New-York tribune., 1895-12-05
AMUSED AT L. \. FULLER.
,rpTu AT THE ASSEMBLY RAILROAD
COMMITTEES HEARING.


THIRD AVENUE CABLE COMPANY.
rdward Lauterbach. attorney for the Third Ave-
,a cable Company yesterday testified the
.r,,rs Of that corporation before the Assembly
committee which is investigating the condition OF
NeD-York city railroads. a. ]. Elias, president of
,hA company WAS i'll and could appear.
ur lahterbach said the Third Avenue Railway
Company was incorporated in 1855 under fran
chise granted by the common Council and the
Nayor The original capitalization Of the COM
rany" said Mr. Lauterbach. which represented
rash expenditure. consisted OF S,"NVO in bonds
and 100000 in stock
Nr LaLterhach then described the road. which he
ss,d was double track from the City Hall 10
the Harlem River
~wha, is the value of the real estate Of the
company al the present time?" asked Mr.. Wade.
"Abou, 100000" -ephod Mr.. Lauterbach. who
then told the committee how the company made
the change from horsecars TO cao!e-oars
We nave now in operation" said he. fourteen
miles q double cable track. and about one-half or
thres-ouarsers Of a m ie OF electric track"
He sad the company 3S7 closed cars. and that
the receipts last year s2.5S5el l.. which meant
that A. 0Jlco0 passengers were carried.
Mr Iauterbach then explained that the working
e1penses last year were sl.5S AS e.. or about O.
pcr cent Of the receipts. exclusive 81 taxes ana
bond interest. which amounted 20 SSSoo% 81 Inc
dividend last year amounted to per cent Tne
st6ck. ne said, worth -.
THE CHANGE FROM HORSES TO CABLE.
Nr Lauierbach then stated shat iAe original
capitalization not Increased unt:l ihe company
changed from the horsccars To- The cable line. lac
company. ne said, paid for tn" cable cons uoh @
with Two millions OF bonds nearns anG 1as ndr per
ceni intsresI ana issued ~ ,'Ti M 6res 9t nn haf
millions OF tn new bonds were usgu 20 az "f ,i
vas usea for paying the coz. oi oaDit Z * 9
lne capital now s9.upr.cJ al winch >o'"'-
g aT 'ga snd expsndd oT @ @
There IS not a penny OF water IN our ''oeN
Nr Lauierbach said that his company had taken
= .l9nd-st road running up to acknowledgements
twenty -hfth-st an! Tenth ave and 10 me mr.
complete West Side line far down as Foriy.sSec-
oae-si "hign WIZ Tomnscf w'n sa t"e made an ar
TAr cement with the Meuopolitan COMPANY he ne
sad. by which their traffic IN one hundreu-aiu-
eIty y-hfth-st may be relieved through one-hun-
dred-and-slxtee eenih-st. -. v.do
eve Ms views on on the Ta5erns OF dbSsd nioSf to buy
r,,e1e9 stock ! know o. no statute compelling
men make such purchases on the Other 9@nd nam
qpe Elevated roads in New-York ana BROOKLYN
would never. perhaps. have been 6uili Il the , Ia"
,rs would put their money into II il there was
"'' ''Rut 10 You ,hink d railroad company should
hav- more privileges than manufacturing com
NO think they should stand Oh an equality.
ordinary corporations SAh Eet afoulu ..T is n
calling il asset. Its value may be my thlcal'
out i, is hard TO prove il
SPECULATION CAN'T BE STOPPED HE
THINKS
Little Later Nj Lauterbach said that he did not
think any legislation could prevent speculation
..r54 soecu.ating investor" saG he cannot b.
nept out of investment. II YOU dry mp the sources
or ~anvay securities. he Viii get something else
20 invest n suppose there are lo5s of fools send
i.e rae.r money cripple Creek to-day who WI
ind out how foolish they have been month from
row You cannot prevent people throwing away
tno,r money II they want to-
NJ Iautsrbach then criticised toe Legislature for
rarsulne one policy in Brooklyn in allowing TROLLEY
tA.y being torn down in New oIk me ey aeTs
stature also exempted Brooklyn IRON the opei pc a.,
ion Of the Cantor act and allowed franchises TO be
The Cantor act" declared NJ. Lauterbach must gt
me repealed When over 100 per cent IS od tor
@ssu4dy di.'' some other system should Be intro,
dased. But am not prepared to say offhand what
in rcpiy 70 another question Mr.. 1auterbac said
.ransfer-no; from the standpoint OF the companies
a, least. questioned about municipal owre,shp, mp, o.
al patronage which that scheme would give might
I1Tso, \ ruler was the nex, witness. He told
II the CpDosit!on which the first elevated ROAD en-
Fsid once came 10 him and told him ;hat he could
buy controlling interest in the elevated i"'"S!
Nj FeId continued Mr. Tuiier' said that I,, ne ne
s put qP the c65sed 5 4 H. Eo"a sd Pu ~ Up my make
a,5"e9 people viii say am fd a,, rssca sd
t5o!'" Nr Fuller here announced that ne had noi
made cent by giving his service ioT ne 49, years :,
pro,e aow much the elevated railroad had IN
Tsr Iie also Incidentally denounced me proposed
slersround road, and SAID 30 VAS ar outrage
'.Thc underground road" said ne will cost near
or 70 SG5N0co than TO the N5O"en which IS
M-. ruler also SAID that he not believer
j prophesy. gentlemen. said he. That # he city
o NewYork ever und(riaksS 10 Pu''d ana own , an
underground railways IL VIII De .Ie soiIi.st "S ~ -.
ever met II will be The most cqrrq2t p@oeai @ ma
machines In New-York
Nr Fuller said that New-York wanted rapid tran
s., badly but not OF he underground Kind he de-
,'ounrej the Rand Transit commissioners for hav-
.ng done nothing, he said. but spend money on
'1''iif' Jay Gohid" declared Mr Fuer, mad lived
49, fhis time he would have had ,he a gleva5ed ed
could vas worth any ten men row living
TIE RAPID TRANSIT BOARD DIsSECTED.
Mr. Fuller had by this time worked himself into
r perfect rage abou; the Rapid Transit Commits
so,ers who he said were personally all estimable
eentlemen.
rand Trans; Comm ssoners"' ne shouted.
.lvnat does Mr.. S,enway, a piano-maker, know
aDou, building an underground railway? AND M
s,arin a tugboai man.. now can ne haye Know H W.
oage OF such things: Then take Seth Low, OF 20,
vne pciarebut What does ne know a6opt "HaTT nrT
ground railways? Then take AeXsnder r., ol Or'n -
INV 'i" ,esrn Of horses lie looked them over care
fiy and then ash askea ia his opinion. he replied;
r Fuller here paused moment ba snd eo1 hen sad
with z smile 10 ~ sun w.
fll wh.skers. ,,,ohtr-
'.yX-h,-. saIq he. 1T only yesterday lnat l
~. ;diov,nfovn with ex-Mayor Gilroy. one Of the
br.ehiest Mayors New-Y ever had ana ne sad h
-, -oe Fuller that Rapid Transit Commission Is the
dsmne9est fraud / ever knew EN-Governor f.o"e. t
s'so told me thai. although he nad TO sign tne
underground Rapid Transit Dil. ne caihe uo"" -
NeV-York and voted against IL ,, o.,, roh,
II -entrre 10 say Il one would ask JON
,,.ein u,bo ie the most cOmmon-sense man on me me
al bis heartfelt opinion. he would say 'h'
commission fraud ... ., oa, r,pid
Vr Fi, er said that the only way 10 so' Id
md le
.s ~anesS Frederick W Hnrichs. who Is Regis
49, ~ Arrears OF Brooklyn. took the stana ,,o~
II I'm a pubic tax officer, sald ne ]" ""''
scoieren's Cabinet in Brooklyn, - >-o,. y ,rk
~, u~ricts Vho rs a member Of the New oIh