Hudson & Manhattan Railroad Company
 

1948 Annual Report
 

reduce the Company's fixed interest charges by
S65.550 annually.

0\'er the span of years, the re-acquisition and
retirement of bonds has reduced the face amount
of the outstanding Indebtedness in the form of
Adjustment Income Bonds by $12,253,000 from
533,102,000 to $20,849,000, and of First Lien &
Refunding Bonds by $8,862,929.04 from
537.534,633.66 to $28,671,704.62, resulting in a
reduction in annual Interest charges amounting
to 51-055,796.45. Accumulated arrearages of
Interest at December 31, 1948, on Adjustment
Income Bonds amount to $8,026,865, or 38^%.
 

Elsewhere herein there appears a picture of
the coin room at Hudson Terminal in operation.
During the year 1948 the sum of $6,262,367.79
was handled in this room, a great deal of it in
the form of coins.

For the first time in the history of the Com¬
pany the cremation of paid and cancelled
interest coupons was undertaken. The coupons
were checked and listed in numerical order in
the Treasurer's office by utilizing every odd
moment so that the work could be done without
additional expense to the Company. In this
way 580,255 coupons were delivered to the
Guaranty Trust Company, Trustee of the
Adjustment Income Bonds, and cremated after
the usual check by that bank. Similarly 579,371
First Lien & Refunding Bond coupons were
delivered to and cremated by the Central
Hanover Bank & Trust Company. 481,070
coupons from the First Mortgage 4^% Bonds
have been delivered to the Guaranty Trust
Company but have not yet been cremated. This
work will be continued until all coupons are
disposed of.

No^'el   means   of  increasing  the   Company's
re\'enues    b}"    the    installation    of    advertising
clocks, drink-vending machines
Miscellaneous   and movie machines either have
Revenues           been effected or are being care¬

fully considered. Advertising in
liic cars and on the station platforms netted
5154.500 and vending machines netted $12,360
Iv. 1Q4S.
 

In the year 1948, the Company spent about
$5,000   in   advertising  the  convenience,   speed
and   thrift   of using   the  Hudson Tubes.    The
great  bulk  of this   advertising was
Public         placed   in  newspapers  in  commuter

Relations    areas in northern New Jersey.

The Company has continued and
extended its program of reciprocal advertising
with radio stations. In return for advertising
space in the cars and on the platforms, Radio
Station WOR, New York, and Radio Station
WNJR, Newark, have been broadcasting tran¬
scribed spot-announcements which have cost the
Company only the expense for the preparation of
the transcription. The W^OR broadcasts are of
fifteen second duration, twice a day, six days a
w-eek; and WNJR broadcasts a one minute tran¬
scription daily except Sundays.

In order to keep the Company viewpoint
before Its passengers, the Railroad has displayed
on the car wdndows successive monthly or bi¬
monthly editions of "The Hudson Tubes
Dispatch," samples of which are reproduced
herein. The intent of these messages has been
to bridge the gap between Management and the
traveling public and to establish a friendly.
Informal relationship.

The Management has made a determined and
successful effort to keep its side of the story in
the public press; and there was satisfaction in
knowing that in the tw-o minor strikes of recent
date public sympathy was almost universally in
favor of the Company.
 

On August 25, 1948, the Board of Directors
established a Coordinating Committee of six top
Company executives and entrusted to it a roving
authority to Inquire Into any
Coordinating matter of Company concern, and
Committee to this end to enlist needed assist¬
ance in the securing of Informa¬
tion from any Company employee or department
w-ithout limitation. The Coordinating Com¬
mittee as such has no administrative function;
after due consideration it submits Its recom¬
mendations to the Board of Directors for
execution. The Committee's success is most
measurable in terms of savings and Increased