Annual report of Hudson & Manhattan Railroad Company

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

Tools


 

Jump to page:

Table of Contents

  1937: Page 11  



EXHIBIT No. 3

DECEMBER 31, 1937
 

LIABILITIES
Capital Stock:

Common Stock...............................................    $ 39,995,385.00

Preferred Stock...............................................           5,242,938.75

Stock liability for conversion...................................                11,626.25

Total Capital Stock.................................                                   « 45,249,950.00

Funded Debt:

First Mortgage 4M% bonds......................   $67,148,000.00

Less pledged as collateral under the first lien and
refmiding mortgage and the adiustment income
mortgage..................................     66,204,000.00    $      944,000.00

First lien and refunding mortgage 5% bonds.....................        35,819,733.66

Adjustment income mortgage 5% bonds.........................        33,102,000.00

Total funded debt..................................                                       69,865,733.66

Current Liabilities:

Audited accounts and wages payable.............................     S      208,438.27

Miscellaneous accounts payable.................................                10,812.93

Matured interest and dividends payable.........................                94,061.81

Interest on adjustment income bonds outstanding in hands of the

pubUc,  1K% declared February 10, 1938, payable April 1, 1938             469,260.00

Accrued interest and rents payable..............................              753,288.94

Other current liabilities........................................                36,922.11
 

Total cun-ent liabilities..............................

Deferred Liabilities:

Interest on adjustment income bonds outstanding in hands of the

public, 51^% deferred.......................................    $    1,642,410.00

Other deferred liabilities.......................................                 3,502.15
 

Total deferred liabilities.............................                                         1,645,912.15

Unadjusted Credits:

Tax liability..................................................     «        87,329.34

Operating reserves............................................               27,185.43

Accrued depreciation—Road and equipment......................           5,062,677.38

Accrued depreciation—Miscellaneous physical property............           5,912,014.95

Other unadjusted credits.......................................                27,514.40

Total unadjusted credits.............................                                       11,116,721.50

Corporate Surplus:

Funded debt retired through surplus...........................       $   4,924,382.73

Miscellaneous fund reserves....................................             513,818.27

Profit and loss—Balance (Deficit)..............................           1,595,305.56

Total corporate surplus..............................                                        3,842,895.44
 

TOTAL...................................                                   $133,293,996.81
 

Contingent upon the outcome of a caee now pending in the Internal Revenue Bureau, there is a possible tax
liability of approximately $150,000.00 or a possible refund of approximately $100,000.00.

Under the act imposing taxes to provide revenues for the Carriers Taxing Act of 1937, the Company has a
possible liability of approximately $47,000.00, the accrual of which has been deferred pending a judicial deter¬
mination of the constitutionality of said act and the status of the Hudson & Manhattan Railroad Com¬
pany as an electric interurban thereunder.

Contingent upon the final decision in cases now pending before the Comptroller of the City of New York, there is a
possible tax liability of approximately $100,000.00 for taxes, largely upon the revenues of the Hudson Termmal
Buildings, under local laws imposing excise taxes upon the gross earnings of public utilities doing business in the
City of New York.
  1937: Page 11