The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-04-07

IT, L.
United Traction and
Electric Co. ..-..... $4,000 1O2 64o
Toronto. Canada
Toronto Ry. Con-. 10000 81 676
Indianapolis
Citizens ST Ry. Co. 10000 100 49,.
Both Detroit companies and Toronto sell
eight tickets for % cents.
If the element of watered stock is elm
irated from the calculation and cost of
maintenance and operation based upon the
actual value of the plant the per cent will
fall below 40.
THE Citizens Company of Indianapolis is
capitalized at 100000. upon which bonds
rave been issued to the amount of 81, 900 600.
The earnings of the company must. there
fore, pay dividends and interest upon $9,OOO-
90 Does anyone who knows anything at
all about street railways believe that the
plant of the Citizens Company is worth
CEe-half this amount?
COST OF STREET RAILROADS.
I'm the Street-railway Journal for March,
1896, Mr.. Edward f. Higgins, i'm a compre-
bensive article on The Cost of Street Rail-
ways in which he bases his estimates upon
actual experience in the construction of the
lines of the West End Company, of Boston.
Mass, shows plainly that the real cost OF
a street railroad is. Taking his figures, and
the report of the Citizens Company in the
supplement already referred TO, the cost of
the indianapolis plant is about as follows:
100 miles of track at SIS, 0OO 81 800 coo
Power station ooh. D. to each carl. $4,000
112 motor cars at 81, 800 ............... 25S,O0O
80 trailerS at 81, 900. Observation-Disclosures. $1,000
Sum necessary to duplicate. 81 S13, 900
'Or, say 100000, which is a liberal esti-
mate, there still remains 100000 of water
upon which returns are expected.
ITO leave out of consideration the s., CO.,
600 of water reduces the dividend extracting
power of this corporation 60 90 per cent. To
reduce the fare to cents is only reduction
an no IN no CT -pofl uynN
pany will be honest and do business on an
actual cash basis IL will still be 20 per cent.
ahead even on Scent fares.
TO demonstrate more fully that a 3-cent
fare is sufficient to pay all the cost of oper-
alton and maintenance, a fair return lfpon
the actual capital invested and reasonable
sum for the use of the streets, let us make
a close comparison between the situation in
Indianapolis and Toronto prefacing that
comparison with the statement that Toronto
Is thus selected because of the similarity OF
conditions existing in the two cities and be-
cause Toronto has practically Scent fare.
indianapolis. Toronto.
Population (estimatedD $4,000 100000
Capital stock .............. s5ooo.oSS $500 oS0
Funded debt .............. 100000 100000
Rate of interest. .......... ) AZ
Number of motor cars. 172 256
Number traflerS .......... 50 $50
Gross earnings ...........fS1 10000 S1077, 6l2
cStatement of gross earnings of Indian
sued by company in 1897
In Toronto the company sells eight tick
cts for . cents, these tickets being good
from $50 to o'clock a. m. and between 5
and $50 p. m: another class of tickets. six
for . cents, or twenty-five for ST. good at
all times; school tickets, at the rate of ten
for % cents, good between a. m. and y.
m, except on Saturdays, and children under
nine years OF age are carried for half fare
Thus while some tickets sell for more than
cents, the school tickets and half fare
rate for children under nine years reduce
the average to near the Scent rate.
THE TORONTO RAILWAY.
1.-THE Toronto Railway Company in addi-
ton to this low fare schedule, pays into the
city treasury per cent. of its gross earn
ings up TO s1,O0O.Oc0 per annum CssO,0Oo in 1897,
according TO the Street-railway Journal
supplement-, and $500 per mile of track per
annum-s72, 800 in 1897.
Notwithstanding the low fares and heavy
payments to the city. the Toronto company
paid dividends. interest, for paving streets
and turned into the surplus account in 1897
S1,02S. The people of indianapolis are as
we'll off financially as the people of Toronto
and are as liberal patrons of the street cars.
If the company there can run at profit
or low fares it is fair to presume that the
rev company in indianapolis car do so.
Both the Citizens Street-railway Com
pany and the Detroit Electric COMPANY of
Detroit, carry passengers at the rate of
eight for % cents. and the reports OF these
two companies, as given in the supplement
to the Street-railway Journal show a
handsome sum carried over to the column
headed net income.
when all have been heard, when the sub
ject has been sifted to the bottom. il ought
10 be a tolerably easy matter TO agree upon
the best possible proposition
THE committee also respectfully petitions
that any franchise contract hereafter
agreed upon shall contain stipulation that
the present rate OF wages to employees shall
be maintained. and that in the event OF any
differences arising between the employees
and the company, relating to wages or 9TH
erwise, shall he adjusted by the State Board
of Arbitration. as provided by law.
In conclusion, the committee earnestly
protests against entering into a contract
covering period of thirtyfour years on the
terms proposed as being detrimental to the
seems to us. also. that the making of con-
tract now on the ground OF the immediate
benefits TO accrue in the next two years is
like unto the conduct OF Esau selling his
brthright for mess Of pottage. The adj
vantages of the next two years over present
conditions will be of little consequence COM
pared with the burdens which Will grow
upon this community in the remaining
thirty-two years of this franchise. Under
free competition In 1901 it Is believed much
more advanta geCus contract can be secured.
fully compromising FOR all the disadvantages
We may be put 10 until that time, and max
ing municipal ownership possible at much
earlier date than contemplated in the pend
ing proposition. JOHN r. WHITE,
JOHN BLUE.
go w. MADDEN.
IT. s. GURLEY."
Mr. Golfer then moved 10 refer the whole