New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1880-03-20
RAILWAY LEGISLATION.

ONE OF TIE HEPBURN BILLS PAssED-A RFsoLU-
TON TO INVESTIGATE TIE EARNINGS OF RAIL
WAYS DEFEATED.
[FRoM THE REGULAR CORRESPONDENT OF THE rRIRUNEI
ALBANY, March 19.-When the Hepburn
Railway Investigating Committee made their report and
submitted some six bills FOR the reformation OF abuses
In railway management. the railway officers
said that two OF the bills at least not Objectionable
TO Them and they should not oppose their passage.
The railroad fulfilled their promise and these DIS
have passed through the Legislature tus lar without
opposition. To-day OF them was passed DY the
senate-t had already passed the Assemby-and was
sent to the Governor. This the bill IN relation to
the consolidation OF railroads IL amends the law re-
earding the consolidation OF railways b. adding the
words: But in no case shall The capital stock
of the company formed by such consolidation ex-
coed the sum Of the capital stock OF the
companies consolidated at the par value t1ereo nor
shall any bonds other evidences or deot he aSutu
d consideration for or IN connection TN sneh cOhsoH-
DGfiur recent debate in the Assembly over the " 3
Cent Fare Di" which was aiteTward defeated II the
waited roads Of Ne@ YORK CITY c"un mol s It'uCeu W.
less a law passed IN 1851 followed 10 ITO erect
ma 10 5e t on tne te o nc,0@er and he state Con-
trOer had reported that the road Was earning more
than 10 per cent on the amount actually eApehuoo III
Toby Nj Mitchell called m a resolution he miro
Controller TO ascertain the net Income oi tAe la way
of The state from al sources drrng the pest ear ana
Z
10 per cent upon t1e capital actually expended me
resolution closed with an instruction {" t1c STATE thSl
ueer aud the Cntroiler haf they shunlu nst eAhlne
tho books 81 elevated raj WAYS 10 eTth tIese
facts Mr. Mitchell advocated he passage of ns r"solu
tUu as necessary step any legl atOn regarding the
RAILWAYS Of the SCAT.
Mr. Dugud a member OF the Hepburn Committee.
said he hougt hc passage If The resolution WAS un-
necessary "a Gar as thr elevated railways were con
cerned rs thais onmtioe had ample report 10
the Legislature Ghoat these rantoa s. TheN hhH SHOWN
that these railroads actually cost oa, ~2l'ooopoo Al
the vrrv ruc TIE committee 10 session also. the
N.w-Y0rk Elevated declared quarterly diViderd OF
2lo pei CEN. , s,,
DR. l. l. Hayes criticised In terms the financial
mana gatrcnl a. the elevated TnOuds. declaring thh
tev we're buir n WateTed stock. aud thai no one took
any RISKS ~ building roads except the ron-nasers
Mr. Mitchell Said That road might nave cost only
S2OG 900 q mile. and yet the railroad company mltht
have psid some one else S2OGO0OO 30 build II. l. W
DIVIDENDS or the actual OF then r0ad.thcy would
rrcclyc perhaps only percent return for their Invest
meut. 20. -.o, ,.,.
Mr. Avcrd SAD that IL w0ud cost he State 500 600
70 A. he information requested OF the state officers
TIE same Information could nc obtained nom the rail-
loads direct by passing bil. 80
Mr. Baker saa ths o. the bills ~ the HeG burn
Committee that had passed the Assembly ana was Vr
fore INC senate asked II the 1ifoal mics the very
information desired ~ Nl. Mitchell.
Tie resolution was defeated by vote II p % 81.
Most of the members thought that 10 would be useless
to pass such resolution and involve the >.ac ~ great
expense without passing AT the same une us 10 COM
De the railway companies 10 give me desired luto4N-
lion to the state Engineer. Unless 'lrv eho1-c t1c
railroads need not no" gy any Information oi Inc KID"
/ to the STATE Eu ginerr.