Application for change of motive power... Applications for increase of capital stock... Applications under section 59 of the Railroad Law. Applications under section 80 of the Railroad Law.. REPORT. STATE OF NEW YORK: BOARD OF RAILROAD COMMISSIONERS, ALBANY. January 4, 1899. To the Honorable the Legislature of the State of New York: Pursuant to the requirements of the Railroad Law, the Board of Railroad Commissioners submits its sixteenth annual report. General Situation. It may be said, in a general sense, that the financial condition of the steam surface railroads reporting to this State is better than it was last year. Under the succeeding title in this report may be found the results of the business of the year, which support this statement. The figures given are for the year ending June 30, 1898. A few unimportant companies are in the hands of receivers, but the fact that receivers administer the affairs of these companies is not connected with the general prosperity of the railroads of the State. During the year there were rumors that freight rates were not maintained on eastbound and westbound through business. This situation was intensified by the decision of the United States Supreme Court declaring the Joint Traffic Association agreement to be in restraint of trade and unlawful, which resulted in the dissolution of that association, and at the time of writing this report it is believed that freight rates to and from the west are lower than prudence in the management of railroads would dictate. At the same time the volume of business seems to be increasing. However, if this increased business does not bring profitable returns to the companies, its existence may not be for the lasting good of the public. The interest of this State in railroad transportation is greater than that of any other State in the Union, and in the same measure is the importance to the State of non-discrimination and stability in railroad freight rates. It is conceded that such competition as may be detrimental to the interests of the public and the railroads should be suppressed, but a method for lawfully accomplishing this does not appear to have been devised. It is said that the railroads of the country will again urge upon Congress the passage of a law permitting "pooling." This Board has expressed itself in the past as not opposed to such a law, if one can be framed which, while securing stable rates, will not unjustly affect the interests of the public. Whether or not such a law is passed, it seems to the Board that an open and honest administration of railroad affairs should result in reasonable rates and non-discrimination. The Governor and Legislature recognizing the importance of New York city maintaining its primacy as the chief port of the country, last year passed an act providing for the appointment of a commission to investigate the subject. This commission was appointed and is pursuing its duties. It is needless for this Board to comment upon the importance of such an inquiry, but there is sufficient cause, in the increase of business at other ports of the country, to render the matter scarcely second to any which must be considered in the administration of State affairs. The facilities for and cost of transportation to and from New York, with the incidental matters which invite traffic in a general direction and to a certain port, merit most painstaking consideration by the Legislature. It may be said that this Board, as far back as the second year of its existence, and for several years thereafter, called attention in its annual reports to the urgency of this subject. It is interesting to note that the total number of tons of eastbound freight on all the canals of the State during the season of navigation of 1897, was 2,448,361; during 1898 2,314,050 tons, a decrease of 134,311 tons. The total number of tons of westbound freight in 1897, was 1,169,443; in 1898, 1,046,013 tons, a decrease of 123,430 tons. The designations "eastbound" and " westbound " include what in some instances might be considered "northbound" and "southbound." At the time of writing this report the Board was unable to secure the tonnage of the Erie canal separated from the total. |