Hudson & Manhattan Railroad Coavpany
 

30  CHURCH STREET
 

HUDSON
 

NEV/ YORK    7, N.V.
 

TUBES
 

TO THE STOCKHOLDERS:
 

March 10, 1948
 

This is the fortieth anniversary of the opening of the first tube of your railroad
as a transportation facility between New York and New Jersey. On February 26,
1908, service began between Manhattan and Hoboken, with completion of the
entire system following in a few months.

The engineering genius, the financial skill, the untrammeled individual enter¬
prise that went into the conception and the realization of the Hudson Sc A-lanhattan
Railroad were vindicated from the start of operations in 1908. Then after a
number of years came tax-free competition under governmental auspices—com¬
petition that provided vehicular traffic with expensive and subsidized facilities.
This competition dimmed the lustre and lessened the rewards of those who had
brought your railroad into existence but the fundamental principle remains sound
with Its inevitable reascendancy again seen.

Today your Management has the pleasure to report to you that the year 1947
marked an upward swing in both revenue and passenger traffic, that the present
trend continues encouraging, and that the future holds promise of further sub¬
stantial improvement. It Is most gratifying to report the resumption of interest
payments on the Company's Adjustment Income Bonds.

The economy of using the Hudson & Manhattan Railroad as a transportation
system carries a still unequalled appeal to the public. The economy of time and
the twin economy of cost give it an enduring place of major importance In the
travel habits of the people of the Metropolitan District. In contrast with the
sporadic service rendered by Its bus-line competitors, your railroad serves the public
twenty-four hours a day, every day of the year, irrespective of weather conditions.