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IN THE MATTER OF THE APPLICATION OF THE ELMIRA AND HORSEHEADS RAILWAY
COMPANY FOR THE APPROVAL OF THE BOARD OF A CHANGE OF MOTIVE POWER FROM HORSES TO ELECTRICITY ON THAT PART OF ITS ROAD RUNNING UPON West WATER, HAIN AND THIRD STREETS, RAILROAD AVENUE, CLINTON STREET, PARK PLACE AND COLLEGE AVENUE.
November 5, 1891.
This application, dated September 16, 1891, was lodged with the Board. A public hearing was set down and had at the office of the Board of Railroad Commissioners, at 10 o'clock A. M., Tuesday, November the 5th, 1891, after due notice published in the Elmira press.
At the hearing the railroad company was represented by Mr. D. C. Robinson, president. No one appeared in opposition, nor has the Board received any communication opposed thereto.
An affidavit of Frank E. Bundy, clerk to the chamberlain of the city of Elmira, was presented to the Board, to the effect that the total assessment of property fronting on that portion of the Elmira and Horseheads Railway Company's lines, as to which application has been made for the approval of a change of motive power, is $1,277,600; that the parties who have executed consents are the owners of property aggregating in value $849,200. The original consents were also presented to the Board for inspection.
In view of the above facts the Board deems that it is justified in approving and does hereby approve of a change of motive power by the Elmira and Horseheads Railway Company from horses to the overhead electric trolley system upon that portion of its railroad on West Water, Hain and Third streets, Railroad avenue, Clinton street, Park Place and College avenue, with the following conditions, however, which are made part of this approval:
First. The rate of speed shall not exceed that to be reasonably fixed by the local authorities of the city of Elmira.
Second. The poles from which the wires are to be suspended shall be of a construction and height appropriate to the streets upon which they are to be erected, so as to impair the use and appearance thereof to the least possible extent, and before erection shall be approved by the mayor and common council.
Third. No car shall be run with less than two men to operate it.
Fourth. The company shall take all reasonable and proper means to prevent the currents from its wires, through leakage, induction or otherwise from interfering with the currents upon the wires of other companies, whether telegraph, telephone or otherwise; this provision, however, is not intended
to require the railway company to construct a double trolley wire.
Fifth. The company shall conform to all the reasonable requirements of the local authorities heretofore or hereafter legally imposed by said authorities.
By the Board.
December 1, 1891. The following letter was transmitted to the mayor and common council of the city of Elmira:
To the Honorable the Mayor and Common Council of the city of Elmira: “WHEREAS, Upon November the 5th, 1891, this Board issued an approval of a change of motive power to the Elmira and Horseheads Railroad Company upon certain portions of its lines; and
“WHEREAS, In said approval a provision was inserted that 'the poles from which the wires are to be suspended shall be of a construction and height appropriate to the streets upon which they are to be erected, so as to impair the use and appearance thereof to the least possible extent, and before erection shall be approved by the mayor and common council;' and,
“WHEREAS, Mr. D. C. Robinson, the president of the said company, has stated to the Board that, upon application to the common council for approval of said poles, the application was laid upon the table without action, notwithstanding the fact that applications for the approval of the same kind and character of poles have heretofore been granted by the common council;
"Now, THEREFORE, this Board gives notice that a public hearing will be had at its office, in the city of Albany, at 10 o'clock A. M., on Tuesday, December the 1st, at which time an opportunity will be given to show cause why the approval of the Board of Railroad Commissioners should not be amended by inserting in the second proviso thereof a provision that 'the poles from which the wires are to be suspended shall be of a construction and height appropriate to the streets upon which they are to be erected, so as to impair the use and appearance thereof to the least possible extent, and of substantially the same kind and character as have heretofore been approved by the mayor and common council.' “By the Board.
“WILLIAM O. HUDSON,
At the hearing no appearance was made on behalf of the mayor or common council, nor was any communication received from them. Mr. D. C. Robinson appeared, however, on behalf of the company. The Board, therefore, deems it is justified in amending the approval dated November 5, 1891, and does hereby amend it. by causing the second section thereof to read as follows:
“ Second. The poles from which the wires are to be suspended shall be of a construction and height appropriate to the streets upon which they are to be erected, so as to impair the use and appearance thereof to the least possible extent, and of substantially the same kind and character as have heretofore been approved by the mayor and common council.”
By the Board.
APPLICATIONS FOR INCREASE OF CAPITAL STOCK.
MATTER OF THE APPLICATION OF THE ELMIRA AND HORSEHEADS RAILWAY COMPANY FOR THE APPROVAL OF THE BOARD OF AN INCREASE OF CAPITAL STOCK FROM $50,000 to $380,000.
September 29, 1890. The preliminary steps required by section 9 of the General Railway Act have been duly taken and at a meeting of the stockholders held at the office of the president on the 16th day of September, 1890, 451 shares of the stock out of the total of 500 shares were voted in favor of the increase.
It appears from an affidavit submitted by David C. Robinson, president, that it is proposed to issue the increased stock at par, and with the proceeds thereof the following expenditures are to be made: Notes and bills outstanding for completed additions to property since June 30, 1890...
$65,000 00 Cost of proposed West Water street extension.
30,000 00 New electric construction
35,000 00 Two extensions northward
40,000 00 One extension southward
25,000 00 Rebuilding stables and power-house
25,000 00 Additional steam motor and house
$225, 000 00
The affidavit further states that “the foregoing do not comprise all the additions contemplated, but that others can be carried out from balance of increase and current receipts of the road, and will be in excess of such balance.
“That for many years the income of said company has been largely devoted to the extension and increase of its property, but that by reason of defects in the formerly existing system of bookkeeping such amounts have not been properly carried to the cost of road and equipment, which is actually much larger than is shown by the previous reports.
The financial status of the road up to June 30, 1890, as shown by the reports to the Board, was: Cost of road and equipment to June 30, 1890..
$183, 492 69 Expenses incurred and to be incurred subsequent to June 30, 1890, as per affidavit
50,000 00 330,000 00
On these figures it would appear that after the proposed increase of stock there would be an excess of obligations outstanding over and above the cost of road and equipment, and of road and equipment hereafter to be constructed, of $71,508.
Inasmuch, however, as the increase of stock is to be put out at not less than par; that for many years the earnings have been expended upon the road and equipment, and no note thereof made in the report, the Board deems that it can properly approve of the proposed increase.
In view of the above-recited facts the Board hereby approves of the increase of the capital stock of the Elmira and Horseheads Railway Company from $50,000 to $380,000, with the understanding that the increased stock of $330,000 shall be issued at not less than par, and that the proceeds thereof shall be expended in the construction and equipment of the railroad.
By the Board.
IN THE MATTER OF THE APPLICATION OF THE PEOPLES' RAILROAD COMPANY OF
SYRACUSE FOR THE APPROVAL OF THE BOARD OF AN INCREASE OF ITS CAPITAL STOCK FROM $300,000 To $1,000,000.
September 29, 1890. The preliminary steps required by section 9 of the General Railway Act have been taken by the directors and stockholders of the company.
At a meeting of the stockholders on September the 5th, 1890, 2,161 shares were voted in the affirmative, being all there were present, and more than two-thirds of the stock.
A public hearing was held before the Board of Railroad Commissioners on September the 22d, at which the company was represented by Mr. Knapp, counsel, and A. T. Goodwin, Esq.
It appears, from the papers on file before the Board, that the company was organized under the General Street Railroad Act, April the 22d, 1887.
That the original cost of the Peoples' railroad and its equipment was $628,020, paid to the contractor in $300,000 in stock, and $300,000 in first mortgage bonds, and $28,020 in cash. That afterwards an extension was made at the southern end of the road, additional equipment was added, and paving and betterments made, costing $8,869.18 in cash.
That at the time the amount of the capital stock of the company was fixed at $300,000 it was intended to build and equip only a road about four miles in length, but that the present length of all the tracks and sidings now owned by the company is 10.35 miles; that it is intended further to extend the Peoples' railroad from its southern terminus south to a village known as Onondaga Valley, the estimated cost of which extension is $5,125; that there will be required for the convenience of the public and for the proper operation of the company additional equipment consisting of at least ten additional cars and a corresponding number of horses, the estimated cost of which will be $18,400.
That the Peoples' Railroad Company has acquired the capital stock of the Central City Railway Company, the par value of which is $100,000, for the sum of $147,772.84; that it was deemed expedient so to do for the best interests of the Peoples' Railroad Company as its position would greatly increase the utility of the said Peoples' railroad. That since the purchase of the Central City railway stock there has been added to the equipment of the Central City Railway Company rolling stock costing in cash $2,572.28; that there has been laid by the Central City railway since such purchase a double track from Wolf street to the Lake costing $5,632.11; that further equipment will be required on the Central City railway, which is estimated at $2,000; that it is intended to extend the Court street branch of the Central City railway a short distance, the estimated cost of which is to be $5,125.
That the Peoples' Railroad Company has also purchased the stock of the Syracuse and Onondaga Railroad Company at a cost of $125,175 in cash, for the same reasons assigned for the purchase of the Central City railway.
That there are no mortgages or incumbrances upon either the Central City railway or upon the Syracuse and Onondaga railway, and that the Peoples' Railroad Company having caused to be purchased for its benefit all the stock of the two roads intends upon the increase of its capital stock to $1,000,000 to file a certificate of the fact of the ownership under the common seal, with the Secretary of State, and thereby merge the Central City Railway Company and the Syracuse and Onondaga Railway Company into the Peoples' Railroad Company, pursuant to chapter 254 of the Laws of 1867 and the acts supplementary thereof.
That the track of the Syracuse and Onondaga Railway Company is substantially worn out and that all the petitioners will gain by the purchase, so far as the track is concerned, will be a valuable franchise; the contract has been made and contractors are now at work laying a new double-track road in place of the old single track; that the cost of this improvement and of connecting the southern terminus of the Central City railway with the northern terminus of the Syracuse and Onondaga railway, will be about $55,000; that an entirely new equipment as far as cars are concerned has to be purchased, at an estimated cost of $10,000.
That leave has been obtained from the canal authorities of the State of New York to extend the Syracuse and Onondaga railway across the Erie canal so as to join the Central City railway and it is intended so to do, the track being now in process of construction.
That there will be a continuous line from Oakwood Cemetery to the lake, a distance of 4.25 miles, for one fare where now two fares are charged