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The New York Central Railroad Company

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The New York Central Railroad Company The New York Central Railroad Company Report of the Board of Directors to the Stockholders for the year ended December 31, 1923 New York Central Building 466 Lexington Avenue New York ALFRED HOLLAND SMITH BORN APRIL 26, 1863—DIED MARCH 8, 1924 PRESIDENT NEW YORK CENTRAL LINES 1914-1918 AND 1919-1924 At a meeting of the Board of Directors of The New York Central Railroad Company held April 9, 1934, the following minute was adopted and directed to be entered upon the records of the company and a copy engrossed, executed by the officers of the company' and sent to the family: 4 LFRED H. SMITH, President of the New York Central Railroad System, had a J\_ very remarkable and constructive career. He began at the bottom and served in every grade with eminent credit to himself and benefit to his employers. Immediate mastery of the work entrusted to him was the characteristic of his life. He delivered messages as a boy, or swung a pick as a member of the construction force, or as foreman of the force organized his company and increased its efficiency, or as a railway operator compelled order out of chaos, or as an executive secured the loyalty and admiration of his staff and thousands of workers by his rare combination of personal charm and complete control and performance of his responsibilities. He solved difficult problems with an apparent ease that astonished his associates. Every department of the great System over which he was president felt his masterful control. His early contact and companionship with them gave him an understanding and familiarity with the opinions, the aspirations, the wants and the grievances of the track, the shop, the operating force and the traffic administration which were of infinite value in averting difficulties, promoting loyalty and securing efficiency. When the United States entered the Great War and took over the railroads, the transportation situation upon which depended the movement of troops, the loading of ships, and the supply of fuel and food for cities was so desperate that economic chaos and anarchy were threatened. Mr. Smith was made Regional Director of the East, and with a skill and coordination which amounted to genius relieved the congestion and established orderly and normal movement of trains and relief of terminals. When the Government returned the railroads to their owners, Mr. Smith so re• habilitated the several lines and established such harmony in the working of the System that service to the public was restored and improved and every department of the road brought to a very high degree of efficiency. His last work, a few hours before his death, was completing an annual report which was the most favorable in the history of the company. The Canadian Government, recognizing his preeminent qualifications, invited him to review the railroad situation, which was the cause of so much concern, and the services which he rendered were of the highest importance and value. Those who had interests in the railroads of Cuba, as a mark of especial recognition of his ability in the grasping of situations such as confronted them, selected him to aid them in modernizing the railroad systems of that Island and bringing them up to present standards, a work which he had but recently undertaken. Mr. Smith combined with tireless energy vision and imagination. He saw the needs of the railway situation in general and the special requirements necessary for the growth and development of the Port of New York. His death at the zenith of his powers is a great loss to the country. We, his associates, deplore the death of a devoted friend whose rare personal charm endeared him to all. ORGANIZATION OF THE NEW YORK CENTRAL RAILROAD COMPANY DECEMBER 31, 1923 DIRECTORS Elected at the annual meeting of the stockholders, January 24, 1923 CHAUNCEY M. DEPEW, Chairman ROBERT S. LOVETT ALBERT H. HARRIS FREDERICK W. VANDERBILT OGDEN MILLS BERTRAM CUTLER GEORGE F. BAKER ALFRED H. SMITH WARREN S. HAYDEN WILLIAM K. VANDERBILT FRANK J. JEROME WALTER P. BLISS HAROLD S. VANDERBILT EDWARD S. HARKNESS JAMES B. FORGAN The annual meeting of the stockholders for the election of directors is held in the city of Albany, New York, on the fourth Wednesday in January FINANCE COMMITTEE WILLIAM K. VANDERBILT GEORGE F. BAKER ALFRED H. SMITH HAROLD S. VANDERBILT ROBERT S. LOVETT OFFICERS President ALFRED H. SMITH New York Assistant to President HOWARD L. INGERSOLL New York Assistant to President GEORGE A. HARWOOD New York Assistant to President SIDNEY B. WIGHT New York Executive Assistant to President MARTIN J. ALGER New York Vice President IRA A. PLACE New York Vice President ALBERT H. HARRIS New York Vice President GEORGE H. INGALLS New York Vice President PATRICK E. CROWLEY New York Vice President HOWARD M. BISCOE Boston Vice President JOHN L. BURDETT New York Vice President JOHN G. WALBER New York Assistant Vice President EDWARD T. GLENNON Chicago Assistant Vice President FRANK J. JEROME Cleveland Assistant Vice President CHARLES C. PAULDING New York Assistant Vice President RAYMOND D.STARBUCK New York Assistant Vice President CHARLES J. BRISTER Chicago Assistant Vice President JOHN K. GRAVES New York Secretary EDWARD F. STEPHENSON New York Assistant Secretary JOSEPH M. O'MAHONEY New York General Treasurer MILTON S. BARGER New York Assistant General Treasurer HARRY G. SNELLING New York Assistant General Treasurer EDGAR FREEMAN New York Assistant General Treasurer HENRY A. STAHL New York Treasurer EDWARD L. ROSSITER New York Assistant Treasurer LOUIS BENDER New York Assistant Treasurer RUDOLPH P. AHRENS Cleveland Assistant Treasurer EDWARD N. BENNETT Columbus Comptroller WILLIAM C. WISH ART New York Assistant Comptroller LEROY V. PORTER New York Assistant Comptroller FREDERICK H. MEEDER New York General Treasurer, 466 Lexington Avenue, New York, transfers stock; pays dividends on stock issued in America; transfers registered bonds; pays interest on coupon and registered bonds Central Union Trust Company of New York registers stock issued in America Messrs. Morgan, Grenfell & Company, 22 Old Broad Street, London, E. C. (London fiscal agents), transfer stock issued in England; pay dividends on stock issued in England National Provincial Bank, Limited, London, registers stock issued in England REPORT To the Stockholders of THE NEW YORK CENTRAL RAILROAD COMPANY: The Board of Directors herewith submits its report for the year ended December 31, 1923, with statements showing the income account and the financial condition of the company, Road operated The following is a comparative table of the mileage operated: 1923 1922 Decrease Miles Miles Miles Main line and branches owned 3,715% 3,71611 •15 Leased lines 2,624-43 2,624-62 •19 Lines operated under trackage rights 549-17 559-24 1007 Total road operated 6,889-56 6,899-97 10-41 The slight decrease in the mileage of owned and leased lines is caused by adjustments of measurements and changes in classification. In lines operated under trackage rights there was a decrease of 11-18 miles through the discontinuance of operation over the Pennsylvania Railroad from Rossiter to P R R Junction and an increase of 13/100ths of a mile at Winchendon on the Boston and Maine Railroad; other minor changes being due to remeasurements and reclassification. Increased tonnage During the year the company moved 132,576,120 tons of revenue freight, an increase over 1922 of 35,882,964 tons. Excluding the Ohio Central Lines, which were operated independently prior to 1922, the revenue tonnage of 1923 was substantially as great as that of 1918, the heaviest previous year. Of the increase in tonnage in 1923 over 1922, 52-46 per cent was in bituminous coal. This increase was due in some part to the sub• normal movement in 1922 caused by the coal strike but principally to co-operation of industries and dealers in stocking their coal requirements in advance of the usual seasonal rush, as a result of which there was practically no shortage of open-top cars at any time during the year. A similar improved condition obtained in the case of cement and other commodities. There was no necessity during the year for the issue of any general em• bargoes restricting the free movement of traffic. 3 Annual Report INCOME ACCOUNT FOR THE YEAR THE FINAL RESULTS OF OPERATION OF THE BOSTON AND ALBANY RAILROAD AND OF THE OHIO CENTRAL LINES FOR 1922 AND 1923 ARE INCLUDED IN THIS SUMMARY UNDER SEPARATELY OPERATED PROPERTIES PROFIT, OR SEPARATELY OPERATED PROPERTIES LOSS, AS THE CASE MAY BE. SEPARATE STATISTICS FOR THESE PROPERTIES ARE APPENDED TO THIS RETORT Year ended Year ended Dec. 31, 1923 Dec. 31, 1922 OPERATING INCOME Increase Decrease 5,699-73 miles 5,710-08 miles 10-35 miles RAILWAY OPERATIONS operated operated Railway operating revenues 18365,175,18 8 48 $316,620,098 02 $48,555,090 46 Railway operating expenses 278,602,021 02 250,400,469 63 28,201,551 39 NET REVENUE FROM RAILWAY OPERATIONS $86,573,167 46 $66,219,628 39 $20,353,539 07 Percentage of expenses to revenues (76-29) (79-09) (2-80) Railway tax accruals $20,053,594 49 $17,361,159 94 $2,692,434 55 Uncollectible railway revenues 98,159 39 53,416 69 44,742 70 RAILWAY OPERATING INCOME $60,421,413 58 $48,805,051 76 $17,616,361 82 Equipment rents, net debit $4,126,179 96 $1,233,223 46 $2,892,956 50 Joint facility rents, net credit 3,520,565 64 2,999,715 64 520,850 00 NET RAILWAY OPERATING INCOME $65,815,799 26 $50,571,543 94 $15,244,255 32 MISCELLANEOUS OPERATIONS Revenues $1,175,446 31 $928,419 03 $247,027 28 Expenses and taxes 965,162 51 600,148 50 365,014 01 MISCELLANEOUS
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