484 



NEW YORK. 



EARNINGS. 



From passenger business $14,855,689 21 



From freight business 31,570 967 74 



From other sources. 2,886,548 48 



Not allotted 64,584 61 



Total earnings $49,377,79004 



PAYMENTS. 



For transportation expenses $35,737,830 13 



Forintere&t 4,771,556 72 



For dividends on stock 5,624,800 09 



Amount carried to surplus fund 250,524 bo 



Not included above ....^1,919,76524 



Total payments $48,274,476 83 



The total number of passengers carried on 

 these roads for the year was 18,434,300; tons 

 of freight, 11,961,592. In addition to these 

 there are nearly 1,000 miles of new road 

 projected. 



There were before the Legislature at its 

 last session a large number of propositions for 

 giving the aid of the State to new railroad en- 

 terprises. In vetoing one of these schemes 

 embodied in " an act to aid in the completion 

 of the Whitehall & Plattsburg Railroad," 

 Governor Hoffman gives the following sum- 

 mary of the appropriations from the State 

 Treasury, which it was proposed to make for 

 the benefit of railroad corporations by bills 

 then pending : 



Whitehall & Plattsburg Senate bil 



Albany & Susquehanna Assembly " 



Ithaca & Tonawanda 



Port Jervis & Monticello 



Buffalo & Washington 



Buffalo, Corning AfPittsburg. 



Northern Air Line 



New York Northern 



Gloversville, Mayfield & 

 Northville 



Lake Shore 



Southern Central 



New York & Oswego 



Fonda, Johnstown & Glo- 

 versville 



Erie Valley & Genesee 



Walkill Valley 



Eondout & Oswego 



$4,315,000 



His general reasons for disapproving of 

 these appropriations are stated in the fol- 

 lowing paragraph : " General laws have been 

 passed for the incorporation of railroad com- 

 panies. Liberal facilities are already extended 

 (whether always wisely or not I need not here 

 discuss) to the people in cities, villages, arid 

 towns, by the issue of their corporate bonds, 

 to associate their corporate responsibility with 

 individual capital, to construct their railroads. 

 Under these circumstances it seems to me that 

 almost any meritorious enterprise can succeed 

 without State aid, and that such aid should 

 only be granted, if at all, when the necessity 

 is clearly apparent, and when the well-being 

 of the State at large demands it." 



Among the other railroad legislation of the 

 year was the passage of the following : 



SECTION 1. Section 3 of the act entitled " An act 

 in relation to the Erie, New York Central, Hudson 

 River, and Harlem Railway Companies," passed April 

 21, 1868, is hereby amended so as to read as follows : 



No stockholder, director, or officer, on either the 

 New York Central Railroad Company, the Hudson 



River Railroad Company, or the Harlem Railroad 

 Company, shall be a director or officer, of the Erie 

 Railway Company ; and no stockholder, director, or 

 officer of the latter company shall be a director, or 

 officer of either of the three first-named companies. 

 The board of directors in each of the said companies 

 shall so classify the members of such board, by lot 

 or otherwise, that, as nearly as may be, one-fifth of 

 their number shall go out of office at each annual 

 election ; and, at the next election of directors in each 

 of the said companies, directors, shall be voted for 

 only in place of those whose terms shall then expire 

 under the classification aforesaid. 



Another incident worthy of notice in con- 

 nection with the railroads of the State is what 

 was known as the " Susquehanna "War." 

 This arose out of a contested election for di- 

 rectors of the Albany and Susquehanna Rail- 

 road which took place in August, two different 

 boards of directors having been elected by 

 two parties of the stockholders, each claiming 

 the right to control the road. One of these 

 boards of directors had been chosen in the 

 interest of the Erie Railroad Company, which 

 desired to obtain a lease of the Susquehanna 

 and Albany, and the other consisted of the old 

 members. Each obtained injunctions restrain- 

 ing the other from acting, and, in the attempt 

 of both to operate the road at the same time, an 

 open conflict occurred at Binghamton on the 

 10th of August,- resulting in the serious injury 

 of several men employed by the different par- 

 ties. The Governor of the State found it neces- 

 sary to interpose and take possession of the 

 road until the rights of the contestants should 

 be settled in the courts. This he did by ap- 

 pointing General James McQuade as superin- 

 tendent. General McQuade and Mr. Robert 

 R. Banks were subsequently appointed receiv- 

 ers of all the property of the company own- 

 ing the road, pending the action of the Su- 

 preme Court in the matter. The final decision 

 of that tribunal had not been rendered at the 

 close of the year. 



The salt springs owned by the State, in On- 

 ondaga County, yielded during the year 8,534,- 

 661 bushels of salt, valued at $85,531.61. The 

 expense of carrying on the work was $46,311.- 

 59, which leaves a revenue from this source 

 of $39,220.02. 



The number of insurance companies subject 

 to the supervision of the insurance department 

 was, on the 1st of December, 262, of which 

 many are corporations formed in other States 

 and doing business in this. The total amount 

 of stocks and mortgages held by this depart- 

 ment for the protection of policy-holders of 

 life and casualty insurance companies of the . 

 State and of foreign companies doing busi- 

 ness in the State, is $6,736,092, of which 

 $4,061,142 are held for the security of policy- 

 holders of the life-insurance companies of the 

 State alone. 



There are now fifty-seven banks doing busi- 

 ness under the laws of the State, of which six 

 have returned to the State system from the 

 national under the ennabling act of 1867. The 

 amount of State bank circulation outstanding 



