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Fifty-Second Annual Report

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Fifty-Second Annual Report 1933 FIFTY-SECOND ANNUAL REPORT THE LONG ISLAND RAILROAD • COMPANY FOR THE YEAR ENDED 31st DECEMBER, 1933 OFFICE OF THE SECRETARY, BROAD STREET STATION BUILDING, PHILADELPHIA, PA. Downloaded from http://PRR.Railfan.net - Collection of Rob Schoenberg - ©2019 - Commercial reproduction or distribution prohibited THE LONG ISLAND RAILROAD COMPANY DIRECTORS W. W. ATTERBURY............................. Broad Street Station Building, Philadelphia, Pa. HERBERT C. LAKIN............................ 14 Wall Street, New York, N. Y. A. J. COUNTY................................... Broad Street Station Building, Philadelphia, Pa. W. E. FREW... , ................................. 13 William Street, New York, N. Y. HERBERT L. PRATT.... · ........................ 26 Broadway, New York, N. Y. H. R. WINTHROP................................ 26 Broadway, New York, N. Y. G. LEBOUTILLIER. .............................. Pennsylvania Station, New York, N. Y. ALFRED H. SWAYNE............................ 1775 Broadway, New York, N. Y. JOHN A. HARTFORD........................... .420 Lexington Avenue, New York, N. Y. T. W. HULME ................................... Broad Street Station Building, Philadelphia, Pa. M. W. CLEMENT................................ Broad Street Station Building; Philadelphia, Pa. DAVID L. LUKE ................................ 230 Park Avenue, New York, N. Y. CARLETON H. PALMER ........................ 745 Fifth Avenue, New York, N. Y. FLOYD L. CARLISLE ............................ 15 Broad Street, New York, N. Y. J. L. EYSMANS ................................. Broad Street Station Building, Philadelphia, Pa . • OFFICERS PRESIDENT ............................................................ w. w. ATTERBLRY VICE-PRESIDENT ........................................................ M. w. CLE~IEXT VICE-PRESIDENT-ASSISTANT TO PRESIDENT .............................. ]. L. EYS~L\.."'\S VIcE-PREsIDENT ........................................................ G. LEBOrTILLIER VICE-PRESIDENT IN CHARGE OF FINANCE AND CORPORATE RELATIONS ....... A. J. COUXTY VICE-PRESIDENT IN CHARGE OF REAL ESTATE, VALUATION AND TAXATION.T. w. ffiL~IE VICE-PRESIDENT AND COMPTROLLER ...................................... F. J. FELL. JR.. VICE-PRESIDENT IN CHARGE OF PURCHASES, STORES AND INSURANCE ....... C. D. YO"GXG VICE-PRESIDENT IN CHARGE OF OPERATION ............................... ]. F. DE_.\SY VICE-PRESIDENT IN CHARGE OF TRAFFIC .................................. WALTERS. FR..\..,"XLIX SECRETARY ............................................................ J. TA~"EY WILLCX>:X TREASURER ............................................................ GEO. H. PABST, JR. GENERAL COUNSEL .................................................... HE:!\'"RY WOLF BIKL£ GENERAL MANAGER .................................................... G. L-sBOCTILLIER DEPUTY COMPTROLLER .................................................. EL~IER IL.\RT REAL ESTATE AGENT ................................................... W. W. ~L\YER PURCHASING AGENT .................................................... E. J. L~INECK STORES MANAGER ...................................................... C. B. IL.\LL MANAGER, INSURANCE DEPARTMENT ...................................... E. B. DEVILBISS CHIEF OF FREIGHT TRANSPORTATION .................................... ]. R. DOWNES CHIEF OF PASSENGER TRANSPORTATION .................................. D. M. SHEAFFER CHIEF OF MOTIVE POWER .............................................. F. w. HANKINS CHIEF ENGINEER ....................................................... A. c. WATSON SuPERINTENDENT, RELIEF AND PENSION' DEPARTMENTS .................... E. B. HUNT Downloaded from http://PRR.Railfan.net - Collection of Rob Schoenberg - ©2019 - Commercial reproduction or distribution prohibited 1933 FIFTY-SECOND ANNUAL REPORT 'THE LONG ISLAND RAILROAD COMPANY GENERAL OFFICE, NEW YORK, N. Y., April 4, 1934. To the Stockholders: The Board of Directors submit herewith their report for the year ended December 31, 1933, with such data relating to your Company as will give a clear understanding of its financial condition. MILEAGE COMPARISON WITH 1932 DECEMBER 31, 1933 INCREASE Miles of line owned ......•......•.................••.......... 386.76 Miles of line under lease .•..•......••........•...........•..... 9.39 Miles of line under trackage rights ........•.••....•..•....•..... 4.08 0.26 Total. •••..••.•.............•.........•...............•. 400.23 0.26 Downloaded from http://PRR.Railfan.net - Collection of Rob Schoenberg - ©2019 - Commercial reproduction or distribution prohibited 2 Fifty-second Annual Report, The Long Island Railroad Company [1933] INCOME STATEMENT REVENUES AND EXPENSES Total operating revenues decreased $4,151,494, or 14.7%. Freight revenues decreased 14.7%, and passenger revenues decreased 14.1 %. While total operating revenues decreased 14.7%, a further substantial reduction of $3,111,397, or 16.8%, was effected in operating expenses. The principal decreases were: $390,106 in Maintenance of Way and Structures; $567,574 in Maintenance of Equipment, and $2,117,958 in Transportation. NET INCOME The Net Income for the year was $2,243,258, a decrease of $756,390. Against this Net Income were charged the usual appropriation to the Insurance Fund and dividends aggregating 2% upon the Capital Stock. The balance of $1,142,522 was transferred to the credit of Profit and Loss, and that account was charged with sundry net debits aggregating $21,526. In 1932, dividends of 6% were paid and charged against Profit and Loss. GENERAL BALANCE SHEET The General Balance Sheet shows the financial condition of the Company at the close of the year and a comparison with December 31, 1932. ROAD AND EQUIPMENT The Investment in Road and Equipment increased $556,159 in 1933, as follows:- Assessments for public improvements .......................... $18,726.40 Real estate .................................................. 23,452.52 Heavier rail, installing tie plates and other improved track material 3,726.77 Elimination of grade crossmgs ................................. 487,732.70 Crossings, crossing gates, alarm bells and flash light signals ..... 7,821.91 Bridges and trestles .......................................... 14,073.60 Extensions of block signals, telephone, telegraph and lighting circuits 3,545.31 Power transmission and distributing lines. Cr. 24,133.89 Miscellaneous ................................................ 13,627.60 Equipment .................................................. 181,800.40 $730,37 3.32 CREDIT Road property retired ......................................... Cr. $59,952.62 Real estate sold ............................................... Cr. 35,300.61 Equipment retirements ........................................ Cr. 78,961.00 174,214.23 Net increase................................................................ $556,159.09 Two electric passenger locomotives were purchased from The Pennsylvania Railroad Company. Work on elimination of highway grade crossings continued during the year. The Valley Stream project, which involved the elimination of seven grade crossings, closing of one street across the railroad and opening of Sunrise Avenue, a new street under the tracks, was practically completed. The recon­ struction of bridges at highway crossings where grades have already been separated continues to cause unremunerative expenditures, one such bridge having been rebuilt during 1933 under order of the Public Service Commission. While only one additional order for grade crossing elimination was issued during 1933, orders issued in previous years by the Public Service and Transit Commissions contemplate the elimination of 76 grade crossings at a cost of nearly $10,000,000 to the Company. Downloaded from http://PRR.Railfan.net - Collection of Rob Schoenberg - ©2019 - Commercial reproduction or distribution prohibited [r933] Fifty-second Annual Report, The Long Island Railroad Company 3 The total amount borrowed from the State of New York to provide this Company's share of .the cost of grade crossings was, on December 31, 1933, $2,289,324. As has been pointed out in previous reports, the cost of eliminating grade crossings, which benefits chiefly highway transport, is a matter of grave concern to the Company, and has for many years imposed upon it a heavy burden involving the expenditure of many millions of dollars. It seems inequitable to continue to impose these large expendi­ tures upon the railroads for the benefit of highway users and for competitive forms of transportation, as these grade crossing eliminations are a part of the necessary cost of building and improving roads, the full cost of which should be assumed by the states or municipalities. ASSETS The decrease in "Deposits in lieu of mortgaged property sold" is due to release of funds deposited under lien of mortgages. The increase in "Miscellaneous physical property" reflects the purchase of property upon which the Company held a mortgage, which also explains the decrease in "Bonds," under "Other Investments." FUNDED DEBT AND OTHER LIABILITIES Unified l\1ortgage 4% Bonds, due March 1, 1949, aggregating $3,000 were cancelled and a like amount of Refunding Mortgage 4% Bonds were issued in exchange therefor. $732,000 Equipment Trust Obligations matured and were paid. The decrease in the amount due The Pennsylvania Railroad Company results from payments on account of advances made during 1932 to enable this Company to meet its corporate requirements. The changes in "Current Liabilities"
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