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IN THE MATTER OF THE APPLICATION FOR AN INCREASE OF CAPITAL STOCK BY THE SUBURBAN RAPID TRANSIT COMPANY.
March 30, 1886. This company desired to increase its capital stock from $600,000 to $6,600,000. It was organized under the provisions of chapter 606, Laws of 1875. It made its application formally to the Board and then raised a question as to the propriety of the proceedings, to-wit: Whether, being organized under chapter 606, Laws of 1875, it was subject to the provisions of chapter 133, Laws of 1880, amendatory of chapter 140, Laws of 1850, under which application must be made to the Board of Railroad Commissioners for permission to make increase of capital stock of a railroad corporation.
This question having been raised for the first time before the Board, it referred the question to the Attorney-General for his decision, in order that a precedent might be established for the future. The following is the opinion of that officer :
STATE OF NEW YORK:
ALBANY, March 30, 1886. 5 WILLIAM C. HUDSON, Secretary, etc.:
DEAR SIR — In reply to your communication with accompanying enclosures as to whether the Suburban Rapid Transit Company, in order to increase its capital stock, should proceed under the act of 1875, chapter 606, or as required by chapter 133, Laws 1880, I have the honor to state:
It appears by the papers presented, and as assumed by you, that the company referred to was organized under the act of 1875, chapter 606. By section 14 of that act it is provided that in case the capital stock of any corporation formed under this act is found to be insufficient for constructing and operating its road, such company may, as therein provided, increase its capital stock, from time to time, to any amount required for the purpose aforesaid.
The Suburban Rapid Transit Company desires to increase its capital stock for the reason that the capital stock of said company is found to be insufficient for constructing and operating its road.
The act of 1880, chapter 133, is an act amendatory of the General Railroad Act of 1850 (chapter 140, Laws 1850), and the provisions of that act relative to the increase of capital stock was made applicable only to companies formed under the General Railroad Act of 1850.
The act of 1880 did not, in my opinion, interfere in any manner with the provis. ions of the act of 1875, relative to increase of capital stock, and therefore the company in question should proceed under the act of 1875 to provide an increase of capital stock.
Very truly yours,
Attorney-General. The company thereupon withdrew its application,
IN THE MATTER OF THE APPLICATION OF THE OTIS ELEVATING RAILWAY COMPANY FOR AN INCREASE OF CAPITAL STOCK.
May 19, 1886. On the reading and filing of the reports of the accountant of the Board, as to the financial condition, and the report of the inspector of the Board as to the construction of the Otis Elevating railway, and the proceedings of the directors and stockholders of said company, the order of the Board of Railroad Commissioners is that the application of said company for an increase of capital stock from $60,000 to $100,000 be approved and granted.
By the Board.
APPLICATION OF THE TROY AND LANSINGBURGH RAILROAD COMPANY FOR AN INCREASE OF CAPITAL STOCK FROM $250,000 To $300,000.
June 30, 1886. The provisions of section 9, chapter 140 of the Laws of 1850, as amended, have been complied with in this case, and it only remains for this Board to determine under the provisions of that section whether it can properly approve of the increase desired.
The financial condition of the company has been ascertained by the Board to be as follows :
This company was chartered in 1860 and road has been operated since 1861. Miles of road now in operation .
6.6 It leases in perpetuity the Troy and Cohoes road, length of which is
3.5 It leases in perpetuity the Lansingburgh and Coloes, length of which is.....
1.1 Total length of road owned and leased in perpetuity, miles..
11.2 Total length of extra track leased in perpetuity, miles......
8.1 Total length of track owned and leased in perpetuity, miles..
19.3 The expenses of construction and equipment of the above leased lines over and above the amount of the capital originally subscribed is borne by the Troy and Lansingburgh Company. The latter named company leases also the Waterford and Cohoes railroad, 1.87 miles, with extra track of 28-100 miles, making grand total of all tracks owned and leased, 21.5 miles. The books of the company show the following as cost of construction :
Troy and Lansingburgh Road. Road-bed, superstructure and track......
$204,656 69 Real estate..
25,025 00 Buildings.
$329,760 29 Troy and Cohoes Road. Road-bed, superstructure and track...
$60,361 70 Real estate..
Lansingburgh and Cohoes Road. Road-bed, superstructure and track...
$18,802 66 Real estate..
7,750 01 Buildings
Total cost of construction to June 1, 1886......
$455, 406 77
and does not show cost, the Board has taken the inventory of the
the several years. *Forty-seven box cars, at $1,050
$49,350 *Forty-eight open cars, at $500.
$73,350 00 Horses, 464, at $165.
76,560 00 Stable equipment..
77,558 60 Blacksmith shop and track tools.
3,525 81 Office furniture
163, 694 56
Total cost of road and equipment June 1, 1886
Total outstanding paid in full....
50,000 00 15,000 00
The improvements now going on and not included in cost of road and equipment as shown heretofore, are estimated by the president of the company at about $25,000. In addition to this the grades of streets and moving of tracks as required, have been charged to operating expenses.
It will thus be seen that the company has expended in construction the entire par value of its stock and bonds issued, and the sum of $40,546.33 from its earnings in addition. It is likewise making improvements estimated to cost $25,000, besides changing tracks, etc., necessary to be done. The request for the approval of this Board to the proposed increase is therefore granted.
By the Board
Secretary. * Including stores and scrapers.
IN THE MATTER OF A COLLISION ON THE ELMIRA, CORTLAND AND
NORTHERN RAILROAD AT SWARTWOOD YARD, OCTOBER 15, 1985, BY WHICH WILLIAM BROWN AND C. G. JUDD WERE KILLED, AND TWO MEN INJURED.
November 24, 1885, The facts and circumstances attending the above accident, as developed by testimony taken before Commissioners Kernan and Rogers, were as follows:
The grade from Erin station to Park station on the above-named road is from seventy to eighty-five feet per mile up.
At Park station the summit is reached. The grade thence descends very rapidly to Swartwood, a distance of about four miles, at the rate of 125.7 feet per mile. At Park station there are two side tracks, capable of holding about fourteen cars each, The railroad is here on a curve and in a cut. From the east or north end of the switch to the point where the grade begins to descend is a distance of about ten car lengths. On the day of the acciden: a train consisting of engine 96, with twenty-three cars loaded with coal and a cabboose, were being pulled and pushed up the grade from Erin to Park station. Passenger engine No. 6, manned by William Brown, engineer, and Robert Ran, fireman, had been coupled to engine 96 to help the train up the ascent. Upon reaching the summit it had been uncoupled and was going on alone to Cortland. Engine 96 proceeded to draw the train far enough ahead to clear the east or north end of the siding, with the intention of backing into it. So much of the train, however, got on the steep down grade, withont brakes being set, that the engineer and trainmen lost coratrol of it, and were unable to prevent its rushing down the decent at a frigh cul rate of speed. It overtook engine No. 6. collided with it and tarew it from the track. The engineer, William Brown, was killed, and fireman, Robert Ran, seriously injured. Engine 96 remained on the track, and the engineer and fireman escaped unhurt. Nineteen of the cars were derailed and thrown down an embankment. A brakeman, C. G. Judd, was killed, and the conductor, M. L. Rogers, had his leg broken and was otherwise injured. The only other brake
. man, George Allen, was not hurt. The engineer of engine 96, L. Knight, stated that he blew his whistle continuously for two miles, put that Brown, of engine 6, did not appear to hear it until engine 96 was within a few feet of him. The surviving fireman is reported so seriously injured about the head as to be unable to testify.
It appears that it was ordinarily the custom, when coal trains took the side track at Park station, to pull in at the west or south end, instead of passing the siding to back in, as had been the intention in the case.
The reason for not following the ordinary rule was that there were already some cars on both sidings near the west or south end.
The testimony showed that there were only two brakemen on this train of twenty-four cars—one of whom was a boy of but nineteen, and that this was his first trip upon this end of the line.
As events proved, and as must have been well known to those experienced in running trains on this road, it was a very dangerous thing to permit the train, or any part of it, to pass over the summit on to the down grade without the brakes being set.
No particular caution seems to have been given the young man on the subject. He did not remember just when he began to set them, but thinks not until about the time he heard the engineer whistle for brakes
The engineer and conductor seem to have both shown bad judgment in getting on to the down grade without knowing the train was under control.
The Board is of the opinion, also, that the management of the road was to blame in manning such heavy trains with but two brakemen.
The acting superintendent, Mr. Theodore Sears, testified that up to February last the trains had been manned by three. For the reduction to two at that time and since, he and the general manager, according to the evidence, are responsible. It further appeared that this train was lighter than usual, the ordinary number of cars being twenty-five. The cars are very heavy, the capacity being from twenty to twenty-five tons.
The Board has already recommended, in two specific cases, the nc. cessity of manning coal trains with at least three brakemen, where grades not so steep as on this road have obtained, and calls the attention of the Elmira, Cortland and Northern road to the fact that the Long Island road has six brakemen to ordinary freight trains, although the grades are very light.
CONCLUSIONS AND RECOMMENDATIONS. The Board finds that general manager, McLeod, and acting superintendent, Sears, of the Elmira, Cortland and Northern railroad, were to blame in not manning the coal trains with at least three brakemen and conductor, considering the steep grades existing on said road, and recommends that hereafter, at least that number be detailed for every such train ; also, that the conductors be instructed to caution the men when to set brakes.
Second. It finds that Conductor M. L. Rogers was at fault in not having the brakes set before passing the east or south end of the switch. It is to be noted, however, that this man has paid the penalty of his carelessness by a broken leg and other injuries, and is given a good character by his employers as a competent and trusty man.
Third. It recommends the Elmira, Cortland and Northern road to carefully consider the propriety of equipping its coal and freight cars with a vacuum power brake, inasmuch as many of the locomotives are now equipped with a vacuum ejector, and also to carefully watch