Annual report of Hudson & Manhattan Railroad Company

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



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  1950: Page 4  

Hudson & Manhattan Railroad Company 1950 Annual Report

About William Reid

On October 1, 1950, William Reid
look office as president of Hudson &
Manhattan Railroad Company.

Mr. Reid brings to the Company
knowledge and experience gained in a
37-year career in the service of the City
of New York. Beginning as a book¬
keeper, he worked his way up to such
important posts as Chairman of the
Board of Transportation, which operates
vast and intricate New York subway and
surface transit systems, and Deputy
Mayor of the City. He resigned as Dep¬
uty Mayor to take over the reins of your

JVilliam Reid is not only an able ad¬
ministrator but one of the country's lead¬

ing authorities on rapid transit planning
and finance. Your Company has been
fortunate to obtain his services. I am
sure that you who share my interest in
the future of Hudson & Manhattan will
agree that the Board has entrusted its
leadership to a man of outstanding quali¬
fications. Moreover, his five-year con¬
tract will ensure a continuity and stabil¬
ity of management that has long been

Morris Cohon
Chairman of the Board

what steps are required to relieve con¬
gestion at Grand Central and Pennsyl¬
vania Stations. Such studies should be
made in cooperation with New York
City officials, as it is advisable and de¬
sirable to provide easy interchange be¬
tween the City subway system and the
Long Island Railroad, as well as the
railroads from the north and west.

No one can estimate precisely at this
time what the total cost of coordinating,
modernizing and extending the mass
transportation facilities in the metropoli¬
tan area will be. But one thing is certain;
this area is growing very fast in all
directions, so the longer the matter is
postponed, the more dissatisfaction there
will be among the traveling public and
the more costly the job will eventually

Second, the City of New York is now

working on plans for a new subway to
cost about five hundred million dollars.
It will require six to eight years to build.
Obviously, these plans should be inte¬
grated with the over-all solution to avoid
unnecessary delay and additional cost.

Governor Alfred E. Driscoll of New
Jersey, when he dedicated the Port of
New York Authority's new bus terminal
on December 14, 1950, said he proposed
to call for an early meeting of all New
York and New Jersey agencies con¬
cerned with rail, air and highway trans¬
portation to develop a coordinated pro¬
gram of traffic interchange. He said it
was imperative that we put more people
back into railroad cars if we are to solve
this very pressing problem.

Shortly after the Long Island wreck
on Thanksgiving eve, 1950, Governor
Dewey appointed a committee to recom-
  1950: Page 4