HUDSON AND MANHATTAN RAILROAD COMPANY

New York, October 1,  1919.
To the Stockholders and Bondholders of the

Hudson and Manhattan Railroad Company:

Your Board of Directors submits the following report for the year ended December
31,  1918.

Condensed Statement of Income
 

12 Months

Ended

December 31st,

1918
 

Income from lease of railroad and Hudson Terminal Buildings, "Standard Return''
payable by United States Railroad Administration..........................................

Income from outside real estate.......................................................................................................................................
 

Operating expenses and taxes on outside real estate...
Net income from outside real estate....._,......................................
 

Total income from operations....
Corporate operating expenses....
 

Net income from operation...

Non-operating income...............
 

Gross income applicable to fixed charges..........

Income deductions other than bond interest,.
 

Net income applicable to bond interest,..................................................................................................

Interest on N. Y. & J. S's, First Mortgage 4K's, and First Lien and Refunding 5's..
 

Balance of income after payment of all fixed charges...
Appropriations to reserve for contingencies...............................
 

Less revenues and expenses applicable to the period prior to January 1st, 1918, set¬
tled for account of the corporation by the United States Railroad Administration
 

Balance carried forward from prior period...
 

Less provision for items of expense prior to January 1, 1918,,..
Balance to carry forward to subsequent period..........................................
 

$3,003,362.77
 

$52,865.40
32,025.66
 

$20,839.74
 

$3,024,202.51
25,387,06
 

$2,998,815.45
94,265.33
 

$3,093,080.78
260,948.55
 

$2,832,132.23
2,168,535.01
 

$663,597.22
660,000.00
 

$3,597.22
1,192.91
 

$2,404.31
53,206.06
 

$55,610.37
14,000.00
 

$41,610.37