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The New York Central Hudson River Railroad Company

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FORTY FIRST ANNUAL REPORT OF THE BOARD OF DIRECTORS OF THE NEW YORK CENTRAL AND , HUDSON RIVER RAILROAD COMPANY TO THE STOCKHOLDERS FOR THE YEAR ENDED DECEMBER 31 1909 GRAND CENTRAL STATION NEW YORK 2 ORGANIZATION OF THE NEW YORK CENTRAL AND HUDSON RIVER RAILROAD COMPANY DECEMBER 31, 1909 DIRECTORS Elected at tlie annual meeting of stockholders held at Albany, New York, April 21, 1909 CHAUNCEY M. DEPEW, Chairman WILLIAM K. VANDERBILT WILLIAM H. NEWMAN FREDERICK W. VANDERBILT GEORGE F. BAKER WILLIAM C. BROWN GEORGE S. BOWDOIN J. PIERPONT MORGAN WILLIAM ROCKEFELLER HAMILTON McK. TWOMBLY DARIUS O. MILLS JAMES STILLMAN MARVIN HUGHITT * *Elected October St, 1909, to fill vacancy caused by the death oj Edaard H. Harranan EXECUTIVE COMMITTEE CHAUXCEY M. DEPEW* WILLIAM C. BROWN* WILLIAM K. VANDERBILT WILLIAM H. NEWMAN FREDERICK W. YAXDERBILT HAMILTOX McK. TWOMBLY J. PlKRPONT MoRliAN WlLLIAM ROCKEFELLER JAMES STILLMAX * Members ex-officio OFFICERS President WILLIAM C. BROWN New York Vice President EDWARD V. W. ROSSITER New York Vice President JOHN CARSTENSEN New York Vice President and General Manager ALFRED H. SMITH New York Vice President IRA A. PLACE New York Vice President CHARLES F. DALY New York Secretary DWIGHT W. PARDEE New York Treasurer EDWARD L. ROSSITER New York General Counsel ALBERT H. HARRIS New York Auditor RICHARD A. WHITE New York Chief Engineer GEORGE W. KITTREDGE New York General Purchasing Agent FRANCIS H. GREENE New York Purchasing Agent SYDNEY B. WIGHT New York General Freight Traffic Manager BARRETT B. MITCHELL New York Freight Traffic Manager FRANCIS LA BAU New York Coal Traffic Manager FRANK E. HERRIMAN New York General Passenger Agent JOHN F. FAIRLAMB New York General Superintendent M P R S A M JOHN F. DEEMS New York The annual meeting of stockholders for the election of directors is held in the city of Albany, New York, on the third Wednesday in April REPORT To the Stockholders of THE NEW YORK CENTRAL & HUDSON RIVER RAILROAD COMPANY: The Board of Directors herewith submits its report for the year ended December 31, 1909, with statements showing the results for the year and the financial condition of the company. The income account for the year and the various tables of statistics are shown in the form promulgated by the Interstate Commerce Commission and the details for the previous year have been revised for purposes of comparison. The mileage embraced in the operation of the road is as follows: Main line and branches owned 805*47 Proprietary lines 3-06 *Linefl leased 2,017*93 Lines operated under contract 81*70 Trackage rights 27367 Total road operated 3,781'83 The slight increase in road mileage operated is due to change of alinement and measurement at various points on the system. A statement showing in detail miles of road and track operated will be found upon another page. The capital stock authorized and outstanding is as follows: Authorized to December 31, 1909 $250,0(10,000 00 There was no change during the year in the amount issued and outstanding, the total on December 31,1909 being 178,632,000 00 Balance authorized but not issued December 31, 1909 $71,308,000 00 The funded debt outstanding on December 31, 1908, was 1243,414,84.5 00 There have been issued and sold during the year Gold mortgage bonds 4,000,000 00 and Gold bonds secured by a mortgage on the Spuyten Duyvil & Port Morris Railroad 2,500,000 00 making the total funded debt outstanding on December 31, 1909 $249,914,845 00 * The Dunkirk Allegheny Valley A Pittsburgh Railroad, SO'51 miles, is also leased by this rompany, but its mileage and operatons are not included in this report. Separate accounts are kept and independent returns prepared in its hehalt. 3 I .1 iiniiul Report SUMMARY OF FINANCIAL OPERATIONS AFFECTING INCOME 1009 1909 Increase Decrease OPERATING INCOME J RAIL OPERATIONS 3.7H1-8' 3 milt* operated 3 780'7'J miles -peratetl 1' 04 miles Revenues J >- S93.171.8tM) 69 SH3.927.354 29¬ $0,244,506 40 Expenses J , 64,593.820 35 61,289,304 00 3.304,522 35 J NET REVENUE FROM BAIL OPERATIONS. $28,578,034 34 $22,638,050 29 $5,939,984 05 Percentaiji uj vxpriws Id rrnnucs (69-33%) (73-03%) (3-70%) OUTSIDE OPERATIONS Revenues $4,517,006 90 $3,678,616 47 $839,380 43 4,312,028 06 3,542,495 95 769,533 01 s. $205,967 94 $136,120 52 $09,847 42 y NET REVENUE FROM OUTSIDE OPERATIONS / NET REVENUE FROM ALL OPERATIONS . 128,784,002 28 $22,774,170 81 $6,009,831 47 TAXES ACCRUED 4,434,504 32 4.253,086 64 181,417 68 */ OPERATING INCOME^ $24,349,497 96 $18,521,084 17 $5,828,413 79 OTHER INCOME Joint facilities rents $1,274,627 35 $1,160,380 3S $114,246 97 Miscellaneous rents 506,611 57 880,223 30 1373,611 73 Dividends on stocks owned or controlled 7,692.497 79 7,968,785 74 270,287 95 Interest on funded debt owned 577,901 13 499,492 66 78,408 47 Interest on other securities, loans and accounts 1,080,595 14 1,352,400 64 271.S05 50 Miscellaneous income 260,625 88 750,712 97 490,087 09 TOTAL OTHER INCOME'- $11,392,858 86 $12,611,995 69 $1,219,136 S3 <iROSS CORPORATE INCOME - $35,742,356 82 $31,133,079 86 S 1.009.270 90 DEDUCTION* FROM GROSS CORPORATE INCOME Rentals of leased lines $9,913,570 81 S0.70s.n-U «« $235,532 18 Hire of equipment Car mileage and per diem balances 959,684 00 1,473,504 40 $513,910 40 Interest on equipment trnsi certificates 548,948 26 « » 586,545 01¬ 37,596 75 Joint facilit ies rents 449,441 42 404,470 42 44,962 00 Miscellaneous rents 83,057 29 0,150 41 76.H97 8H Interest on funded debt • 8,913,661 53 - 8,501,904 02 411,687 51 Other interest 940.970 39 I.I 1 33 238,005 94 St. L. & A. Railway: interest, rental, etc 74,000 00 138,600 i 04,600 00 N. Y. & Ottawa Railway: interest on bonds 58,240 00 Other deductions 75,366 67 TOTAL DEDUCTIONS FROM GROSS CORPORATE INCOME §22.(146,936 16 $22,057,203 31 NET CORPORATE INCOME $13.(195.420 36 J0.O75.S76 55 $1,(110.543 SI DIVIDENDS, four, aggregating 5% 8,931,600 00 S.931,600 00 SURPLUS FOR THE YEAR Balance to cred profit and loss December 31, 1908 $10,940,870 06 Surplus for the ended December 31, (909 1.703,820 36 Add: Profit oi of capital stock in Chesajx'ake it Ohio Railway Company 1,354,410 21 $17,065,101 53 Deduct: Adjustment of item: ?d under various leases $781,192 15 Injury claims prior to 1909 809,632 45 Improvements on Boston & Albany Railroad assumed by lessee 48,000 00 Cancellation of uncollectible charges and sundry adjustments 17,089 26 $1,655,913 8G BALANCE DECEMBER 31, 1909 $15,409,187 67 5 The New York Central and Hudson Ricer Railroad Company The revenues from operation of the properties of the company are now divided into three classes; revenue from transportation, revenue from operations other than trans• portation and revenue from outside operations. For the year covered by this report the revenue from transportation was $92,238,523.28 an increase of $9,174,703.16; revenue from operations other than trans• portation was $933,337.41 an increase of $69 803.24; revenue from outside operations (connected with, but in addition lo transportation by rail) was $4,517,996 90 an increase of $839,380.43. The total gross revenue from all operations was $97,689,857.59 an increase of $10,083,886.83. All sources of revenue from transportation have shown an increase with the ex• ception of the mail sendee. The United States Government has established a new basis of computing the weight of mail matter, resulting in a diminution of the compensa• tion of this company of approximately fourteen per cent from July 1, 1909. Freight revenue was $54,449,281.47 an increase of $5,888,099.98. The revenue freight carried amounted to 44,171,954 tons, an increase of 5,093,792 tons over last year, and with the exception of the year 1907 reached a higher total than in any other year of the company's history. The average tonnage for the four years 1905 to 1908 was 43,240,164, so that the traffic for the year 1909 was 931,000 tons above the average of the four best previous years. Large increases show in all mineral and manufacturing products, the decreases in the classified list of commodities being in food stuffs, such as grain, fruits and vegetables, live stock, dressed meats and other packing house pro• ducts, and dairy products. The largest increases occurred in bituminous coal, lumber, and miscellaneous manufactures, while ores, iron and machinery were carried in largely increased quantities. The revenue from passengers amounted to $29,001,911.18 an increase of $2,393,145.37. An increase in the number of local passengers carried of 1,412,711 and an increase of 1,661,266 in commutation passengers carried, with a slight increase in the average dis• tance of travel and in the average receipts per mile, show that the passenger traffic over this company's lines is in a more satisfactory condition than in 1908, during which it suffered from the stagnation caused by the financial panic of the end of the year 1907.
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