The evening world. [volume] (New York, N.Y.) 1887-1931, 1894-09-26
TRACTION co. GREED.
No improvements Made as the
Profits Increase.
History Of the Monopoly That Con-
trolls Street-Car Lines.
IL Has Absorbrd Eleven Railroads
In Three Years.

The Metropolitan Traction Company, of
New York, IS an avowed monopoly. 1t
was formed for the purpose, as its cert.h-
cate OF incorporation states, of acquiring
control Of the street railways in New
York City.
In the three years OF it's existence 1t
has already absorbed eleven streets rail
roads owning IN all nearly siXty.siN
miles of road, and is still reaching cut
for more. In fact. 1t has become enc OF
the most powerful corporations in the
state. as well as one Of the wealthiest,
and it's money-making capacity, as the
official returns of its rapidly increasing
business show, Is enormous.
The Company was originally incor-
porated in New Jersey in 1884, with a
capital of so, O0O, 900, but in August, 1892,
1t was reincorporated in New York. its
capital stock increased TO $4,000 0O0.
[ OF this amount $24OOO0c0 was given in
I exchange for the stock of the original
| Company, $50O.OOO was issued to pur-
chase additional real estate in New
York, 100000 was sold at par for
cash and 50, 800, 600. the remainder, was
held as treasury stock.
This is practically the financial stand
ing of the Company to-day, and the
enormous capitalization represents a
capital stock OF Sll. 900 only in the
respective companies forming the syndi-
! cate.
These are the Broadway surface road,
the Houston, West Street and Pavonia
| Ferry, which controls by leases the
broadway and Seventh Avenue, Ninth
Avenue. Sixth Avenue, Twenty,third
M
Ferry lines; the Metropolitan Cross-town
which leases the Forty-second Street AND
Grand Street Ferry and the Contra
pS.k H iS son ana Fe East MEYER
Less than year ago a new corpora,
ton. known as the Metropolitan Stree
Railway Company. which Is merely
pany. was formed for the purpose OF con
solidating the Houston, West street anc
Pavonia Ferry, the Broadway and th'
South Ferry companies, and operating
them under one management.
According to the last published state
ment OF the Traction Company its gross
earnings for 1929 were s5,37S, 273 while
its net earnings are represented by
Sl.S205l2. Since 1892 II has been paying
its stockholders quarterly dividend OF
ia per cent, or per cent annually
according to its published statements
but as a matter of fact the relations OF
the various lines composing the com
bination are so Intricate and involved
u
ments are about as intelligible as the
inscriptions on Cleopatra's Needle.
one thing is certain. however, anC
that Ia the growth OF the city and tn,
increase in trathc have made the lines
owned by this syndicate enormously
profitable, and II Is apparent to every
one that the owners OF these properties
while taking advantage OF the valuable
franchises they control TO enrich them
selves, have done almost absolutely
) nothing to improve the facilities 10
travel on their lines, or increase th'
, comfort OF their patrons.
: ON the contrary, as The Evening
World has already shown, matters kav
actually been going from bad 10 worse
) until at the present time there Is a gen
eral and indignant uprising against tn
imposition which this corporation as wei
as others OF the same kind practice
upon the public.
Take, for instance, the Houston, cws
street and Pavania Ferry line. which sine
. 1891 has included in its statements tn
business OF the Broadway line. and
will be seen that the increase in lite re
ceipts from year TO year has been enor
nous.
, From 1856 to 1870, inclusive the numbe
OF passengers carried annually by thi
Company rose from 4, s07, SIS to 5,l6S, l2s |
the las,-named year. The following yea
, when the Broadway line was added. tn
TO 2997l ,s2S, In 1872 the figure reache
was 5,2S9,670, while IN 1893 the enormou
total was 63.0ll,7S, and this exclusive c
! the CrOsStOWn business
The statement Of the Twenty thir
street crosstown roaA shows that in is
= IL carried lLS4l ,el5 passengers and tina
It's net income was S2l5.707 on a cApits
y stock Of SSJO,0r In the case OF III
Houton. West street and Pavona Ferr
Company. the ne, income in 1898 wa
= s7gl. ~ on a capital stock OF .05O, 900. IN
funded debt being 10000 out OF hi
IL Is claimed that thu Company rental
e amounted to s6752l and sS8. is5 in intei
. es'. no acoun, being made OF dividend
which left surp.ue for the year OF onl
s., Nl.