New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1910-09-13
NTERbOROUGH'S SURPLUS.
Increase of 103.64 Per Cent for
Fiscal Year.
SYSTEM HAULS 562, 788, 1896
President Shonts, IN Report,
Argues for Extensions OF Elk
listing Routes.

The annual report of the marlborough
Rapid Transit Company for the fiscal year
ended June 80. made public yesterday
showed the gross operating revenue for
tho year TO have been s2S.9S1.64f. an in
crease of So 463. 252. or about IS per cent
over the preceding year. The operating
expenses We're s11.0T3.142, an increase of
S265saa over 900. leaving the net oper-
ating revenue s17a74.5n5. sn increase of
S2197, 554. or is % per cent. compared with
the preceding wear
Taxes for the year amounted to S1.I5h,-
az. leaving the net income from opera
ton s162c40S2 To this was added non
operating income Of s4l1.o24. making the
gross income for the fiscal year S16,625.-
107 an increase Of $1.655.1SS- The 1tem
of non cooperating income showed q de
crease from the preceding year Of S59e.15l.
This. it WIS explained, was largely due 10
the policy introduced on July I. 1909. Of
not crediting to income account the in
terest on advances made for the construc-
tion Of the Belmont tunnel
From the gross income total income de
auctions of slc.s52. $50 were made. leaving
the net corporate income $6,oS2147. as
compared with $4.52P.S22 last year. an in
crease of s1.4a2.224. or 3e51 per cent
After the payment of per cent dividends
on the capital stock there remained 2 sur
plus of S2.a%2.I4T. IN increase Of sf.4q2.-
323. or 1885 per cent. over last years
surplus. The number of passengers csr-
ried during the year. according TO the re-
port was 562.1SS.395. an increase of as.
los. 052. as compared with the number car
ried i'll 1909. of this Increased number Of
passengers 3o.52I.26e were carried on the
subway division and 17576,0S4 on the
Manhattan Railway division.
4 large number Of improvements, the
report states, were made during the wear
TO the structures. power plants and equip
rent and charged 10 operating expenses
General expenses for the year showed e
decrease of S11..137 from the 1909 hg
ures, due, it was explained, TO savings
brought about in general office salaries
and expenses and general law expenses.
The funded debt Of the company was
given as S35,025 eco. composed of s21.-
$4,000 . per cent three-year gold notes.
due May /. 1911. and S13,052.0o0 forty-f1ve-
year gold mortgage per cent bonds
dated November 1. 1907 The capital
stock of the company remains at 5.0o0,-
600. as heretofore
On the subject of new subvavs President
The basis for operating the new sub
ways has been changed by the new plan Of
city participation in the profits. l. e. the
citv to take all Of the net profits for the
first five years from the commencement of
operations and the net profits thereafter to
he equally divided between the city and the
cOmpany. The terms Of the lease to be CO.
terminous with the rGneXpired portion Of the
term of the present subway lease hut the
city TO have the right any time after ten
Years TO take hack the extensions upon the
reimbursement to the marlborough com
panv Of the cost Of equipment, plus Il PEI
, cent. which Is in accordance with the new
law
The above conclusions we're arrived st
after very careful study Of tho transit
needs Of greater New York They are based
on long experience in determining the re
qurements OF the travelling public and
were compiled in = spirit Of fairness To all
ooncerned-i q. the City,-the passenger and
the company. Those logical extensions Of
the existing Suhvav will not only double its
present carrying capacity. but will enable
passengers 10 travel directly n and from
All important centres without transferring.
At the same time. as construction pro
crosses each new section can in turn be
ioined to existing sines, making the addi-
/ tionaI mileage Immediately available For
example the Pennsylvania Railroad ter
niual can be connected with the West Side
subway AZ 42d street in eighteen months,
the Bronx extensions can be placed IN
operation in fifteen months and the Belmont
tunnel IN three months.
AS 70 the use Of city money versus pri-
vatA capital there can be no difference Of
opinion Tnasmuch as the city receives all
of the profits for the first five years and
shares in the profits equally with the com
many thereafter, the saving If over Sl.ooo"t0
per snnum in interest charges alone hv the
11ze Of city money illustrates as nothing
else can that the use Of private capital
would he an economic waste. in which the
CITY and the fare payers would he eaual "
losers with your compsnv- Similarly, the
e=1a hIishnlent Of q universal five cent sub
var fare. as against ten cent fare be
,weer. two independent lines. is equally con
elusive proof Of the wisdom 81 extending
the present system