1914 THE NEW YORK CENTRAL AND HUDSON RIVER RAILROAD COMPANY · 1914 the new york central and hudson river railroad company report of the board of directors to the stockholders for

1914

T H E N E W Y O R K C E N T R A L A N D

H U D S O N R I V E R R A I L R O A D C O M P A N Y

R E P O R T O F T H E B O A R D O F D I R E C T O R S

T O T H E S T O C K H O L D E R S

F O R T H E F I S C A L Y E A R E N D E D »

D E C E M B E R 31

1914

G R A N D C E N T R A L T E R M I N A L

N E W Y O R K

1914

T H E N E W Y O R K C E N T R A L A N D

H U D S O N R I V E R R A I L R O A D C O M P A N Y

R E P O R T O F T H E B O A R D O F D I R E C T O R S

T O T H E S T O C K H O L D E R S

F O R T H E F I S C A L Y E A R E N D E D

D E C E M B E R 31

1914

G R A N D C E N T R A L T E R M I N A L

N E W Y O R K

O R G A N I Z A T I O N OF

T H E N E W Y O R K C E N T R A L A N D H U D S O N R I V E R R A I L R O A D C O M P A N Y

DIRECTORS

Elected at the annual meeting <>f the stockholders held at Albany, New York, April 15, 1914.

C H A U N C E Y M . D E P E W , Chairman

W I L L I A M K . V A N D E R B I L T W I L L I A M H . N E W M A N F R E D E R I C K W. V A N D E R B I L T G E O R G E F. B A K E R A L F R E D H . S M I T H H A R O L D S. V A N D E R B I L T O G D E N M I L L S W I L L I A M R O C K E F E L L E R J A M E S S T I L L M A N (resigned September 9, 1914) M A R V I N H U G H ITT W I L L I A M K . V A N D E R B I L T , JR R O B E R T S. L O V E T T

Term of office expired on consolidation of The New York Central and Hudson River Railroad Company and oilier corporations into The New York Central .Railroad Company.

F I N A N C E C O M M I T T E E

W I L L I A M K . VANDERBILT W I L L I A M R O C K E F E L L E R

ROBERT S. L O V E T T G E O R G E F . B A K E R

W I L L I A M K . VANDERBILT. .lit

C O R P O R A T E OFFICERS

President Vice President Vice President Vice President Vice President Vice President Vice President Secretary Ti easurer

A L F R E D H . SMITH

W I L L I A M K . V A N D E R B I M

JOHN" CARSTENSEN

IRA A . P L A C E

C H A R L E S F. D A L Y

A B R A H A M T. H A R D I X

HOWARD M . BISCOE

DwifniT W . P A R D E E

EDWARD L. ROSSITER

New York New York New York New York New York New York Boston New York New York

R E P O R T

To the Stockholders of T H E N E W Y O R K C E N T R A L A N D H U D S O N R I V E R R A I L R O A D C O M P A N Y :

The following report, covering the operation of the New York Central & Hudson River Railroad and leased lines, the Boston & Albany Railroad and the St Lawrence & Adirondack Railway for the entire year ended December 31, 1914, is submitted by the Board of Directors elected April 15, 1914, whose term of office expired December 23, 1914, on the consolidation of the company with several allied organizations into a new corporation named The New York Central Railroad Company, to which your interests, as stockholders, were transferred.

The statements and tables contained in the report are in accordance with the new classification promulgated by the Interstate Commerce Commission. For the purpose of comparison the figures representing the transactions of the year 1913 have been revised.

The mileage embraced in the operation of the road is tabulated as follows:

M i l e s

Main line and branches owned 1,835-55 Proprietary line •18

Teased line 1,583-97 Line operated under contract 71-59 Line operated under trackage rights 282-66

Total road operated 3,773-95

This figure shows an increase of 20-83 miles, as compared with the mileage reported December 31, 1913, accounted for as follows:

I N C R E A S E S D U R I N G T H E Y E A R •

M i l e s

New branch from tower 34 to Charles Street, in the city of Rome 4-19 Extension of Rome Branch on account of Rome improvement 4-04 On Terminal Railway of Buffalo: track formerly classified as siding -54 On Beech Creek Railroad: a gauntlet track over Pine Creek -11 On Beech Creek Extension Railroad: by inclusion of the Hoovcrhurst

& Southwestern Railroad and consequent change in terminals 3-90 Trackage rights from Saranac Lake to Lake Placid 1008 22-86

*Tho Dunkirk Alleelretty Valley and PiLt.aburt-ti 1 { n - : i d . ltd' 51 miles, was else leased by litis oinnpany, lull it* iniletifte :infl operations are not included in this report. Separate aecounts were kept ami independent return* prepared ia its behalf.

Annual Report

D E C R E A S E S D U R I N G T H E Y E A R M i l e s

By change of line and connections and sundry adjustments -67 By abandonment of a portion of the Beech Creek Railroad -80 By abandonment of a portion of the Cherry Tree & Dixonville Railroad

over which this company has trackage rights 56 203

Making a net increase of 20-83

The capital stock outstanding on December 31, 1913, including the amount of the convertible value of capital stock of the companies consolidated on April 16, 1913, was $225,581,066.00 and no change has occurred in this amount during the year.

The mortgage, bonded and secured debt outstanding on December 31, 1913, was $378,644,052 45 This has been added to as follows: Refunding and improvement bonds of 1914, bearing

interest at the rate of four and one-half per cent per annum $40,000,000 00

This company's pro rata liability in connection with equipment trust certificates of 1913, bearing interest at the rate of four and one-half per cent per annum 2,600,823 97

This company's liability in connection with B & A equipment trust certificates of 1912 2,128,000 00

There has been included in this account the amount of a loan from the New York New Haven and Hartford Railroad Company in connection with the Grand Central Terminal Improvement $1,310,000 00 Reduced by annual payments amounting to 157,200 00 1,152,800 00 45,881,623 97

$424,525,676 42 and has been decreased as follows: Three year gold notes of 1911 paid March 1914 $30,000,000 00 Mortgage on real estate in city of Utica paid off 2,500 00 Payments of installments falling due during the year on

this company's pro rata liability in connection with the certificates issued under equipment trust agreements, as follows:

Trust of 1907, installment due November, 1914 793,660 12 Trust of 1910, installment due January, 1914 433,964 42 Trust of 1912, installment due January, 1914 477,116 10 B & A Trust of 1912, installment due October, 1914 500,000 00 Trust of 1913, installment due January, 1914 303,630 59 32,510,871 23

Outstanding as shown on balance sheet of December 31, 1914 $392,014,805 19

5

The New York Central and Hvdson River Railroad Company ( i n c l u d i n g B o s t o n & A l b a n y R a i l r o a d , for w h i c h separate s t a t i s t i c s w i l l l ie found at end of repor t )

SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME

O P E R A T I N G I N C O M E

R A I L W A Y O P E R A T I O N S A

1914 1913 I N C R E A S E D E C H E A B E R A I L W A Y O P E R A T I O N S A .773-95 miUs operated 3,753 12 miles optrai ed 20-83 miles

Revenues 5112,741,031 22 $122,6S3,809 3 5 ' $9,942,758 13

Expenses 84,033,105 56 93,414,430 04 9,381,330 48

N E T R E V E N U E F R O M R A I L W A Y O P E R A T I O N S § 2 8 , 7 0 7 , 9 4 5 66 829,269.373 31 $561,427 65

Percentage of expenses In revenues (74-54%) ( 7 6 1 4 % ) ( 1 6 0 % )

R a i l w a y taxes accrued S6, 162,219 76 $6,356,545 91 $194,326 15

U n c o l l e c t i b l e r a i l w a y revenue 2,877 49 $2,877 49

R A I L W A Y O P E H A T I N O I N C O M E §22 ,542 ,S4S 41 $22,912,827 40 8309,978 99

M I S C E L L A N E O U S O P E R A T I O N S • \ 2 , 1 3 3 G7 Revenues \ 2 , 1 3 3 G7 $2,402 39 $268 72

Expenses a n i l taxes 2,171 65 3,449 08 1,277 43

M I S C E L L A N E O U S O P E R A T I O N S L O S S $37 98 s i . d i i i m $1,008 71

T O T A L O P E R A T I N C ; I N C O M E $22,542,S10 43 $22,911,780 71 $368,970 28

O T H E H I N C O M E

J o i n t faci l i t ies rents $2,436,499 85 $2,283,303 39 8153,136 46 Misce l l aneous r en l s 742,449 96 702,493 98 39,955 98 N e t prof i t f rom inves tments i n p h y s i c a l p roper ty 353,033 12 118,074 00 234,959 06 Separa te ly operated propert ies , profi t 4,895 09 4,895 09

D i v i d e n d s on s tocks o w n e d 9,115,759 71 12,168,536 78 $3,052,777 07

Interest on funded deb t o w n e d 579,454 50 450,181 03 129,273 47

Interest o n other securit ies, loans a n d accounts 705,295 97 652,588 69 52,707 2S

C o n t r i b u t i o n s f rom other companies 144,246 27 260,359 34 110,113 07

Misce l l aneous income 49,880 18 33,677 84 16,202 34

T O T A L O T H E R I N C O M E $14,131,514 65 816,609,275 11 $2,537,760 4G

G R O S S C O R P O R A T E I N C O M E $30,674,325 08 839,581,055 82 $2,906,730 74

D E D U C T I O N S F R O M <;HOSS C O R P O R A T E I N C O M E

R e n t a l s of leased lines $8,004,145 48 $8,518,856 66 $514,711 18

H i r e of equ ipment , debit, balance 557,192 34 1,010,113 65 452,921 31

J o i n t faci l i t ies rents 588,277 20 567,853 29 $20,423 91 M i s c e l l a n e o u s rents 792,247 81 714,082 12 78,166 72 M i s c e l l a n e o u s t ax accrua ls 84,930 31 38,120 61 40,815 70 Separa te ly opera ted propert ies , loss 39,281 33 39,281 33

Interest o n bonds a n d o ther l o n g - t e r m debt 12.263,736 00 10,003,317 10 1,660,418 90 Interest o n go ld notes of 1011 and 11)12 1,125,000 00 2,250,000 00 1,125.0(H) 00

Interest on e q u i p m e n t t rus t certificates 1,434,038 IS 1,347,411 57 86,626 61 Othe r interest 3,057,430 06 1,170,832 75 1,886,597 31 M a i n t e n a n c e of inves tment o rgan iza t ion 1,031 20 1,031 20 Income transferred to o ther companies 31,936 35 67,543 75 35,607 40 S t L & A R a i l w a y : r e n t a l of leased l ine 10,000 00 10,000 00 Othe r deduct ions 35,681 75 84 58 35,597 17

T O T A L D E D U C T I O N S F R O M C R O S S C O R P O R A T E I N C O M E $27,985,652 71 $26,337,497 11 81.648,155 30

N E T C O R P O R A T E I N C O M E SS,6SS.G72 37 813,243,558 41 $4,554,886 04

D I V I D E N D S D E C L A R E D : four i n 1913; three i n l t l l I * 88,458,890 00 $11,243,021 25 $2,784,131 25 M I S C E L L A N E O U S A P P R O P R I A T I O N S O F I N C O M E 24,347 0 4 N 824,347 04

S U R P L U S F O R T H E . Y E A R C A R R I E D T O P R O F I T A N D L O S S 8205,435 33 $2,000,537 16 81,79.5,101 83

"The fourth quarterly dividend :it thfi rntc of 1J per cent on its outstanding capital stock was declared December 23, 1014, by the aurcinsor compauy, The New York Central Railroad Company, payable February 1, 1915.

6

Annual Report

B a l a n c e to c red i t of profi t a n d loss (free surp lus) as s h o w n i n repor t of D e c e m b e r 31 , 1913 A d d i t i o n s for y e a r :

S u r p l u s f r o m opera t ions $205,435 33 S u n d r y deferred credi t s a n d ad jus tments 938,561 05

D e d u c t i o n s for y e a r :

D i s c o u n t a n d expenses accoun t of R e f u n d i n g a n d I m p r o v e m e n t mor tgage b o n d s $3,101,875 52 D i s c o u n t , commiss ions a n d expenses accoun t N Y C L i n e s e q u i p m e n t t rus t of 1913 103,708 07

C o m m i s s i o n s , b rokerage a n d expenses o n v a r i o u s shor t t e r m loans 74,922 19 C a s h advances l,o C lea r f i e ld B i t u m i n o u s C o a l C o r p o r a t i o n 445,000 00

C h a r g i n g off v a l u e of a b a n d o n e d fac i l i t ies 213,396 30

A d j u s t m e n t of accoun t s w i t h P u l l m a n C o . J u l y 1, 1910, to D e c e m b e r 31 , 1913 200,000 00 A d j u s t m e n t of a m o u n t p a i d i n c o n n e c t i o n w i t h l a n d for G r a n d C e n t r a l T e r m i n a l

I m p r o v e m e n t 210,227 65 C h a r g i n g off va r i ous unco l l ec t i b l e accounts , se t t lement of su i t s a n d s u n d r y ad jus tments

of accoun t s 324,918 72

B A L A N C E T O C R E D I T O F P R O F I T A N D L O S S ( F R E E S U R P L U S ) D E C E M B E R 31 , 1914

The decline in operating revenues which commenced in October, 1913, continued throughout the whole of the year 1914, causing a net decrease of $9,942,758.13, equal to 8T per cent.

The decrease in freight revenues, $6,753,888.35, was 977 per cent. Almost every commodity shows a loss in volume and the consequent decrease in the density of freight traffic per mile of road was 381,215 ton-miles.

The decrease in passenger revenue, $2,765,729.79, was in both local and interline business. The decrease in mileage amounts to 142,118,913 passenger-miles. The average amount received from each passenger decreased a little over three cents and the density of passenger traffic per mile of road decreased 43,038 passenger-miles.

The revenue from express business decreased $649,931.06, due to decrease in the volume of business and reduced rates. Mai l earnings increased $468,440.38, due to more mail transported.

Rail operating expenses decreased $9,381,330.48 or 1004 per cent. The decreases by groups were as follows:

Maintenance of way and structures decreased $3,393,644.22. There was less improvement work conducted and a lighter traffic sustained. The property was maintained to its standard.

Maintenance of equipment decreased $1,726,246.57, due to decreased mileage made by equipment.

Transportation expenses decreased $3,717,536.64, due to decrease in volume of business and the benefits in the form of increased efficiency resulting from previous investments.

Traffic expenses decreased $419,733.85. Miscellaneous operations decreased $106,204.18. General expenses decreased $17,965.02, notwithstanding an increase of $52,347.24 in

expenditures on account of the Government Valuation requirements. The Govern-

7

The New York Central and Hudson River Railroad Company

ment has not yet undertaken the actual work of valuation of your property and this expenditure represents what has been done to organize for the work and assemble the large amount of records and data which will be required by the authorities when they start the work.

The Pension Department retired and placed upon the pension rolls 186 employees during the year; 104 of these were authorized because of the attainment of seventy years of age and 82 because of total and permanent physical disability; 94 pensioners died during 1914. The total amount paid in pension allowances was $238,011.51.

Operating income shows a decrease of only $368,970.28. Non-operating income shows a decrease of $2,537,760.46, due to less dividends having been received on some of the company's investments, principally in Lake Shore & Michigan Southern Railway Company and Michigan Central Railroad Company.

Deductions from corporate income show an increase of $1,648,155.30, due to increased carrying charges on the company's unfunded debt, resulting from the financial conditions which existed at the time when unfunded obligations had to be issued or extended.

During the year there was expended for additions and improvements to the property $7,555,914.69 and for similar items on lines of-leased railroad companies, $4,761,835.28. These represent the continuance or completion of work authorized and commenced in previous years. There was expended for additional equipment $7,886,284.04, mainly for new deliveries of trust equipment.

During the year additional equipment trust certificates were issued under the New York Central Lines Equipment Trust agreement of January 1, 1913, to the amount of $6,944,000, so there is now outstanding a total of $21,602,000 of these certificates. Of the equipment bought with these certificates there has been allotted to the New York Central and Hudson River Railroad $8,628,836.92.

Under the refunding and improvement mortgage described in last year's report, the Public Service Commission of the State of New York has authorized the issue of $70,000,000, of which $40,000,000 has been issued and sold. The proceeds have been used to retire the three-year gold notes of 1911 and some of the notes maturing in 1914 which had been theretofore issued to pay for additions to the property. The balance of the amount authorized, $30,000,000, has been deferred because of the radical changes in the money situation which have developed since the authority was obtained.

The agreement between this company and the New York New Haven & Hartford Railroad Company, for the establishment of through routes, etc, via the Boston & Albany Railroad, was cancelled by the New York New Haven & Hartford Railroad Company as of January 31, 1914, with the consent of the directors of your company, because of orders issued by the Government.

In May, 1913, this company joined in the application to the Interstate Commerce Commission for an increase of about five per cent in freight rates. The decision of the Commission at first gave no relief, but on account of the unusual business conditions which arose subsequent to this decision, the case was reopened, and on December 16th the Commission granted an increase of not more than five per cent with specified commodities

8

Annual Report

excepted. To the extent of its application, the decision of the Commission is helpful, besides inspiring confidence in their general attitude towards the railroads.

Work continued during the year on certain phases of the Grand Central Terminal Improvement which could not well be suspended, such as the excavation of the block at 42d Street and Lexington Avenue and the construction of the loops under the building. The Board of Estimate and Apportionment of the City of New York accepted the street work completed during the previous year under the terms of the general agreement with the City dated June 19, 1903. A lease was made for a store and office building site at 45th Street and Vanderbilt Avenue, the building to cost $1,000,000. A new building has been commenced at 46th Street and Lexington Avenue to cost $980,000, principally for the use of the Post Office Department under lease, in connection with the parcel post business. The New Haven Company has the option until January, 1922, to participate in the cost and benefits of this structure. The building for the Yale Club at 44th Street and Vanderbilt Avenue has been completed. The building for the Railroad Branch of the Young Men's Christian Association at 50th Street and Park Avenue has been completed and occupied since May 1, 1914.

The following changes took place in the Board of Directors during the year: Resigned: December 31, 1913—William C. Brown,

January 14, 1914—J. Pierpont Morgan, April 15, 1914—Lewis Cass Ledyard, September 9, 1914—James Stillman.

Elected: January 1, 1914—Alfred H . Smith, January 14, 1914—Harold S. Vanderbilt, March 12, 1914—Ogden Mills, April 15, 1914—Robert S. Lovett.

On April 7, 1914, the death occurred of Samuel F. Barger, who had been a director of this company for a period of forty years from November 1, 1869 to January 27, 1909.

The following appointments were made during the year: Malcolm R. Connell, Auditor of Disbursements, succeeding James H . Foulds, Jr, retired; Ira A. Hubbel, Assistant Freight Traffic Manager, vice Herbert D. Carter, deceased; William A. Newman, General Freight Agent, succeeding Ira A. Hubbel; John McAuliffe, Jr, Foreign Freight Agent.

Under date of April 29, 1914, the Board of Directors of this company approved an agreement under the terms of which The New York Central and Hudson River Railroad Company, The Lake Shore and Michigan Southern Railway Company, Chicago Indiana and Southern Railroad Company, The Dunkirk Allegheny Valley and Pittsburgh Railroad Company, The Terminal Railway of Buffalo, Geneva Corning and Southern Railroad Company, Detroit and Chicago Railroad Company, Detroit Monroe and Toledo Railroad Company, Kalamazoo and White Pigeon Railroad Company, The Northern Central Michigan Railroad Company and the Swan Creek Railway Company of Toledo were to be consolidated into a new company to be named The New York Central Railroad Company. This agreement was duly approved by the public service commissions having jurisdiction in the states through which the several companies operated, and at a special meeting of the stockholders of The Lake Shore and Michigan Southern Railway Com-

9

. The New York Central and Hudson River Railroad Company

pany, held at Cleveland, Ohio, December 22, 1914, the consolidation was duly ratified, and on the same day the agreement was filed in the offices of the Secretaries of State of the States of New York, Pennsylvania, Ohio, Indiana and Illinois and on December 23, 1914, in the office of the Secretary of State of the State of Michigan. Although the consolidation became effective on the filing of the agreement, action was taken by the Board of Directors of the new company providing that the accounts of each portion of the consolidated road formerly owned by a constituent company should be kept separate until the close of the year 1914.

Acknowledgement is hereby rendered to officers and employees for faithful and efficient service.

A L F R E D H . S M I T H , President.

I

10

Annual Report

CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1914

A S S E T S

Inves tment i n r o a d $253,653,988 41 Inves tment i n equ ipmen t :

T r u s t $42,881,342 53 0 t h e r 79,768,852 88 122,650,195 41 $376,304,1S3 82

I m p r o v e m e n t s o n leased r a i l w a y p roper ty gg 302 060 59

M i s c e l l a n e o u s p h y s i c a l p rope r ty 5^9061630 39 Inves tments i n affi l iated compan ies :

S tocks B o n d s

$160,369,408 43 10,327,808 91

N o t e a 23,935,712 26 A d v a n c e s 253,999 90

O t h e r inves tments ; S tocks B o n d s N o t e s

Misce l l aneous

C U R R E N T A S S E T S

T O T A L I N V E S T M E N T S

C a s h D e m a n d loans a n d deposits Spec i a l deposits L o a n s a n d b i l l s receivable Traff ic a n d car-service balances receivable

N e t ba lance due f rom agents a n d conductors Misce l l aneous accounts receivable M a t e r i a l a n d supplies Interest and d iv idends receivable

$9,285,552 01 4,675,052 00

124,830 00 2,545,677 52 16,631,111 53

$16,078,502 63 153,000 00

1,509,476 08 36,651 62

5,551,662 11 2,969,676 49 7,956,336 53 9,362,393 80

793,086 05

S0S0,O:JO,91.J S3

44.410.S45 31

D E F E R R E D A S S E T S

W o r k i n g fund advances $145,605 02 Insurance a n d other funds 183,783 18

U N A D J U S T E D D E B I T S

R e n t s a n d insurance p remiums p a i d i n advance D i s c o u n t o n funded debt O t h e r unadjus ted debi ts Securi t ies issued or assumed—unpledged

E q u i p m e n t acqu i red f rom lessor companies (per contra) Secur i t ies acqu i red f rom lessor companies (per contra)

$52,008 72 109,476 61

3,152,137 42 013,896 00

15,542,423 60 502,351 00

$744,743,442 69

11


CONDENSED GENERAL BALANCE SHEET, DECEMBER 31, 1914

L I A B I L I T I E S

C a p i t a l s tock

C a p i t a l s tock he ld b y the c o m p a n y

L O N G T E R M D E B T

F u n d e d debt u n m a t u r e d : E q u i p m e n t ob l iga t ions M o r t g a g e bonds C o l l a t e r a l t rus t bonds Misce l l aneous ob l iga t ions

Non-nego t i ab le debt to affiliated companies

$225,579,170 00

1,896 00 $225,681,066 00^-

332,150,605 19 164,109,000 0 0 ^ 109,914,400 00 / 85,840,800 0 0 J $392,014,805 19

I U

C U R R E N T L I A B I L I T I E S

L o a n s a n d b i l l s payab le Traff ic a n d car-service balances payab le A u d i t e d accounts a n d wages payab le Interest m a t u r e d u n p a i d :

M a t u r e d , payab le J a n u a r y 1, 1915

Interest u n c l a i m e d

D i v i d e n d s m a t u r e d u n c l a i m e d F u n d e d debt m a t u r e d u n p a i d U n m a t u r e d interest accrued U n m a t u r e d rents accrued Othe r current l i ab i l i t i e s

$60,509,800 00 5,861,527 64 8,464,240 15

82,542,925 22 20,838 35 2,563,763 57

112,639 13 5,790 00

3,588,931 92

422,337 08 2,866,419 44

U N A D J U S T E D C R E D I T S

T a x l i a b i l i t y

Insurance a n d casua l ty reserves O p e r a t i n g reserves:

E q u i p m e n t

Pe r sona l injuries reserve fund

A c c r u e d deprec ia t ion of equ ipmen t

L i a b i l i t y to lessor companies for equ ipmen t acqu i r ed (per cont ra) L i a b i l i t y to lessor companies for securi t ies acqu i r ed (per cont ra) O t h e r unadjus ted credi ts

$257,205 41 3,620 00

$401,949 09 49,319 56

260,825 41

8,069,281 27 15,542,423 60

502,351 00 2,011,518 00 !6,837,667 93

C O R P O R A T E S U R P L U S

A d d i t i o n s to p r o p e r t y t h r o u g h i n c o m e a n d surplus S i n k i n g fund reserves

T o t a l a p p r o p r i a t e d s u r p l u s P r o f i t a n d loss—balance

$5,608,735 49 173,074 71

$5,781,810 20 9,435,742 08 15,217,552 28

$744,743,442 69

12

Annual Report

CAPITALIZATION Capital stock

N u m b e r of shares au tho r i zed 2,255,811 N u m b e r of shares issued 2,255,761 K / M

C o n s o l i d a t i o n certificates Of 1869 not conver t ed 49

T o t a l n u m b e r of shares o u t s t a n d i n g 2,255,810

P a r v a l u e per share $100.00

T o t a l par v a l u e au tho r i zed T o t a l p a r v a l u e o u t s t a n d i n g C o n s o l i d a t i o n cert if icates of 1809 o u t s t a n d i n g

T o t a l p a r v a l u e o u t s t a n d i n g

D i v i d e n d for the year three a n d three-quar ters per cent

A m o u n t of c a p i t a l s tock per mi le of r o a d o w n e d (1835 55 miles) 5122,895.62

Mortgage, bonded and secured debt Date of Date of Amount of Amount issued and Rate of

MORTGAGE BONDS issue maturity authorized issue now outstanding interest N Y C & H R R R C o :

G o l d mortgage 1897 J u l y 1, 1997 $100,000,000 00 $94,000,000 00 - 3 i %

S p u y t e n D u y v i l & P o r t M o r r i s first 1909 J u n e 1, 1959 20,000,000 00 2,500,000 00 - 3 i %

G e n e v a C o r n i n g & S o u t h e r n first a n d r e fund ing 1909 M a y 1, 1959 600,000 00 600,000 00 4 %

R e f u n d i n g a n d I m p r o v e m e n t , Ser ies A 1914 O c t . 1, 2013 70,000,000 00 40,000,000 00 4 J %

T h e f o l l o w i n g mor tgage bonds were a s sumed as funded ob l iga t ions unde r the te rms of the merger of M a r c h 7, 1913 a n d conso l ida t ion o n A p r i l 10, 1913:

c C a r t h a g e & A d i r o n d a c k R a i l w a y C o first 1892 D e c . 1, 1981 1,600,000 00 1,100,000 00- 4 % {

C a r t h a g e W a t e r t o w n i t S 1 1 R It C o conso l ida t ed 1891 J u l y 1, 1931 300,000 00 300,000 0 0 ' 6% { G o n v e r n e n r & Oswega tch ic It R C o first 1892 J u n e 1, 1942 300,000 00 300,000 0 0 ' 5 % {

L i t t l e F a l l s & D o l g c v i l l c R R C o first 1902 J u l y 1, 1932 250,000 00 250,000 0 0 ' 3 % {

M o h a w k & M a l o n c R a i l w a y C o first 1892 Sep t . 1, 1991 | 2,500,000 0 0 - 4 % { \ 10,000,000 00 t

M o h a w k A- M a l o n e R a i l w a y C o conso l ida ted 1902 M a r . 1, 2002 1 3,900,000 0 0 , m { N e w Y o r k i t N o r t h e r n R a i l r o a d C o first 1887 O c t . 1, 1927] 1,200,000 0 0 - 5% {

6,200,000 00 f N e w Y o r k & P u t n a m R a i l r o a d C o first conso l ida ted 1894 O c t . 1, 1993 J 3,987,000 0 0 - 4 % {

N o r w o o d i t M o n t r e a l R a i l r o a d C o first 1880 A p r . 1, 1910 130,000 00 130,000 0 0 - 5 % {

Oswego & R o m e R a i l r o a d C o first 1805 M a y 1, 1915 350,000 00 350,000 0 0 " 7 % {

Oswego & R o m e R a i l r o a d C o second 1891 M a y 1, 1915 400,000 00 397,000 0 0 - 5 % {

Oswego R a i l r o a d B r i d g e C o first 1885 F e b . 1, 1915 100,000 00 100,000 00- * { R o m e W a t e r t o w n & O g d e n s b u r g R R C o first cons 1874 J u l y 1, 1922] 9,070,000 o o - m { R o m e W a t e r t o w n i t Ogdensbu rg R R C o first cons 1874 J u l y 1, 1922 • 10,000,000 00 419,000 0 0 ' «* { R o m e W a t e r t o w n i t O g d e n s b u r g R R C o first cons 1874 J u l y 1, 1922 J 500,000 0 0 ' M {

R W & O T e r m i n a l R a i l r o a d C o first 1888 M a y 1, 1918 375,000 00 375,000 0 0 ' * { Syracuse Phcenix i t O R R C o first 1885 F e b . 1, 1915 175,000 00 175,000 0 0 - 6 % {

U t i c a <fc B l a c k R i v e r R R C o first 1890 J u l y 1, 1922 2,000,000 00 1,950,000 0 0 - 4 % {

( J a n u a r y \ a n d J u l y ("June a n d \ D e c e m b e r f M a y a n d \ N o v e m b e r j A p r i l a n d \ O c t o b e r

J u n e a n d I Jecenil tiir J a n u a r y

T o t a l $222,780,000 00 $164,109,000 00

13


CAPITALIZATION—(concluded)

Mortgage, bonded and secured debt—(concluded)

C O L L A T E H A L T R U S T B O N D S

G o l d bom!.-, Lake S h u n ' col lateral

G o l d bonds, M i c h i g a n C e n t r a l col lateral

P L A I N B O N D S , D E I

Deben tu re

3NTUBBS A N D N O T E S

G o l d debentures

G o l d debentures

N o t e , N Y N H A 11 R R C O

T h r e e year go ld notes

E Q U I P M E N T T R U S T O B L I G A T I O N S

E q u i p m e n t t rust certificates

E q u i p m e n t t rus t certificates


E q u i p m e n t t rust certificates (Bos ton & A l b a n y R a i l r o a d )


M I S C E L L A N E O U S F U N D E D O B L I G A T I O N S

M o r t g a g e on real estate i n c i t y of N e w Y o r k 1913

T o t a l amount, of funded debt, out s tand ing

1898 F e b . 1, 1998 $100,000,000 00 $90,578,400 00 3 1 %

1898 Feb . 1, 1998 21,550,000 00 19,336,000 00 ' 3 1 %

T o t a l 3121,550,000 00 3109,914,400 00

1900 J u l y 1, 2000 $5,500,000 00 $5,500,000 00. 3 1 %

1904 M a y 1, 1934 50,000,000 00 48,000,000 00 ' 4 %

1912 J a n . 1, 1942 50,000,000 00 9,188,000 00 y 4 %

1911 J u l y 1, 1936 1,310,000 00 1,152,800 00 4 J %

1912 M a y 1, 1915 30,000,000 00 • 20,000,000 00 4 1 %

T o t a l $136,810,000 00 $83,840,800 00

1907 N o v . 1, 1922 $11,904,901 78 $6,349,280 94 5 %

1910 J a n . 1, 1925 6,509,466 30 4,773,608 62 4 1 %

1912 J a n . 1, 1927 7,150,741 50 6,202,509 30 4 1 %

1912 O c t . 1, 1927 7,500,000 00 6,500,000 00 4 1 %

1913 J a n . 1, 1928 8,628,836 92 8,325,206 33 4 4 %

T o t a l $41,699,946 50 $32,150,605 19

1912 M a y 1, 1923 $1,000,000 00 $1,000,000 00 3 1 %

1913 M a y 1, 1923 1,000,000 00 1,000,000 00' 3 1 %

T o t a l $2,000,000 00 $2,000,000 00

8392,014,805 19

f F e b r u a r y

I F e b r u a r y { a n d A u g u s t

\ a n d J u l y f M a y a n d \ N o v e m b e r f J a n u a r y \ a n d J u l y ( J a n . , A p r . , 1 J u l y , O c t . ( M a y a n d \ N o v e m b e r

\ N o v e m b e r f J a n u a r y \ a n d J u l y f J a n u a r y \ a n d J u l y f A p r i l a n d \ Oc tobe r / J a n u a r y \ a n d J u l y

{ Sept. , D e c . [ 15th d a y of

A m o u n t per mi le of road owned (1835*55 miles) , exc lud ing bake Shore and M i c h i g a n C e n t r a l col laterals and Deben tu re of 1900, $150,690.75

London fiscal agents M E S S R S M O R G A N , G R E N F E L L & C O M P A N Y , 22 O l d B r o a d Street , L o n d o n , E . C , E n g l a n d

Treasurer, New York

Union Trust Company of New York

Messrs Morgan, Grenfell & Company, London

Union of London and Smith's Hank, Limited

f Transfers s tock | P a y s d iv idends o n s tock issued i n A m e r i c a ] Transfers registered bonds I, P a y s interest o n coupon a n d registered bonds

Regis te rs s tock issued i n A m e r i c a

{Trans fe r s tock issued i n E n g l a n d P a y d i v i d e n d s on s tock issued i n E n g l a n d Regis te rs s tock issued i n E n g l a n d

1 4

Annual Report

DETAIL OF EXPENDITURES FOR IMPROVEMENTS TO PROPERTY

w construction

C o n n e c t i o n between West. Shore R a i l r o a d a i rl N Y C m a i n l i n e east of TJtica

Improvements in station, yard and terminal facilities

N e w passenger s t a t i on , engine t e r m i n a l , etc, U t i c a N e w passenger s t a t i o n a n d t r ack changes, Roches te r E n l a r g i n g y a r d a n d freight bouse, Roches t e r Y a r d en la rgement a n d a d d i t i o n a l f reight faci l i t ies , B l a c k R o c k S h o p a n d o ther i m p r o v e m e n t s , W e s t A l b a n y N e w passenger s t a t i on , t r a ck changes, etc, R o m e N e w passenger a n d freight s t a t i on , P o t s d a m S t a t i o n a n d freight improvemen t s , A l b a n y N e w passenger s t a t i on a n d o ther improvemen t s , Poughkeeps ie G e n e r a l improvemen t s , C a m i l l a s R e b u i l d i n g p o r t i o n of coa l p l an t , Sy racuse N e w y a r d n n d engine house, Suspens ion B r i d g e T w o r o t a r y conver ters , M o t t H a v e n Increased freight fac i l i t ies a n d t e a m t r ack , L i t t l e F a l l s Assessments for p u b l i c improvemen t s , va r i ous places S u n d r y s m a l l i m p r o v e m e n t s a n d ad jus tments

Roadway and bridge improvements

F o u r - t r a c k i n g , S p u y t e n D u y v i l to P e e k s k i l l : E n g i n e e r i n g T r a c k w o r k a n d g r ad ing Br idges , trestles a n d cu lver t s Cross ings a n d s igns , S t a t i o n i m p r o v e m e n t s E n g i n e houses, shops a n d tu rn tab les M i s c e l l a n e o u s w o r k

F o u r - t r a c k i n g , H u d s o n d i v i s i o n E l e c t r i f i c a t i o n of l ines, M o t t H a v e n to C r o t o n R e v i s i n g grade a n d t h i r d - t r a c k i n g , Sy racuse J u n c t i o n branch. N e w supers t ruc ture a n d m a s o n r y change, b r idge 288, C E x t e n s i o n of street ove r B & N F t r acks , Buffa lo R e c o n s t r u c t i n g b r idge 307, S t o c k p o r t B r i d g e s t reng then ing a n d improvemen t s , va r ious places C h a n g i n g f rom grave l to stone bal las t , v a r i ous places T r a c k s a n d s idings , va r i ous places I n t e r l o c k i n g a n d a u t o m a t i c s i gna l appara tus O t h e r i m p r o v e m e n t s

8553,947 70 481,702 56

44,586 83 36,939 75 45,034 75

308,070 73 48,134 02 92,790 89

168,553 14 23,914 23 23,283 86 20,998 98 64,840 47 27,986 22 42,658 12

332,292 80

5221,785 63 57,697 58

985,108 38 323,151 63

97,231 54 19,263 21 90,432 48 81,794,670 45

1,296,315 16 116,127 71 101,172 99

16,270 13 21,079 9.1 13,065 38

114,326 42 76,410 38

348,934 23 253,007 47 142,311 57

Change of grade crossings, Buffalo Change of grade crossings, viz:

A l b a n y 5160,857 88 L e w i s t o n H e i g h t s 78,134 13 Roches t e r 68,029 40 P o t s d a m 27,605 74 T i l l y Fos t e r M i n e s 24,343 24

Land at various places Welt Side Improvement, New York City

Schenec tady C l a y t o n W o o d a r d N o r t h F r a n k f o r t V a r i o u s s m a l i i t ems

822,739 06 22,664 29 18,607 68 17,503 72 46,900 86

63,669 97 112,227 46

Net increase in road investment {carried forward) 87,555,914 69

1 5


D E T A I L O F E X P E N D I T U R E S F O R I M P R O V E M E N T S T O P R O P E R T Y {continued)

Net increase in road investment {brought forward) 97,555,914 09 A (.'i(t equipment

T R U S T E Q U I P M E N T A D D E D !

87 locomot ives a n d appl iances $2,933,526 73 223 passenger- t rain cars 3,957,066 54

1,721 f re igh t - t ra in cars 696,833 53 $7,587,426 80

L e s s ; A d j u s t m e n t s account of w o r k equ ipmen t $5,746 61 A d j u s t m e n t of equ i ty i n M D T t rus t equ ipmen t 19,961 25 25,707 86 87,561,718 94

Equipment replacement fund E Q U I P M E N T R E T I R E D :

47 locomot ives $606,450 76 14 passenger-train cars 399,125 76

2,690 f re ight - t ra in cars 1,638,759 41 756 pieces of w o r k equ ipmen t 346,196 67

8 pieces of f loa t ing equ ipmen t 109,564 34 83,100,090 94

EQUIPMENT ADDED, I NT LUD1 Nli PARTIAL PAYMENTS S t e a m locomot ives , 19 pu t E l e c t r i c locomot ives , 6 " Passenger - t ra in cars, 70 " F r e i g h t - t r a i n cars, 34 " W o r k equ ipment , 6 " M a r i n e equ ipment , 2 "

8652,222 65 454,675 26

1,201,966 62 937,879 37

40,888 50 266,948 22 3,554,580 62 $454,483 (

Adjustment of equipment acquired by merger and tig consolidation (1913) 129,918 5S 324,565 10

N e t i nves tmen t i n equ ipmen t d u r i n g year . 7,886,284 04

N e t increase i n r o a d a n d equ ipmen t i nves tmen t $15,442,198 73

Amounts expended for improvements on leased or controlled lines Grand Central Terminal Improvement $2,29S,S75 43

New York & Harlem Railroad F o r f o u r - t r a c k i n g a n d e lec t r i f ica t ion f rom N e w Y o r k t o N o r t h W h i t e P l a i n s , a n d for va r ious general

i m p r o v e m e n t s to stat ions, signals a n d t racks , a t o t a l of 1,444,831 98

Geneva Corning & Southern Railroad

F o r c o n t i n u a t i o n of w o r k o n a new y a r d w i t h new engine house a t C o r n i n g , new passenger s t a t i on a t W e l l s b o r o , doub le - t r ack ing par t of the road , a n d for y a r d , s t a t ion a n d general i m p r o v e m e n t s 96,419 15

West Shore Railroad

F o r c o n t i n u a t i o n of w o r k i n connect ion w i t h pier i m p r o v e m e n t s a n d transfer bridges, W e e h a w k e n , in terl o c k i n g s igna l appara tus , grade revis ions , e l i m i n a t i o n of grade crossings, t r acks a n d sidings a t va r i ous places, a n d s t a t i on a n d general improvemen t s 616,796 51

Boston & Albany Railroad

F o r c o n t i n u a t i o n of extens ive i m p r o v e m e n t s a t Worces te r a n d P i t t s f i e ld , i m p o r t a n t b r idge improvemen t s , i m p r o v e m e n t of r o a d w a y b y w i d e n i n g a n d ba l l a s t ing , w o r k i n connec t ion w i t h new t r acks a n d s id ings a n d necessary s igna l changes, 8738,850.96, w h i c h a m o u n t was p a r t l y offset b y s u n d r y adjus tments , $137,935.97, a n d b y the r e p a y m e n t of p rev ious advances , $45S,04S.29, l e av ing the net deb i t for the year 142,866 70

Bcei'h Creel:- Railroad

F o r c o n t i n u a t i o n of shop i m p r o v e m e n t s at A v i s a n d Clea r f i e ld , a n d w o r k on t racks a n d s id ings at s u n d r y places 102,876 13

Carried forward $4,702,005 90

16

Annual Report

D E T A I L O F E X P E N D I T U R E S F O R I M P R O V E M E N T S T O P R O P E R T Y {concluded)

Amounts expended for improvements on leased or controlled lines {concluded)

Brought forward $4,702,665 90

Various roads

B r i d g e s t rengthening, t rack improvemen t , adjus tments a n d comple t i on of w o r k a t s u n d r y places

Beech Creek Extension Railroad $59,810 61 Dolgcville &, Salisbury Railway 15,269 92 New Jersey Junction Railroad 7,153 09 Troy & Greenbush Railroad 5,034 92 Troy Union Railroad 626 96 Wallkill Valley Railroad 12,135 09

Less : Sa le of l a n d , account H u d s o n R i v e r B r i d g e C o $33,565 75 S u n d r y ad jus tments o n N e w Jersey J u n c t i o n R a i l r o a d 7,295 46 40,861 21 59,169 38

N e t a m o u n t charged to i m p r o v e m e n t o n leased r a i l w a y p rope r ty $4,761,835 28

17


INVESTMENTS

I M P R O V E M E N T S O N L E A S E D o n C O N T R O L L E D R A I L R O A D P R O P E R T Y

N e w Y o r k & H a r l e m R a i l r o a d 821,977.010 36

G r a n d C e n t r a l T e r m i n a l 42,989,510 44

H u d s o n R i v e r Br idges 1,368,359 25

B e e c h C r e e k R a i l r o a d 1,612,440 54

Beech C r e e k E x t e n s i o n R a i l r o a d 376,435 04

B o s t o n t t A l b a n y R a i l r o a d 751,453 10

G e n e v a C o r n i n g & S o u t h e r n R a i l r o a d 3,389,344 66

N e w Je r sey J u n c t i o n R a i l r o a d 48,234 50

T r o y & G r e c n b u s h R a i l r o a d 159,696 15

W a l l k i l l V a l l e y R a i l r o a d 67,277 55

W e s t Shore R a i l r o a d 13,543,278 06

T r o y U n i o n R a i l r o a d 626 90

D o l g e v i l l e & S a l i s b u r y R a i l r o a d 18,381 38

T o t a l SS6.302.060 59

I N V E S T M E N T S I N M I S C E L L A N E O U S P H Y S I C A L P R O P E R T Y

A d a m s Express b u i l d i n g , N e w Y o r k $277,362 -29

A m e r i c a n E x p r e s s b u i l d i n g , N e w Y o r k 1,198,544 44

H o t e l " B i l t m o r e " b u i l d i n g , N e w Y o r k 2,790,340 18

M e r c h a n t s L o f t b u i l d i n g , N e w Y o r k 1,033,743 09

U n i t e d C i g a r S tores C o m p a n y b u i l d i n g , N e w Y o r k 161,423 86

V a n d e r b i l t C o n c o u r s e C o r p o r a t i o n b u i l d i n g , N e w Y o r k 230,171 70

M a i l a n d L o f t b u i l d i n g , N e w Y o r k 139,215 43

C o m m e r c i a l t r acks a n d s id ings 60,815 07

D e m o n s t r a t i o n f a r m 15,014 33

T o t a l So,90(i,(i::o : »

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — S T O C K S No of sbarea Par value

B e e c h C r e e k R a i l r o a d C o m p a n y 25 $1,250 00 Beech C r e e k E x t e n s i o n R a i l r o a d C o 51,790 5,179,000 00

B o s t o n T e r m i n a l C o m p a n y 1,000 100,000 00

C e n t r a l D o c k & T e r m i n a l R a i l w a y C o 1,354 135,400 00

C h e r r y T r e e & D i x o n v i l l e R a i l r o a d C o 5,000 250,000 00 Ches te r & B c e k e t R a i l r o a d C o 288 28,800 00

C lea r f i e ld B i t u m i n o u s C o a l C o r p o r a t i o n 16,500 825,000 00

C o r n w a l l B r i d g e C o m p a n y 2,500 250,000 00 D o l g e v i l l e & S a l i s b u r y R a i l w a y C o 1,000 100,000 00 D o l g e v i l l e & S a l i s b u r y R a i l w a y C o Ins t a l lmen t s 650 00 D u n k i r k A l l e g h e n y V a l l e y & P i t t s b u r g h R a i l r o a d C o 1 1 , 7 7 7 , % 1,177,775 00 F a i r L a n d R e a l t y C o m p a n y 25 2,500 00

G a l l i t z i n C o a l & C o k e C o 200 20,000 00 Genesee F a l l s R a i l r o a d C o 250 25,000 00 G e n e v a C o r n i n g & Sou the rn R a i l r o a d C o c o m m o n 18,208 1,820,800 00 G e n e v a C o r n i n g & S o u t h e r n R a i l r o a d C o preferred 50,000 5,000.000 00 H u d s o n R i v e r B r i d g e C o m p a n y a t A l b a n y 3,750 375,000 00 H u d s o n R i v e r C o n n e c t i n g R a i l r o a d C o r p o r a t i o n 400 40,000 00 L a k e Shore & M i c h i g a n S o u t h e r n R a i l w a y C o 452,892 45,289,200 00

M e r c h a n t s D e s p a t c h T r a n s p o r t a t i o n C o 6,388 638,800 00 M i c h i g a n C e n t r a l R a i l r o a d C o 168,193 16,819,300 00 M o h a w k V a l l e y C o m p a n y 51,143 5,114,300 00

M u t u a l T e r m i n a l C o m p a n y of Buffa lo 150 15,000 00 N e w Je r sey J u n c t i o n R a i l r o a d C o 1,000 100,000 00 N e w Y o r k & F o r t L e e R a i l r o a d C o 10,000 1,000,000 00

N e w Y o r k & H a r l e m R a i l r o a d C o c o m m o n 104,864 5,243,200 00 N e w Y o r k & H a r l e m R a i l r o a d C o preferred 22,610 1,130,500 00

Carried forward $90,681,475 00

1 8

Annual Report

I N V E S T M E N T S (continued)

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — S T O C K S (continued)

• No of shares Par value Brought forward $90,681,475 00

N e w Y o r k & O t t a w a Br idge C o m p a n y 20 2,000 00

N e w Y o r k State R a i l w a y s first preferred 6 600 00 N e w Y o r k S t a t e R a i l w a y s c o m m o n 139,043 13,604,300 00 N e w Y o r k S t a t e R e a l t y & T e r m i n a l C o 1,000 100,000 00 O t t a w a & N e w Y o r k R a i l w a y C o 10,000 1,000,000 00 P e n n s y l v a n i a C o a l & C o k e C o r p o r a t i o n 11,250 562,500 00 P i t t s f i e l d & N o r t h A d a m s R a i l r o a d C o 722 72,200 00 S t L a w r e n c e & A d i r o n d a c k R a i l w a y C o 16,150 1,615,000 00 T e r m i n a l R a i l w a y of Buffalo 5,000 500,000 00 T o r o n t o H a m i l t o n & Buffa lo R a i l w a y C o 12,999 1,299,900 00

T r o y U n i o n R a i l r o a d C o 150 15,000 00

W e s t B r a n c h C o a l C o m p a n y 2,000 200,000 00 W e s t e r n T r a n s i t C o m p a n y 10,000 1.000,000 00 W e s t Shore R a i l r o a d C o m p a n y 100,000 10,000,000 00

S u n d r y i n a c t i v e corpora t ions 2,201,V,, 120.1S0 00

T o t a l 8120.773,155 00

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — I S O N D S

Beech Creek R a i l r o a d C o m p a n y

Par value

$500,000 00 Beech Creek E x t e n s i o n R a i l r o a d C o 3,964,000 00 C h e r r y T r e e & D i x o n v i l l e R a i l r o a d C o 596,013 67

Chester & Beekc t l i a i l r o a d C o 50,000 00 Clear f ie ld B i t u m i n o u s C o a l C o r p o r a t i o n Purchase money mortgage- 275,000 00 Clea r f i e ld B i t u m i n o u s C o a l C o r p o r a t i o n G o l d bonds 750,000 00 D u n k i r k A l l e g h e n y V a l l e y & P i t t s b u r g h R a i l r o a d C o 2,900,000 00 G e n e v a C o r n i n g & Sou the rn l i a i l r o a d mortgage 600,000 00

N e w Y o r k & O t t a w a B r i d g e C o m p a n y 500,000 00

O t t a w a & N e w Y o r k R a i l w a y C o m p a n y F i r s t mortgage 825,000 00

O t t a w a & N e w Y o r k R a i l w a y C o m p a n y Second mortgage 275,000 00

T e r m i n a l R a i l w a y of Buffa lo 500,000 00

T o r o n t o H a m i l t o n & Buffa lo R a i l w a y C o 372.000 00

T o t a l $12,107,013 67

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — N O T E S

N e w Y o r k S ta te R e a l t y & T e r m i n a l C o $18,290,000 00 M i c h i g a n C e n t r a l R a i l r o a d C o m p a n y 2,000,000 00 T e r m i n a l R a i l w a y of Buffa lo 1,595,000 00 Clear f ie ld B i t u m i n o u s C o a l C o r p o r a t i o n 650,000 00 N e w Jersey Shore L i n e R a i l r o a d C o 595,000 00 M e r c h a n t s D e s p a t c h T r a n s p o r t a t i o n C o m p a n y 250,000 00 M u t u a l T e r m i n a l C o m p a n y of Buffa lo 201,250 00 T o r o n t o H a m i l t o n & Buffa lo R a i l w a y C o 200,000 00

F a i r L a n d R e a l t y C o m p a n y 150,000 00 C h e s t e r & Becke t R a i l r o a d C o 4,462 26

T o t a l $23,935,712 26

I N V E S T M E N T S I N A F F I L I A T E D C O M P A N I E S — A D V A N C E S

C h e r r y T r e e & D i x o n v i l l e R a i l r o a d C o $7,430 48 Clea r f i e ld B i t u m i n o u s C o a l C o r p o r a t i o n 246,569 42

1 9


I N V E S T M E N T S (concluded)

O T H E R I N V E S T M E N T S — S T O C K S No of shares Par value

A l b a n y Sou the rn R a i l r o a d C o 36 $3,600 00 A m e r i c a n E x p r e s s C o m p a n y 30,000 3,000,000 00

N e w Y o r k N e w H a v e n & H a r t f o r d R a i l r o a d C o 15,456 1,545,600 0 0 P r i n c e t o n L u m b e r C o m p a n y 6 60 0 0 R u t l a n d R a i l r o a d C o m p a n y 23,520'A 2,352,050 0 0 W e l l s F a r g o E x p r e s s C o m p a n y 7,500 750,000 00' S u n d r y i nac t i ve corpora t ions 9 , 4 0 5 X 135,000 00'

T o t a l $7,786,310 00

O T H E R I N V E S T M E N T S — B O N D S Par value

B o n d s a n d mortgages receivable 18,500 00 C h i c a g o P e o r i a i t S t L o u i s R a i l r o a d C o 1,000 0 0 C l e v e l a n d C i n c i n n a t i C h i c a g o i t S t L o u i s R a i l w a y C o 4,161,000 00 Misce l l aneous bonds 179,916 28 N e w Y o r k N e w H a v e n i t H a r t f o r d R a i l r o a d C o C o n v e r t i b l e debentures 3 M % 206,300 00

N e w Y o r k N e w H a v e n i t H a r t f o r d R a i l r o a d C o C o n v e r t i b l e debentures 6 % 421,000 00 Poughkeeps ie G la s s W o r k s 1,000 00 V a l l e y S tone C o m p a n y 1,330 00

T o t a l $4,980,040 2S

O T H E R I N V E S T M E N T S — N O T E S

C l e v e l a n d C i n c i n n a t i C h i c a g o & S t L o u i s R a i l w a y C o $124,830 00

O T H E R I N V E S T M E N T S — M I S C E L L A N E O U S

M e m b e r s h i p i n c o m m e r c i a l exchanges $1,750 00 E a s t e r n R a i l r o a d A s s o c i a t i o n 10,000 00 T r u s t equ ipmen t of 1912 B & A R R ( N Y N H & H R R C o pa r t i c ipa t i on ) 2,378,000 00 Y a l e C l u b b u i l d i n g 155,927 52

T o t a l $2,545,677 52

SUMMARY OF INVESTMENTS

R o a d a n d equ ipmen t $376,304,183 82 Improvemen t s o n leased or con t ro l led r a i l road p rope r ty 86,302,060 59 Misce l l aneous phys i ca l p rope r ty 5,906,630 39 Inves tments i n affiliated compan ies—Stocks , par va lue § 1 2 0 , 7 7 3 , 1 5 5 , 0 0 ledger v a l u e $100,309,408 43

B o n d s , par va lue 12,107,013.67 ledger va lue 10,327,808 01 N o t e s 23,035,712 20 A d v a n c e s 253,999 90 194,886,929 50

O t h e r i nves tmen t s—Stocks , p a r va lue 87,786,310.00 ledger value $9,285,552 01 B o n d s , par va lue 4,9S0,046.28 ledger va lue 4,075,052 00

N o t e s 124.830 00 Misce l l aneous 2,545.677 52 16,631,111 53

T o t a l i nves tmen t s S6S0.030.915 S3

20

Annual Report

THE NEW YORK CENTRAL LINES EQUIPMENT TRUSTS

The following statement shows the character of the equipment acquired under the terms of the New York Central Lines Equipment Trust Agreements and Leases of 1907, 1910, 1912 and 1913, together with the total amount of certificates issued and the amounts now outstanding:

E Q U I P M E N T T R U S T O F 1907 Ccrtifict

90 pi

cs issued

N Y C A H R R R 447 88 4,000 L S & M 3 R y 125 25 4,000 200 C I & S R R 2 8 3,400 150 M O R E 5 15 3,500 200

C C C & St L R y 112 17 1,525 100

T o t a l s 691 153 16,425 650

E Q U I P M E N T T R U S T 1

Company Loco- Freight service

Road N Y C & II R R R 127 30 4,000 L S & M S R y 75 60 12,500 250 C I & S R R 31 2 1,000 M C R R 112 34 3,300 C C C & S t L R y 80 6 1,600

T o t a l s 425 132 22,400 250

at 3 per cent $11,904,901 78

0,708,392 73 3,779,976 60 3,906,381 73 3,700,347 16

Certificates redeemed

15,555,620 84 3,130,583 26 1.763,980 08 1,822,978 15 1,720,828 67

certificates outstanding

Deo. 31, 1914 $6,349,280 94

3,577,809 47 2,015,987 52 2,083,403 58 1,973,518 49

$30,000,0:):) on $11 ,000,000 00 $16,000,000 00

Certificates issued for not to exceed

'JO per ('rut of value bearing interest

$6,509,466 30 13,337,243 10

1,638,607 50 5,520,295 SO 2,994,387 30

Certificates redeemed

Sl ,735 ,857 68 3,556,598 16

436,962 00 1,472,078 SS

798,503 28

Balance certificates

outstanding Dec. 31. 1914

S4.773.608 62 9,7811,61 I 9 ! 1,201,045 50 1,048,216 82

2,195,884 02

8:10.000,000 00 88.000,000 00 822,000,0110 00

E Q U I P M E N T T R U S T O F 1912 Certificates

Road N Y C & 1 I R R R L S 4 M S R y C I & S R R M C R R

C C C & S t I , R y

T o t a l s

Loco- Passenger Freight i ,.Tvi,'l bearing interest Certificates outstanding at 4 , per cent redeemed Dec. B l , 1914

50 70 6,350 150 57.156,741 50 S954,232 20 86,202,509 30 3,750 2,974,961 2 5 396,601 50 2,578,299 75

250 194,280 75 25.904 10 168,376 65 20 2,500 2,275,663 50 303,421 SO 1,972,241 70 48 25 1,500 2,398,353 00 319,780 40 2,078,572 60

118 95 14,350 150 815,000,000 00 82,000,000 00 813,000,000 00

E Q U I P M E N T T R U S T O F 1913

Loco- Passenger Freight Road

N Y C & I I R R R 226 187 2,000 L S & M S R y 33 127 M C R R 78 82 C C C & S t L R y 47 1,000 P & L E R R 4,000 T & O C R y 3 3,500

T o t a l s 340 443 10,500

Certificates issued for not to exceed

fill per cent ol value bearing interest

at 4, per cent 88,1128,836 02

2,367,807' 46 2,694,814 50 1,706,775 32 3,981,991 50 3,057,774 30

122,438,000 00

8303,630 59 58,8 I 4 0 04,279 72,503 40

265,466 10 71,251 80


outstanding Dec. 81, 1014

$8,325,206 33 2,308,939 06 2 030,534 79 i ;G34,271 92 3,716,525 40 2,980,522 50

SS30.000 00 821.002,000 00

H R R R C O — B O S T O N 4- A L B A N Y E Q U I P M E N T T R U S T O F 1912 Certificates issued for not to exceed

Com pun;

Road B o s t o n & A l b a n y

Passenger Freight

61 6.605 100

Certificates t 4j per cent redeemed 348,000 00 SS4S,000 00


)ec.H31, 1014

2 1


DETAIL OF OPERATING REVENUES

R E V E N U E S F R O M T R A N S P O R T A T I O N

1914 1913 Increase Decrease Freight $62,384,617 32 $69,138,505 67 $6,753,888 35 Passenger 33,309,034 44 36,075,364 23 2,765,729 79 Excess baggage 279,632 68 305,725 85 26,093 17 Parlor and chair car 17,400 00 19,750 00 2,350 00 Mai l 3,486,593 70 3,018,153 32 $468,440 38 Express 4,058,904 64 4,708,835 70 649,931 06 Other passenger train 311,457 22 297,223 21 14,234 01 Milk 2,206,425 28 2,141,046 18 65,379 10 • Switching 1,258,803 47 1,622,253 57 ,163,450 10 Special service train 40,638 52 29,521 19 11,117 33 Other freight train 6,824 14 3,495 12 3,329 02 Water transfers—freight 58,797 76 57,024 29 1,773 47 Water transfers—passenger 277,587 15 254,848 55 22,738 00 Water transfers—vehicles and live stock 216,055 62 250,769 95 4,714 33 Water transfers—other 55,464 97 63,649 96 8,184 99

Total SI 07,998,836 91 S117,986,166 79 $9,987,329 88

I N C I D E N T A L S

Dining and buffet $1,111,349 03 $1,185,695 63 $74,346 60 Station restaurant 394,925 15 444,618 59 49,093 44 Station, train and boat privileges 568,802 96 461,562 31 $107,240 65 Parcel room 106,569 45 109,110 39 2,540 94 Storage—freight 139,098 95 131,474 46 7,624 49 Storage—baggage 53,359 92 52,316 35 1,043 57 Demurrage 408,968 26 460,690 49 51,722 23 Telegraph and telephone 3,392 83 3,873 14 480 31 drain elevator 187,936 76 250,008 54 62,071 78 Stockyard 578,045 40 651,049 71 73,004 31 Power 394,348 20 285,090 73 109,257 47 Rents of buildings and other property 742,022 90 436,542 33 305,480 57 Miscellaneous 422,793 43 462,225 34 39,431 91 Joint facility—Cr. 68,424 78 67,354 94 1,069 84 Joint facility—Dr. 437,823 71 303,970 39 133,853 32

Total $4,742,214 31 $4,097,642 56 $44,571 75

Total rail operations revenues $112,741,051 22 $122,683,809 35 $9,942,758 13

Includes Boston & Albany Railroad: separate stctiatics of Iloston & Albany Railroad accompany this report

22

Annual Report

OPERATING EXPENSES IN DETAIL

M A I N T E N A N C E O F W A Y A X D S T R U C T U R E S

1914 1913 Increase Decrease

Super in tendence $814,764 36 $805,677 09 $9,0S7 27 R o a d w a y ma in tenance 737,002 16 877,231 88 $140,229 72 T u n n e l a a n d s u b w a y s 46,769 19 54,789 44 8,020 2 5 Br idges , t rest les a n d cu lver t s 854,066 31 1,214,497 55 300,431 24 T i e s 2,293,923 11 2,287,729 21 6,193 90 R a i l s 938,892 7 5 1,235,485 80 296,593 05 O t h e r t r a ck ma te r i a l 685,392 9 5 1,070,619 83 385,226 88 B a l l a s t 252,916 71 352,114 90 99,198 19 T r a c k l a y i n g a n d sur fac ing 3,39S,126 50 4,391,626 50 993,500 00 R i g h t - o f - w a y fences 129,626 44 228,460 05 98,834 21

' S n o w a n d s a n d fences a n d snowsheds 3,217 91 2,242 59 975 32 Cross ings a n d signs 157,740 33 147,556 35 10,183 98 S t a t i o n a n d office bu i ld ings 809,388 84 1,203,878 39 394,489 5 5 R o a d w a y bu i ld ings 122,900 5 2 163,526 60 40,626 OS W a t e r s ta t ions 1 F u e l s ta t ions 028,628 4 3 1,190,544 21 561,915 78 Shops a n d enginehouses j G r a i n e levators 76,825 08 34,482 23 42,342 85 Storage warehouses 7,538 15 8,464 16 926 01 W h a r v e s a n d docks 189,554 73 162,144 79 27,409 94 C o a l a n d oro wharves 2,370 37 2,370 37 G a s p r o d u c i n g p lan t s 562 2 3 638 55 76 3 2 T e l e g r a p h a n d te lephone lines 162,685 09 192,231 52 29,546 43 Signa ls a n d in ter loekers 945,487 98 1,287,934 29 342,446 31 P o w e r p l a n t dams , canals and pipe l ines 201 00 961 46 760 4 8 P o w e r p l a n t bu i ld ings 25,905 7 7 43,329 10 17,423 3 3 P o w e r subs ta t ion bu i ld ings 864 65 864 65 P o w e r t ransmiss ion systems 51,325 86 99,094 79 47,708 93 P o w e r d i s t r i b u t i o n sys tems 44,287 0 5 44,287 05 Power l ine poles a n d f ixtures 3,112 39 349 67 2,762 72 U n d e r g r o u n d condu i t s 219 02 219 02 M i s c e l l a n e o u s s t ructures 237 9 5 237 95 P a v i n g 5,722 46 5,722 40 R o a d w a y machines S m a l l tools a n d suppl ies J 155,785 87 206,316 64 50,530 77

R e m o v i n g snow, ice a n d sand 519,551 64 165,614 18 353.937 46 Assessments for p u b l i c improvemen t s 5,301 13 5,301 13 Injur ies to persons 139,378 90 161,535 55 22,156 05 Insurance 146,801 47 149,391 09 2.5S9 02 S t a t i o ne ry a n d p r i n t i n g 31,018 58 40,234 70 9,216 12 O t h e r expenses 11,682 19 12.0S7 80 405 61 M a i n t a i n i n g j o i n t t r acks , y a r d s a n d other fac i l i t i es -- D r . 382,091 94 372,100 20 9,991 74 M a i n t a i n i n g j o i n t t r acks , y a r d s a n d o ther faci l i t ies-- C r . 911,S71 86 899,251 34 12,620 52

T o t a l $13,869,990 15 $17,263,640 37 $3,393,644 22

Includes Ttoslon A Albany liailroad: separate statistics jf Boston & Albooy Rail, oad accompany this report

23


O P E R A T I N G E X P E N S E S I N D E T A I L (continued)

M A I N T E N A N C E O F E Q U I P M E N T


.Superintendence $570,609 31 $560,851 85 $9,757 46 S h o p m a c h i n e r y 423,730 14 558,788 54 $135,058 40 P o w e r p l a n t m a c h i n e r y 75,819 96 46,570 32 29,249 64 P o w e r subs ta t ion appara tus 2,528 0 1 ^ 2,528 01 S t e a m locomot ives—repa i r s 5,726,635 87 6,403,255 01 676,619 14 S team locomot ives—deprec ia t ion 865,370 2 2 - " 894,434 57 29,064 35 S t e a m locomot ives—ret i rements 404,289 75 770,220 11 365,930 36 E l e c t r i c locomot ives—repa i r s 92,743 5 2 ~ i

47,580 2 Z J 61,523 32 31,220 20

E l e c t r i c locomot ives—deprec ia t ion 92,743 5 2 ~ i 47,580 2 Z J 34,394 59 13,185 68

I ' r c igh t - t r a in ears—repairs 6,984,199 7,8- 7,572,301 06 588,101 28 F r e i g h t - t r a i n cars—deprec ia t ion 1,307,382 9 4 j 1,337,616 59 30,263 65 F r e i g h t - t r a i n cars—ret i rements 1,102,098 84 1,107,097 15 4,398 31 Passenger- t ra in ears—repairs 2,008,624 2 8 ~ 2,073,351 77 64,727 49 Passenger- t ra in cars—deprecia t ion 374,505 0 4 J 322,911 51 51,593 53 Passenger- t ra in cars—ret i rements 369,547 57 270,909 03 92,638 54 M o t o r e q u i p m e n t of cars—repairs 23,120 79 18,298 92 4,821 87 M o t o r e q u i p m e n t of cars—deprec ia t ion 33,391 23 40,390 39 6,999 16 F l o a t i n g equ ipment—repa i r s 218,522 47 219,295 61 773 14 F l o a t i n g equ ipment—deprec ia t ion 113,945 25 107,828 21 6,117 04 F l o a t i n g equ ipment—re t i rements 84,857 68 90,554 51 5,696 83 W o r k equ ipment—repa i r s 252,999 68 257,431 37 4,431 69 W o r k e q u i p m e n t — d e p r e d a t i o n 72,432 81 69,594 62 2,838 19 W o r k equipment—ret i rements 235,918 31 204,925 31 30,993 00 Misce l l aneous equ ipment—repa i r s 2 62 2 62 Misce l l aneous equ ipment—re t i rements 2,090 00 2,090 00 Injur ies to persons 105,780 33 147,458 99 41,678 66 Insurance 101,460 78 93,802 95 7,657 83 S t a t i one ry a n d p r i n t i n g 47,766 21 61,709 40 13,943 25 O t h e r expenses 8,514 75 7,176 21 1,338 54 M a i n t a i n i n g jo in t e q u i p m e n t a t t e r m i n a l s — D r . 817 27 15 21 802 06 M a i n t a i n i n g jo in t equ ipmen t at t e r m i n a l s — C r . 59,456 69 14,061 62 45,395 07

T o t a l $21,598,428 99 823,324,675 56 $1,726,246 57

T R A F F I C E X P E N S E S

Super in tendence Ou t s ide agencies A d v e r t i s i n g Traf f ic associations F a s t f reight l ines Indus t r i a l a n d i m m i g r a t i o n bureaus Insurance S ta t ione ry a n d p r i n t i n g O t h e r expenses

T o t a l

Includes Boston & Albany Railroad: scpara

$4S6,093 72 8478,328 31 $7,765 41 580,533 02 596,159 91 185,283 40 349,784 23

71,281 11 93,564 08 372,339 69 527,655 93

11,710 47 34,430 93 204 23 153 45 50 78

142,820 10 191,200 82 14,411 92 13,142 85 1,269 07

$1,864,686 66 $2,2S4,420 51

$15,626 89 164,500 S3

22,282 97 155,310 24

22,720 46

4S,371 72

n & Albany Railroad a

24

Annual Report


T R A N S P O R T A T I O N E X P E N S E S


Super in tendence 51,065,890 84 81,056,267 88 $9,622 96 D e s p a t c h i n g t ra ins 410,546 64 452,949 92 $42,403 28 S t a t i o n employees 7,328,755 36 7,538,262 02 209,500 66 W e i g h i n g , inspec t ion a n d demurrage bureaus 14,146 69 3,216 34 10,930 35 C o a l a n d ore w h a r v e s 21,267 31 47,664 15 26,396 84 S t a t i o n suppl ies a n d expenses 775,693 14 857,746 73 82,053 59 Y n r d m a s t o r s a m i y a r d c lerks 759,938 07 744,722 34 15,216 03 Y a r d conduc to r s a n d b r a k e m e n 2,152,859 80 2,414,957 55 262,097 75 Y a r d s w i t c h a n d s igna l tenders 404,223 93 398,933 47 5,290 40 Y a r d eng inemen 1,450,772 97 1,688,583 04 237,810 07 Y a r d m o t o n n e n 97,949 68 102,143 83 4,194 15 F u e l for y a r d l ocomot ives 1,250,150 64 1,448,506 12 198,349 48 Y a r d s w i t c h i n g power p r o d u c e d 12,946 19 12,946 19 W a t e r for y a r d l o c o m o t i v e s 92,648 59 92,905 20 256 61 L u b r i c a n t s for y a r d l ocomot ives 21,927 72 30,921 84 8,994 12 O t h e r suppl ies for y a r d l ocomot ives 19,365 75 26,798 35 7,432 60 E n g i n e h o u s c expenses—yard 499,259 87 505,116 62 5,856 75 Y a r d suppl ies a n d expenses 99,936 74 100,596 79 660 05 O p e r a t i n g j o i n t y a r d s a n d t e r m i n a l s — D r . 332,099 93 345,270 22 13,170 29 O p e r a t i n g j o i n t y a r d s a n d t e r m i n a l s — C r . 1,016,387 46 1,123,900 21 107,612 75 T r a i n eng inemen 4,245,800 39 4,955,085 OS 709,284 69 T r a i n m o t o n n e n 163,005 21 159,554 07 3,451 14 F u e l for t r a i n l ocomot ives 6,468,751 11 7,425,017 19 956,866 08 T r a i n p o w e r p roduced 321,418 34 325,835 65 4,417 31 T r a i n p o w e r purchased 3,877 23 4,893 '40 1,016 17 W a t e r for t r a i n l ocomot ives 482,327 83 476,668 69 5,659 24 L u b r i c a n t s for t r a i n l ocomot ives 149,701 66 166,483 86 16,782 20 O t h e r suppl ies for t r a in locomot ives 125,030 22 168,417 29 43,387 07 Eng iuehnuse expenses—train • 1,644,121 24 1,698,009 16 , 53,887 92 T r a i n m e n 5,182,260 28 5,311,831 61 129,571 23 T r a i n suppl ies a n d expenses 1,548,694 37 1,807,884 90 259,190 53 S i g n a l a n d i n t e r l o c k i n g ope ra t ion 1,146,441 88 1,206,868 04 60,426 10 C r o s s i n g p ro t ec t i on 448,507 48 442,657 07 5,850 41 D r a w b r i d g e ope ra t ion 46,545 09 50,409 90 3,864 81 T e l e g r a p h a n i l te lephone ope ra t ion 121,930 37 127,061 30 5,130 99 O p e r a t i n g f loa t ing e q u i p m e n t 1,474,497 97 1,435,089 99 39,407 98 S t a t i o n e r y a n d p r i n t i n g 336,448 29 349,155 88 12,707 59 O t h e r expenses 50,300 15 98,106 73 47,806 58 O p e r a t i n g j o i n t t r acks a n d f a c i l i t i e s — D r . , 10S,665 8 2 121,310 03 12,644 21 O p e r a t i n g j o i n t t r acks a n d f a c i l i t i e s — C r . 335,640 00 340,865 96 5,225 36 Insurance 90,478 89 62,924 13 27,554 76 C l e a r i n g w r e c k s 109,087 41 167,005 59 57,318 18 D a m a g e t o p rope r ty 148,147 28 147,390 54 756 74 D a m a g e t o l i v e s tock o n r i gh t of w a y 23,664 13 14,763 38 8,900 75 L o s s a i d damage—fre igh t 1,321,466 55 1,569,631 80 248,165 25 L o s s a n d damage—baggage 22,243 64 24,130 83 1,887 19 In jur ies to persons 604,107 29 856,433 25 252,325 96

T o t a l $41,846,478 8 2 $45,564,015 46 $3,717,530 01

Includes Boston & Albany Railroad: separate statistics of Boston & Albany Railroad accompany this report

25

The New York Central and Hudson Hirer Railroad Company

O P E R A T I N G E X P E N S E S I N D E T A I L (concluded)

M I S C E L L A N E O U S O P E R A T I O N S

D i n i n g a n d buffet s S t a t i o n res taurants G r a i n e levators S t o c k y a r d s P r o d u c i n g power so ld O t h e r miscel laneous operat ion:

T o t a l

1914

91,025,937 73

359,029 IS

161,626 OS

341,840 12

134.229 80

72,1 • 18

1913 $1,119,434 82

389,842 15 186,841 25 342,282 25

81,010 58 81,619 82

Decrease

$93,497 09

30,812 97

25,214 57

442 13

9,456 64

$2,094,820 69 $2,201,030 87

G E N E R A L E X P E N S E S

Salar ies a n d expenses of general officers 8282,000 44 $306,375 02 $24,374 58

Salar ies a n d expenses of c lerks a n d a t t endan ts 1,403,014 73 1,414,536 43 11,521 70 G e n e r a l office suppl ies a n d expenses 168,009 41 166,354 54 $1,654 87 L a w expenses 427,202 72 425,473 37 1,729 35 Insurance 28,557 65 51,330 40 22,772 75 Pens ions 241,991 59 227,013 47 14,978 12 S t a t i o n e r y a n d p r i n t i n g 101,462 71 132,030 57 30,567 86 V a l u a t i o n expenses 68,253 93 15,906 69 52,347 24 O t h e r expenses 71,927 67 102,604 57 30,676 90 G e n e r a l joint, f a c i l i t i e s — D r . 7,496 98 , 9,819 27 2,322 29

G e n e r a l j o in t f ac i l i t i e s—Or . 41,229 58 74,791 06 33,561 48

T o t a l $2,758,688 25 $2,776,653 27 $17,965 02

P E R C E N T A G E O F R A I L W A Y O P E R A T I N G E X P E N S E S T O R E V E N U E F R O M R A I L W A Y O P E R A T I O N S

B Y G R O U P S

1914 1913

M a i n t e n a n c e of w a y and s t ructures 12-30 1 4 0 7

M a i n t e n a n c e of equ ipmen t 19-16 19-01

Traff ic expenses 1-65 1-86

T r a n s p o r t a t i o n expenses 37-12 37-14

Misce l l aneous operat ions 1-86 1-80 G e n e r a l expenses 2-45 2-26

T o t a l

Includes Boston & Albany Railroad: sppi

2 6

Annual Report

TAXES ACCRUED*

ON CAPITAL STOCK

State of New York New York Central & Hudson River Railroad Co New York & Harlem Railroad Co Boston & Albany Railroad Co West Shore Railroad Co Geneva Corning & Southern Railroad Co St Lawrence & Adirondack Railway Co Wallkill Valley Railroad Co Troy cfe Green bush Railroad Association Dolgeville & Salisbury Railway Co New York & Ottawa Bridge Co

$110,199 57 24,942 00

G,622 26 6,246 00 4,792 47

706 40 550 32 481 25 112 50

1 50 $154,654 27

Commonwealth of Massachusetts Boston & Albany Railroad Co and its leased lines

Commonwealth of Pennsylvania Beech Creek Railroad Co Geneva Corning & Southern Railroad Co Beech Creek Extension Railroad Co and merged company

New York Central & Hudson River Railroad Co 486 37 56,049 70

State of New Jersey New York & Ottawa Bridge Co and Cornwall Bridge Co 252' 00

ON BONDED DEBT OF LEASED LINES 12,052 88 ON GROSS EARNINGS 188,043 10 ON R E A L ESTATE (including leased lines) 4,731,641 67 ON SPECIAL FRANCHISES (including leased lines) 554,792 41 CANADIAN PROVINCIAL 2,598 60 RAILROAD COMMISSIONERS' ASSESSMENTS (Massachusetts) 88 43 FEDERAL GOVERNMENT INCOME T A X 189,092 55 UNITED STATES INTERNAL R E V E N U E T A X 5,192 33 COUNTY T A X ON N E W MORTGAGES 200,359 00

Total railway taxes accrued 86,162,219 76 MISCELLANEOUS T A X ACCRUALS

On income from securities owned $12,806 29 On physical property held as investment 72,130 02 84,936 31

Total of all taxes SG,247,156 07

•Includes Boston & Albany Railroad: Hepurntc statistics of Boston & Albany Railroad accompany this report

DIVIDENDS PAID

January 15, 1914, iH% 0 1 1 2,255,714 shares of capital stock $2,819,642 50 April 15, 1914, VA% " 2,255,704 " " " " 2,819,030 00 July 15, 1914, 1 U % « 2,255,704 " " " " 2,819,630 00 October 15, 1914, 1 J |% " 2,255,704 " " " " 2,819,630 00

Total 5 % $11,278,532 50

2 7


DEDUCTIONS FROM INCOME

Interest a t Interest a t 4 1 % Interest a t 3 i % Interest a t 3 4 % Interest a t 3 1 % Interest a t 4 % Interest a t 4 % Interest a t 3 i % Interest a t 4 % Interest a t 5 % Interest a t 6 % Interest a t 3 % Interest a t 4 % Interest a t 3 J % Interest a t 4 % Interest a t 5 % Interest a t 7 % Interest a1 5 % Interest at 5 % Interest at 4 % Interest a t 3 J % Interest at 5 % Interest at 6 % ] uteres I, at 5 % Interest at 6 % Interest a t 4 %

Interest on bonds i G o l d mortgage bonds i R e f u n d i n g a n d I m p r o v e m e n t mortgage bonds , series A i L a k e Shore co l la te ra l bonds i M i c h i g a n C e n t r a l co l la te ra l bonds i Deben tu re of 1900 l G o l d debentures of 1904 i G o l d debentures of 1912 i G o l d mortgage bonds o n S p u y t e n D u y v i l & P o r t M o r r i s R a i l r o a d i F i r s t mor tgage b o n d s — C a r t h a g e & A d i r o n d a c k R a i l w a y C o i Conso l ida t ed mortgage b o n d s — C a r t h a g e W a t e r t o w n & Sackets H a r b o r R a i l r o a d C o i F i r s t mor tgage b o n d s — G o u v e r n e u r & Oswegatch ie R a i l r o a d C o i F i r s t mor tgage b o n d s — L i t t l e F a l l s & D o l g e v i l l c R a i l r o a d C o i F i r s t mor tgage b o n d s — M o h a w k & M a l o n e R a i l w a y C o i C o n s o l i d a t e d mor tgage b o n d s — M o h a w k & M a l o n e R a i l w a y C o I F i r s t consol ida ted mortgage b o n d s — N e w Y o r k & P u t n a m R a i l r o a d C o l F i r s t mor tgage b o n d s — N e w Y o r k & N o r t h e r n R a i l r o a d C o i F i r s t mor tgage bonds—Oswego & R o m e R a i l r o a d C o i Second mortgage bonds—Oswego & R o m e R a i l r o a d C o l F i r s t consol ida ted mortgage b o n d s — R o m e W a t e r t o w n & Ogdensburg R a i l r o a d C o l F i r s t consol ida ted mortgage b o n d s — R o m e W a t e r t o w n & Ogdensburg R a i l r o a d C o l F i r s t consol ida ted mortgage b o n d s — R o m e W a t e r t o w n & Ogdensburg R a i l r o a d C o I F i r s t mor tgage b o n d s — R o m e W a t e r t o w n & Ogdensburg T e r m i n a l R a i l r o a d C o I F i r s t mor tgage bonds—Oswego R a i l r o a d B r i d g e C o I F i r s t mor tgage b o n d s — N o r w o o d & M o n t r e a l R a i l r o a d C o l F i r s t mortgage bonds—Syracuse Phoenix i t < >swego R a i l r o a d C o a F i r s t mor tgage b o n d s — U t i c a & B l a c k R i v e r R a i l r o a d C o

T o t a l

Miscellaneous obligations Interest a t 4 J % o n loan b y N e w Y o r k N e w H a v e n & H a r t f o r d R a i l r o a d C o Interest a t 4 } % o n three y e a r go ld notes of 1911 Interest a t 4 j % o n three year g o l d notes of 1912 Interest o n e q u i p m e n t t rus t certificates of 1907, 1910, 1912 a n d 1913 Interest o n loans , notes a n d b i l l s payab le Interest o n r ea l estate mor tgages O n account of S t L a w r e n c e & A d i r o n d a c k R a i l w a y C o :

R e n t a l of leased l ine

T o t a l

Rentals of leased lines BEECH CREEK RAILROAD

Interest a t 4 % o n $5,000,000 F i r s t mor tgage bonds Interest a t 5 % o n $1,000,000 Second mortgage bonds D i v i d e n d a t 4 % on 120,000 shares of c a p i t a l s tock (S50 per share)

BEECH CREEK EXTENSION RAILROAD Interest a t 3 J % o n $3,500,000 F i r s t mor tgage bonds Interest at 4 % o n $3,964,000 C o n s o l i d a t e d mortgage go ld bonds

GENEVA CORNING AND SOCTHEItN RAILROAD Interest a t ti% o n $3,500,000 P i n e Creek F i r s t mortgage bonds D i v i d e n d a t 3 i % o n 23,250 shares of c o m m o n c a p i t a l s tock for 9 mon ths D i v i d e n d a t 3 J % o n 5,042 shares of c o m m o n c a p i t a l s tock for 2 mon ths a n d 23 days D i v i d e n d a t 4% o n 50,000 shares of preferred c a p i t a l s tock for 9 m o n t h s

Carried forward

$24,497 00 225,000 00 900,000 00

1,434,038 18 3,057,430 00

70,075 00

10,000 00

$5,721,040 24

S200.000 00 50,000 00

240,000 00

$122,500 00 15S.50O 00 281,060 00

S210,000 00 61 ,031 .25

4,019 59 150,000 00

$1,196,110 84

2 8

Annual Report

D E D U C T I O N S F R O M I N C O M E (continued)

Rentals of leased lines (concluded)

Brought forward

D U N K I R K A L L E G H E N Y V A L L E Y A N D P I T T S B U R G H R A I L R O A D

Interest a t 4 1 % o n 32.900,000 F i r s t mor tgage bonds

D i v i d e n d a t 1 J % o n 13,000 shares of c a p i t a l s tock for I I mon ths a n d 23 days O r g a n i z a t i o n expenses

N E W J E R S E Y J U N C T I O N R A I L R O A D

In teres t a t 4 % o n § 1 , 7 0 0 , 0 0 0 F i r s t mor tgage bonds

N E W Y O I I K A N D H A R L E M R A I L R O A D

Interest a t 3 J % o n $12,000,000 G o l d mor tgage bonds D i v i d e n d at 1 0 % o n 200,000 shares of c a p i t a l s tock (550 per share)

T R O Y A N D Q H E E N B U S I I R A I L R O A D

R e n t a l a t 7 % o n 5,500 shares of c a p i t a l s tock ($50 per share)

W A L L K I L L V A L L E Y R A I L R O A D

D i v i d e n d a t 3 J % o n 3,300 shares of c a p i t a l s tock

5130,500 00 17,940 68

500 00

8420,000 00 1,(K)0,000 00

WEST S i m i i E b n > u » w

Interest a t 4 % o n 550,000,000 F i r s t mor tgage bonds

B O S T O N A N D A L B A N Y R A I L R O A D

C a s h r e n t a l Interest at Z\% o n $3,858,000 R e f u n d i n g bonds of 1902 Interest a t 5 % on $3,627,000 R e f u n d i n g bonds of 1913 Interest a t 3 1 % o n $1,000,000 T e r m i n a l bonds Interest a t 4 % o n $7,000,000 I m p r o v e m e n t bonds of 1908 Interest a t 4 % o n $4,500,000 I m p r o v e m e n t bonds of 1909 Interest a t 4 % <>" $2,000,000 I m p r o v e m e n t bonds of 1910 Interest a t 4 J % o n 51,000,000 I m p r o v e m e n t bonds of 1912 Interest a t 5 % o n $2,015,000 I m p r o v e m e n t bonds of 1913 O r g a n i z a t i o n expenses

, R e n t a l of I ' i t t s f ie ld a n d N o r t h A d a m s R a i l r o a d

D i v i d e n d at 5 % on 4,500 shares of c a p i t a l s tock

O r g a n i z a t i o n expenses

R e n t a l of W a r e R i v e r R a i l r o a d

D i v i d e n d a t 7 % o n 7,500 shares of c a p i t a l s tock

O r g a n i z a t i o n expenses

C a s h r e n t a l of N o r t h B r o o k f l e l d R a i l r o a d

R e n t a l of Ches te r a n d I i ccke t R a i l r o a d

Interest a t 5 % o n $50,000 B o n d s

In teres t a t 5 % o n $33,845.43 N o t e s

R e n t a l of P r o v i d e n c e W e b s t e r a n d Spr ingf ie ld R a i l r o a d

2 5 % of gross earnings for year ended D e c e m b e r 31, 1914

51,196,110 S4

148,940 68

68,000 00

1,420,000 00

19,250 00

11,550 00

2,000,000 00

$2,000,000 00 135,030 00 181,350 00

35,000 00 280,000 00 180,000 00

80,000 00 45,000 00

100,750 00

10,000 00

$22,500 00 126 25 22,626 25

552,500 00

95 OS 52,595 98

3,000 00

52,500 00 1,692 27 4,192 27

10,749 46 3,140,293 96

L o c o m o t i v e s Passenger cars F r e i g h t cars F l o a t i n g e q u i p m e n t W o r k e q u i p m e n t

•Includes Boston rfc Albany Railroad

T o t a l renta ls of leased l ines

Hire of equipment account* A m o u n t p a i d

for use $23,046 12 487,307 14

7,359,919 98 18,850 50 2,2S4 00

$8,004,145 48

T o t a l s 7,891,407 74

A m o u n t rece ived f rom h i r e $104,555 65

638,059 79 6,558,654 8 5

44 67 32,900 44

$7,334,215 40

N e t a m o u n t ca r r ied to deduc t ions f rom income

29


EQUIPMENT IN SERVICE

( I N C L U D I N G E Q U I P M E N T O F L E A S E D L I N E S )

1913 INCREASE DECREASE DECEMBER 81, 1914 Change Change Trust

Locomotives total Number of added claas

Number of equipment Owned*

Grand total

F o r passenger serv ice 669 22 10 236 446 681 F o r f re ight serv ice 1,368 63 34 482 915 1,397 F o r s w i t c h i n g serv ice 417 21 3 166 269 435 E l e c t r i c l o c o m o t i v e s 57 6 - 12 51 63 D u m m y engines 9 - - - 9 9

Inspec t ion engines 7 - 7 7

T o t a l s 2,527 112 - 47 - 895 1,697 2,592 v

Curs in passenger service Passenger coaches 1,239 170 - 2 75 300 1,032 1,332

Passenger coaches, e lectr ic m o t o r 174 - - - - - 174 174 C o m b i n a t i o n passenger cars 178 14 - 1 6 18 167 185 C o m b i n a t i o n passenger cars, e lectr ic m o t o r 12 - - - - - 12 12

D i n i n g , buffet a n d cafe cars 76 9 - 2 - 18 65 S3 M a i l , express a n d baggage cars 647 89 - 2 15. 149 570 719 M a i i , express a n d baggage ears, electr ic m o t o r 6 - - - - - 6 6

Spec ia l horse cars 42 - 1 - - 41 41

M i l k cars 234 11 6 - 239 239

T o t a l s 2,608 203 - 14 96 485 2,306 2,791

Cars in freight service B o x cars 47,708 1,720 1 2,133 226 14,633 32,437 47,070

S t o c k cars 628 - - 161 - - 467 467

F l a t cars 5,199 - - 183 32 1,896 3,088 . 4,984

C o a l cars 25,213 1 10 208 335 5,650 19,031 24,681 Caboose cars 1,048 34 3 37 1 24 1,023 1,047

T o t a l s 79,796 1,755 14 2,722 594 22,203 56,046 78,249

Equipment in company's service Off ic ia l , p a y , t es t ing a n d i n s t ruc t i on cars 30 - - - - - 30 30 W o r k ca r s—transpor t a t ion 4,640 3 676 754 1 250 4,314 4,564 W o r k e q u i p m e n t — m e c h a n i c a l 266 3 2 3 1 267 267

T o t a l s 4,936 6 678 757 2 250 4,611 4,861

F l o a t i n g p i l e d r ive r s for r o a d depa r tmen t 3 - - — — — 3 3

Marine Department F e r r y boats

T u g s , s teel

S team- l igh te rs

Hois t ing-barges

Barges , scows a n d grainboats

C a r floats 168 52

2

3 t

2,050 tons 8,100 tons

53,430 tons 6S6 cars

342 tons 253 tons 322 tons

13 2 cars

•Including equipment owned by leased lines f2 by change of cli Includes Boston & Albany Railroad

30

Annual Report

TABLE OF TRACKS

M A I N L I N E O W N E D

N e w Y o r k C e n t r a l & H u d s o n R i v e r R a i l r o a d

B R A N C H E S O W N E D

3 0 t h St ree t B r a n c h P u t n a m B r a n c h Y o n k e r s B r a n c h M a h o p a e F a l l s B r a n c h T i v o l i H o l l o w B r a n c h Schenec tady D e t o u r B r a n c h H o f f m a n ' s C o n n e c t i o n B r a n c l i T r o y a n d Schenec tady B r a n c h D o l g e v i l l e B r a n c h A d i r o n d a c k B r a n c h H i n c k l e y B r a n c h S a r a n a c B r a n c h O t t a w a B r a n c h O g d e n s b u r g B r a n c h C l a y t o n B r a n c h R o m e O l d L i n e R o m e B r a n c h W a t e r t o w n B r a n c h C a p e V i n c e n t B r a n c h Sanfords B r a n c h D e K a l b B r a n c h Oswega tch ie B r a n c h Saekets H a r b o r B r a n c h C a r t h a g e B r a n c h Phoenix B r a n c h O n t a r i o B r a n c h Sy racuse J u n c t i o n B r a n c h A u b u r n B r a n c h L y o n s B r a n c h C a n a n d a i g u a B r a n c h T o n a w a n d a B r a n c h C h a r l o t t e B r a n c h A l t i ca B r a n c h R o c h e s t e r B r a n c h F a l l s B r a n c h L o c k p o r t B r a n c h Buf fa lo B e l t B r a n c h N i a g a r a B r a n c h

N e w Y o r k

S t J ohn ' s P a r k 155th Street , N Y V a n C o r t l a n d t B a l d w i n P l a c e W e s t A l b a n y C a r m a n H o f f m a n ' s Schenec tady L i t t l e F a l l s H e r k i m e r P rospec t J u n c t i o n L a k e C l e a r Je t T u p per L a k e U t i c a R i v e r g a t e

T o w e r N o 34, R o m e R o m e Syracuse W a t e r t o w n Je t M a i n St , W a t e r t o w n D e K a l b J u n c t i o n G o u v e r n e u r & 0 Je t W a t e r t o w n J e t W a t e r t o w n W o o d a r d P u l a s k i E a s t Syracuse Sy racuse L y o n s C a n a n d a i g u a B a t a v i a J a y S t Je t , R o c h e s t e r B a t a v i a W i n d s o r B e a c h A m e s S t Je t , R o c h N o r t h T o n a w a n d a W i l l i a m St ree t B u f f a l o

T o t a l branches o w n e d

T o t a l m a i n l ine a n d branches

S p u y t e n D u y v i l P u t n a m J e t Y o n k e r s M a h o p a e F a l l s A l b a n y So Schenec tady R o t t e r d a m Je t T r o y D o l g e v i l l e M a l o n e Je t H i n c k l e y Saranac L a k e N y a n d o Ogdensbu rg C l a y t o n C h a r l e s St , R o m e R i c h l a n d M a s s e n a Spr ings C a p e V i n c e n t R o o t s Ogdensbu rg E d w a r d s Saekets H a r b o r N e w t o n F a l l s -F u l t o n Suspens ion Syracuse J e t Roches t e r G e n e v a B a t a v i a N o T o n a w a n d a O n t a r i o B e a c h A t t i c a Roches t e r Suspension B r i d g e L o c k p o r t J e t N o r t h Buf fa lo Je t L e w i s t o n

P R O P R I E T A R Y L I N E

C o r n w a l l B r i d g e C o m p a n y N y a n d o to I n t e r n a t i o n a l B o u n d a r y

L E A S E D L I N E .

Beech Creek R a i l r o a d B e e c h C r e e k E x t e n s i o n R a i l r o a d B o s t o n & A l b a n y R a i l r o a d

N o r t h B r o o k f ield R a i l r o a d W a r e R i v e r R a i l r o a d P i t t s f i e l d & N o r t h A d a m s R a i l r o a d P r o v i d e n c e W e b s t e r i t Spr ingf ie ld R a i l r o a d Ches te r i t R o c k e t R a i l r o a d

G e n e v a C o r n i n g i t S o u t h e r n R a i l r o a d N e w Jersey J u n c t i o n l i a i l r o a d N e w Y o r k i t "Harlem R a i l r o a d T r o y & G r e e n b u s h R a i l r o a d W a l l k i l l V a l l e y R a i l r o a d W e s t Shove l i a i l r o a d

Main line Branches 112-31 51-52

4 0 0 49-35 18-56 11-23 5-27

160-91 4- 44

127-30 5- 56

32-88 423-07

04-75 •34

9 0 5

T o t a l 1. 1 l ines

Second Third Fourth Sidings Total

433-27 433-27 351-96 366-37 891-55 2,476-42

12-37- 12-37 62-51 87-25 - 53-73 8-75 22-56 85-04 - 3 1 0 3-10 •20 • 6-40 - 2 0 5 •26 2-31 - 1-24- 1-00 2-24 - 4-05 4-65 •79 10-09 - 2-50 2-19 4 6 9 - 20-91 13-65 34-50 - 10-08 1-55 11-63 - 1 7 3 - 3 3 49-82 223 15 - 2-93 2-64 5-57 - 5-89 1-49 7-38 - 6 9 2 7 8-09 77-30 - 134-32-- '•' 10-02 72-49 216-83 - 15-85 3-99 19-84

4 1 9 - 2-94 16-74 23-87 45-?2 - =v4-36 25-78 75-46

160-93 ' 52-91 1 1 5 1 0 32S-94 - 2 4 1 0 18-15 42-25

5-21 5 0 4 10-25 - 1 8 8 9 - 2-63 21-52 - 1 3 - 0 7 - 4 0 9 17-10 - 1 1 - 4 3 - 3 1 5 14-58 - 63-39 - 20-38 89-77

- 17 -10 - 0-21 3-82 21-13 175-27- 3-47 92-49 271-23

- 8 - 3 1 - 8-31 6-27 7-56 30-45 9 6 2 9 • 60-91 157-20

- 14-08- 12-67 26-76 53-51 50-36 - 12-83 03-19 35-44- 1-66 9-40 46-50

- 7-43 - 6-92 10-77 25-12 - 10-67- 1-36 12-03 - 7 - 2 7 * 3-59 10-86

74-05 - 54-12 105-34 233-51 - 1 1 - 1 7 - 4-97 16-14 - 7-23 - 7-22 28-23 42-68

28-86 - 23 09 06-97 118-92

1,402-28 218-90 6 2 7 893-10 2,520-61

1,835-55 652-23 358-23 366-37 1,784-65 4,997-03

•18 •18

163-83- 11-52 ' 155-47 330-82 137-43- 3-91 - 59-52 200-86 303-92 2 1 9 0 2 83-90 24-84 180-07 1,012-35

4 0 0 1 0 7 5 0 7 49-35 8-46 57-81 18-56 14-65 3 3 2 1 11-23 4 0 4 15-27 5-27 1 1 7 6-44

231-66- 105-82 144-42 481-90 4 - 7 8 " 4 - 3 4 - 6-17 15-29

136-41 56-25 12-51 - 12-51- 133-65 351-33 5-56- 5 5 6 • 11-98 2 3 1 0

32-88 - 7-42 4 0 3 0 479-09 423433 - 1 5 - 3 8 . 459-29 1,377-37

1,583-97 830 05 111-77 37-35 1,387-98 3 , 9 5 1 1 2

d'tlS miles if) IKl li I rack o S'27 miles is fifth track o 1-22 miles is fifth truck o: 3'03 miles is sixth track c

the liiid-ion-clecl.ric division the Mohawk division the Western division

i the Hudson-electric division

3 1


T A B L E OF TRACKS—(concluded)

LINKS l'1'KE-J >'['}•: D C O N T R A C T

D o l g c v i l l e <t S a l i s b u r y R a i l w a y D o l g e v i l l e to I ronda le S t L a w r e n c e i t A d i r o n d a c k R a i l w a y M a l o n e Je t to A d i r o n d a c k J e t T e r m i n a l R a i l w a y of Buffa lo D e p c w to W e s t Seneca

T o t a l opera ted under con t rac t

T R A C K A C E R I G H T S

I n Buf fa lo C lea r f i e ld to C u r wens v i l l e A d i r o n d a c k Je t to M o n t r e a l C h e r r y T r e e to D i x o n v i l l e A l b a n y t o T r o y K e n w o o d J u n c t i o n t o A l b a n y Sa ranac L a k e t o L a k e P l a c i d B l o s s b u r g to M o r r i s R u n L a w r e n c e v i l l e t o B l o s s b u r g M o n t g o m e r y to C a m p b e l l H a l l F u l t o n t o Oswego M e K l h a t t a n to K e a t i n g M a h a f f e y to P a t t o n M a i n l ine t o s u n d r y mines M c G e e s J e t to Ross i t e r Je t I r v o n a to A m s b r y N e w b e r r y J e t to W i l l i a m s p o r t N o r w o o d to M a l o n e J u n c t i o n A t M o i r a I n T r o y S o u t h S t a t i o n , B o s t o n A t A t h o l s t a t i o n

T o t a l t r ackage r igh t s

T o t a l mi leage opera ted

Buffa lo C r e e k R R C o Buf f R o c h & P i t t s R R C o C a n a d i a n Pacif ic R y C o C h e r r y T r e e i t D i x o n v i l l e R H C o D e l a w a r e i t H u d s o n C o

E r i e R a i l r o a d C o

N Y O n t a r i o & Wes te rn R y C o P e n n s y l v a n i a R a i l r o a d C o

P h i l a d e l p h i a i t R e a d i n g R y C o R u t l a n d R a i l r o a d C o

T r o y U n i o n R a i l r o a d C o B o s t o n T e r m i n a l C o B o s t o n & M a i n e R R C o

.Second Third Fourth Mills track track track* Sidings Total

3-89 •57 4-46 56-37 20-60 76-97 11-33 11-31 57-85 80-49

71-59 11-31 79-02 161-92

3-56 3-48 •95 7-99 6-41 6-41 8-80 8-80

38-39 38-39 7-34 7-34 14-68 1-71 •70 2-41

10-08 10-08 3-58 3 5 8

25-50 25-50 4-78 4-78

12-23 12-23 4 5 0 1 45-01 90 02 20-85 20-85 19-31 19-31 11-18 11-18 20-30 20-30

3-71 3-71 7-42 37-10 3 7 1 0

•15 •15 2 0 3 2 0 0 4 0 3

•45 •45 •19 •19

282-66 62-24 •95 345-85

3,773-95 1,555-83 470-95 403-72 3,251-05 9,456-10

G a u g e of t r ack , 4 feet SJA inches . W e i g h t of r a i l per y a r d , 50 to 141 pounds .

RECAPITULATION ACCORDING TO STATES

N e w Y o r k N e w Jersey P e n n s y l v a n i a Massachuse t t s P r o v i n c e of Quebec

T o t a l s

Ow led Proprietary Leased Otherwise operated Total 1st track All tracks 1st track All tracks 1st track All tracks 1st track All tracks 1st track All trucks

1,835-55 4,997 03 0 1 8 0-18 769-20 2,031-01 104-45 197-67 2,709-38 7,225-89 23-61 164-29 2 3 6 1 164-29

454-04 785-95 194-24 242-96 648-28 1,028-91 337 12 969-87 •64 •64 3 3 7 7 6 970-51

54-92 66-50 54-92 66 50

1,835-55 4 , 9 9 7 0 3 0-18 0-18 1,583-97 3,951-12 354-25 5 0 7 7 7 3,773-95 9,456-10

* 4*98 miles is lift.li track on the Hudson-eleotrio division 8-27 mil™ is lilih truck on lh.- Mohawk division IL'1! mill's is lii'th track on the Western division 303 miles is sixth track on the Hudson-electric division

http://lift.li

3 2

Annual Report

MILEAGE STATISTICS

T R A I N M I L E A G E

REVENUE SERVICE F r e i g h t t r a in -mi les Passenger t r a in -mi les M i l k t r a in -mi l e s O t h e r passenger t r a in -mi l e s M i x e d t r a in -mi les Spec i a l t r a in -mi les

1914 17,399,767 23,058,873

1,134,189 2,213,303

129,435 20,450

1913 20,979,034 24,907,884

1,213,887 2,518,802

115,612 16,493

Increase

13,823 3,957

Decrease 3,579,267 1,849,011

79,698 305,499

T o t a l revenue t r a i n mi leage N o n - r e v e n u e t r a in -mi les

43,956,017 1,972,814

49,751,712 2,801,538

5,795,695 828,724

T o t a l t r a i n mileage 45,928,831 52,553,250 6,624,419

REVENUE SERVICE F r e i g h t l ocomot ive -mi l e s—s team F r e i g h t l ocomot ive -mi l e s—elec t r i c Passenger locomot ive -mi le s—steam Passenger locomot ive -mi l e s—elec t r i c M i x e d locomotive-miles—-steam Spec i a l l ocomot ive -mi l e s—steam Spec i a l l ocomot ive -mi l e s—elec t r i c S w i t c h i n g l ocomot ive -mi l e s—s team S w i t c h i n g locomot ive -mi l e s—elec t r i c

L O C O M O T I V E M I L E A G E

20,400,956 24,845,925 7,015 3,197

25,947,538 28,997,445 1,276,523 806.609

133,892 1241587 23,740 16,772

1,688 2,080 14,0S6,144 15,605,670

744,031 683,210

3,818

469,914 9,305 6,968

60,821

4,444,969

3,049,907

392 1,519,526

T o t a l revenue l ocomot ive -mi l e s—s team T o t a l revenue locomot ive -mi l e s—elec t r i c

60,592,270 2,029,257

69,590,399 1,495,096 534,161

8,998,129

N o n - r e v e n u e locomot ive -mi le s -steam N o n - r e v e n u e locomot ive -mi l e s—elec t r i c

2,161,509 36,328

3,005,368 61,743

843,859 25,415

T o t a l l ocomot ive -mi l e s—steam T o t a l l ocomot ive -mi l e s—elec t r i c

62,753,779 2,065,585

72,595,767 1,556,839 508,746

9,841,988

T o t a l l o c o m o t i v e mileage 64,819,364 74,152,606 9,333,242

REVENUE SERVICE F r e i g h t car -mi les

L o a d e d E m p t y Caboose

C A R M I L E A G E

533,840,117 277,156,866

18,482,712

604,983,967 304,694,967

22,823,070

71,143,850 27,538,101

4,340,358

T o t a l f reight car -mi les 829,479,695 932,502,004 103,022,309

Passenger car-miles Passenger D i n i n g S leep ing , pa r lo r a n d obse rva t ion M i l k O t h e r passenger- t ra in cars

60,717,680 6.253,885

47,312,129 15,488,271 47,518,206

68,385,659 7,165,874

51,393,787 15,418,881 45,960,858

69,390 1,557,348

7,667,979 911,989

4,081,658

T o t a l passenger car -mi les 177,290,171 188,325,059 11,034,888

Spec i a l car -mi les F r e i g h t — l o a d e d F r e i g h t — e m p t y Caboose Passenger

307,885 52

18,614 1,946

246,759

14,095 2,358

61,126 52

4,519 412

T o t a l specia l car -mi les 328,497 263,212 65,285

T o t a l revenue car mi leage Non- r evenue car-miles

' 1,007,098,363 6,802,433

1,121,090,275 10,490,7S4

113,091,912 3,688,351

T o t a l car mi leage 1,013,900,796 1,131,581,059 117,680,263

Includes Boston & Albany Railroad: separate stnl atica of Boston & Albany Ra ilroad arrompany lliia i .port

3 3


TRAFFIC STATISTICS F R E I G H T 1914 1913 Increase Decrease

Tons of revenue freight carr ied 48,347,583 54,683,178 6,335,595 T o n s of c o m p a n y freight carr ied 7,429,610 9,594,497 2,164,887

T o t a l tons of freight carr ied 55,777,193 04,277,675 8,500,482

T o n s of revenue freight ca r r ied one mi le 9,864,313,206 11,260,075,906 1,395,762,700 T o n s of c o m p a n y freight ca r r ied one m i l e 1,236,405,234 1,499,002,025 262,536,791

T o t a l tons of freight carr ied one mi le 11,100,778,440 12,759,077,931 1.658,299,491

M i l e s of road opera ted i n freight service 3,746-82 3 ,73601 10-81 T o n s of revenue freight carr ied one mi le per mi le of road 2,632,716 3,013,931 381,215 T o n s a l l freight ca r r ied one mi le per mi le of r o a d 2,962,720 3,415,162 452,442 A v e r a g e dis tance h a u l of one ton of revenue freight 2 0 4 0 3 205-91 1-88 Average dis tance h a u l of one t o n of a l l freight 199 02 198-50 -52 A v e r a g e n u m b e r of tons of revenue freight per t r a in mi le 5 6 2 ' 7 4 _ - 533 79 28'95 A v e r a g e n u m b e r of tons a l l freight per t r a i n mi le 633-27 604-85 28-42 A v e r a g e n u m b e r of tons of revenue freight, per loaded car mile 18-48 18-6J. •13 A v e r a g e n u m b e r of tons a l l freight per loaded car mi le 20-79 21 09 -30 A v e r a g e n u m b e r of freight cars per t r a i n mi le 47-32 44-21 3 1 1 A v e r a g e n u m b e r of loaded cars per t r a i n mi le 30-45 28-68 1-77 Average number of e m p t y ears per t r a i n mi le 15-81 14 44 1-37

T o t a l freight revenue $62,3S4,617.32 $09,138,505.67 $6,753,888.35 $1.29 $1.26 $0.03

Average revenue per t o n per m i l e m i l l s 6-32 m i l l s 6-14 m i l l s 0-18

T o t a l freight service t r a i n revenue $62,391,441.46 $69,142,000.79 $0,750,559.33 Average revenue per m i l e of r o a d $16,651.84 $18,506.91 $1,855.07 A v e r a g e revenue per t r a i n mi le $3.56 $3.28 $0,28

P A S S E N G E R N u m b e r of in ter l ine passengers carr ied 2,972,837 3,354,710 381,873 N u m b e r of l oca l passengers carr ied 31,477,790 33,143,748 1,665,958 N u m b e r of c o m m u t a t i o n passengers car r ied 17,706,734 17,291,876 414,858

T o t a l number of revenue passengers carr ied 52,157,361 53,790,334 1,632,973

T o t a l number of revenue passengers carr ied one mile 1,867,954,597 2,010,073,510 142,11S,913 M i l e s of r o a d opera ted i n passenger service 3,471-61 3,459 06 12-56 N u m b e r of revenue passengers car r ied one mile per mile of road 538,066 581,104 43,038 A v e r a g e d is tance each revenue passenger carr ied 35-81 37-37 1-56 A v e r a g e n u m b e r of passengers per t r a i n mi le 81 80 1 Average n u m b e r of passengers per car mi le 16 16 Average n u m b e r of passenger-carrying cars per t r a in mi le 5 5

T o t a l passenger revenue $33,309,634.44 $30,075,364.23 $2,765,729.79 Average a m o u n t rece ived f rom each passenger cents 03-86 cents 6 7 0 7 cents 3-21

cents 1-783 cents 1-795 cents 0 0 1 2 T o t a l passenger service t r a i n revenue $43,670,047.96 $46,566,098.49 $2,896,050,53 A v e r a g e passenger service t r a i n revenue per mi le of road $12,579.19 $13,462.07 $882.88 A v e r a g e passenger service t r a i n revenue per t r a in mi le $1.65 $1.62 $0.03

T O T A L T R A F F I C O p e r a t i n g revenues $112,741,051 22 SI22.0S3.S09 35 $9,942,758 13 O p e r a t i n g expenses 84,033,105 56 93,414,430 04 9,381.330 48

N e t opera t ing revenue $28,707,945 66 $29,209,373 31 8561,427 05

Opera t ing revenues per m i l e of road S29.873 49 $32,688 49 $2,815 00 O p e r a t i n g expenses per m i l e of road 22,266 62 24,889 81 2,623 19

N e t opera t ing revenue per m i l e of road ' $7,606 87 $7,798 68 Sl ' .H s i

O p e r a t i n g revenues per t r a i n mi le 82 56 $2 4 7 " $0 09 O p e r a t i n g expenses per t r a i n m i l e 1 91 1 8S 0 03

N e t opera t ing revenue per t r a in mile $0 65 $0 59 $0 06

Includes Boston it Albany Railroad: separate statistics of Boston & Albany liailroad accompany tbis report

3 4

Annual Report

EQUIPMENT STATISTICS

A v e r a g e mi leage per l o c o m o t i v e C o a t of repa i r s per l o c o m o t i v e m i l e :

S t e a m locomot ives E l e c t r i c l ocomot ives

T o t a l c a p a c i t y of f re igh t - t r a in cars, t ons A v e r a g e c a p a c i t y of freight--train cars, tons S e a t i n g c a p a c i t y of passenger cars A v e r a g e sea t ing c a p a c i t y o f passenger cars A v e r a g e mi leage per passenger- t ra in car A v e r a g e cost of repairs per passenger- t ra in car r

1914 25,007

cents 9 13 cents 4 1 9

2,999,558 3 8 8 5

120,299 67

46,571 cents 1-663

1913 29,344

cents S 9 1 cents 3 95

3,023,858 3 8 4 0

110,362 66

52,505

MISCELLANEOUS STATISTICS

C O N S U M P T I O N O F F U E L B Y L O C O M O T I V E S 1914 1913

A n t h r a c i t e coa l , tons 131,803 134,501 B i t u m i n o u s coa l , tons 4,121,469 4,512,409

T o t a l c o a l , tons (2000 lbs) 4,253,272 4,646,910 O i l , ga l lons 3,248,950 4,472,494

e q u a l l i n g tons of coa l i n efficiency (rat io 168 gal lons) 19,339 26,622 A v e r a g e cost of coa l p e r t o n $1.82 $1.91 A v e r a g e cost of fue l o i l per ga l lon cents 3 3 8 cents 3 5 9 A v e r a g e cost of fuel per l o c o m o t i v e m i l e cents 12-54 cents 12-45

N E W S T E E L B A I L L A I D I N R E N E W A L S D U R I N G T H E Y E A R

1914 1913 1914 1913 Weight of rail Total number of tons (2240 lbs) laid Average cost per ton

141 p o u n d r a i l 4 1 3 tons 70-6 tons 358.52 $48.68 105 p o u n d r a i l 31,505 tons 55,077 5 tons 29.85 30.73 100 p o u n d r a i l 987-5 tons 5 , 4 1 4 5 tons 30.88 29.84

80 p o u n d r a i l 2 0 , 4 0 9 7 tons 18,669 1 tons 30.29 31.52 70 p o u n d r a i l 6 2 tons 30.41

N E W C R O S S T I E S L A I D I N R E P L A C E M E N T D U R I N G T H E Y E A R

1914 1913

Treated Non-treated Total Treated N on-treated Total

O a k 26,776 159,606 186,382 12,070 178,197 190,267 Y e l l o w p ine 664,706 1,126,804 1,791,510 802,431 1,005,218 1,807,649

M i s c e l l a n e o u s 80,218 457,313 537,531 18,359 460,876 479,235

T o t a l s 771,700 1,743,723 2,515,423 832,860 1,644,291 2,477,151

A v e r a g e cost a t d i s t r i b u t i n g p o i n t s

Includes Boston & Albany Railroad

cents 83-1 cents 83-6

C O M P A R A T I V E S T A T E M E N T S

S H O W I N G S E P A R A T E L Y T H E O P E R A T I O N S OF

T H E BOSTON & A L B A N Y R A I L R O A D , N Y C & H R R R CO L E S S E E

FOR T H E Y E A R S E N D E D D E C E M B E R 31, 1913 A N D 1914

W H I C H A R E A L S O I N C L U D E D I N T H E P R E C E D I N G S T A T E M E N T S F O R T H E N E W Y O R K C E N T R A L

A N D H U D S O N R I V E R R A I L R O A D C O M P A N Y

36

BOSTON A N D A L B A N Y R A I L R O A D The New York Central and Hudson River Railroad Company, Lessee

SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME

O P E R A T I N G I N C O M E 1914 1913 I N C R E A S E D E C R E A S E

R A I L W A Y O P E R A T I O N S 392"97 mileeoperated 3 9 2 ' 9 7 miles operated Revenues $16,491,441 64 $17,719,564 27 31,228,122 63 E x p e n s e s 12,311,161 11 13,151,423 02 840,271 91

N E T R E V E N U E F R O M R A I L W A Y O P E R A T I O N S $4,180,290 53 $4,568,141 25 !> 187 ,850 72 Percentage of expanses to revenues (74-65 % ) (74-22 % ) (0-43%)

R a i l w a y taxes acc rued $748,Sli!l 77 $810,932 00 $62,062 2 3 U n c o l l e c t i b l e r a i l w a y revenue 402 92 $402 92

$62,062 2 3

R A I L W A Y O P E R A T I N G I N C O M E $3,431,017 $1 $3,757,209 25 $326,191 41 O T H E R I N C O M E

J o i n t fac i l i t ies rents $101,235 44 $155,361 66 $54,126 22 M i s c e l l a n e o u s rents 118,335 98 101,075 96 $17,260 02

$54,126 22

In teres t o n loans a n d accounts 29,226 30 116,681 84 $17,260 02

87,455 54 M i s c e l l a n e o u s income 4,466 14 13,243 7 0 * 17,709 84

87,455 54

T O T A L O T H E R I N C O M E 8253,263 86 $359,875 76 $106,611 90 G R O S S C O R P O R A T E I N C O M E $3,684,281 70 34,117,085 01 $432,803 31

D E D U C T I O N S F R O M G R O S S C O R P O R A T E I N C O M E R e n t a l of B o s t o n & A l b a n y R a i l r o a d a n d i ts leased

a n d opera ted l ines $3,140,293 90 $3,054,481 21 $85,812 75 H i r e of equ ipment , deb i t ba lance 1,252,284 93 1,325,987 13

199,836 96 $73,702 2 0

J o i n t fac i l i t i e s rents 201,216 20 1,325,987 13

199,836 96 1,379 30 M i s c e l l a n e o u s rents

201,216 20 11,040 71 11,040 71

Sepa ra t e ly o p e r a l e d propert ies , loss 6,589 40 6,589 40 Interest o n un funded deb t 842 65 39,868 29 39,025 64 M i s c e l l a n e o u s deduc t ions 21,317 0 ! 24,347 04

T O T A L D E D U C T I O N S F R O M G R O S S C O R P O R A T E I N C O M E $4,618,984 84 $4,637,803 70 318.818 86 N E T C O R P O R A T E D E F I C I T $934,703 1-1 $520,718 69 $413,984 45

N Y N H & H R R co's p a r t i c i p a t i o n 111,2111 27 260,359 34 $413,984 45

$116,113 07

D E F I C I T $790,456 87 $2110,3511 35 3530,097 52

The operating revenues of the Boston & Albany Railroad for the year 1914, compared with 1913, decreased $1,228,122.63, equal to 69 per cent.

Freight revenue decreased $640,284.90, equal to 7'2 per cent. The tonnage of freight moved decreased 800,106 tons. The average revenue per ton per mile increased 0277 mills, and the average number of tons of revenue freight per train mile increased 1075 tons, equal to 35 per cent.

Passenger revenue decreased $375,581.52, equal to 5'9 per cent; express revenue decreased $110,507.17; mail revenue increased $39,927.40. Average revenue per passenger per mile was the same as for the year 1913.

Rail operating expenses decreased $840,271.91, equal to 6'4 per cent; expenses for maintenance of way and structures decreased $359,817.75; transportation expenses decreased $434,283.40. Maintenance of equipment increased $24,419.22, due to increased maintenance charges and depreciation accrued on additional equipment.

Interest charges increased $81,215.69; payments and interest charges on equipment trust certificates increased $296,118.62.

In addition to the five per cent increase in through freight rates granted the eastern railroads, an increase, in common with other New England roads, has been secured in local freight rates in New England and in rates for mileage tickets.

During the year a new passenger station has been put into use at Pittsfield; freight houses at Springfield and Pittsfield have been enlarged; a new interlocking tower placed in service at Worcester; new coaling plants placed in service at Hudson, North Adams and Palmer; new passing sidings have been built at Claverack, Rochdale and North Grafton.

37


DETAIL OF OPERATING REVENUES R E V E N U E S F R O M T R A N S P O R T A T I O N

1914 1913 Increase Decrease F r e i g h t revenue § 8 , 2 9 5 , 9 6 1 41 $8,936,246 31 $640,284 90 Passenger revenue 6,014,631 95 6,390,213 47 375,581 52 Excess baggage revenue 40,768 81 45,234 69 4,465 88 M a i l revenue 472,856 71 432,929 31 $39,927 40 E x p r e s s revenue 533.641 13 644,148 30 110,507 17 O t h e r passenger- t rain revenue 106.177 84 111,277 62 5,099 7S M i l k revenue 71,635 16 58,283 37 13,351 79 S w i t c h i n g revenue 223,984 39 265,225 18 41,240 79 Spec i a l service t r a i n revenue 7,137 20 6,367 95 769 25

T o t a l 815,760.7(14 00 S16.S.S0.026 20 81.123.131 00

I N C I D E N T A L S

D i n i n g and buffet $221,566 00 5234,274 40 812,708 40 S t a t i o n res taurant 105,896 95 118,142 50 12,245 55 S t a t i o n a n d t r a i n pr ivi leges 48,078 89 49,120 90 1,042 01 P a r c e l r o o m 11,676 15 10,004 00 $1,672 15 Storage—freight 11,463 63 10,718 79 744 84 Storage—baggage 2,349 7 3 2,699 75 350 02 1 iomurrago 81,569 16 103,723 02 22,153 86 T e l e g r a p h a n d telephone 299 35 372 44 73 09 d r a i n e leva tor 64,396 92 119,893 62 55,496 70 R e n t s of hn i ld ings a n d other p roper ty 18,639 19 10,787 43 7,851 76 F r o i a i i t storage p lan ts 46,374 02 76,434 08 30,060 06 M i s c e l l a n e o u s 51,167 15 37,235 96 13,931 19 J o i n t faci l i t ies r e v e n u e — D r . 5,176 70 6,547 92 1,371 22 J o i n t faci l i t ies r e v e n u e — C r . 06.346 60 62,779 10 3,507 .-ill

T o t a l $724,647 04 .$829,638 07 1104,991 03 T o t a l r a i l opera t ions revenue $16,491,441 64 817.719.50.1 27 81,228,122 o:l

OPERATING EXPENSES IN DETAIL

M A I N T E N A N C E O F W A Y A N D S T R U C T U R E S

1914 1913 Increase Decrease Super in tendence $116,764 87 $110,875 92 $5,888 95 R o a d w a y main tenance 125,143 58 2,751 55* 127,895 13 T u n n e l s a n d s u b w a y s 1,535 81 1,956 58 $420 77 Bridges , trestles a n d cu lver t s 293,575 46 280,141 41 13,434 05 T ie s 259,175 15 271,738 54 12,563 3 9 R a i l s 95,549 96 185,510 05 89,960 09 O t h e r t r a ck ma te r i a l 107,174 78 146,562 54 39,387 76 B a l l a s t 32,280 90 37,869 91 5,589 01 T r a c k l a y i n g a n d surfac ing 497,688 81 602,415 41 104,720 60 R i g h t - o f - w a y fences 3,901 60 3,901 00 S n o w a n d sand fences and snow-sheds 3 50 29 82 26 3 2 Cross ings a n d signs 57,109 01 78,316 63 21,147 62 S t a t i o n a n d office bu i ld ings R o a d w a y bu i ld ings W a t e r s ta t ions 237,282 25 525,030 60 287,748 35 F u e l s ta t ions Shops a n d enginchouses d r a i n e levators 8,206 64 8,721 43 514 7 9 Storage warehouses 4,359 94 3,928 72 431 22 W h a r v e s a n d docks 3,844 05 6,661 04 2,816 99 T e l e g r a p h a n d telephone l ines 18,938 28 19,865 22 926 94 Signa ls a n d in te r lockers 116,438 27 158,074 11 41,635 84 P o w e r l ine poles and fixtures 333 20 349 67 16 47 Misce l l aneous s t ruc tures 117 82 117 82

Carried forward SI ,979,483 94 82,185.290 05 * Credit

Carried forward SI ,979,483 94

38

B O S T O N A N D A L B A N Y R A I L R O A D

The New York Central and Hudson River Railroad Company, Lessee


M A I N T E N A N C E O F W A Y A N D S T R U C T U R E S (continued)

1014 1913 Increase Decrease Brought forward $1,979,483 94 $2,435,296 05

R o a d w a y machines | 24,877 57 27,806 09 $2,929 12 S m a l l toots a n d supplies

| 24,877 57 27,806 09 $2,929 12

R e m o v i n g snow, i ce a n d sand 61,239 12 10,293 09 $50,946 03 Assessments for p u b l i c i n lp rovements 599 02 599 02 Injur ies t o persons 47,498 50 26,220 89 21,277 61 Insurance 7,688 37 7,688 37 Sta t i o n e ry a n d p r i n t i n g 4,358 32 5,654 22 1,295 90 O t h e r expenses 2,727 92 1,298 38 1,429 54 M a i n t a i n i n g j o i n t t racks . y a r d a n d o ther f a c i l i t i e s — D r . 34,992 09 36,858 19 1,866 10 M a i n t a i n i n g j o i n t t racks , y a r d a n d o ther f a c i l i t i e s — C r . 16,901 46 37,040 37 20.144 91

T o t a l $2,146,563 39 $2,506,381 14 $359,817 75

M A I N T E N A N C E O F E Q U I P M E N T

Super in tendence S63.S01 49 m i s s 25 $4,313 24 Shop m a c h i n e r y 40,401 41 51,749 10 $11,347 69 P o w e r p l a n t m a c h i n e r y 388 79 388 79 S t e a m locomot ives—repa i r s 870,635 17 914,081 16 43,445 99 S t e a m locomot ives—deprec i a t i on 69,685 42 57,998 99 11,686 43 S t e a m locomot ives—re t i r en ien l s 19,665 27 27,152 44 7,487 17 F r e i g h t - t r a i n cars—repairs 399,654 76 381,983 65 17,671 11 F r e i g h t - t r a i n ears—depreciation 129,039 16 103,063 62 25,975 54 F r e i g h t - t r a i n ears—ret i rements 77,601 55 80,107 18 2,505 63 Passenger- t ra in cars—repai rs 322,785 47 298,261 25 24,524 22 Passenger- t ra in cars—deprec ia t ion 51,193 93 42,543 11 8,650 82 Passenger - t ra in cars—ret i rements 3,991 28 18,716 26 14,724 98 M o t o r e q u i p m e n t of ears—repairs 48 02 343 90 295 88 W o r k equ ipmen t—repa i r s 32,471 13 28,906 47 3,564 66 W o r k equ ipmen t—deprec i a t i on 9,421 16 7,496 32 1,924 84 W o r k equ ipmen t—re t i r emen t s 12,588 55 7,749 46 4,839 09 In jur ies to persons . 23,317 59 28,978 43 5,660 84 Insurance 4,968 72 4,968 72 S t a t i o n e r y a n d p r i n t i n g 7,762 62 8,421 56 658 94 O t h e r expenses 1,875 00 49 40* 1,924 40 M a i n t a i n i n g j o i n t e q u i p m e n t at t e r m i n a l s — D r . 114 48 114 48

T o t a l $2,141,410 97 $2,116,991 75 $24,419 22

T R A F F I C E X P E N S E S

Super in tendence $76,680 27 $74,938 84 $1,741 43 O u t s i d e agencies 80,632 51 59,622 30 21,010 21 A d v e r t i s i n g 22,111 28 17,818 28 4,293 00 Traff ic associat ions 3,179 65 3,714 27 $534 62 F a s t f reight l ines 33,413 05 49,508 04 16,094 99 I n d u s t r i a l a n d i m m i g r a t i o n bureaus 666 67 166 67 500 00 Insurance 29 10 29 10 S t a t i o n e r y a n d p r i n t i n g 15,173 54 10,664 90 4,508 64 O t h e r expenses 6 99 8 66 1 67

T o t a l $231,893 06 $216,441 96 $15,451 10 Credit

3 9



T R A N S P O R T A T I O N E X P E N S E S


Super in tendence 1^ $143,810 34 $148,305 58 $4,495 24 D e s p a t c h i n g t ra ins 46,736 79 53,423 70 6,686 91 S t a t i o n employees 1,115,515 41 1,139,372 18 23,856 77 W e i g h i n g , i n spec t ion a n d demurrage bureaus 852 68 2,138 09 1,285 41 S t a t i o n suppl ies a n d expenses 100.1S1 17 117,259 75 17,078 58 Y a r d m a s t e r s a n d y a r d c lerks 98,188 99 98,290 75 101 76 Y a r d conduc to r s a n d b r a k e m e n 293,603 65 321,763 44 28,159 79 Y a r d s w i t c h a n d s igna l tenders 46,916 91 41,070 81 $5,840 1 0 Y a r d ontrinemen 174,091 66 212,206 6 5 38,114 99 F u e l for y a r d l ocomot ives 271,849 72 296,657 57 24,807 8 5 W a t e r for y a r d locomot ives 18,207 64 20,678 92 2,471 28 L u b r i c a n t s for y a r d locomot ives 4,432 21 4,532 38 100 17 O t h e r suppl ies for y a r d l ocomot ives 1,839 65 2,368 94 529 29 E n g i n e h o u s e expenses—yard 37,973 57 38,206 77 233 20 Y a r d suppl ies a n d expenses 8,387 06 7,074 71 1,312 3 5 O p e r a t i n g j o i n t y a r d s a n d t e r m i n a l s — D r . 73,668 48 80,159 93 6,491 4 5 O p e r a t i n g j o i n t y a r d s a n d t e r m i n a l s — C r . 53,349 89 55,467 64 2,117 75 T r a i n eng inemen 759,156 47 855,944 92 96,788 4 5 T r a i n m o t o r m e n 2,660 50 3,220 04 659 54 F u e l for t r a i n l o c o m o t i v e s 1,780,433 37 1,897,787 70 117,354 33 T r a i n power pu rchased 1,903 36 2,893 40 990 04 W a t e r for t r a i n l ocomot ives 86,010 44 88,431 54 2,421 10 L u b r i c a n t s for t r a i n l ocomot ives 31,752 47 31,718 80 33 67 O t h e r suppl ies for t r a i n l ocomot ives 23,557 84 23,490 45 67 39 Eng inehouse expenses—tra in 291,774 67 280,943 46 10,831 21 T r a i n m e n 883,183 13 938,551 94 55,368 81 T r a i n suppl ies a n d expenses 211,208 13 220,084 98 8,876 85 S i g n a l a n d in t e r locke r opera t ion 195,174 62 204,726 16 9,551 54 C r o s s i n g p ro t ec t i on 38,057 10 35,610 79 2,446 31 D r a w b r i d g e o p e r a t i o n 4,112 95 6,583 28 2,470 3 3 T e l e g r a p h a n d telephone ope ra t ion 5,367 90 6,015 84 647 94 S t a t i o n e r y a n d p r i n t i n g 56,077 86 57,066 50 988 64 O t h e r expenses 4,106 96 8,460 50 4,353 54 O p e r a t i n g j o i n t t r acks a n d f a c i l i t i e s — D r . 3,617 39 2,846 88 770 51 O p e r a t i n g j o i n t t r acks a n d f a c i l i t i e s — C r . 10,059 12 18,131 92 8,072 80 Insurance 2,583 27 2,583 27 C l e a r i n g wrecks 8,513 40 11,184 89 2,671 49 D a m a g e t o p r o p e r t y 24,024 07 27,389 02 3,'364 95 D a m a g e t o l i v e s tock o n r i gh t of w a y 1,106 16 865 71 240 45 L o s s a n d damage—fre igh t 159,669 22 161,089 73 1,420 51 L o s s a n d damage—baggage 2,148 78 2,543 02 394 24 Injur ies to persons 85,727 34 91,691 56 5,964 22

T o t a l $7,034,774 32 $7,469,057 72 $434,283 40

M I S C E L L A N E O U S O P E R A T I O N S

1914 1913 Increase Decrease D i n i n g cars $211,263 86 $239,343 16 $28,079 30 S t a t i u n res taurants 96,975 99 108,866 73 11,890 74 G r a i n e levators 20,664 12 34,492 48 13,828 36 O t h e r misce l laneous opera t ions 24,999 04 26,565 91 1,566 87

T o t a l $353,903 01 $409,268 28 $55,365 27

40


O P E R A T I N G E X P E N S E S I N D E T A I L (concluded)

G E N E R A L E X P E N S E S

1914 1913 Increase Decrease Salar ies and expanses of general officers S49.743 71 t52 ,073 02 82,329 31 Salar ies a n d expenses of c lerks a n d a t t endan ts 167,167 37 158,259 80 S8,907 57 G e n e r a l office suppl ies a n d expenses 26,936 98 28,040 43 2,103 45 L a w expenses 59,533 04 71,158 22 11,625 18 Insurance 24,804 49 50,177 10 25,372 61 Pens ions 44,690 56 43,011 75 1,678 81 S t a t i one ry a n d p r i n t i n g 9.692 40 16,029 82 6,337 42 V a l u a t i o n expenses 13,944 00 13,944 00

O t h e r expenses 1,674 73 6,491 82 4,817 09 G e n e r a l j o i n t f a c i l i t i e s — D r . 5,591 84 8,226 21 2,034 37 G e n e r a l j o i n t f a c i l i t i e s — C r . 172 76 186 00 13 24

T o t a l 1402.606 36 8433,282 17 t30 ,675 81

P E R C E N T A G E O F R A I L W A Y O P E R A T I N G E X P E N S E S T O R E V E N U E F R O M R A I L W A Y O P E R A T I O N S

B Y G R O U P S

1914 1913

M a i n t e n a n c e of w a y a n d s t ruc tures 1 3 0 2 14*14

M a i n t e n a n c e of e q u i p m e n t 12-98 1 1 9 5

Traf f ic expenses 1-41 1-22

T r a n s p o r t a t i o n expenses 42-60 42-15

M i s c e l l a n e o u s opera t ions 2*14 2-31

G e n e r a l expenses 2-44 2-45

T o t a l 74-65 74-22

TAXES ACCRUED (Including leased and operated lines)

O N C A P I T A L S T O C K

C o m m o n w e a l t h of M a s s a c h u s e t t s 867,402 82 S ta t e of N e w Y o r k 6,622 26 $74,025 08

O N G R O S S E A R N I N G S • • — 1,613 62

O N R E A L E S T A T E 647,302 20 O N S P E C I A L F R A N C H I S E S . 3,033 45

R A I L R O A D C O M M I S S I O N E R S ' A S S E S S M E N T S (Massachuse t t s ) 88 43

F E D E R A L G O V E R N M E N T I N C O M E T A X 22,806 99

T o t a l r a i l w a y taxes acc rued $748,869 77

DEDUCTIONS FROM INCOME R e n t a l of B o s t o n A A l b a n y l i a i l r o a d and its leased a n d opera ted l ines :

C a s h r en ta l $2,000,000 00 Interest on funded debt of B o s t o n & A l b a n y R a i l r o a d C o 1,037,130 00 O r g a n i z a t i o n expenses 10,000 00 R e n t a l of P i t t s f i e ld <t N o r t h A d a m s R a i l r o a d

D i v i d e n d at 5 % o n 4,.500 shares of c a p i t a l s tock $22,500 00 O r g a n i z a t i o n expenses 126 25 22,026 25

R e n t a l of W a r e R i v e r R a i l r o a d

D i v i d e n d a t 7 % o n 7,500 shares of c a p i t a l s tock $52,500 00 O r g a n i z a t i o n expenses 95 98 52,595 98

C a s h r e n t a l of N o r t h B r o o k f i e l d R a i l r o a d 3,000 00

R e n t a l of Ches te r i t B e c k e t R a i l r o a d Interest at 5 % on 850,000 00 bonds $2,500 00 Interest a t 5 % o n (33 ,845 43 notes 1,692 27 4,192 27

R e n t a l of P r o v i d e n c e W e b s t e r &. Spr ingf ie ld l i a i l r o a d 2 5 % of gross earnings for year ended D e c e m b e r 31, 1914 10,749 46

T o t a l r en ta l $3,140,293 96

4 1


MILEAGE STATISTICS

T R A I N M I L E A G E REVENUE SERVICE

Freight train-miles Passenger train-miles Milk train-miles Other passenger train-miles Mixed train-miles Special train-miles

1914 3,052,400 3,756,634

58,854 254,834 90,888 2,911

1913 3,542,936 4,055,562

59,922 274,420 82,170 3,022

Increase

8,718

Decrease 490,536 298,928

1,068 19,586

111

Total revenue train mileage Non-revenue train-miles

7,216,521 223,784

8,018,032 319,354

801,511 95,570

Total train mileage 7,440,305 8,337,386 897,081

REVENUE SERVICE

Freight locomotive-miles Passenger locomotive-miles Mixed locomotive-miies Special locomotive-miles Switching locomotive-miles

L O C O M O T I V E M I L E A G E

3,699,520 4,261,823 4,450,173 4,858,586

93,830 84,680 3,419 3,313

2,232,092 2,337,081

9,150 106

562,303 408,413

104,989

Total revenue locomotive mileage Non-revenue locomotive-miles

10,479,034 350,225

11,545,483 445,205

1,066,449 94,980

Total locomotive mileage 10,829,259 11,990,688 1,161,429

REVENUE SERVICE

Freight car-miles Loaded Empty Caboose

C A R M I L E A G E

64,070,012 27,333,644 3,167,581

70,354,817 28,955,606 3,647,909

0,284,805 1,621,962

480,328

Total Freight car-miles 94,571,237 102,958,332 8,387,095

Passenger car-miles Passenger Dining Sleeping, parlor and observation Milk Other passenger-train cars

10,819,251 753,587

6,549,295 241,973

6,793,326

11,756,102 821,034

6,968,322 224,758

6,591,269 17,215

202,057

936,851 67,447

419,027

Total passenger ear-miles 25,157,432 26,361,485 1,204,053

Special car-miles Freight—loaded Freight—empty Caboose

43,891 52

2,893

45,218

2,853 52 40

1,327

Total special ear-miles 46,830 48,071 1,235

Total revenue ear mileage Non-revenue car-miles

119,775,505 1,065,442

129,367,888 1,414,169

9,592,383 348,727

Total car mileage 120,840,947 130,782,057 9,941,110

4 2

BOSTON A N D A L B A N Y R A I L R O A D The Xew York Central and Hudson River Railroad Company, Lessee

TRAFFIC STATISTICS

F R E I G H T 1914 1913 Increase Dec rease

T o n s of revenue freight ca r r i ed 8,836,632 9,636,738 800,106

T o n s of c o m p a n y freight ca r r i ed 721,962 1.003,970 282.008

T o t a l t ons of f re ight c a r r i e d 9 . 0 5 8 , 5 9 4 10,640,708 1.082,114

T o n s o f r evenue f re ight eiUTied one m i l e 1,002,978,933 1,117,775,159 114,796,226

T o n s of c o m p a n j - f re ight c a r r i e d one m i l e 32,137,833 48,549,466 16,411.631

T o t a l t o n s of f re ight ca r r i ed o n e m i l e 1.035.116.7118 1.106,324.025 131,207.857

M i t e s of r o a d o p e r a t e d i n f re ight se rv ice 392-97 392-97

T o n s of r evenue f re ight c a r r i e d one m i l e per m i l e of i o a d 2,552,304 2,844,429 T o n s a l l f re igh t c a r r i e d one m i l e p e r m i l e of r o a d 2,034.086 2,967,974 333,888

A v e r a g e d i s t a n c e h a u l of one t o n of r evenue freight 113-50 115-99 2 49

A v e r a g e d i s t a n c e h a u l of one t o n o f a l l f re ight 108-29 109 01 1-32 A v e r a g e n u m b e r o f tons of revenue f re igh t p e r t r a i n mi le 31909 308-34 10-75 A v e r a g e n u m b e r o f tons a l l f re igh t per t r a i n m i l e 329-31 321-74 7-57 A v e r a g e n u m b e r o f tons o f r evenue f re ight per loadei 1 car m i l e 15-65 15-89 •24

A v e r a g e n u m b e r of tons a l l f re ight per l oaded car m i l e 1 6 1 6 16-58 •42

A v e r a g e n u m b e r of f re igh t ca rs per t r a i n m i l e 30 09 28-40 1-69 A v e r a g e n u m b e r of l o a d e d cars per t r a i n m i l e 2 0 3 8 19-41 •97 A v e r a g e n u m b e r of e m p t y cars per t r a i n m i l e 8-70 7-99 •71

T o t a l f re ight r evenue 88,295,961.41 88,936,246,31 $040,284.90

A v e r a g e a m o u n t r e c e i v e d for each Ion of f reight cents 93-9 cents 92 7 cents 1-2 A v e r a g e r evenue p e r t o n p e r m i l e m i l l s 8-271 m i l l s 7 9 9 4 m i l l s 0-277 A v e r a g e r evenue p e r m i l e of r o a d $21,110.93 $22,740.28 $1,629.35 A v e r a g e r evenue per t r a i n m i l e J2 .64 $2.47 $0.17

P A S S E N G E R N u m b e r of i n t e r l i n e passengers c a r r i e d 878,198 1,014,282 136,084 N u m b e r of l o c a l passengers ca r r i ed 4,931,578 5,225,997 294,419 N u m b e r of c o m m u t a t i o n passengers ca r r i ed 6,358,980 6,229,878 129,102

T o t a l n u m b e r o f revenue passengers ca r r i ed 12,168,756 12,470,157 301,401

T o t a l n u m b e r of r e v e n u e passengers c a r r i e d one m i l e 330,329,463 350,932,348 20,602,885 M i l e s o f r o a d o p e r a t e d i n passenger se rv ice 378 19 3 7 8 1 9 N u m b e r o f r evenue passengers c a r r i e d one m i l e per mi le of r o a d 873,448 927,926 54,478 A v e r a g e d i s l a n e e each r evenue passenger ca r r i ed 2715 2814 •99 A v e r a g e n u m b e r o f passengers per t r a i n m i l e 86 85 1 A v e r a g e n u m b e r o f passengers per ca r m i l e 18 18 A v e r a g e n u m b e r of passenger -ca r ry ing cars per t r a in m i l e 5 5

T o t a l passenger r evenue $6,014,631.95 86,390,213.47 $375,581.52 A v e r a g e a m o u n t r e c e i v e d f r o m each passenger cents 4 9 4 3 cents 51-24 A v e r a g e r evenue per passenger per m i l e cents 1-821 cents 1-821 T o t a l passenger se rv ice t r a i n r evenue 87,239,711.60 87,682,086.76 8142,375.10 A v e r a g e passenger se rv ice t r a i n r evenue per m i l e of r o a d $19,143.05 $20,312.77 $ 1 , 1 6 9 7 2 A v e r a g e passenger se rv ice t r a i n r evenue per t r a i n m i ! 0 $1.74 $1.62 $0.12

T O T A L T R A F F I C O p e r a t i n g r evenues $16,491,441 64 S17,719,564 2 " $1,228,122 03 O p e r a t i n g expenses 12,311,151 11 13,151,423 02 840,271 91

N e t o p e r a t i n g r evenue $4,180,290 53 $4,568,141 25 S3s7.s.-,(l 72

O p e r a t i n g revenues per m i l e of r o a d $41,960 10 $45-091 39 S 3 , 1 2 5 23 O p e r a t i n g expenses per m i l e of r o a d 31.328 48 33,466 74 2,138 26

N e t o p e r a t i n g r evenue p e r m i l e of r o a d $10,637 68 $11,024 65 $986 97

( I p e r a t i n g revenues per t r a i n m i l e $2 29 $2 21 $0 08 O p e r a t i n g expenses per t r a i n m i l e 1 71 1 64 0 07

N e t o p e r a t i n g r evenue per t r a i n m i l e $0 58 SO 57 $0 01

Documents

1914 THE NEW YORK CENTRAL AND HUDSON RIVER RAILROAD COMPANY · 1914 the new york central and hudson river railroad company report of the board of directors to the stockholders for