Hudson & Manhattan Railroad Company
 

30  CHURCH STREET
 

HUDSON
 

NEW YORK    7, N.Y.
 

TUBES
 

TO THE STOCKHOLDERS:
 

March 11, 1949
 

The Board of Directors takes pleasure in presenting for your consideration
your Company's 1948 Annual Report.

Hudson & Manhattan Railroad Company conducts two separate and dis¬
similar business enterprises. One is the daily transporting of 200,000 passengers
by rapid transit between points in Newark, Jersey City, Hoboken and New York
City. The other is the management and operation of two 22-story office buildings
occupying adjacent blocks in the heart of the downtown business district of New
York. Apart from the tax-free competition of vehicular bridges and tunnels,
perhaps the two major obstacles to the success of your Company over the span
of many years have been the inefficiency of railroad operations and the insufficiency
of the revenue from the Hudson Terminal Buildings. These two problems have
been of primary concern to the Board of Directors, which, without neglecting
other Company matters, has during 1948 directed its principal attention and effort
to their solution.

In order to give your Company new vigor, the Board has infused the organi¬
zation with new, aggressive and capable men, at the same time recognizing by
promotion such employees of long service as have demonstrated courage and
ability. With a staff of able and determined officers and officials your Company's
future looks brighter than it has for some time.

A more detailed account of the condition of the Company and the progress it
has made appears in the following pages.