HUDSON AND MANHATTAN  RAILROAD COMPANY

New York, April 30th, 1912.

To the Stockholders of the

Hudson and Manhattan Railroad Company :

The fiscal year of your Company ends on the 31st day of March of each year. On account
of the short time intervening between that date and the date of the annual meeting of the stock¬
holders, it was impossible for the Accounting Department to prepare full statements of accounts and
detailed statistics in time for the annual meeting. It is therefore recommended that in future the fiscal
year of the Company be made to end on the 31st day of December instead of the 31st day of March.

The following is a condensed comparative statement of income for the years ended
March 31st, 1912 and March 31st, 1911.

Condensed Comparative Statement of Income
 


 

YEAR Bndbd
March 31, 1912
 

YBAR SNDBD
March 31, 1911
 


 

$4,845,490.60
2,096,016.83
 

$4,165,492.27
1,850,440.15
 


 


 

12,749,473.77
 

$2,315,052.12
 

Interest on Total Interest-Bearing Bonds Outstanding    ....
 

$2,951,427.27
535,984.56
 

$2,918,007.91
819,192.31
 

Balance, being Interest on Capital Employed in Operation and
 

$2,415,442.71
283,751.69
 

$2,098,815.60
258,126.80
 


 

$2,699,194.40
 

$2,356,942.40
 

Net Income after Deduction of Fixed Charges Applicable against
that portion of the Property Employed in Present Opera-
 

$50,279.37
 

$41,890.28
 


 

Percentage of R. R. Operating Expenses vs. R. R. Revenue ,   .
Percentage of R. R. Operating Expenses, Exclusive of Depre-
 

37.91%
35.19%
 

40.45%
 


 


 


 

7,335,733
 

6,592,271
 


 

Total Railroad Revenue per Car Mile...........
 

43.90c.
16.65c.
 

40.88c.
16.53e.
 


 

27.25c.
 

24.35c.
 

The report of the Auditor, showing the financial condition of the Company and %'arious state¬
ments of accounts and statistics, are hereinafter submitted.

The accounts of the Company have been examined by Messrs. Patterson, Teele & Dennis,
Certified Public Accountants, and their certificate as to the correctness thereof, as herein rendered, is
attached hereto.