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Valentine & Co., New York, Banquet Tickets
E, A. Abbott, Boston, Annual Reports.
Ry. Co., Banquet Ticket.
Ry. Co., Washington, D. C...
Tickets 15. Brockton St. Ry. Co., Banquet Tickets..
$6,829 16 SUMMARY OF THE TREASURER'S REPORT. The Secretary: The Report being quite lengthy, unless it is desired that it be read in full, I will read the summary only. The Secretary thereupon read the Summary as follows:
RECEIPTS. Balance, October 19, 1887...
$1,454 66 137 Annual Dues, at $25.
3,425 00 Sale of Banquet Tickets
470 co IO Admission Fees.....
250 00 6 Annual Dues, 1886-'7, at $15
90 00 6 Months' Interest on Call Loan of $2,500). . Sale of Annual Reports....
36 00 3 Annual Dues balances, at $10.
30 00 Sale of Salt Pamphlets...
273 88 150 60
EXPENSES. Secretary and Treasurer's Salary Expenses of Annual Report... “ American Street-Railway Decisions,” Printing and Postage... Annual Meeting at Washington, Engraving, Printing, etc.. Legal Opinions. Miscellaneous Postage, Stationery, etc Miscellaneous Printing.. “United States Mail Line Expenses .. “Am. St. Ry. Mut. Ins. Co.,” Printing and Postage
135 50 114 55 101 25 48 +7 16 25
The President: Unless some member has an objection to make, the report will be received and placed on file.
Mr. Wm. Richardson : I would prefer to move, as I have not heard the items, that the Report of the Treasurer be referred to the Executive Committee for audit.
The Secretary : I should have read "approved by C. B. Holmes, President"; also by the Executive Committee.
The President: Unless there is some objection, the report will be placed on file.
SPECIAL COMMITTEES, 1888.
STREET-RAILWAY MUTUAL FIRE INSURANCE, C. C. WOODWORTH, Sec., Rochester City and Brighton R. R. Co., Rochester,
Co., New York, N. Y.
CONDITIONS NECESSARY TO THE FINANCIAL SUCCESS
WILLIAM D. HENRY, Sec. and Treas., Missouri R. R. Co., St. Louis, Mo.
LOCATION AND CONSTRUCTION OF CAR HOUSE AND STABLES. C. DENSMORE WYMAN, Vice-Pres., Central Park, North and East River R. R.
Co., New York, N. Y.
PROGRESS OF ELECTRIC MOTIVE POWER.
REPORTS OF SPECIAL COMMITTEES,
The President: The Chair is informed that the Committee in charge of the paper regarding Street-Railway Mutual Fire Insurance is not quite ready to report, but will report at a later stage of the Convention. We will, therefore, now listen to the paper on “The Conditions Necessary to the Financial Success of the Cable Power," by Mr. William D. Henry, of St. Louis, the Committee.
LETTER FROM MR. WM. D. HENRY, THE COMMITTEE ON
THE CABLE POWER,
The following letter was read by the Secretary:
St. Louis, October 13, 1888. To the Officers and Members of the American Street-Railway Association,
Gentlemen-I very much regret that my engagements render it impossible for me to be present at our Annual Meeting in Washington. I take pleasure, however, in introducing to you Mr. W. Bartlett, of this city, Civil Engineer of the Missouri Railroad Company, who is fully accredited as its representative, and to whose valued assistance your Committee is in a large measure indebted for the information contained in the report. Wishing you a successful and beneficial meeting, I remain,
WM. D. HENRY.
REPORT OF THE COMMITTEE ON THE CONDITIONS NECES.
SARY TO THE FINANCIAL SUCCESS OF THE CABLE
The Secretary read the report, as follows :
TO THE AMERICAN STREET-RAILWAY ASSOCIATION,
Gentlemen—I beg leave to submit the following report upon the subject of "The Conditions Necessary to the Financial Success of the Cable Power."
Experience in the construction and operation of cable roads for passenger traffic since 1873, when the first practical application was made of the system in San Francisco, has suggested that the conditions necessary to the financial success of the cable are :
ist. Volume of business ;
VOLUME OF BUSINESS. There is a very wide difference in opinions as well as statistics concerning the first. Thus, Mr. J. L. Wilcutt writes from San Francisco that “the number of cars run and passengers carried before the cable could be adopted with profit is affected by so many conditions, such as cost of plant, expense of operating, etc., that the question cannot be answered intelligently."
The Grand Avenue Cable Line, of Kansas City, reports that 4,000 passengers per mile per day are necessary before cabling a horse line.
The Minneapolis Street Railway Company places the travel at 3,000 to 4,000 passengers per day per mile of double track.
Mr. H. H. Windsor, of the Chicago City Railway, says : “As a rule and under ordinary circumstances, it is not advisable, from a pecuniary standpoint, to build and operate a cable line where it is intended to operate the cars less often than once in ten minutes ; but beyond that figure the economical advantages of the system improve in greater ratio than the increase in service."
Of the six cable lines first constructed in San Francisco, two being converted from horse car lines, the Mayor of that city states : “ These roads pay dividends from 8 to 24 per cent. per annum. The Market Street Cable Railway Conipany issued bonds for $300,000, bearing interest at the rate of 6 per cent. per annum. They are now selling at 1 per cent. premium. After paying interest on these bonds there is left a handsome dividend."
We might extend the record of like opinions and statements indefinitely, and with few exceptional cases they all trend in the same general directionthat the cable is a financial success when constructed and operated under