New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-05-27
S1O.,35.91e
Y3.061,1l3


Three per cent on the above equals s9l ,s5l. the
com pen,non proposed by the Manhattan Company.
The difference between Tia" two propositions would
OF @l57l67.
The average cost OF operating street surface rail
roads IN New Work Is - per cent OF the gross re-
ccips. such roads required TO pay TO the city
for their franchise annually per cent OF their gross
receipt, for the first nye years. and thereafter , per
cent Of their gross receipts The operating expenses
Of tn" Manhattan Company are abont 30 per cent OF
the gross receipts. The compensation proposed Dy
the co nls,on.rs therefore, Is equal TO but IL per
cent upon I'll" receipts or. In fact less thnh one
half the ordinary tax regularly paid by street surface
II the Manhattan Company had been taxed last
have paid the city lin addition regular taxes upon
real estate. etcJ the sum OF $54l.'0o The commits
,ioncrS propose that the company should pay less
than half this amount. or $240.03s The Manhattan
Company however. offers 10 pay S0i sol for the I'm
| mcnscy valuable privileges proposed or only about
>iNth the amount that surface roads pay Tor their
franchises.
Ano,hcr comparison Is shown. The tax upon street
surface roads amounts TO One-quarter OF cent Tor
each passenger carried. The proposition OF the com
msslonrrs would tax the Manhattan Company one
ninth Of cent for each passenger carried. The Man
haitian Company's proposition contrmplaies u tax Of
| but onetwcnty fourth OF cen, for each passenger
transport passenger Oh the surface roads thsn II
does the elevated
BIC PROFIT on wNTERED STOCK.
In proof OF the contention that the payment OF
the tax proposed by the Commissioners would result
I'm no hardship to the Manhattan Company, 1t may
be stated that the company. had 1t paid such tax
I'm 1885,. besides every other expense OF every
nature whatsoever. would. IN addition. have earned
IA clear profit OF more than S2,o00.OO0, equal TO
9.J7 per cent upon the companys capital stock OF
$50. 0O0.0O.
The boni,d indebtedness Of the company Is $40.
600 900. The total Of stock and bonds Is therefore
go 600, 900. 1t is certain that were the elevated
roads bonded stocked for an amount equal only
to their exact cost. they could have carried last
yar the PA 600 O'0 pisseng actually carried fog
~ aafh and ff.rf lp nn nj IA
expenses would have earned nearly per cent divl-
bends upon the actual cost OF the roads.
MANHATTAN'S E-TIMATFS MUCH TOO HIGH.
In this connection 1t seems advisable to call at-
r.ntion To the figures recently submitted by the
Manhattan Company Of the cost OF the proposed
extensions The total Of these figures Is $4,000 9'6
From this amount should first be deducted $1,000 600
the estimated cost OF extension to the l0nherS lne
rs the building OF such line Is not Immediately con
fronting the company. The corrected total Is there
TIL, amount Is largely In excess of actual cost
from IRON G at cent, pound There has recently been
let I'm Chicago contract fer 10000 tons OF similar
% bs%yca that At S%d at sen BE-
made in NcwYork ut The piicc Of 30 cents per
pound for Iron structure, erected and painted.
In ADDITION. the cstlnair Tor real estate !, cN-
rcssive. It Is certain that REDUCTION OF 20 per
cent from the figures given would q,iif" cover the
actual cost Of the work PROPOSED and leave n liberal
margin Tor contingencies. The cost OF the proposed
siao3i $50. instead Of go 4p7G as estimated by
The Manhattan Company.
Wien Mr.. U,shc finished reading this statement
NJ .tarin said In arriving at these figures
came 20 that conclusion after hearing IA prominent
member Of the Manhattan Company say that IT,
WIS willing To build TO Fort George IN two years
and 10 the citv limits ir three years more. More
cver he said that he willing TO divide with the
city Onc-haf of what the company received over Z
per cent ami on that statement y0u that
our per cent proposition was both reasonable and
= all h,u.. UalNn 4 =
Il suggest said Mr.. lsnshe, that adjourn to
some day next week, when Mr. Spencer be here