Hudson & Manhattan Railroad Company
 

1948 Annual Report
 

that floor has also been found for the full
Installation of IBM electric accounting ma¬
chines elsewhere referred to herein. Not only
has increased efficiency been the result of the
consolidation, but also an additional rentable
area of about 6,000 square feet has been made
available, from w-hlch the Company expects to
realize approximately $22,000 per annum.
Leases covering 4,190 square feet of this addi¬
tional area have already been rented at an
annual rate of $16,128.

The Hudson Terminal Buildings and asso¬
ciated equipment have been maintained in
excellent condition to insure their safety,
modernization and value. It was necessary to
replace certain portions of the roofs of the
buildings, and at present the entire facia of both
the 30 and 50 Church Street buildings are being
pointed up and repaired.

Elimination of the summer uniform for ele¬
vator operators In the Hudson Terminal Build¬
ings has resulted in a saving of $2,200 per
annum.

On February 11, 1949, the Company put into
 

effect a reduction of 21 in the force of building
maintenance employees, the estimated annual
saving being In excess of $70,000. Prior to that
time, and since January 1, 1948, eight other
positions were discontinued, at a saving of over
$25,000 per annum. The total saving in building
maintenance forces alone, therefore, since Janu¬
ary 1, 1948 well exceeds $95,000 per annum.

While the Hudson Terminal Buildings rentals
in 1948 exceeded those of 1947 by $166,097.72,
this increase was offset by the foUowIn.?:

A reduction in miscellaneous reve¬
nues.........................     S35,375.7;

An increase in operating expenses,       19,459.4;

An increase in real estate taxes. . .       31,457.35

586,292.60

The major portion of the decrease in miscel¬
laneous revenues is due to a reduction in the
amount of work performed for tenants, while
the increase In operating expenses is mainly
attributable to increased elevator operators'
wages and costs of cleaning services.
 

Labc

Early in 1947 the Company established a
program for the reduction in the number of
employees to more reasonable levels, care being
expended to see that no essential services were
neglected and that the safety of and service to
the public remained the paramount considera¬
tion. With these limiting factors In mind, the
Company is pleased to submit the following
schedule showing the progress of this program:

Number of Employees
of ike Company
Dale                                     and Its Subsidiaries

January 31, 1947..........                 !,529

January 31, 1948..........                 1,464

January 31, 1949..........                 1,342

Since January 31, 1949 the Company has
successfully reduced its total force by an addi¬
tional 49. Thus, In a period of two years and
one month the total number of employees has
diminished by 236, or over 15%. If not offset
in   great part  by wage   increases,   the   savings
 

would approximate $700,000 annually. How¬
ever, the Company is pleased to note that in
January, 1949 for the first time the monthly
aggregate actual compensation paid to employees
was less than the comparable figure for one year
ago.

Since January 1, 1948 employees of the Com¬
pany have gone on strike on two occasions
because of the Company's program for reduc¬
tions in force, even though the specific right
therefor is part of the contract. Fortunately,
neither strike lasted very long or succeeded in
its announced goal. The first, on December 31,
1948, inconvenienced many commuters return¬
ing home for their New Year's Eve celebrations,
and was condemned by the national head of the
striking union as "unauthorized", "in violation
of the Railway Labor Act" and "harmful to
organized labor generally". Service was dis¬
continued for a period of four hours all told..
The second  strike lasted  four days   (February