New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-06-04
MR.. BRAKER'S PROPOSITION.
WHAT HE WOULD LOSE IN THE SIXTH
AND EIGHTH AVE. ROADS.

AND EIGHTH AVE ROADS.
A LARGE DEFICIT STARING HIM IN THE FACE
THE METROPOLITAN COMPANIES
TERMS THE BETTER
To the Editor OF The Tribune.
Sir: Is 1t not time one did little simple
cphering on the proposition submitted TO the city
by II J. Braker for a purchase or lease or the
Sixth and Eighth ave. railroads? Believing that
the city OF New-York should make as much out
of these valuable franchises as possible. nave
examined the proposition, and not only rali 10 see
anything In 1t as n business proposition for Mr.
Braker but find that. should the city succeed III
Selling the property, 1t will be wiser TO continue
the existing leases. II tho figures herewith pre-.
scented correct. and believe they are IL "ou''
seem to me that those who are engaged III tie
public spirited work Of trying to secure for our cltH
as large revenue as possible from street fran
chses should separate their efforts from INDIVIDUAL
propositions. which. In this case. either are I'M
practicable or II practicable leave the city, when
I'm the possession Of the roads. worse on in the
long run than II It continued the present lease. 1t
should be remembered that the metropolitan street
Railway Company merely leases the Eighth and
part of the Sixth ave- line, and would as soon pay
the full value OF the property In rental 10 the city
as 10 the present owners.
Mr.. Brakers proposition has naturally attracted
attention because Of It's unusual character ana us
apparent munhcence. 1t Is, in brief, TO purchase
the roads from the present stockholders. paying
the cost OF construction and 10 per cent ADDITIONAL
and to pay to the city $4,000 per year as fran
chse tax and a cash bonus of 100000. Assuming
tina: the city in legal position and considered
1t wise and just to accept this proposition. what
would be the result to Mr.. Braker?
Take first tho Eighth-ave railroad. comprising
twenty miles Of single track The net result to Mr..
Braker Of the purchase would be as follows:
NJ nd
Ten per cent additional aS 90 90
Bonus 10 city iVVoVoW
Total OH %
Interest Mt per cent 90 ~
FRANCHISE per ahnum 'V""o'
Total fixed charges SOS 45i OF
This Is the sum which II would be necessary for
the Eighth-ave railroad to earn over all expenses
each year to net Mr.. Braker per cent upon his
actual cash investment. He would OF course oper
ate the road Independently. without the advantages
afforded by the connections and transfers now en-
joyed by the Metropolitan Street Railway Company
advantage which even critics Of the company
must admit has been shared by the public. The last
fiscal year during which the road operated
ended June 80. 1895, at which time receipts were
steadily decreasing. and would surely have continued
to decrease while operated an independent road
the result Of the improved service Columbus
Assuming. however. that there would have
been no further decrease this would be the result
road Independent line:
JuRe @ Gr last year. operated ending
Gross receipts SEQ 30
Operating expenses oIlSlo %
Net receipts Sl53 0S0 g
Taxes "a I6i 20
Net Income $50 OS
Fixed charges above. l9s45l OF
Deficit s6olei 80
Take next, the sixth-ave. railroad. Mr. Braker
Is doubtless aware that the city has not even
the shadow OF a claim upon that portion Of
the road which lies south Of Carmine-st., all OF
which has been constructed under subsequent In
c,ntestable grants by the Board Of Aldermen. The
total length OF the line is nine miles of single track,
Of which five miles lie north Of Carmine.st. and
four miles south Assuming that Mr.. Braker's
proposition for the Purchase of the section north
of Carmine-st was accepted, this would be the
suit:
Cost OF road north OF Carmine-st-
Total Of road and equipment. Oil 175 80
Ten per cent additional. 1885 81
Bonus to 100000 90
Tots! -. s ssa 50 50
Franchise per annum ........,.......... $4,000 90
Total fixed charges 1882 1863 "a
This is the sum which Mr. Braker's operation Of
the line independently would have to produce to
per he oaG
independent line ended June 80, 1892. since
receipts But for the feeders and transfers AFFORDED
by the connecting lines Of the Metropolitan Street
Railway Company it Is probable that the receipts
would have been considerably less last year
than they were before the parallel line on Broad
receipts would remain as for the year ending June
80 1892, this would be the result OF Mr. Braker's
operation of the Sxth-ave railroad from ffty-nnh-
ST. to Carmine-st. as an Independent line:
receipts s4o 014 %
Operating expenses. BOSSES %
Net receipts. ACKNOWLEDGEMENTS. $92745 9s
Taxes ................-.. 3lli8 70
Five-ninhs Of me...................... 3I23s Al
Taking the two combined. the net cost to Mr.
Braker Of the acceptance by the city of his propo-
sltion after allowing per cent upon his invest
mcnt, would be as follows:
Deficit on Eighth ave. line ................ 500 l6l 90
Deficit on sixth-ave. line from carmne-st.
Fifty ninh-st ...........'.......... l2Sl30 II
Total deficit per annum Observation-Disclosures. SIS 2o2 70
It IL hardly reasonable to suppose that Mr.
Braker would be willing for any considerable
length OF time TO divert nearly 100000 per annum
from his private fortune. He would undoubtedly
make further investment without unnecessary
delay and proceed TO equip both lines with i'm
proved motor power. The cost OF this reconstruc-
ton upon a basis OF the estimates of the engineers
OF the Metropolitan Street Railway Company for
the same work would be at least the following:
Tw .ntv-nve miles single track at 100000 per
Power stations and estate 100000 90
Total 100000 90
Fiv. per cent on same ''...'.....''...... 100000 %
Existing fixed charges Eighth l,ns.. 45 OF
Existing fixed che Sixthave line.,. 800 81
Tota, nxed charges .... $500 $40 a
Having made this additional Investment. Mr.
Braker would then find that the two lines must be
| operated with mechanical traction as 10 pro-
duce nearly $500 600 per annum over the cost Of
operated independently with horses were for the