THE NEW YORK CENTRAL RAILROAD COMPANY

Income Account

RAILWAY OPERATING REVENUES:                                                                                                      1944                      1943

Freight (Note A).....................     $468,283,532        $480,665,605

Passenger........................       180,965,132          162,017,837

Mail.........................         13,613,142            12,908,893

Express........................         13,953,905            13,778,434

All Other.......................        38,147,674            36,754,064
 

Total.......................$714,963,385       $706,124,833
 

RAILWAY OPERATING EXPENSES:

Maintenance of Way and Structures (Note B)............    $106,222,923        $ 89,735,382

Maintenance of Equipment (Note C)...............       127,501,305          120,590,944

Traffic........................          9,283,768              7,987,109

Transportation......................      261,400,205          234,558,397

General and All Other...................        27,431,432            24,465,267

Total.......................    $531,839,633        $477,337,099
 

NET REVENUE FROM RAILWAY OPERATIONS............    $183,123,752        $228,787,734

Operating Ratio....................                 74.39                    67.60

Tax Accruals......................        98,372,903          122,035,845

Net Debits for Equipment and Joint Facility Rents..........         18,991,765            18,227,592

NET RAILWAY OPERATING INCOME...............     $ 65,759,084        $ 88,524,297

Other Income (Note D):

Miscellaneous Rent Income................    $    4,482,216        $   4,254,857

Separately Operated Properties...............           1,065,989              1,821,325

Dividend Income....................           5,343,773              5,335,004

Income from Funded Securities...............          4,210,473              4,191,012

Miscellaneous.....................          4,925,974              5,531,508
 

Total.......................     $ 20,028,425        $ 21,133,706

TOTAL INCOME......................    $ 85,787,509        $109,658,003

Miscellaneous Deductions from Income..............          3,809,769              1,587,495

Income Available for Fixed Charges...............     $ 81,977,740        $108,070,508

Fixed Charges:

Rent FOR Leased Roads and Equipment (Note D)..........    $20,753,411        $21,095,814

Interest on Funded Debt.................        22,745,736            23,563,322

Interest on Unfunded Debt.......•.........          2,675,500                 672,121

Amortization of Discount on Funded Debt............                13,154                    5,201

Total.......................     $ 46,187,801        $ 45,336,458

NET INCOME TRANSFERRED TO EARNED SURPLUS.........     $ 35,789,939        $ 62,734,050

Note A—After deduction of....................    $       778,415        $       883,010

for estimated refund to United States Governmental Agencies on account Land Grant
Equalization

Note B—Includes amortization and depreciation on roadway property........    $ 10,411,956        $    8,965,011

Note C—Includes amortization and depreciation of equipment..........    $ 29,765,003        $ 28,193,575

Also includes depreciation of power-plant machinery..........     $       854,310        $       866,044

Note D—Included in other income and rent for leased roads are certain inter-company trans¬
actions representing credits and corresponding debits amounting to......     $    3,184,562        $    3,092,960

Other income also includes items representing interest and dividends amounting to    $    1,459,482        $    1,461,431
received on securities of and advances to terminal and other railroad companies whose
properties are jointly used by this Company, as to the major portion of which a like
amount was paid to those companies as rental and included in joint facility rents.