The evening world., 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 certti-
cate of Incorporation staten. of acquiring
control of the street railways in New
York City.
In the three years of its existence it
has already absorbed eleven streets rail-
roads. owning in all nearly sixty-eix
miles of road, and Is still reaching out
for more. In fact, 1t has become one of
the most powerful corporations in the
State. as well as one of the wealthiest,
and its 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 $40, 900, 900, but in August, 1892,
1t was reincorporated in New York, its
capital stock increased to $50 900 900.
or this amount $240 600 was given in
exchange for the stock of the original
| Company, 100000 was issued to pur-
chase additional real estate in New
York, s20000O0 was sold at par for
cash and s3,5000OO the remainder, was
held as treasury stock.
This Is practically the financial stand
Ing OF the Company to-day. and the
enormous capitalization represents
capital stock of 81, 44S,OOO only in the
respective companies forming the syndi-
| cate
These are the Broadway surface road,
the Houston, West Street and Pavonla
| Ferry, which controls by leases the
Broadway and Seventh Avenue, Ninth
Avenue. Sixth Avenue, Twenty,third
/ a nlF.R and VAL an
Ferry lines; the Metropolitan Cross-town,
which leases the Forty-second Street and
Grand Street Ferry, and the Central
Park. North and East River lines, and
finally the South Ferry line.
=, Less than a year ago new corpora
ton, known as the Metropolitan Street
Railway Company, which is merely a
pany, was formed for the purpose of con-
solldating the Houston, West Street and
Pavonia Ferry, the Broadway and the
South Ferry companies, and operating
them under one management.
According to the last published state
ment OF the Traction Company it's gross
earnings for 1928 were $5,37S, 30 while
sl,s20,5 l2 Since 1892 1t has been paying
IFS stockholders quarterly d!vidend, OF
Sfn to or eS"t
but as a matter OF fact the relations of
the various lines composing the COM
bination are so intricate and involved
| that to the average outsider the state
ments are about as Ineligible as the
Inscriptions on Cleopatra's Needle.
one, thing is certain, however, and
| that Is the growth of the city and the
increase In traffic have made the lines
owned by this syndicate enormously
profitable, and 1t 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
nothlpg to improve the facilities for
In hA
comtort or their patrons.
On the contrary, as THE Evening
World has already shown, matters have
actually been going from bad to worse,
until at the present time there Is a gen
eral and indignant uprising against the
imposition which this corporation as well
upon the public
Take, for instance, the Houston, cWst
street and Pavonia Ferry line, which since
1881 mas included IN its statements the
business OF the Broadway line, and II
VIII be seen that the Increase in its re-
| nous.
From 1886 to 1890 inclusive the number
or passengers carried annually by this
! company rose from 4S07, SIS to 5l63 l2S I'm
the ast-named year The following year
| when the broadway line was al led, the
number OF passengers carried jumped up
10 1921 so, In 1892 the figure reached
was 20, $500, while in 1898 the enormous
, ,Sal was @Oll; rs, and this exclusive of
! the croSstown business.
The statement OF the Twenty third
street crosstown road shows that In 1893
II carried lAS4l ,9l5 passengers, and that
Its net income was S2l6,7O7 on a capital
stock OF $500 600 In the case OF the
nouton, West street and Pavonla Ferry
Company the net income In 1899 was
s'g,S2l on capital stock OF 1850. 900 the
funded debt being 10000 out of this
1t Is claimed that the Company rentals
amounted to 1861, 52l and SS3 1856 in inter
est, no account being made OF dividends.
which left surplue for the year OF only
so, SILL ''