EXHIBIT No. 15

HUDSON TERMINAL BUILDINGS REVENUES, EXPENSES AND TAXES FOR
THE YEARS ENDED MARCH 31, 1912 AND 1911
 

$1,428,502.90
 

11,453,834.59
 

$1,432,110.76
 

$ 36,985.02
255,494.78
82,648.85
 

$375,128.65
40,002.00
 

operating revenues;

Gross Rentals.....

Miscellaneous Revenues
 

Less Assumed I,eases in other Buildings
NET TOTAL OPERATING REVENUES

operating EXPENSES:

Maintenance of Structures and Plant

Expenses of Operation........

General Expenses..........
 

415,130.65
 

$1,016,980.11
155,955.40
 

Depreciation of Buildings and Plant .

total operating EXPENSES
NET OPERATING REVENUE
TAXES
 

$861,024.71     NET INCOME FROM HUDSON TERMINAL BUILDIHGS
 

$ 35,729.29
275,054.40
104,987.64
 

415,771.33
40,002.00
 

28.99%
26.19%
 

Ratio of Operating Expenses to Net Total Operating Revenues.

Ratio   of  Operating   Expenses,   exclusive of   Depreciation, to Net Total
Operating Revenues.