Year: 1875

To THE EDITOR HERALD


Nine men out of every ten in the city of New York
believe that improper of money by combination
of the principal horse railroads has been heretofore the
real reason of practical defeat of all rapid transit
measures in the Legislature. glance at the genera
financial situation Of these city roads shows that hero
is good ground for this belief shows that in order
pay dividends their watcred stock and bonds these
companies must be the alert circumvent anything
that may possibly diminish their receipts The actual
cash of the eight principal city railways, incud-
ing track equipment and real estate, according 10 the
State Engineers report, is in round numbers,
Sc zoe, ,000 These roads capitalized 10 the
amount in round numbers OF SIS GOO 600, about
80 600 OC0 than their actual cost. This latter is
the amount of booty distributed among the rings who
engineered these schemes their inception their
realization Every one who rides in horse cars
paws his share OF perpetual tax levied by
corporations for the purpose Of paying the annual in
this So 900 900 Of fictitious capital water
which represents expenditure whatever, and was
only issued To satisfy the greed of OF men who
not content with good round rate Of interest on an
actual and honest expenditure adopted this plan Of
bleeding the community to increase their gain The
gross receipts OF these eight companies is in round
bers So 200 900 annum and their net earnings but
trine short of 50 100000 From these facts it is clear
that il the of faro only sufficient to
nav saw ten per cent yearly dividends the actual
these eight roads it would doubtless be not
three cents instead Of five cents This of affairs
shows how great the incentive is for these corporations
unite and defeat every scheme that will really give
this city the sort of rapid transit that the work poo
plc-the Of by far the largest portion Of the
receipts OF these companies-rcaly need 1t will
plain why il is that real Rapid Transit bill has
become a law excepting perhaps, the law under which
the present Commission acting) which not
handicapped with restrictions which amounted
20 a practical defeat. The city railroad lobby were
too shrcwd allow any bill to pass which
not adriotly killed by seemingly harmless
clauses Fear Of these companies it is
very probable will in the end be the explanation ofthe
delay Of the Rapid Transit Commissioners, in
sion in even outlining route although the Board has
in existence nearly two months and the law under
which they organized requires them to do this in
sixty days. The fact is, this Commission To be
afraid TO speak above its breath all their discussions
are guarded with much secrecy as in old times
rounded the deliberations Of the Council OF Ten in
Venice.


The city OF New York is anxious to hear what the
Commissioners have TO say this matter OF location.
There nothing very complicated about 1t. Almost any
schoOboy point where rapid transit ought
10 run TO the greatest benefit 10 the greatest
bcr There Is wisdom standing in Of any op-
position combined city railroads otherwise. Delay
will not defeat such opposition. If 1t is to be
tered the is known the the voice OF tho
people will be heard demanding that 1t shall cease


A CITIZEN.