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, 1926 New York Central Building 466 Lexington Avenue New York ORGANIZATION OF THE NEW YORK CENTRAL RAILROAD COMPANY DECEMBER 31, 1926 DIRECTORS CHAUNCEY M. DEPEW, Chairman OGDEN MILLS WARREN S. HAYDEN FREDERICK W. VANDERBILT FRANK-J. JEROME JACKSON E. REYNOLDS GEORGE F. BAKER EDWARD S. HARKNESS PATRICK E. CROWLEY WILLIAM K. VANDERBILT ALBERT H. HARRIS MYRON C. TAYLOR HAROLD S. VANDERBILT BERTRAM CUTLER CHARLES B. SEGER 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 ALBERT H. HARRIS, Chairman GEORGE F. BAKER HAROLD S. VANDERBILT WILLIAM K. VANDERBILT JACKSON E. REYNOLDS CHARLES B. SEGER OFFICERS President PATRICK E. CROWLEY New York Assistant to President HOWARD L. INGERSOLL New York Assistant to President FRANK H. HARDIN New York Executive Assistant to President MARTIN J. ALGER New York Engineering Assistant to President RICHARD E. DOUGHERTY 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 RAYMOND D. STARBUCK 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 CHARLES J. BRISTER Chicago Assistant Vice President JOHN K. GRAVES New York Assistant Vice President TIMOTHY W. EVANS New York Assistant Vice President ALBERT S. INGALLS Cleveland General Counsel ROBERT J. GARY New York Secretary EDWARD F. STEPHENSON New York Assistant Secretary JOSEPH M. O'MAHONEY New York General Treasurer HARRY G. SNELLING New York Assistant General Treasurer EDGAR FREEMAN New York Assistant General Treasurer HENRY A. STAHL New York Assistant General Treasurer RUSH N. HARRY New York Treasurer EDWARD L. ROSSITER New York Assistant Treasurer- LOUIS BENDER New York Assistant Treasurer SYLVESTER S. BLISS New York Assistant Treasurer RUDOLPH P. AHRENM Cleveland Comptroller WILLIAM C. WISHART New York Assistant Comptroller LEROY V. PORTER New York Assistant Comptroller FREDERICK H. MEEDER New York General Treasurer, Jt6G 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 d: 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, 1926, with statements showing the income account and the financial condition of the company. Road operated The following is a comparative table of mileage operated: 1926 1925 Decrease Miles Miles Miles Main line and branches owned 3,721-67 3,721-82 •15 Leased lines 2,652-76 2,65507 2-31 Lines operated under trackage rights 553-66 553-71 •05 Total road operated 6,92809 6,930-60 2-51 The decrease in leased mileage is the result of a change in the connection between the Toledo and Ohio Central Railway and the Toledo Terminal Railroad and the removal of main line tracks on the St Marys Branch in Ohio. The year's business The company's net income for the year, $55,664,040.98, was the largest in its history, exceeding that for 1925, the highest previous year, by $7,036,817.41. Total operating revenues, $399,537,748.86, exceeded 1925 by $13,543,244.06, but were $21,497,035.05 less than in 1923, the record year for such revenues. 3 4 Annual Report INCOME ACCOUNT FOR THE YEAR INCLUDING BOSTON AND ALBANY RAILROAD AND THE OHIO CENTRAL LINES Year ended Year ended OPERATING INCOME Dec. 31, 1926 Dec. 31, 1925 Increase Decrease 6,928 09 miles 6,930 60 miles 251 miles RAILWAY OPERATIONS operated operated Railway operating revenues $399,537,748 86 $385,994,504 80 $13,343,244 06 Railway operating expenses 298,931,037 51 290,440,958 36 8,490,079 15 NET REVENUE FROM RAILWAY OPERATIONS 1100,606,711 35 §95,553,546 44 $5,053,164 91 Percentage of expenses to revenues (74-82) (75-24) (-42) Railway tax accruals $26,881,808 16 $25,343,923 06 $1,537,885 10 Uncollectible railway revenues 167,079 84 217,275 70 $50,195 S6 RAILWAY OPERATING INCOME $73,557,823 35 $69,992,347 6S $3,565,475 67 Equipment rents, net debit $4,693,332 90 $5,079,852 17 $386,519 27 Joint facility rents, net credit 3,294,001 85 3,008,054 29 $285,947 56 NET RAILWAY OPERATING INCOME $72,158,492 30 $67,920,549 SO 84,237,942 50 MISCELLANEOUS OPERATIONS Revenues $813,799 30 $973,S31 25 $160,031 95 Expenses and taxes 791,523 79 883,456 30 91,932 51 MISCELLANEOUS OPERATING INCOME $22,275 51 $90,374 95 $68,099 44 TOTAL OPERATING INCOME $72,180,767 81 $68,010,924 75 $4,169,843 06 NON-OPERATING INCOME Income from lease of road $115,047 46 $116,2S8 84 $1,241 3S Miscellaneous rent income 3,158,978 52 2,704,564 40 $454,414 12 Miscellaneous non-operating physical property 526,187 65 550,109 64 23,921 99 Separately operated properties—profit 1,229,921 14 1,148,287 87 81,633 27 Dividend income 18,224,254 89 15,318,324 68 2,905,930 21 Income from funded securities and accounts 3,185,453 76 3,215,800 83 30,347 07 Income from unfunded securities and accounts 2,380,356 19 2,137,074 43 243,281 76 Income from sinking and other reserve funds 150,669 85 130,599 21 20,070 64 Miscellaneous income 105,820 56 9S.045 40 7,775 16 TOTAL NON-OPEBATING INCOME $29,076,690 02 $25,419,095 30 $3,657,594 72 GROSS INCOME $101,257,457 83 893,430,020 05 $7,827,437 78 DEDUCTIONS FROM GROSS INCOME Rent for leased roads $14,340,187 51 $14,079,484 88 $260,702 63 Miscellaneous rents 891,107 36 886,011 84 5,095 52 Miscellaneous tax accruals 235,1S9 54 202,302 93 32,886 61 Separately operated properties—loss 11,271 25 14,701 21 $3,429 96 Interest on funded debt 29,268,397 17 28,684,284 15 584,113 02 Interest on unfunded debt 67,025 SS 142,209 50 75,183 62 Amortization of discount on funded debt 525,267 95 550,075 45 24,807 50 Maintenance of investment organization 5,665 29 5,471 58 193 71 Miscellaneous income charges 249,304 90 238,254 94 11,049 96 TOTAL DEDUCTIONS FROM GROSS INCOME $45,593,416 86 844,802,796 48 $790,620 37 NET INCOME $55,604,040 98 $48,627,223 57 $7,036,817 41 DISPOSITION OF NET INCOME Dividends declared (7 per cent each year) S26,S27,S14 64 S26,732,833 39 $94,981 25 Sinking and other reserve funds 145,179 41 125,465 17 19,714 24 Investment in physical property 652 47 $052 47 TOTAL APPROPRIATIONS OF INCOME $26,972,994 05 $26,858,951 03 $114,043 02 SURPLUS FOR THE YEAR CARRIED TO PROFIT AND LOSS 828,691,046 93 $21,768,272 54 $6,922,774 39 5 The 'Sew York Central Railroad Company Profit and Loss account BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1925 $157,776,948 80 ADDITIONS: Surplus for the year 1926 $28,691,046 93 Profit on property sold 181,289 17 Profit on securities sold or matured 716,330 81 Sundry adjustments (net), unrefundable overcharges and uncollectible accounts 178,792 86 29,767,459 77 $187,544,408 57 DEDUCTIONS: Surplus appropriated for investment in physical property $125,735 67 Depreciation prior to July 1, 1907, on equipment retired during year 621,132 04 Loss on property retired 1,357,974 01 2,104,841 72 BALANCE TO CREDIT OF PROFIT AND LOSS, DECEMBER 31, 1926 $185,439,566 85 Revenues, tonnage and passengers Freight revenue was $248,365,453.08, an increase of $8,250,106.23, the tons of revenue freight moved during the year being 117,786,158 tons, an increase over 1925 of 6,562,460 tons. The commodities which principally contributed to this increase were coal, coke and iron ore. The movement of anthracite coal increased 1,070,959 tons, the traffic having been sub-normal in 1925 because of the strike in the latter part of that year. The increase of 4,184,314 tons in bituminous coal resulted from greater industrial activity and from the increased demand for export coal incident to the British strike. The use of coke as a sub• stitute for anthracite coal in the early part of the year as a result of the strike in the an• thracite industry caused an increase of 395,973 tons in the coke traffic. The movement of iron ore increased 890,832 tons as the result' of greater demand by the steel industry. Coal and coke constituted 43-81 per cent of the total tonnage in 1926. Passenger revenue was $99,913,735.41, an increase of $3,154,068.91 over 1925 and of $1,243,538.45 over 1923, the previous record year.
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