New-York tribune., 1909-09-09
INTERBoRoUeH,s Amman. pEpo.-

The pamphlets report Of the Intsrborou1b -.
Transit Company for the year ended J,,,e :.
shows earnings from operations Of S25 ~ -, y =.
as compared with $24.059299 30 in the ursSsS,s y
year. an increase Of $171s.093 %. or z1s De- .ss
the result Of a gain the subway division 40 :,
S96.tI4 81, or 1898 FER cent. and a Ioss - -
In the first six months Of the year there v-aa = -
crease in Manhattan Railway division earnlrz, =,
sS6s l23 p. - compared with corresponding ps-,Ss
OF rhe year BEFORE. while IN the last SIX r1o-..
earnings increased $15s.441 At. resulting N -
decrease for the year OF S180.ssl q The r~-.s-
Of passengers carried on the subway division 4. ~
year increased 37,Ss0.37A or 1895 per cent v,s-.
on the Manhattan division the number ~ r,s ~-s'
gers carried decreased 5.595.65s. or . % psr -
the decrease in the latter being due priroargv. .
the business depression prevailing IN the Nr.S =
months Of the fiscal year The Increase o- -
subway due in a large measure 70 The ors-s-.
up and development Of new territory.
The traflc Of the subway division shows an a.
crease over the preceding year at every station i,
the line. with the exception OF South Fer-v 81 -,
Hall. Brooklyn Bridge and goth street ths ~
crease in the last three stations being dre =, -
change in terminals by reason OF the openf0 - -
the Brooklyn and Van Cortlandr Park exteg-sH
Operating expenses were S10.747 4s3 % as cor,7ss
with SO 7226 So last year. increase OF ga 4s
or O23 per cent; an increase on the subway Ni-s--
Of s124306 Il, OF PSI per cent as against ds--S..
on the Manhattan division OF S99.55s O. or ~
cent While gross earnings increased Ii pe- -.
operating expenses increased only 3 ner -.
Net earnings were s15027.949 a. as COMPARES -.
S13,SS6.60 "A in the year before, an Increase Or
69f344 %, or 126S per cent increase on tba a.
way division Of SI72 4SS o. or 367 per cent vsi-.
partially Offset by a decrease on the BIanEs.
tan division Of sS1.123 s. or Los per cent
Other income was s. 643 49, as compared u1,s
$1,22017O 50 last year. increase OF SI64 471S o.
1913 per cent; an increase on the subway divi.,o1
of S2664s ~. 1850 per cent, and an increase m
the Manhattan division OF S7S25 L. or 81 per cent
Gross income was Sls tf2.592 g. compared WITH
s4.556,7i5 % last year, increase OF Ss5 81 IS Or
12-7S per cent; increase on the subway division
of 81 .s99 116 IL, or e9sS per cent as against DE-
crease on the Manhattan divsOn OF S5 2sS 42 or 0a
per cent.
Interest, rentals and taxes we're Ss2 81 az
compared with S. 6S rs 9s last year. Increase Of
S966,63 o. 1452 per cent Surplus, after provision
for the guarantee on Manhattan Railway stOcs
and 2 per cent dividend on Interborough Rapd
Transit stock. amounted 70 81, t5ss'3 an incTesss
of SSS9,163. 1917 per cent.
The report announces thar the company owns
and controls between s,o10,00O and $4,000 worth
of real estate not required for operating PURPOSES
4 considerable part OF this real estate is owned By
the Manhattan Railway Company, and under the
terms Of the lease the proceeds can oEly be sz-
pended for the payment OF It's obligations and b
making improvements on its lines All Of this
property will be sold from time to time, as favor
able opportunity offers. and the proceeds sppls5
for the corporate purposes OF the respective CON
panies. Several pieces of property not required fr
purposes OF operation have been rented or sold or
advantageous terms in the last year. and othsr
sales and leases are in process OF negotiation.
Regarding the relations OF the company 70 tie
InteFbCrough- Metropolitan Company the rsp0a
SAYS;
The InterbOrOugh Rapid Transit Company con
trolls the subway and elevated lines in Manhartan
and The Bronx II has, aside from its funded debt
a issue of $500 0O0 of capital stock which
dividends regularly paid at the rate Of 9 per
cent Per annuTn. OF this stock the InterbOrOush-
Metropolitan Company owns SS3,el2S00, against
which il has issued its AZ per cent bonds 70 the
amount OF 81. 800. and the per cent dividends
which II receives are paid out as interest these
bonds It's interest IS. therefore, that OF principal
stOCkhOlder and beneficiary of the valuable equity
represented by the surplus earnings OF this
pany its regular dividends The IuJerbOToush
Rapid Transit Company. however, conducts irs Own
affairs independently through It's own board Of
directors and operating staff. and for the sole bene
nj of its own stockholders.
The report states that the plans recently su5-
mitted 10 the Public Service Commission FOR add
tiOnal transit facilities prepared for the pu
pose of developing a unified and ComprehenSve
rapid transit subway system, TO be owned by and
come into the possession OF the city az the termt
nation OF present operating leases. and with The
further purpose OF afOrding the best possible bass
for future extensions into the undeveOped ssctoIs
OF greater New York. II has seemed 20 the diree
tors, the report says, that such system. with
corresponding elevated system, operated under one
experienced management. with one 5-csnt tars
over all of the and old subways transforms
passengers AT convenient points and scent FAR
over all OF the new and old elevated lines. trans
ferring passengers at convenient points, would reP-
resent the highest form OF rapid transit develop