New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1893-03-16
PRICE THREE CENTS.
FOR THE CITY TREASURY.
CONTROLLER MYERS ON RAPID TRANSIT.
HE THINKS THE FRANCHISE SHOULD DE PAID
FOR-MR. GOULD OBJECTS

public meeting yesterday afternoon in their office
at No. 22 William-st., to fix the amount Of com
pensation to be paid to the city by the Manhattan
| Company for the privileges granted to it, In the
absence of Mr.. Steinway, Commissioner Starin
| acted as chairman of the meeting. All the Com.
missioners except Mr.. Steinway were present.
| Controller Theodore w. Myers came to the meet
| ing to give his views respecting the compensa-
tion to be paid to the city for the privileges
| templated in the resolutions he said in the
communication which he sent to the Commission.
! The Manhattan Elevated Railway Company was
represented by Julien r. Davies Mr. Starin
called the meeting TO order, and askel Mr.. OBrien,
chief clerk TO the Commission, TO read the COM
! municaton that Controller Myers had sent to the
| Commission.
Controller Myerss communication was in part
as follows:
principle Of adequate payment for corporate
chises the community creating their value has
fortunately fixed rule OF legislative action and
municipal government. The first franchise acquired by
elevated raoai that granted the West Side and
Yonker, Patent Railway Company by chapter ls9 Of the
laws OF 1867 Section Of that provided that 1.-The
said company shall pay the Of OF per cent Of the net
income Of said railway fiom passenger trahc Man
haitian leland Aforesaid into the treasury OF the city OF
NewYok In such manner the Legislature may here
direct ensation 10 the corporation Thereof
Tor the OF the streets aforeaid This franchise SUD-
,cquenty passed hands OF the NcwYork Elevated
Railway Company. operating what now the Third and
Ninth Avenue lines Of the Manhattan Railway Company
Payment, have been made to the city from time TO tmes
based the rental income dividends paid by the Nam
Rslway Company, instead Of the net income de-
rived from passenger traffic a. provided for in the act
From the net earning, OF the Manhattan Railway Com
ny for the last six would appear that the ota
the city for these year, would be $5O3soS ",
or a average ssii05 OF. A, the net earn
ines however constantly the increase, 1t may b
assumed that the amount to which the city IS now en'
800 900 The total length OF the
proposed extensions the Manhattan Railway Company
is 3o s5 miles about eleven miles OF which are over
routes occupied by elevated rdnroad be.
licye, this connection that the example Of the Broad
and Seventh Avenue surface lines Is both ilumina.
tive and suggestive. The length of the original main
line single tNck length OF that corporation for the
operation OF which the city received compensation,
1886 miles and the length Of he Broadway branch
thereof which under the operation OF the Cantor
Is 5Oli miles but when the pivilege OF using
cable traction granted the Broadway and Seventh
Railway Company compensation 70 the city was
nAed at cent OF the gross receipts rur to amount
less in any year however, than $50 900. The
operation Of the Broadway and Seventh Avenue line for
the year ending June 30 1890 resulted in net earnings
OF 1915, 239 i2
For year ending June 80 1890 the Manhattan Rail.
Company (snge-track length of line. Ga 80 mes)
showed OF % 995 j52 o. In other words.
the Manhattan Railway Company, with about three times
the length Of line of the Broadway and sovenhave. road.
showed earning, nearly seven times as large.
II such franchise that possessed BY the Man.
haitian Railway Company about BE- granted in the
first instance believe would be gainsay
that per cent of It's earnings would
be a very node compensation TO exact
Mr. Myers submitted three different plans for
ascertaining the amount which the Manhattaa
Company should pay 10 the city, as follows:
% In addition 10 the amount which the Manhattan
Railway Con pany IS OIigea by law pay, ad.
dtonal percentage Of per should be charged
the Increase Of e annual earnings OF the road after
COM rtion and operation OF the extensions any
part thereof, the amount OF the annual
nes PRIOR TO the operation OF such extensions or any
ar thcr o. This method recommends its,lt both
count Of its rtanm nt-the present gross
fes OF the road being matter OF record-and because
the increase Of the earning capacity Of the road subse
quen to the nrt operation OF the ext nsions would in
dscatc In the satisfactory possible the real
value of the additional privileges.
q As second lnd alternate proposition l would
suggest that tn proposed privileges be granted the
Manhattan R,Ilway Company condition of paying
into thr city treasury annual amount in addition to
tn which it f. obliged by law pay which.
together with the la:t shall equal 22 Per o, the
gross earnings OF all t' lines. believe that such
agreement this could 70 effect without necessita
Ing anendm mt the original ranchi.c OF the Yon-
cr' and f'>, side Patent Railway Company, owned
by The Manhattan Railway Company
C3 A. second and alternate pr1posi tion, would Jug
reSt that the proposed privilege, be granted 20 the Man.
haitian Railway Company condition Of It's paying to the
city, in addition to the amount which obi sed BY
hanches and extensions such receipts be estimated
bearing the pro oon to the total receipts as
the aggregate length OF the proposed branches and
tensions brar> to the length OF the entire line.
In conclusion strcnuously your honorable body.
method compensation may finally adopted,
to insist condition precedent To the granting Of the
proposed privileges. that the Manhan Railway Company
bond hc approved by the Corporation Coun.
Controller by which city shall be assured
the prompt payment Of tho rerccntag the right
which has been recently established by the supreme Court.
and by which said bond the Manhattan Railway Company
and the city shall mutually agree upon simple AMI
nstakabe computation Of such percentages BY
which the thereof may BE- readily ascertaned
Mr.. Davies replied for the Manhattan Company
in part as follows:
No i by Controller the COS. Of
this construction and Of tc necessity OF earning
interest that cost The privileges suggested not
valuable ones | LAY IL advi,cdy and b.; inform aucn
from those who know. that the privileges. they are
called will bring the Manhattan road anything Of
yaluc TO IL a corIootion We d, expect. II
every additional track that suggested %
US earnings would be increased. on the
contrary, there you'll be greatly increased
trlction and alton Undoubtedly the facilities Afforded
for running cNpe trains would Lead a increase
Of comfort passengers. cons iera.
for the city. for the peo.le. nu from the stind.
point the Manhattan road these privileges nos
valuable We have got expense here that suggest
nine millions Of dollars and possibly twelve
or fifteen millions. Now not here ray that the
Manhattan Company u the proposals Of the
ml-s ION. | d. not to be 20 understood. Tho
ro ri Of Directors Of the company deeply impressed
with the responsibility that tests upon diem and their
duty q the peolic OF New-iork They are preprcd 70
everything that 1t Is possible fo thcm 10 do TO give
rapid tran 10 to the city of Ne~Yorh.
Hugh " Camp addressed the Commissioners
briefly in favor of Mr. Spencer's plan for ex.
tensions above One-hundred-and-ifty- -ffth-st. Tho
Rev Father Powers Of All saints Church, pre-
scented protest against the u-e Of One-hundred-
and-twenty- -nnth-st. for Gro ;stown line.
The Commissioners announced that there would
be- another hearing on Friday. short executive
session was he'd after the public hen ring. but no
decision reached as TO the compensation to 10
required Of the Manhattan Company. Mr.. Spencer
oa vc ont the following statement Tor Mr.. Stein.