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Chapter 19: Financial Statement

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Rapid Transit in New York City and in the Other Great Cities ยท Chamber of Commerce, 1906

Cost of Work Done. The following statements show the amounts expended by the Rapid Transit Railroad Commission from the time of its creation by the Act of 1894 to January 1, 1905:

The total amount expended for work

done and materials furnished under the Manhattan-Bronx contract up to

January 1, 1905
$33,614,000
The total amount expended for work

done and materials furnished under the Brooklyn-Manhattan contract up

to January 1, 1905
$822,882

This latter item represents a construction cost of about $4,114,413, as the contract price was only about 20 per cent. of the actual cost of doing the work.

Yearly Expenditures. The total yearly expenditures for regular and extra work have been as follows:

&nbsp 1900 1901 1902 1903 1904 Total.
Regular work $1,685,000 $10,343,000 $11,436,000 $6,930,000 $3,220,000 $33,614,000
Extra work   $162,000 $949,994 $2,241,528 $951,730 $4,305,252
 





Total $1,685,000 $10,505,000 $12,385,994 $9,171,528 $4,171,730 $37,919,252

In the following table are presented the disbursements of the Commission during yearly periods from 1894 to January 1, 1905. It will be observed that the expenses of the administrative and general office were $299,278 and the legal expenses $290,714. The total expense of the engineering department, including all salaries, office rent and expenses, instruments and supplies, amounted to only $2,106,870, or the remarkably small proportion of 5 per cent. of the total expenditure of the Commission. In this expenditure is included work done in the preparation of plans not yet executed, in studies for the Brooklyn Bridge terminals, and for other objects not connected with either Contract No. 1 or No. 2, and which may justly be considered as outside work.

General Fund, 1894-1904, Disbursements. Total amount of disbursements made under the direction of the Board of Rapid Transit Railroad Commissioners during the period from 1894 to 1904:

  Administrative
and General Office
Engineering Legal Total
1894 $2,929.10 $1,271.34 $28.30 $4,228.74
1895 6,048.49 26,250.29 25,688.13 57,986.91
1896 35,572.34 17,028.82 31,457.53 84,058.69
1897 5,230.06 21,395.86 38,925.73 65,551.65
1898 4,521.15 17,930.31 29,519.13 51,970.59
1899 2,826.94 3,698.00 20,551.30 27,076.24
1900 53,866.33 161,047.23 27,356.19 242,269.75
1901 39,023.86 348,258.30 31,861.62 419,143.78
1902 45,576.10 458,389.79 33,547.26 537,513.15
1903 45,719.42 520,664.27 24.332.55 590,716.24
1904 57,965.11 530,936.37 27,446.87 616,348.35
 



Total $299,278.90 $2,106,870.58 $290,714.61
        <hr align=right noshade width=50
Total amount of General Fund disbursements,
from 1894 to 1904, inclusive
$2,696,864.09

Corporate Stock, 1894-1904, Manhattan-Bronx Construction Fund. Total amount of proceeds credited of the Corporate Stock issued by The City of New York for the construction of the Manhattan-Bronx Rapid Transit Railroad during the period of:

Year     Proceeds
1900 Amount of Stock issued $1,000,000.00  
Premium 105,400.00  
    $1,105,400.00
1901 Amount of Stock issued $11,000,000.00  
Premium 635,361.46  
    11,635,361.46
1902 Amount of Stock issued $12,500,000.00  
Premium 803,663.70  
    13,303,663.70
1903 Amount of Stock issued $11,865,000.00  
Premium 237,487.72  
    12,102,487.72
1904 Amount of Stock issued $5,885,000.00  
Premium 82,938.37  
    5,967,938.37
 
Total amount of proceeds

applicable to the construction of the Manhattan-Bronx Rapid Transit

Railroad, from 1900 to 1904, inclusive
$44,114,851.25

Brooklyn-Manhattan Construction Fund. Total amount of proceeds credited of the Corporate Stock issued by The City of New York for the construction of the Brooklyn-Manhattan Rapid Transit Railroad during the period of:

Year     Proceeds
1903 Amount of Stock issued $301,000.00  
Premium 715.29  
    $301,715.29
1904 Amount of Stock issued $1,065,000.00  
Premium 15,359.13  
    1,080,359.13
 
Total

amount of proceds applicable to the construction of the Brooklyn-Manhattan Rapid Transit Railroad from 1902 to 1904,

inclusive
$1,382,074.42

Construction Funds, 1894-1904, Disbursements, Manhattan-Bronx Construction Fund. Total amount of disbursements made in the construction of the Manhattan-Bronx Rapid Transit Railroad during the period:

  Work and Materials Extra Work
and Materials
Terminals Real Estate Interest on
Corporate Stock
Total
1900 $1,685,000.00 .......... .......... .......... .......... $1,685,000,00
1901 10,343,000.00 $162,000.00 ........... $9515.45 $165,013.90 10,679,529.35
1902 11,436,000.00 631,000.00 ........... 141,391.72 547,031.41 12,755,423.13
1903 6,930,000.00 2,563,021.47 $1,048,251.72 512,004.90 947,481.56 12,000,759.65
1904 3,220,000.00 991,729.86 701,748.28 863,195.62 1,305,865.78 7,082,539.54
 





Total $33,614,000.00 $4,347,751.33 $1,750,000.00 $1,526,107.69 $2,965.392.65  
Total amount of

Manhattan-Bronx Construction Fund
disbursements from 1900 to 1904,

inclusive
$44,203,251.67

Brooklyn-Manhattan Construction Fund. Total amount of disbursements made in the construction of the Brooklyn-Manhattan Rapid Transit Railroad during the period:

  Work and Materials Real Estate Interest on
Corporate Stock
Total
1903 $202.457.06 $706.80 $5.87 $203.169.73
1904 620.425.62 1,200.00 20,196.40 641,822.02
 


Total $822,882.68 $1,906.80 $20,202.27  
Total amount of

Brooklyn-Manhattan Construction Fund
disbursements, from 1902 to

1904, inclusive
$844,991.75

Summary of Disbursements, 1894-1904.

Total amount of General Fund disbursements $2,696,864.09
Total amount of Manhattan-Bronx Construction Fund disbursements 44,203,251.67
Total amount of Brooklyn-Manhattan Construction Fund disbursements 844,991.75
 
Total amount disbursed by the Board of Rapid Transit Railroad Commissioners from June 18, 1894, to December 31, 1904 $47,745,107.51

Passenger Travel During First Year. The subway was opened for business October 27, 1904. During the first few days the road was crowded with curiosity travel, the total for five days being 1,294,000, or a daily average of 258,800. From that time the traffic fell to a minimum for a week day of 172,288 on November 10. From this minimum there was a steady and substantially even increase as the public became acquainted with the road, so that the daily average travel for November, including Sundays, was 205,030. The growth continued during December, on the last day of which 358,566 passengers were carried; the daily average for the month was 283,773. No railroad had ever before shown such a traffic at the end of two months after its opening. During the entire year the subway carried an average of about 300,000 passengers each day. The stations ranked in the following order in the amount of business done: Brooklyn Bridge, Grand Central, Fourteenth street, Fulton street, and Times Square.

The other transportation lines in the Borough of Manhattan, while losing somewhat as the result of the opening of the new line, did not lose anything like the total travel shown on the subway. It is evident that the new facilities created new travel. This new travel is largely due to the convenience of the combined local and express service. The local trains are used largely as collecting and distributing trains for the expresses, many local train passengers alighting at each express station, their places being taken by others coming from the express trains and who are to be discharged at the local stations.

As was to be expected, the Brooklyn Bridge station has done the largest business. This station absorbed all the travel south of the bridge during the first few months; but much of this was diverted after the opening of the stations on the Broadway extension to the Battery.









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