HUDSON AND MANHATTAN RAILROAD COMPANY

New York, June 15th, 1920
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,  1919.
 

Condensed Comparative Statement of Income
 

12 Months

Ended
December
31st, 1919
 

12 Months

Ended
December
31st, 1918
 

Income from lease of railroad and Hudson Terminal Buildings,
"Standard Return" payable by United States Railroad Ad¬
ministration _...................................................................................................................................
 

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, 5's, First Mortgage 4^'s, and First Lien and
Refunding 5's..........-.....................................................................................................................
 

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

Revenues and expenses applicable to the period prior to January 1st,
1918, settled for account of the corporation by the United
States Railroad Administration.....................................................................................
 

Balance carried forward from prior period.................

Other items of expense prior to January 1, 1918...
Balance to carry forward to subsequent period......
 

$59,336.33
28,849,42
 

$30,486.91
 

$3,033,849.68
76,487.85
 

$2,957,361.83
146,433.53
 

$3,103,795.36
271,698.42
 

$2,832,096.94
2,168,535.00
 

$663,561.94
640,000,00
 

$23,561.94
 

$25,961.54
41,610.37
 

$67,571.91
847.18
 

$68,419.09
 

$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
 

$2,404.31
53,206.06
 

$55,610.37
14,000.00
 

$41,610.37
 

*See note on Exhibit No. 2.