Annual report of Hudson & Manhattan Railroad Company

(New York, N.Y. :  Hudson and Manhattan Railroad Company  )

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  1922: Page 5  



New York, March 15,  1923.

To the Stockholders and Bondholders of the

Hudson & Manhattan Railroad Company

Your Board of Directors submits the following report for the year ended December 31, 1922.

At the beginning of the year there remained 2% of accumulated interest unpaid upon the Com¬
pany's Adjustment Income Mortgage Bonds. On October 1, 1922, there was paid the regular semi¬
annual installment of 2^%, together with an additional 1% on account of the accumulated unpaid
interest. On January 25, 1923, your Board of Directors declared as due and payable on April 1, 1923,
the regular 2)4% semi-annual payment and an additional 1%, being the final installment of the
cumulative unpaid interest.

In previous reports reference has been made to the Company's acceptance of the provisions of
Section 209 of the Transportation Act, which guaranteed the operating income for the six months
immediately following the termination of Federal Control on February 29, 1920. The Company's
claim, in the revised form required by the Interstate Commerce Commission, was filed on May 31, 1922,
and is now in process of examination by the Commission but as yet no settlement has been effected.

The passenger revenue has shown a satisfactory increase (3.5%) during 1922 and operating
expenses have been slightly decreased. The net return, however, is still very much less than the 5.75%
which the Interstate Commerce Commission has determined as a fair return upon the aggregate value
of the railway property of carriers as defined in Section 15-A of the Interstate Commerce Act.

Taxes continued to increase. Taxes on railroad operating properties in 1922 increased $87,332.25,
or 14.9% over 1921.    The increase in 1921 over 1920 was 40.98% and in 1920 over 1919 was 12.48%.

In the report for last year mention is made that, in order to care for the continued growth in
traffic, an order was placed on December 30, 1921, for 25 new cars of the same type as those already
in service. These cars were received from the builders in the Fall of 1922 and placed in service. The
steady increase in traffic makes advisable a further increase in the rolling stock of the Company and
your Board has recently authorized the purchase of an additional lot of 25 cars of the standard
type.   This equipment should be ready for service in the latter part of 1923.

The annual statement of income, balance sheet and other statistics are hereinafter submitted.
By order of the Board of Directors,

OREN ROOT,

President.
  1922: Page 5