Annual Report

Balance to credit of profit and loss (free surplus) as shown in report of December 31, 1913
Additions for year:

Surplus from operations

Sundry deferred credits and adjustments

Deductions for year:

Discount and expenses account of Refunding and Improvement mortgage bonds

Discount, commissions and expenses account NYC Lines equipment trust of 1913

Commissions, brokerage and expenses on various short term loans

Cash advances to Clearfield Bituminous Coal Corporation

Charging off value of abandoned facilities

Adjustment of accounts with Pullman Co. July 1, 1910, to December 31, 1913

Adjustment of amount paid in connection with land for Grand Central Terminal

Improvement
Charging off various uncollectible accounts, settlement of suits and sundry adjustments

of accounts

Balance to credit of profit and loss (free surplus) December 31, 1914
 


 

812.965,794 15
 

$205,435 33
 


 

938.561 05
 

1.143.996 38
 


 

814.109.790 53
 

$3,101,875 52
 


 

103.708 07
 


 

74.922 19
 


 

445,000 00
 


 

213,396 30
 


 

200,000 00
 


 

210.227 65
 


 

324,918 72
 

4.674.048 45
 


 

$9,435,742 08
 

The decline in operating revenues which commenced in October, 1913, continued
throughout the whole of the year 1914, causing a net decrease of $9,942,758.13, equal to
81 per cent.

The decrease in freight revenues, $6,753,888.35, was 9-77 per cent. Almost every
commodity shows a loss in volume and the consequent decrease in the density of freight
traffic per mile of road was 381,215 ton-miles.

The-decrease in passenger revenue, $2,765,729.79, was in both local and interline
business. The decrease in mileage amounts to 142,118,913 passenger-miles. The average
amount received from each passenger decreased a little over three cents and the density
of passenger traffic per mile of road decreased 43,038 passenger-miles.

The revenue from express business decreased $649,931.06, due to decrease in the
volume of business and reduced rates. Mail earnings increased $468,440.38, duo to more
mail transported.

Rail operating expenses decreased $9,381,330.48 or 1004 per cent. The decreases
by groups were as follows:

Maintenance of way and structures decreased $3,393,644.22. There was less im¬
provement work conducted and a lighter traffic sustained. The property -was maintained
to its standard.

Maintenance of equipment decreased $1,726,246.57, duo to decreased mileage made
by equipment.

Transportation expenses decreased $3,717,536.64, due to decrease in volume of busi¬
ness and the benefits in the form of increased efficiency resulting from previous invest¬
ments.

Traffic expenses decreased $419,733.85.

Miscellaneous operations decreased $106,204.18.

General expenses decreased $17,965.02, notwithstanding an increase of $52,347.24 in
expenditures  on account of  the  Government  Valuation   requirements.    The  Govern-