The evening world., 1894-09-26
TRACTION co. GREED.
No Improvements Made as the
Profits Increase.
History Of tho Monopoly That Con-
trolls Street-Car Lines.
IL Has ABSORBED Eleven Railroads
in Three Years.

The Metropolitan Traction Company, OF
New York, Is an av0wed monopoly. 1t
was formed for the purpose, as its certlti
cate of Incorporation gtatee. of acquiring
control Of tho street railways in New
York City.
In the three years OF its existence 1t
has already absorbed eleven streets rail-
roads, owning in all nearly sixty-six
miles of road, and il still reaching out
for more. In fact. II has become enc of
the most powerful corporations in the
state, as well as one of the wealthiest,
and It's moneymaking capacity. as the
official returns of Its rapidly increasing
business show. Is enormous.
The Company was originally incor-
porated in New Jersey in 1891. with a
capital of $40, 900, 900. but in August, 1892,
1t was reincorporated in New York, its
capital stock increased to $50, 900.
OF this amount $24.00O.00O was given in
exchange for the stock of the original
Company. 100000 was issued to pur-
chase additional real estate in New
York, s2.O0o,0OO was sold at par for
cash and $500. 900. 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 LAS 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
Street, and Bleecker Street and Fulton
Ferry lines the Metropolitan Cross-town,
which leases the Forty second Street and
Park. North and East River lines. and
finally the South Ferry line.
Less than year ago new corpora
ton. known as the Metropolitan Street
| subordinate branch OF the Traction Com
pany. was formed for the purpose OF con-
solidatlng 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 Traetion Company Its gross
| earnings for 1898 were $5.37S,273 while
| yl,S2O5l2. Since 1892 1t has been paying
Its stockholders quarterly dividend OF
according to its published statements
but as a matter OF fact the relations Of
the various lines composing the COM
bination are 50 intricate and involved
ments are about as intellgible as the
Inscriptions on Cleopatra 5 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
while taking advantage of the valuable
franchises they control to enrich them
selves selves, have done almost absolutely
| hA
comfort OF their patrons.
On me contrary, as THE Evening
World has already shown, matt FRS have
actually been going from bad to worse,
until at the present time there Is a gem
eral and indignant uprising against the
imposition which this corporate as well
upon the public
Take, for instance. the Houston, eWst
street and Pavonia Ferry line, which since
business OF the Broadway limo. and II
VIII be seen that the increase in lite re-
ceipts from year to year has been enor-
! nous.
From 1856 to 1890 inclusive the number
or passengers carried annually by this
! company rose from 4S07, SIS to 5l63 l2S in
the ashamed year The following year
when the broadway line was added, the
number Of passengers carried jumped up
To 1921 800. In 1892 the figure reached
was 70, $500, while in 1898 the enormous
tntal was @,Cll IN; and this exclusive of
The statement of the Twenty third
street croSstown road shows that in 1899
Il carried lA3il 9l5 passengers and that
| It's net income was S2l6 i07 on a capital
| stock of $500, 600 In the case of the
| Houton. West street ana Pavonla Ferry
Company, the net income in 1899 was
ENlS2l on a CAPITAL stock of l,O5O,ooo. the
funded debt being 10000 out OF this
IL Is claimed that the Company rentals
amounted 10 SCI, 52l and $32, 495 in inter
est no acoun, being made OF dividends,
which left surp!ue for the year OF only
| SN.Sl.