New-York tribune., 1901-09-05

MetropoIitan system were operated separately7"
asked Mr. Page. .s NJ,
They woulc not pay expenses answered MT
THAT is objected to as immaterial and :rrele-
want" said Mr.. Fiero. for the state ,,,s not he
There some franchises which could not De
used" said Mr.. Vreeland unless they were eIu-
ployed by company like the Metropolitan nav
ing lines all over the city. If thelines leased by
the Metropolitan were operated separately their
gross receipts would be decreased 40 per cent
and the receipts still more, because no ran
road now owns its cars or has a power
house"
state the economy Of the present system OF
consolidation" said ex-Judge Brown.
Each road" answered M-. Nreeland, would
have its separate staff Of officers For instance
the wiping out of the staff Of the Third-aVe
system saved us 100000 year. and the cost
of electrical power to the Third-ave. was six
cents mile, whereas to the Metropolitan II was
only one and one-half cents a mile.
In what condition did you find the Broadway
line when you took itE
PAID BIG SUMS FOR CERTAIN LINES.
THE Bleecker-st. and another line had the
right to run upon Broadway. This limited our
speed TO the horsecars. We had to buy the lines
at nuisance rates. They don't pay expenses
now
Did other lines occupy your lines?
Yes: and We had to buy the Tenth-ave. at
n exorbitant price in order to get the morse
cars off cable line from Ftfty-third to
Sixty-ffth-st.'
what has been the effect of transfer sys-
tenn"
1T will make two lines make more money.
The crosstown cars contribute to the gross earn
ings of the longitudinal lines and the latter to
the former. Many passengers take our cross
town cars and go two blocks IN order TO reach
a longitudinal line in preference to taking the
elevated lines The Third Avenue companys
stock sold at $50 share. In weeks
time the value of the stock doubled, owing to
people learning that the Third Avenue had
become the property of the Metropolitan Street
Railway Company. For year after we bought
the Second Avenue it did not pay expenses; but
nevertheless its stock doubled in value"
a Fal ms - al
of your company"
No bonds Of the Metropolitan company. I
believe. have sold at less than par"
PERSONALITY IN VALUATION OF LINES
What would you say about estimating the
value of franchise by its gross earnings?"
I think answered Mr. Vreeland that you
cannot safely or justly eliminate the personal
element. The Third-ave. company wrecked
by the men who had charge Of II from its or
ganization. Now. under the care of the Metro
politan its expenses are from 10 10 II per cent
less 1t is all a matter Of business ability and
ingenuity
y. P. Morgan & Co. occupy building and lot
at the corner of Broad and Wall SITS. The busi-
ness done in that house amounts TO many mill
ions a year. The volume Of this business de-
pends not only upon the location of this site.
but upon connections which II has esta blished
throughout the world. Within one hundred yards
OF the corner Of Broad and Wall SITS. may be
another lot with building Of equal size and de-
STABILITY, but the business done by the banking
house in that may be only one-tenth of the
amount done by ]. P. Morgan & Co. We have
expended large sums in experiments intended TO
lower the cost of transporting people; SSooooO
on compressed air alone"
And you still have hopes Of its paying" In
terrupted Senator Hill
Yes" answered Mr.. Vreeland. with laugh.
DO you think line from South Ferry 10 Fiji
teenth-st. would pay expenses" asked Mr.
Cowan.
i do not answered Mr.. Vreeland.
What is the length of time your leases OF
other railroads rum"
About 900 years" answered Mr.. Vreeland,
MIGHT ABANDON SOME LINES.
do you think of abandoning your leases and
returning to the past chaotic SYSTEM
That depends upon the present action" re-
piled Mr. Vreeland.
You DO not mean that, Mr.. Nreeland, do
you?'' said Mr.. Cowan. in a surprised way
Il may in regard to certain lines. We have
over ninety miles of street railways operated by
horse power. They do not pay expenses, and II
would cost Sl50000 a mile TO convert them into
electrical lines
Can you not convert the Fulton-st line. Tor
| instance, into an electrical line?"
We cannot"
The hearing WAS then adjourned