LETTER OF TRANSMITTAL. DEPARTMENT OF THE NORTH CAROLINA CORPORATION COMMISSION, To His Excellency, CHARLES B. AYCOCK, Governor of North Carolina. SIR: We hand you herewith the Third Annual Report of the North Carolina Corporation Commission, being the Report for the year 1901, showing the transactions of this office for said year, the report for the different corporations subject to our supervision and the statistical tables compiled therefrom. We are very much gratified to report that these corporations have had a very prosperous year. RAILROADS. Some conception of the railroad business of this State can be had from the fact that the steam railroad companies operated 3,651.13 miles of railroad, employed 11,028 persons, and collected as gross earnings $15,846,997.94 during the fiscal year ending June 30, 1901. CONSOLIDATIONS. Since our last report the consolidation of the Seaboard Air-Line Railway Company has been perfected, and this company now operates 2,592 miles of road, of which 621 miles are within North Carolina. WORK OF THE COMMISSION. Two hundred and sixteen complaints were heard and adjusted during the year. The arrangement of a tariff for the Seaboard Air-Line Railway Company was one of the important matters which claimed our attention. We believe that the result of this work will promote the interests of shippers and others concerned in freight rates along the line of this road. The Commission also had under consideration and devoted considerable time to the modification of tariffs on parts or branches of the Southern Railway Company, but this was not finished, and is still before us. The suit referred to in our last report by Mrs. Matthews against the North Carolina Corporation Commission, as pending before his Honor Judge Simonton, in the Federal Court, was decided by him early in the year. The judgment of the Court sustained the order of the Commission and dismissed the suit; thereupon the Carolina. Central Railroad Company and other roads composing the Seaboard Air-Line System were notified by the Commission to pay into the State Treasury of North Carolina $6,613.06 for overcharges of freight, as the law required. This was done, and upon the recommendation of this Commission, this sum has been paid out to the persons entitled thereto, as we are informed. All exceptions to orders made by the Commission have been withdrawn, and the actions in which it was sought to vacate and set aside. orders of the Commission have been dismissed, and, so far as we are aware, all of the railroads in the State are obeying the law and observing the rules and regulations of the Commission. ASSESSMENTS FOR TAXATION. As we construed the Machinery Act of 1901, we were not directed or permitted to assess railroad property for that year. The assessment made in the year 1900 was to remain until the year 1903, when there would be an assessment of other property. Sheriff Jackson, of Washington County, differed with us in this construction, and brought mandamus proceedings against us before Hon. S. O'B. Robinson, Judge of the Superior Court of this District, to compel the assessment of railroad property. This case was heard by Judge Robinson, who concurred in the construction put on the law by this Commission, and dismissed the proceedings at the plaintiff's cost. There was an appeal from this judgment to the Supreme Court, which appeal will be heard at the next term of said court. The Commission certified to the counties interested the assessment for 1900 as the assessment for 1901, which they understood the law to require. Since our last report, the suit brought by the Western Union Tele graph Company, and which was pending at the time of our last report, to restrain the Commission from certifying the assessment of the property of the Western Union Telegraph Company to the counties and towns in the State interested therein, has also been settled. The complainant submitted to an assessment of $850,000, and paid all the costs of the action. We will not make any recommendations with reference to the tax laws in this report, as that will be more appropriate in our report as Tax Commissioners. BANKS. There are now in this State one hundred and ten State, Savings and Private Banks. Two hundred and ninety-six thousand one hundred and forty-four dollars have been added to the capital stock of banks since our report, and there has been an increase since our last report in the resources of the banks of $2,749,817. The arrangement of the matter and the making of the tables, statistical and others contained in this report, are the work of our efficient clerk, Mr. H. C. Brown. It is due him also that we acknowledge. that whatever success the Commission has attained in discharging the important and often difficult duties devolved on it is largely due to his courtesy, promptness, faithfulness and efficiency at all times in discharging his duties. We would also express our appreciation of the services of the other assistants, Mr. W. C. Wishart and Miss Riddick. Very respectfully, your obedient servants, Chairman. SAM L. ROGERS, D. H. ABBOTT, Commissioners. |