New-York tribune., 1895-12-06
MIR. GOULD ON THE STAND.
TESTIMONY BEFORE THE CITY RAILROADS
COMMITTEE.
AFFAIRS OF THE MANHATTAN ELEVATED RAIL
WAY CoMPANY-HE OPPOSES MUNICIPAL OWN

ERSH1P-THOMAS G.. SHEARMAN'S WE'VE
George j. Could president Of the Manhattan Ele-
waited Railway Company. was the principal witness
yesterday before the Assembly committee which is
investigating the condition OF New-York City rail-
roads.
Before Mr.. Gould took the stand Edward r. D.
Gaynor, auditor OF the company was called he
said the company operated all the elevated railroads
i'm this city II owned all the rights and franchises
OF the NewYork Elevated Railway Company, the
Manhattan and the Suburban railway companies
The stock OF the three companies. he said. had
been exchanged for that OF the Manhattan tie'a'-
ed Railway Company when the consolidation was
made When asked the assessed value OF the prop
erty Of the company, Mr.. Gaynor said:
The real estate held full Is assessed for $25o,-
900: the assessed value OF the elevated structures OF
the New-York Company is s4250,00; OF the elevated
structures of the Metropolitan Company. %oW'
and of the elevated structure Of the SUBURBAN
Company s.l0oo0 capital stock is assessed at si'-
100000. The company mas lo2 miles Of single track
The company pays nothing for its franchise In
1895 the company paid the city OF NewYork $3.50 02B
in taxes while in 1894 S64.30o was paid In 1888 the
company paid S9j 900 to the State Of New-fork IN
taxes and in 1894 1t paid $4,000 The gross amount
Of bonds outstanding is si6.500coo. but ,5coCo
Of these Will be ordered on January l. The captai
stock present only S0,Oo00oo.
The gross income for the last fiscal year was
So J2; the operating expenses. exclusive OF all
taxes were Sab 964 leaving net earnings AT $Ss'-
sos Then there income from otner sources
amounting 10 s2s7$4. which makes gross income
A27o,742. The interest on the funded DEBT was
s2Os5722 the taxes s62 122, making S,7iS69i which
sum. deducted from toe gross income. leaves net
income the company of N522,0S
For the year ending September 30 last We car
ried l8SO726t5 passengers The total number Of pas
sengers carried since the railway started up 10
September 30 is 24l0 0s45iS1 The company has
about six thousand empoyes We pay engineers
- % a day for nine hours work; iremen, 81 con-
ductors 80 3d. and guards. 81 S.. We have about
three thousand trains"
MR. GOULD'S TESTIMONY.
\, this point the examlna ton OF Mr.. Gaynor
suspended and George j. Gould took the stand lie
said he lived in Lakewood. \. j.. and had been
president OF the Manhattan road for the last three
years and director for ten years. He said he
had investigated the subject OF transit in New-York
carefully.
What do you think OF building underground
railway"
Il think 1t is possible to build underground
railway. but that it would not pay financially 1t is
not paying In London, whore the circumstances are
better than they are here
Mr. Could said the people of the northern part of
the city anxious TO have the elevated line ex-
tended on the West and East sides
What do you regard; Mr.. Could as the best and
most feasible system Of transit In New York"
Il think an elevated road, equipped with cleo
tricity, would be the best We are at present ex-
Later Mr.. Gould said that experiments with cleo
trcity would probably be made on the annex road
Have you any complaints coming In aoou, over
the evening they want to go north You can't stem
run trains fifty seconds headway. and don't
think they can be run safely on much less headway
Mr. Gould also said he aware that complaints
being made about the lighting of the cars and
they looking about for a better system.
A year ago we were about 10 adopt Pintsch gas,
but electricity came into prominence and we decided
tO uait a
we shoIld IVA want to ght cars aS Tisn IN
over the elevated lines as they had not to pay FOR
right OF way
citv oiiciai to extend your line northward?'
"A proposition was made to me by the city to ex-
tend our tracks to Fort George and Fordham on the
East Side but then they insisted that we shoild
build out to Yonkers and also connect WI win the Fort
non | willing to extend the East Side anG
the Kingsbrdge proposition that the necessary
cost of construction and maintenance Mould WOO swamp
that section of the road"
OPPOSED TO MUNICIPAL OWNERSHIP.
Mr. Gould said he had paid particular atten-
ton the subject of the sale of public franchises.
He not favorable to the scheme OF the municipal!
ownership of street railways
Il don't believe In municipal ownership of rail-
ways" said he and think It would prove disas~
trous Government roads run well
roads run by private corporations. They have tried
proved failure The taxpayers have to go into
their, pockets every time The Government think
Would you favor the State having some super
vision over railroads.?
Yes. sir, certainly
What do you think Of companies watering their
Il think it is unfortunate have corporations
water their stock but capitalists won't invest unless
they some inducement.
Suppose the law should require fifty per cent OF
the subscribed capital stock to be paid in cash.
plan might be devised for better State control OF
railroads There Is an objection h9wsVer owe" iss,n ana
bonds for mprovements.''
lis it good economy for the law make transit
companies "A source of public revenue?"
Yes think they should be made pay fair pro-
Mr. Wade then spoke of one company under the
Cantor Act agreeing to pay 80 per cent or its re-
Our company would be swamped under that re-
You fPsd ans Mr. more Goqs SsN for S"s road to
certain sum to the municipality oyer its fixed
ga back to % the % people in the way Of reduced fares
1T might be better to let the people have that
msn m GS ha sOfS the
nickel was a very convenient coin for A fare. He
hatan haiti company carried over 10 per cent dividend
half Of everything over that percentage went to
the city or State.
THOMAS C. sHEARMAN's VIEWS.
After recess Thomas 6. Shearman took the stand
| Mr. Shearman said he lived in Brooklyn, but prac-
| tlsed law I'm New-York at No. "A Wall-st
"Do you believe in municipal ownership of street
| railways"
Yes sir do | think that street railways should
eventually be under the control OF the city. don't
| believe however. that street railways should inn
| medately be transferred to municipal ownership
not because | specially interested in any cor
poration but because think the city would make
a bad bargain and pay extravaganty high prices
| for them
| Nr Shearman also said ne thought that street
! railway franchises should be sold to the highest
| bidder for a limited number Of years =.
THE city" said he. at present does not get the
market value. anything like the market value. or
| any franchise
| MIR Shearman said ne OF the opinion that a
| ten-year lease of franchise would secure AZ GOOD
| terms as a thirty-year lease.
| The lease should provide" said Mr. Shearman.
| that II AT the end Of the term another BIDDER
should secure the franchise the property OF the old
| company should be purchased by the new company
| at a full and fair valuation. and no more
The witness said he thought this system OF leas-
ing franchises would not discourage the putting on
| of costly improvements
Mr. Shearman said he was not in favor OF local
authorities taxing railroads. He would encourage
| railway companies to make improvements by not