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September 30, 1894, as an example, more than made up by reduction in the number of employes, and reduced operating expenses in other directions.

It is gratifying to be able to state, notwithstanding the peculiar condition in which the railroads found themselves placed as the result of the World's Fair, and the vain expectations regarding the volume of business it would produce, no reductions have been made in the wages of employes of any importance, and no trouble has arisen upon any of the steam roads of the State resulting from this or any other cause arising between the companies and their employes.

The second volume of this report will be found to contain in detail the earnings and expenses of the individual companies, from the aggregates of which these comparisons are made. A brief summary of the business of the years 1893 and 1894 is given in the table following:

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Interest.
Dividends..

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Other liabilities........
Cost of road and equipment.

Percentage of gross income to cost of road and equipment
Percentage of net income to capital stock..

Percentage of dividends declared to capital stock..........
Miles of road in New York State, main line....

Tons of freight carried one mile....

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Average freight earnings per ton per mile (cents).
Average freight expenses per ton per mile (cents).
Average freight profit per ton per mile (cents).
Passengers carried one mile (exclusive of elevated roads)
Average earnings per passenger per mile (cents).
Average expenses per passenger per mile (cents)..
Average profit per passenger per mile (cents)..

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For year ending
June 30, 1893.

d Denotes deficiency.

$208,356,827 80 143,075,914 66 65,280,912 64 8,096,358 89 81,723,278 77 6,888,181 98 2,881,965 87 19,304,962 29 8,962,687 12 d 716,181,838 57 708,624,109 02 79,326,771 97 1,879,237,253 27

05.32
03.17

02.69
7,892.34
18,815,692,979

0.751
0.509
0.242

8,038,930,448

For year ending
June 30, 1894.

2.20
1.55

0.65

$197,957,815 47 187,040,574 91 60,916,741 26 7,584,185 88 32,270,493 56 7,865,336 77 2,012,993 82 19,793,009 06 2,017,654 09 787,878,692 77 733.627,524 78 85,418,795 79 1,411,249,576 45

1893.

$8,307,617 48
4,182,469 69

04.85

02.48
02.69

7,991.78
16,378,354,932

*Includes' respectively interest and dividends paid by lessors from rentals received from lessees, as follows:

0.766

0.587

9.229

8,751,553,970

1.98
1.31

0.62

1894.

$9,174,188 89
4,199,470 11

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Indicative of the continued falling off in business since June 30, 1894, a comparison of receipts and expenses, not including dividends, for the quarters ending September 30, 1893 and 1894, is herewith submitted. The decrease in gross earnings from operation for the quarter ending September 30, 1894, was $4,239,246.21. This was more than made up, however, by a decrease in operating expenses of $4,938,218.05, leaving an increase in earnings from operation of $698,971.84. The total receipts and disbursements show a decrease in gross income of $4,426,411.43, and a decrease in gross expenses of $4,682,009.51, leaving an increase in net income available for dividends of $255,598.08. These comparative tables include only the principal roads operating in this State, but three of which show a deficit in their operations for the quarter.

COMPARISON of quarterly reports of principal roads operating in New York State for the three months ending September 30, 1893, and September 30, 1894.

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29,420 29

3,681,802 63

448,307 70
1,881,910 45

489,855 32
2,256,239 21

405,687 00
62,275 04
188,901 63
101,573 64

161,140 55
888,835 25

145,332 39
104,021 02
668,440 54

57,119 53
220,394 71

168,009 55 954,307 53

$50,487,703 12 $34,687,756 69 $15,749,946 43 $46,198,456 91

SUMMARY.

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Quarter ending
Sept. 30, 1893.
$50,437,703 12
34,687,756 69

$15,749,946 43

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COMPARISON of quarterly reports of principal roads operating in New York State for three months ending
September 30, 1893, and September 30, 1894.

d Denotes deficit.

Boston and Albany.

Buffalo, Rochester and Pittsburgh..

Delaware and Hudson (including Adirondack).
Delaware, Lackawanna and Western.

Elmira, Cortland and Northern...............
Elmira and Lake Ontario...............................
Fall Brook.....
Fitchburgh
Long Island...................
Lake Shore....
New Jersey and New York

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New York Central and Hudson River.
New York, Chicago and St. Louis..
New York, Lake Erie and Western.....
New York and New England........
New York, New Haven and Hartford
New York, Ontario and Western
Ogdensburg and Lake Champlain...
Staten Island Rapid Transit......
Syracuse, Binghamton and New York
Syracuse, Geneva and Corning..........
Western New York and Pennsylvania.

Totals....

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Constitutional Changes.

Section 5 of article 13 of the Revised Constitution provides that "No public officer or person elected or appointed to a public office, under the laws of this State, shall directly or indirectly ask, demand, accept, receive or consent to receive for his own use or benefit, or for the use or benefit of another, any free pass, free transportation, franking privilege or discrimination in passenger, telegraph or telephone rates, from any person or corporation, or make use of the same himself or in conjunction with another." By section 18 of article 1 of the new Constitution, it is provided that "the right of action now existing to recover damages for injuries resulting in death shall never be abrogated, and the amount recoverable shall not be subject to any statutory limitation." As is well known, the limitation imposed heretofore by statute upon the amount of damages recoverable in such actions has been $5,000. The effect of the constitutional amendment is to supersede section 1904 of the Code of Civil Procedure which contained the limitation. By section 7 of article 7 of the new Constitution, it is also provided that the lands of the State constituting the Forest Preserve as now fixed by law shall be forever kept as wild lands, and that they shall not be leased, sold or exchanged, or be taken by any corporation, public or private. This will in effect hereafter prohibit the construction of railroads thereon.

Legislative Enactments.

The various enactments of the year relating to subjects within the jurisdiction of this Board will be found sufficiently treated in the reports made to the Governor upon the bills referred by him to the Board. (See references from the Governor, in this volume.)

References, Complaints and Applications.

During the past year the Board has considered and disposed of twelve references by the Governor; fifty-three complaints of rail

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