The times. [volume] (Richmond, Va.) 1890-1903, 1902-01-28
Mccarthy Makes Public the
Paper He Referred TO.
FIGHT GROWS WARM
Railway President and Mayoralty
Aspirant in Controversy.
QUESTION EARNINGS, TAXES
Mr. Mccarthy Claims That the Traction
Petition Bears Out All He Has Said,
and Argues His Case, While
Mr.. Bemiss Says His
Statements Are
Not True.
QUESTION EARNINGS, TAXES

Captain Carlton Mccarthy yesterday
gave to The Times a copy of the letter
of the Traction Company to the Finances
Committee. upon which he based his re-
marks in reference to that corporation
IN his speech Friday night; he made d
lengthy statement in conteudins that hs
was justified in the remarks made. and
Mr. Bemiss, president of the Traction
Company, gave an Interview IN defense OF
his company.
following is the letter Captain McCar-
thy had reference to, and about wheh
there has been so much interest:
To the Committee on Finance:
Gentlemen,-As You have before YOU
the question OF taxing the street railways
OF the city, we beg to submit TO you, on
behalf of the Richmond Traction Com.
pany, the following views and figures.
aye submit that in dealing with IL street.
caA enterprise. it should be so treated
as to encourage such enterprises.
1t should not be viewed merely in tho
light of how much taxes it pays.
1t should be looked at great means
by which those forced to live, by lack OF
wealth, III the distant parts of the city,
are brought i'll easy reach OF the certrR,
business portions.
1t should be looked at as the means
by which the poorer citizens are enabled
to acquire cheaper homes than can. bs
found in the more central portions OF
the city.
1t should be looked at as ore Of tha
greatest necessities OF modern CITY life.
Unless these facts be untrue. such an
enterprise should bs encouraged.
While such an enterprise should bea,S
its fair share of the public burdens. yes
TO overburden it Is not only to iujure the
owners of it, but 10 destroy its useful
hess to the generaI public.
y city, In taxing It. rziIl charging for
the use of It's streets. should recoEnize
that the State and sometimes county,
also places upon it the burden of taxa
ton.
While the city does not receive into
her treasury such taxes, yet the burden
Upon the company Is the same.
Is is but fair also that the holders oe
the bonds and stock of such companies,
l. honestly issued, should receive some
return for the money which they have
Invested in the enterprise.
THE FIGURES.
We beg leave ito submit to you soma
figures, showing the earnings and ex-
penses of the Richmond Traction COM
pany, and then some figures showing
the actual money benefits which the city
and its citizens have derived from that.
company.
Before we subn,i. them we cali atten-
ton to the fact that these figures are,
under our charter with the city. open
to the most thorough and critical exani-
nation by an accountant. whom the city
nay appoint to scrutinize our books
Hence. it is bat fair to accept them az
correct. until the city shall make soma
such effort to test their accuracy. That
test we court at any time and to the
fullest extent.
The fiscal year of the company ends
one the 30th day of September of each
year The figures here following repre-
sent the earnings and expenses of the
company for the last fiscal year. To
them we attach figures showing what
additional burden the company must bear
In the future TO keep up its efficiency
and It's obligation under the mortgage.
1sss-se
Gross earnings .s15o,2IaA u
Operating expenses .............. 90, ,sa3 So
s7L4ss ss
Taxes, interest ss7.7 $50 50
Surplus -..---...-.....sasa,7os sasa 7os 90
This surplus must pro-
vide for an average
paving biil...-.........s $500 co
Depreciation at 5 per
cent. on 100000. ........ 10000 oo-s3s, 500 y
Leaving ..........slo. a0s .
Amount required under mortgage
to be replaced annually to sink
ing fund, fund TO begin January,
l'o' ..--... ...... lbs q
Leaving ....-.-.... .s4,o7s a.
NOTHING FOR DAMAGES.
1t Will be seen that In arriving at the
above surplus nothing has been allowed
for damage suits or any extraordinary
contingencies. And yet, every man run.
nlnS a manufacturing establishment or
a railroad ought and does consider the
possibility or probability CT such contin-
gent losses. It will be seen from the
ABOVE figures that the owners OF the roed.
the stockholders, have not a very tempt
ing chance to receive any dividends upon
the stock The owners of stock in such
d company surely ought TO be given =
chance TO receive some return for the