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ELEVENTH ANNUAL REPORT

OF THE

c &

CORPORATION COMMISSION

FOR THE

YEAR ENDING DECEMBER 31, 1909

COMPILATIONS FROM RAILROAD RETURNS ARE FOR YEAR ENDING JUNE 30, 1909

RALEIGH:

EDWARDS & BROUGHTON PRINTING COMPANY

STATE PRINTERS AND BINDERS

1910

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LETTER OF TRANSMITTAL.

DEPARTMENT OF THE CORPORATION COMMISSION,

RALEIGH, December 31, 1909.

His Excellency, W. W. KITCHIN,

Governor of North Carolina,

Raleigh, N. C.

SIR: We hand you herewith our report for the year 1909, it being the eleventh annual report of the Corporation Commission. This report includes the cases disposed of during the calendar year, 1909; the annual reports of railroad companies, street railway companies, telegraph companies, telephone companies, the Southern Express Company, and The Pullman Company, for the fiscal year ending June 30, 1909, and tabulated statements therefrom; also summary of State and savings banks of report made the 16th day of November, 1909; the assessment of railroads, street railways, telephone and telegraph companies, express company, the Pullman Company, banks, State and National, cotton mills, and other corporations, being all of the properties assessed by the Corporation Commission, and the distribution of the assessment as the law requires.

We have published in this report the law establishing the Corporation Commission as revised and brought forward in The Revisal of 1905, with all amendments thereof to date.

RAILROADS.

There are 4,387.25 miles of main line of railroad, 35.74 miles of new mileage being added during the year; and there are 911.86 miles of side track, 82.35 miles being added during the year.

The income of railroads within the State for the year ending June 30, 1909, was $10,646,036.49; for the year 1908, $8,535,706.88; 1907, $8,332,546.29; 1906, $9,100,281.67.

There were passengers carried earning revenue on the four larger railroads, the Atlantic Coast Line Railroad, Seaboard Air Line Rail

way, Southern Railway, and the Norfolk and Southern Railway, for the year 1909, 7,889,815; for the year 198, 8,519,645; for the year 1907, 6,713,392; for the year 1906, 6,254,142.

The income from the passenger service was as follows: 1909, $7,353,755.16; 1908, $7,712,246.91.

The number of tons of freight transported in the State of North Carolina by the Atlantic Coast Line Railroad Company, Seaboard Air Line Railway, Southern Railway Company, and the Norfolk and Southern Railway was as follows: 1909, 12,901,525; 1908, 12,476,417; 1907, 12,910,200; and 1906, 12,323,270.

The most gratifying comparison with former reports is in the great decrease in casualties. This is as follows:

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During the calendar year twenty-one banks were licensed to do business, so that there are now 321 State banks. Comparison of the summaries shows the resources of the State banks as follows: 1909, $55,852,328; 1908, $47,915,076.

Two banks, the Bank of Carteret, Morehead City, and the Citizens Bank and Trust Company, Southern Pines, were closed by order of the Commission, but no depositor lost any money, and prompt liquidation and settlements were made.

ASSESSMENTS.

The transfer to this Department by the General Assembly of 1909 of the duty of assessing all corporations theretofore assessed by the Auditor, added greatly to the work of the Commission.

3,779 corporations were assessed at $191,949,306. Corporation excess, $124,207,469.

268 public service corporations assessed at $94,183,725. Corporation excess, $89,690,885.

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