continually add TO the
list OF victims.
On the contrary the history Of investments shows that
nothing pays better than ani scarcely anything we'll
that which contributes to the wants OF tho people OF
great city, whether TO their neoessitles comforts
Injuries; and OF all the cities OF the world offers
more conspicuous example than the City OF Sew-York
Righthere have been and tho best class of invest
ments upon hiscoHtinent greater return for the money
certainty OF that return, and In fact II the enter
prise fills a general want. the return Is absolute
cert Unity city OF and one-haf millions OF people
has great many wants. Its population doubles every
twenty years and with its increase in numbers comes
much greater Increase IN needs the ability OF the
people to procure comforts and uxurles is the
increase
Consider somo OF these enterprises, beginning. With
the ferries. The hrst steam ferry 10 Hoboken was
established in 1911 Brooklyn in 1872 but the first OF
the existing steam ferry companies established in
1910. only forty five years by Law land Vanderbilt
Consider their marvellous growth transporting as they
do many millions Of passengers annually hc number
carried by the Union Ferry Company alone reaching one
hundred millions in year, the original Investments
doubled. qnairupled and yet paying TO- 10 and 20 per
cent on their inflated capitals
Look az the marvellous growth OF the gas companies.
The first introduction OF gas only sixty years ago
The plant necessary supply tho gas CONSUMED In this
city could probably 10 constructed to-day for 10000
OOO and yet the capital OF the existing companies Is
$4,000 OOO on which dividends OF 10 per cent
being earned Yet that time, sixty years ago. when
gas first introduced. 1t thought dangerous
pertinent denounced ncNpedcnt II not impossible; 1t
would spoil water. ytlto the air. kill the trees
explode in dwellings. aud in many ways be entirely
mpracucabe.
Consider next tho street railways introduced into
this city only thirty years ago Then, rs usual,
tho constitutional Director stood In the path
and waved his red Nag OF warning "They
would not pay. they would ruin property. streets
having would be deserted we have got along
without them for lmore than ono hundred years and
there Is no in any such Invention. But the street
cars have conquered They the poor mans carriage
Thoy carry the multitude Property tho streets urOn
which they run has doubled and quadrupled in value.
while e,reots which they have been excluded have
remained stationary actually rotrograded There are
at present NewYork City about ITO miles OF street
railway which could probably DO constructed and
equipped for 100000. They represented by
100000 OF stock ana so.5ooooo of bonds. making
total OF S23o00 0O the market value OF which ut the
present time exceeds 900. twelve times what
It would cost TO replace them.
Next came tle ee'hted roads with similar results
large profits tho promoters aud Investors and much
less time To waltz As the city grows In poI natlon aud It's
lions Is much rapid than In the days OF ty years
ago. Tho public IL now more ready 10 accept aud use
new things which aid comfort convenience aud
more readily accommodates itself % a new order Of
Thing. Hence when tie elevated roads were found 10
DO successful "A means 0t rapid transit tho public
accepted the and Hooked 10 them, until they
now a. crowded As the street cars formerly were The
sevae roads carried during the year ending september
30 1881, 9b4O&,b2O pdssengers anu eafhtd net
- s4I 900. Tie actual OF their construction.
blythe testimony before the legislative committee,
S296S325J H. while they are now represented by
capital aud debt OF $i70OO0OO the net earnings for
last year being sufficient to pay por cent on their
largely inflated capital Thus the investors IN the stock
aud tonds OF these comIn nos nave received an amps
return. and moro has been demonstrated to the
chronic opoctor the utility Of standing IN the way OF
progress, and 10 tue investor the advantage OF paclng
lis money where VIII do the most good 10 hnseIt ana
Have these investors In local improvements received
too much for their money IL Is easy TO say So ana IL
br Dc Sn ~ eyery Instance ony after struggle on
tho one hand was courage inventive genius and devotion
standby based upon ignorance is their Icress more
than thoy deserved : Is It not simIly me REGARD ~
Every advance made this city. the introdnct
OF Croton water, has been Opposed ny tle prnperly
owners who have In every case realized the largest
and tbi, lends 10 the consideration Of the latest
and robaby the most important development yet made
contribute 10 the health. comfort ana convenience Oh
the people OF this city that OF the distribution OF steam
by means OF pipes i'm the streets by the NewYor Steam
Company. This come In duo course oil tlme ana ny
due process of evolution aud like its predecessors here
tofore spoken Of It has stay It's Importance IN
contributing TO the growth or tho cy ana 10 ho Heth
and happiness Of the people. Is second TO none us
success demonstrated by i've miles OF street mains
through three full years OF operation n0csurasseu ny
any mechanical Improvement or Development heretofore
mentioned among those which have borne such large
part in stimulating the growth OF the Guy Oh Nem-
York. Its mechanical success has been iully demon
been shut OF from s ma ms day or night anu tnat ~ az
times during that period pressure OF over seventy
pounds uniformly maintained ana lhat pIessuio
has been furnished undnnishe1, at tho extreme ends
disposes of all criticism as TO It's sue
a Of furnishing neat ahu IoWSl, ny
practical question that will arise, therefore, IN the MINDS
OF Investors U.s. VIII pay THIS Is best answered by
statngi ,, . ..,.
Fir.-It has already paid. It has now reached point
development where Il producing earnings IN eAo1ss
Of the cost Of furnishing steam and dcyerlng 10 quo
Consumers making satisfactory net pr0nt on IT'S gross
sales which result has been accomplished III hch ess
time than required by the gas companies OF streoV
car lines to reach the same point ALL, |
secOndIt supplies great public want-a greater tnd
supplied by OF tho companies heretofore eloIeu
To. II this is shown 10 be the case the Investor VIII
nlv In nnlIa cd thnfi m be nTOMtnDIc.