New-York tribune., 1867-04-12
THE VETO MESSAGE.
GOV. FEHTONs OBJECTIONS TO THE CENTRAL
RAILROAD FARE BILL.
srAEE or NEW YORK, EXECUTIVE DEpARrNnSf,y


ing of passengers and property on the NewYork Central
and other railroads OF State" Section frst OF this
bill declares that cit shall be lawful for the New'Sork
Central Railroad Company hereafter TO demand ana re-
ceiye two and half cents per mile for each ana every
passenger transported road with his or her Or
binary baggage" The second section provides that III
shall be duty every railroad company in this state
ia carry freight offered 10 1t from mis- sn'e
with much dispatch as possible; ana All
freight offered at any freight station OK any
such road 10 the extent Of the capactyoi the
eompany's warehouses at the place where 0nered, s
be sent herefrom within ten days after the ecopI Vi
such freight unless prevented by accident the direction
Of the eonsgnee unavoidable causes; and no dserim
nations regard dispatch shall be made in favor OF
freight from other states In 1859 the Legislature passeo
law authorizing the consolidation OF the Albany ana
schenectady Company, for shipment on It's ROAD, ana
Troy Utica aud Schenectady Syracuse and Utea koch-
ester and Syracuse Buffalo and Lockpor the MohawK
valley and the Syracuse and Utica direct Buffalo and
Rochester Rochester, LOckport and Niagara fas Kali
road Companies, any two or more OF them Inc pas
sage OF this urged upon tho grouud that " "oud
facilitate the transit OF passengers and freight betweeh
the sea.board and the West The charter OF some
OF these roads when flIst Incorporated restrained
them from carrying freight of any description.
This restriction wac, from time to time removed & by
the Legislature, until the right to transport freight
trOu the entire year was conferred upon the eOh
ton however that such freight should pay 70 e state
tolls eqaal amount 10 which they would nave been SOD
posed necessity Of protecting the state revenues by pre-
venting competition with the Erie Canal was the de-
however with more liberal and progressive policy IN
1861 the Legislature passed law removing lhs conauos
providing that t should not be necessary Tor any rail-
road company in this state 10 pay sums Of money INTO
the Treasury Of the state on account OF OF
property on railroad and aftOr the st day OF De
cember in the year lsJlthis removing all restrctlohs
~ this character upon internal commerce. and In obe-
dience 10 the demands OF trade allowed this with
drawal from the Of the canals that the peO
pie might enjoy, In larger degree. the advantages
III
fcTred to- provided that when two OOr more OF te ioad
companies named I'm this act CONSOLIDATED said con
soIdated companies shall carry way passengers Oh Their
road at rate not 10 exceed two cents per mile Ibus u
making every which could facilitate aud
OF transportation the Legislature was cFei To
which should be exaeted of the travelling public, Relief
from this restriction Il sought through the proyson OF
the bin herewith returned; A bill containing similar
provisions was, after careful consideration on my part
returned TO the Honorable the senate without ,ry my
sanction, on the 18th day OF Aprll ls2 Inc
reasons for Withholding my signature then as
well as in the ease at the close OF the last ;, scs
sion OF the legislature press upon IN. WIN
superadded force at this time and mpel me to IKE ac
OF fare the nadequateness Of the compensation did
not afford the stockholders proper return npon the
TO- nsed the following language "should the enhanced
prices complained Of continue to prevail and the man
dividend the stockholders would not then called TO
endure burden oppressive than has been sustained
by corporations and interests which have not ha
relief extended TO them by legislative enactment
experience shall not prove the embarrassnens under
ter IL the proposed reforms IN its future management
shall not secure 20 capital an ample reSompense shall
then he willing 10 cooperate with the Legislature
in afordmg such relief may be wise and necessary
Has this contingency occunedi Up TO the time relief
first sought and The subject brought TO the attention
Of the Legislature N not claimed that the Company
from s; had not had pe,I& & Oh aosS tr s Pear
ending september 9o li from Passsngers ielShi anu
tember 90 1861 from the sources the receipts we're
s9,997ss9 81 bctng an increase or sTl99 - Dullhg
this period dividends were paid TO the sockhedes aver
above
ngal report OF the Company made To the state In
gneer aud surveyor shows that the net earnings for the
year ending September co. 1865 amounted 10 the sum OF
seO9d2 s-eqnal 70 62ioo per cent on the amount ot
ments was $50 99 &C. being than S9OOo0 in ex
Of the capital stock OF the Company In addition 10
bonds other companies bills receivable aud supplies
on hand amounting to over ssoo NOR; FOR & nnd "Te
ton Of this Corporation, respectfully submit eompara
different fs ysars 81 snee F ,Rs censodaton
Earnings from passengers for year ending september D
' upon tue ROADS eonSondaed uer 'he Act Si as APf
For The year ending Sept. ~ 4co2is
For the year ending sept 80 1855 3S2StS
Earnings from freight for year ending sept. 80 ls53
upon tho roads consolidated under tile Act OF April ?
For ihc tre, ysyarendme sent 20 is, sSSIeiS
For the year ending sept 30 3OO2i0
For the year ending sept. 80, lh6l +Oo4ifo
From The above II will appear the earnings of the
road from passengers in 1866 1883 have increased 81
per cent 1866 1885, u 6 per cent 1866 over 1861
Isl per CENT IN @ sa oYGT 9 3 s e a S@ per can T m @ aSe m
1855 lci iO per cent aud In 1866 over 1861 per
cent that the increased income of the road seems to he
fully equal IL in considerable Of the increased
price OF materials and labor for running the road The
comparisons good In the result of the operations OF
the the year During that the road has
paid for all repairs and expenses Of every kind including
National State and local taxes and $lS95 - for fuel
a large provision for the future. with six per cent
dividend TO stockholders, leaving $Is6,GJo cash ON
hand surplus earnings OF the year-equal to
nearly per cent tho capital The report of the Com
pany shows the net earnings for the last fiscal year 20
that the total receipts of the road were s4e67s5 S.
being OF 1921 2Gl 29 the receipts OF 1860 III
thus appears that at the hight OF eNavagant cost IN
running the road the net earnlngs-ahough not Iniy
distributed In dyidends-eqna more than 10 per cent
being more than IN most other permanent investments
which subject the owner totaXaoh IL is clear that the
tho interest paid by the National and state Govern
ments, which, with the advantage 81 Oh 'he ensroI geo
SoISery SSpSrh pTsem p%tamdns % IT, ' uses the high
value Of the stock as ehoSn h, tSi aa Tue at
aud important interest, in which the public feel and
able pride, and cannot doubt wonld respond promptly
prosperity II is not enough TO that the road passes
ton Of the county reaching thriving villages large
towns and popuous cities through well cultivated agf
and milling establishments. which furnish immense |
freight and PASSENGER business al al seasons OF the year
patronage and In return is supposed TO give regular
speedy aud economical transit 10 passengers and freight
II of mutual advantage; and mutual protection
should be given and secured will not urge that expert
has demonstrated the impraccabity OF organizing
an incorporated company with unrestricted power to /
make demands the public that would not take undue
advantage OF the privilege Organized or associated
oapital-so important 10 enterprise and advancement
may thus wisely ne restrained from the tendency TO |
encroach the rights aud interests OF the leope The
Just privilege the hand sn restraint
the-other Is the true functions Of legislation With
the large income OF the Central Railroad Company,
which cannot fall 10 be greatly increased without
the fare-when prices fau TO some
thing Ike their former standardtle pr0priety OF
ralsiug the fare ct this time is not apparent IL will
not be denied that there has been falling off In
tho price OF labor and nateralsOt rapidly however
as was expected Very few doubt that this decline VIII
continneIt Is 10 be hoped moderatey-un stable rates
reached upon specie value Heavily laden the