REPORT. STATE OF NEW YORK: BOARD OF RAILROAD COMMISSIONERS, ALBANY, January 8, 1896. To the Honorable the Legislature of the State of New York: Pursuant to the requirements of the Railroad Law, the Board of Railroad Commissioners submits its thirteenth annual report. General Situation. The condition of depression in business existing at the time of the publication of the last annual report continued through the greater part of the fiscal year, the transactions of which are covered by this report. The history of the past twelve months has fully sustained the view of the situation taken by the Board a year ago. A revival in business began in the spring of 1895. The western roads, which had first suffered and to a greater extent than the roads of this State from the business depression, were the first to profit by the recovery. The roads of this State did not feel its effects until the last quarter of the year, and then in freight business only. The gain has been more pronounced since July 1, 1895, and the operating results of the quarter beginning with that date are nearly equal to those of the corresponding quarter of 1893, which was a fairly prosperous year. From an analysis of railroad earnings, a very fair and accurate idea of business conditions can always be obtained. The summary of the past year affords much ground for encouragement. The increase in freight traffic has been general. All of the roads in this State have been affected, and all show increased earnings. The passenger traffic has not increased, and the conclusion reached from these facts is that while business is better, it is not enough better to warrant a return to normal conditions in business or pleasure travel. On the whole, it may be said that while conditions are better than they were a year ago, and the anticipation of continued improvement is warranted by the outlook, we cannot yet be assured of having passed the danger point. Financial and foreign complications are threatening and disturbing elements, and we will not emerge from the depression of 1894 and 1895 to former prosperous conditions until these are settled. Summary of Business of the Year. The business of the year ending June 30, 1895, shows a slight increase over 1894 in net as well as gross results. Railroads were not affected by the revival of business until the last quarter of the year, and the gain in gross earnings from operation for the first three months of the present year was more than treble that of the preceding twelve months. The increase of earnings for 1895 was $1,241,039.77; decrease in operating expenses, $702,970.56; increase in net earnings from operation, $1,944,010.33. The decrease in net earnings for 1894 was $4,364,171.38, while the decrease in income from operation that year was $10,399,511.83, showing that $6,035,340.45 of the loss was made up by a reduction in operating expenses which have, therefore, been reduced nearly seven millions of dollars since June 30, 1893. Capital stock shows a decrease this year of $12,812,614.01; cost of road and equipment, decrease, $19,672,129.58; funded debt, decrease, $1,264,021.46; unfunded debt, increase, $13,941,656.51. The changes in capital stock, funded debt and cost of road and equipment are due to re-organizations and consequent re-adjustments resulting in depreciation credits to assets. The percentage of dividends declared on capital stock is 2.63 against 2.69 in 1894. The decrease in number of passengers 1,262,175, and in the number carried one mile, 711,863,058. This is in part accounted for by the World's Fair traffic reported for the year ending June 30, 1894. Freight business, on the other hand, shows an increase of 1,475,777,099 in the number of tons carried one mile. carried during 1895 was On the whole, the figures for 1895 are indicative of returning |