ions of sections 5 and 6 of chapter 282 of the Laws of 1854, amending the General Railroad Act by providing that proceedings for an appraisal actually commenced shall not be affected by subsequent changes in the title, which amendment was passed to meet the same difficulty under the General Railroad Act which we now find in the rapid transit act, where new interests intervene after proceedings have been commenced to acquire title." The Board deems that the amendments proposed in the first section are proper and can see no objection to their passage. The second section of the act proposes to further amend the rapid transit act by adding thereto provisions by which the Board of Railroad Commissioners shall determine and permit changes in routes located but not constructed. The necessity for the amendment of the rapid transit laws so as to permit changes in the route as originally determined is quite apparent. In the interval which frequently elapses between the laying out of a route by rapid transit commissioners and its construction, the original conditions upon the route are sometimes so changed by improvements and obstacles, such as buildings, new streets, parks, etc., as to make it very desirable that there should exist somewhere the power to permit changes in the original line to be made. As to all railroads constructed under the General Railroad Act this power is, by section 20, vested in the board of directors. It needs no argument to prove that under any general act applicable to railroads, some flexible provision for this purpose should exist. The Board (Commissioner Rogers dissenting) is, however, clearly of the opinion that the commissioners appointed by the mayor, by whom the original route was laid out, should determine any changes to be allowed. The theory of the rapid transit act being that local commissioners shall discharge all such duties as relate to the route, plans of construction, etc., the Board does not deem it wise to recommend the substitution of the Board of Railroad Commissioners for such local board. In accordance with these views the Board herewith transmits an amendment to chapter 485 of the Laws of 1881, which, in its judgment, will properly accomplish the remedy desired and needed. Attest: WILLIAM C. HUDSON, Secretary. JOHN D. KERNAN AN ACT to amend and supplementary to an act entitled "An act to amend and supplementary to chapter 606 of the Laws of 1875, entitled 'An act further to provide for the construction and operation of a steam railway or railways in the counties of the State, as amended by chapter 417 of the Laws of 1880.'” The People of the State of New York, represented in Senate and Assembly, do enact as follows: SECTION 1. Section 2 of chapter 485 of the Laws of 1881, entitled "An act to amend and supplementary to chapter 606 of the Laws of 1875, entitled 'An act further to provide for the construction and operation of a steam railway or rail ways in the counties of the State, as amended by chapter 417 of the Laws of 1880,"" is hereby amended so as to read as follows: 2. Wherever any street, or part of a street, by this act exempted from the provisions of the act hereby amended, has, by commissioners appointed by the mayor as in said amended acts provided, been designated or determined upon, as a portion of the route of a steam railway, and a corporation has been formed under said acts to construct a railway over or on such exempted streets, the said com. missioners shall have the power to fix, determine and locate a route for the railway of such corporation over, under, through or across the streets avenues, places or lands not exempted, in the city where such exempted,street is located, as may by such commissioners be deemed to be necessary or proper on account of such street having been exempted as aforesaid, but in the same general direction as such exempted street. Whenever there is need of any change or alteration in the route or location of any part or parts of the line or lines of railway as determined in the articles of association of a corporation formed under the acts by this act amended, and not at the time constructed, the said commissioners shall have the power to fix and determine such change or alteration. Nothing in this act contained shall affect any rights or proceedings of such corporation in or to the remaining portion of its route, and all such proceedings may be continued, and such commissioners may strike from the route of such corporation all portions thereof which they deem have been rendered inappropriate or inapplicable by this act. The term street in this section shall be deemed to include avenue or place. For the purposes aforesaid the terms of office of said commissioners shall continue until the construction of said road is completed, and vacancies therein shall be filled by the same power which appointed. § 2. This act shall take effect immediately. MINORITY REPORT. To the Honorable the Committee on Railroads of the Assembly: A bill entitled "An act to amend chapter 606 of the Laws of 1875, entitled 'An act further to provide for the construction and operation of a steam railway or railways in the counties of the State,"" having been referred by your resolution of March 31 to the Board of Railroad Commissioners with a request for a report on the same, the Board has unanimously reported its approval to the first section, being that providing for specific notices in the condemnation of real estate. A majority of the Board, however, have recommended a substitute for the second section of the bill from which I feel obliged to dissent. It seems to me that the principle of Mr. Lawlor's bill is correct. I have therefore adopted it, but somewhat modified it in order to throw greater safe-guards about its operation if enacted into law. The following brief explanation is made: The second section of Mr. Lawlor's bill proposes to add two new sections to the rapid transit act to supply the defects which exist therein, in that no provision is made in that act whereby, under any circumstances, the route of a railroad organized under it can be changed or extended. Your committee will remember having referred to this Board a bill entitled "An act to permit elevated railroads in the city of New York to connect with other steam railroads, depots and steam ferries," which was intended to meet the above-mentioned defects. This Board, however, deemed that the powers and privileges granted to the elevated railroads by the proposed bill were altogether too broad, and so reported to your committee. The present bill proposes to give to the Board of Railroad Commissioners the power and discretion to permit changes or alterations of route when deemed expedient by such Board. LEGISLATIVE REFERENCES. In one of the proposed bills (that in writing), I am of the opinion that the power proposed to be lodged with the Board of Railroad Commissioners is too broad and unrestricted; in the other, however, the proviso seems to defeat the object of the bill and leave no discretion with the Board of Railroad Commissioners whatever. I would, therefore, suggest the following amendments to Mr. Lawlor's bill which will explain themselves: $52. In case any corporation organized under the act hereby amended shall at any time desire to change or extend the route or location of any part or parts of the line or lines of railway as determined in the articles of association of said corporation, and not at the time constructed, it shall be the duty of the Board of Railroad Commissioners, upon the request of said corporation, to determine whether such changes of extensions are desirable; and the said Board is hereby authorized to permit the same, 'should it deem it best to do so, and to grant a certificate accordingly, after having conformed to the provisions hereinafter contained, subject to the provisions of section 4 of chapter 606 of the Laws of 1875, as amended by chapter 485 of the Laws of 1881, with regard to the consent of the local authori ties and of abutting property owners, and provided further that nothing in this act shall be construed to permit the construction of a railroad of any description upon, across, over or under any street or avenue now specifically exempted by law. $53. It shall be the duty of the corporation at the time of making application to change or extend its route, to file with the Board of Railroad Commissioners a map and description of the proposed changes or extensions, including a description of the structure and kind of traction. public hearing at some convenient place on or near the route of said railroad, notice Said Board shall thereupon set a time for a of which shall be given to the corporation, and shall also be published daily for at least two weeks in some newspaper designated by the Board of Railroad Commissioners, published within the city or county where such change of route or extension is proposed. It shall also be the duty of said Board to personally pass over and inspect such route. In case of refusal to grant a certificate to permit such change or extension of route, the Board of Railroad Commissioners, upon the request of said corporation, shall certify a copy of all maps and papers on file in its office pertaining to such application, and of the findings of the Board thereon, to a general term of the Supreme Court of the department within which said change of route or extension is proposed, and said general term shall have power in its discretion to order said Board, for reasons stated, to issue said certificate, and it shall be issued accordingly. And said corporation shall have the same right and power to acquire title to any lands or interests in lands required for the purposes of the company in such altered or changed routes as if the road had been located there in the first instance. After such changes or alterations shall have been made said corporation shall not be required or permitted to construct, maintain or operate said railway or railways, except upon the line or lines as thus changed or altered. The said certificate shall be delivered in duplicate and shall be filed in the same public offices as the articles of association of said corporation; and upon the filing of said certificates, as herein provided, the line or lines of said railway shall be changed or altered accordingly. 54. This act shall take effect immediately. WILLIAM E. ROGERS, Attest: WILLIAM C. HUDSON, Railroad Commissioner. Secretary. X. REPORT OF THE BOARD OF RAILROAD COMMISSIONERS IN RESPONSE TO THE SENATE RESOLUTION RELATING TO THE AMOUNT OF DIVIDENDS PAID BY THE ALBANY RAILWAY OF DATE OF APRIL 13, 1886. STATE OF NEW YORK · Resolved, That the Railroad Commissioners be requested to inform the Senate as to whether the amount of dividends paid by the Albany railway is to be computed on the amount of the original capital stock of the company when organized, or whether it is to be computed on the amount of stock as at present capitalized By order, JOHN W. VROOMAN, STATE OF NEW YORK: Clerk. BOARD OF RAILROAD COMMISSIONERS, To the Honorable the Senate of the State of New York: The following resolution was transmitted to this Board on April 14: Resolved, That the Railroad Commissioners be requested to inform the Senate as to whether the amount of dividends paid by the Albany railway is to be computed - on the amount of the original capital stock of the company when organized, or whether it is to be computed on the amount of stock as at present capitalized. By order, JOHN W. VROOMAN, (Signed) Clerk. In answer thereto, the Board reports that it has made an examination of the financial condition of the company with the following results in brief: In July of last year a thorough examination of the affairs of the company was made in connection with an application for an increase of capital stock upon the part of the company. At that time (to June 1st) the financial position was as follows: Capital stock outstanding.. Funded debt outstanding Total cost of road and equipment.... Leaving amount then outstanding for which no cash had been received or earnings expended in lieu thereof.... $200,000 00 111,400 00 $311,400 00 266,410 78 $44,989 22 There was then a difference of $44,989.22 between the par value of the stock and bonds and the cost of the road and equipment as found by the Accountant of the Board. This sum represented what is popularly termed "water." It appears that the company issued stock in 1869 and 1873 to the amount of $74,020, for which it received no cash equivalent. It subsequently used its earnings to the extent of $29,590.03, for construction and equipment, thus "sopping up" the water to that extent, leaving but $44,430.47 of capital stock, for which no cash equivalent was paid. The net discount on the bonds sold amounted to $558.75, which, added to the $44,430.47, made $44,989.22, as above stated. Since that examination it appears that the company has further expended in betterments and improvements to March 31st, and chargeable to construction, the sum of $44,048.27, which sum would substantially "sop up" all the water if paid from earnings. To meet this expenditure and such further expenditures as may be necessary, the company has temporarily borrowed $40,000, and is also using its earnings over and above the dividends paid. 1. In answer to the first question the Board would say that the road should not be restricted to dividends upon the original amount of capital stock, because greater sums have been expended since on the road. 2. For the second question the Board answers that the corporation is entitled to dividends to the extent that, it has expended cash in 'construction. REPORT OF THE BOARD OF RAILROAD COMMISSIONERS ON THE BILL ENTITLED "AN ACT TO AMEND CHAPTER 606 OF THE LAWS OF 1875, ENTITLED AN ACT FURTHER TO PROVIDE FOR THE CONSTRUCTION AND OPERATION OF A STEAM RAILWAY OR RAILWAYS IN THE COUNTIES OF THE STATE,' REFERRED TO IT A SECOND TIME WITH PROPOSED AMENDMENTS BY THE RAILROAD COMMITTEE OF THE ASSEMBLY MARCH 14, 1886, FOR OPINION. 999 STATE OF NEW YORK: To the Honorable the Railroad Committee of the Assembly: On April 15, 1886, the Board received the following communication from your honorable body: “ALBANY, April 14, 1886. To the Honorable Railroad Commissioners of the State of New York: GENTLEMEN The Railroad Committee of the Assembly have favorably considered your suggestions by way of amendment to the enclosed bill introduced by Mr. Lawlor, entitled "An act to amend chapter 606 of the Laws of 1875." Since receiving your suggestions, other amendments have been presented and argued before the committee at great length, which have so favorably impressed the committee that it is inclined to recommend them to the Assembly as a matter of justice to interested parties, and as a matter of public policy so as to give addi tional flexibility and usefulness to the rapid transit act. These amendments are herewith enclosed, and in the opinion of the committee should in the main be approved. The committee desires the views of your honorable commission as to the substance and form of those amendments, so that, taken in connection with your previous suggestions, a harmonious bill may be framed for the approval of the committee. (Signed) By committee. C. B. BALL, Clerk. |