The sun. [volume] (New York [N.Y.]) 1833-1916, 1903-04-20
STATE COULD BUILD RAILWAY,
rOTR TRACK LINE, AT ONE-FIFTH
COST or NEW CANAL.

Might carry All the Tonnage Of Buffalo
10 New York Free OF Charge and
save Mouey-Some Contrasting Figures
Of the New York Centraps Operations
With the money which the Davis Law
nroposes TO sink In the Erie Canal the State
could build four-track railroad on the
hanks OF the canal, equip II in the most
modern fashion and carry free Of charge
10 any one every pound Of freight that
comee to the port OF Buffalo.
With the canal as q road bed and no
rirht Of way to secure from Buffalo to Al
bsny the road could be constructed and
equipped for less than S20. 900 900. or one
Aftb OF the sum which II Ia proposed to spend
on water way which offers, at the highest
estimate. but ten round trips a year for
each boat.
Until a year ago this month the capital
stock OF the New York Central was but
SiiS,ooo,ooo. II was then increased to $780,
10000 This capital represents not only
the ownership Of all main lines and branches
but the control and actual operation of
seventeen other railroads, including the
Boston and Albany and the West Shore
which is a line running clear to Buffalo.
The main line Of the Central from Buffalo
to New York is ~ miles long 1t operates
ss7 miles in this State. II owns 1902
locomotives. 2.oSs passenger coaches.
81 ,s63 freight cars. 1,s22 service cars and
ls4 boats. Its stock is now valued at $50
a share. 1t pays se,Oooooo year in divi-
dends. paid more than q. 900 900 in taxes
last year and earned 80. O00, 900 in carrying
freight
These figures. which were disclosed at
the meeting OF the New York Central stock
holders at Albany last week. must satisfy
any one that the State, owning a right OF
way, the best that could be chosen, could
build the finest railroad In the world for
q fraction OF the Si0i 900 900 which the
Davis bill plans to spend on the enlarged
canal
While the New York Central turns $780,
900 into the State In taxes and pays "a. 900 900
10 its stockholders In dividends, besides
eXpending 90 per cent. OF its earnings in
wages among the citizens OF New York.
the proposed enlarged canal will be fxed
expense Of 5000, 900 year to the State
for fifty years at least. The payments
on principal and interest and the regular
cost Of maintenance oonservatively figured
mount to that immense sum.
II the transportation question were one
Of reason rather than tradition, Of business
rather than reckless ertrava ganoe, these
contrasts Of figures might appeal to tho
sane minds Of the voters.
The canal Il necessary to keep railroad
rates down, say the canal partisans.
But the canal has not served that pur-
pose in many years. and the new canal,
should 1t be finished in five years, will have
been passed by the advanoements in steam
and electric transportation and the econ
omies Of new inventions. But II it 10 the
business Of the State to spend 5000 900 a
year to keep railroad rates down 1t might
accomplish that much easier by building
a four-track road for one-ffth Of the ap-
OF the Davis bill and 1t could
carry freight free the year round. while
the canal will be frosen up for six months
in the year.
Ths people arc TO vote nsxt fall TO decide
whether the vast millions shall be fed to
the canal The Odell machine, which pro-
poses to fatten for full year at least on
the appropriation. 10 now planning to bring
out the vote upstate with the argument
hat the city Of New York will have to
pay % per cent. Of the cost. So 1t will,
and increasing values year by year will in
that ion