either by negotiation or condemnation, must necessarily take into account the question of the value of the several franchises to be acquired. There seems to be little likelihood that the companies will surrender their perpetual franchises in exchange for limited grants unless forced to do so under stress of financial conditions. The city, therefore, if it desires control, must have recourse to either purchase or condemnation. In either case it would be contrary to a wise public policy and wholly unethical for the city to pay the alleged values which have attached to these perpetual grants. Watered stock and values which do not exist except on paper should be eliminated. The city should pay what the franchise is actually worth, but it would not be justified in assuming an additional financial burden by compensating for bulging, inflated franchise values unless it proposed to take into consideration the innocent purchaser of bonds representing such values." Over-capitalization and perpetual franchises must disappear before there can be any fundamental and lasting solution of the street surface railway problem. The perpetual franchise must be superseded by limited grants and false profits must be wiped out. Then, and only then, will the city be in a position to act intelligently in regard to the future of the street surface railway. 1 1 For a brief discussion of this question see Delos F. Wilcox, “Problem of Reconstruction with Respect to Urban Transportation,” in National Municipal Review, January, 1919, vol. viii, pp. 42-43. See also a recent opinion by William P. Burr, Corporation Counsel of the city of New York in New York Times, March 2, 1919. BIBLIOGRAPHICAL NOTE In the preparation of this monograph the writer has found it necessary to depend very largely upon source material. Especially valuable has been the magnificent collection of documents relative to the incorporation, franchise rights and intercorporate relations of the transportation companies operating within the boundaries of the present city of New York which have been filed with the Public Service Commission of the First District and compiled by the Commission under the title Documentary History of Railroad Companies (1913); also The Proceedings of the Councilmen and Aldermen of New York City; The State Senate and Assembly Journals of New York State; The Laws of the State of New York; and the excellent Compilation of the Existing Ferry Leases and Railroad Grants Made by the City of New York and the Legislature of the State for the Use of the Streets of New York City (1866), compiled by David T. Valentine. In addition to these, valuable material was found in court reports, newspapers, pamphlets, magazines, and, to a small degree, in secondary works. I. BIBLIOGRAPHIES Appleton's Cyclopedia of American Biography. King, C. L., The Regulation of Municipal Utilities, New York, 1912. McLaughlin, A. C., and Hart, H. B., Cyclopedia of American Government, 3 vols., New York, 1914. New York Public Library, Bibliography of City of New York, New York, 1906. Readers' Guide to Periodical Literature, New York, 1900. Stevens, D. L., A Bibliography of Municipal Utility Regulation and Municipal Ownership, Boston, 1918. II. CASES Arlington Board of Survey v. Bay State Railway Co., 224 Mass., 463. 249 City of Woodburn v. Public Service Commission of Oregon, 161 Pac. Rep., 391. Davies v. The Mayor &c. of New York City. (Duer's Reports.) Denver & South Platte Railway Company v. City of Englewood, 62 Colo., 229. Duluth Street Railway Company v. Railroad Commission, 161 Wis., 245. Gilchrist v. Forty-second Street, Manhattanville & St. Nicholas Avenue Railroad Company, 23 N. Y. (App. Div.), 625. Mayor, Aldermen and Commonalty of the City of New York v. Dry Dock, East Broadway and Battery Railroad Company, 112 N. Y., 137. Mayor, Aldermen and Commonalty of the City of New York v. The Eighth Avenue Railroad Company, 118 N. Y., 389. Mayor, Aldermen and Commonalty of New York City v. The Second Avenue Railroad Company, 32 N. Y., 261. Mayor, Aldermen and Commonalty of the City of New York v. The Twenty-Third Street Railway Company, 113 N. Y., 311. Milhau v. Sharp, 27 N. Y., 611. Milwaukee, E. R. & L. Co. v. Railroad Commission, 238 U. S., 174. New York and Queens Gas Co. v. McCall, 245 U. S., 345. People v. Compton et al. (Duer's Reports.) People ex rel Bleecker Street and Fulton Ferry Railroad Company v. Commissioner of Taxes &c of New York City, 60 N. Y., 638. People v. O'Brien, 111 N. Y., I. People ex rel South Shore Traction Co. v. Willcox, 133 App. Div., 556. People ex rel South Shore Traction Co. v. Willcox, 196 N. Y., 212. People v. Third Avenue Railroad Company, 45 Barb., 63. Potter v. Collis, 156 N. Y., 16. In the Matter of Quinby et al., 223 N. Y., 244. State ex rel Missouri S. R. R. Co. v. Public Service Commission, 168 S. W. Rep., 1156. State ex rel Tacoma Ry. & Power Co. v. Public Service Commission, IOI Wash., 601. Stuyvesant v. Pearsall et al., 15 N. Y., 244. In re Third Avenue Railroad Co., 121 N. Y., 536. Wetmore v. Story, 22 Barb., 414. Wormser v. Metropolitan Street Railway Co., 184 N. Y., 83. III. LAWS-NEW YORK STATE For the following years: 1807, '31, '32, '46, '50, '54, '55, '57, '59, '60, '66, '67, '69, '70, '71, '72, '73, '74, '75, '79, '82, '84, '86, '88, '90, '92, '93, '97, '99, 1905, '06, '07, '14, '17. IV. DOCUMENTS Annual Report of New York Railways Company for year ending June 30, 1918. Burr, David H., Map of the City and County of New York with Adjacent Country in 1832. City Record, 1884 to 1918. Lincoln, Charles Z., Messages from the Governors of the State of New York, Albany, 1909. Minutes of the Board of Estimate and Apportionment of the City of New York, 1909, 1910, 1912. New York State Assembly Documents, 1860. New York State Assembly Journals, 1857-1880. New York State Senate Documents, 1886. New York State Senate Journals, 1859-1880. Ordinances, Resolutions, &c Adopted by the Common Council and Approved by the Mayor, New York, 1878. Proceedings of the Board of Aldermen, New York, 1831-1897, 1913. Proceedings of the Board of Councilmen, New York, 1854. Report of Commission to Investigate the Surface Railroad Situation in the City of New York on the West Side, 1918. Reports of City Executive Officials, New York, 1831-1897. Reports of the Public Service Commission, First District, State of New York, 1907, 1909, 1913, 1914. Report of the New York State Railroad Commission, 1896. Reports of State Legislative Committees and Commissions, especially New York State Senate Committee on Cities, 1890. (Fassett Committee.) United States Census, 1910. Valentine, David T., Compilation of the Existing Ferry Leases and Railroad Grants made by the City of New York and the Legislature of the State for the Use of the Streets of New York City, New York, 1866. Valentine, David T., Ordinances of the Mayor, Aldermen and Commonalty of the City of New York, New York, 1859. V. NEWSPAPERS New York Commercial and Financial Chronicle. Morning Courier and New York Enquirer. New York Evening Mail. New York Evening Post. New York Herald. New York Sun. New York Times. New York Tribune. New York World. VI. MAGAZINES Annals of American Academy of Political and Social Science, 1908. 2 Cornell Law Review, 126. Cosmopolitan Magazine, 1908. Everybody's Magazine, 1908. 31 Harvard Law Review, 644. McClure's Magazine, 1908. Municipal Affairs, 1900. National Municipal Review, 1914, 1918, 1919. Outlook, 1908. Proceedings of American Academy of Political Science, 1915. Street Railway Review, 1901. The Survey, 1918. World Almanac, 1918. 27 Yale Law Journal, 705. Yale Review, 1898. VII. PAMPHLETS Butler, W. A., New York City, Its Growth, Misgovernment and Needs, New York, 1852. The City and the Eighth Avenue Railroad, New York, 1897. Davenport, John I., Population of the City of New York, New York, 1875. New York Railways Company, Your Street Car Service-A Statement of the Facts About the Situation of the New York Railways Company, New York, 1919. Prince, L. B., The Proposed Amendments to the Constitution of the State of New York, New York, 1874. Roth, Louis, History of Rapid Transit Development in the City of New York. (Unpublished.) Ruggles, Samuel B., Letters on Rapid Transit Addressed to Mayor of The City of New York, New York, 1875. Willson, H. B., Communications to the Constitutional Convention on Special Railway Legislation, New York, 1867. VIII. SECONDARY WORKS Alexander, D. S., A Political History of the State of New York, 3 vols., New York, 1906-1909. American Year Book, 1916. |