Annual report

(New York :  [s.n.],  1942-)

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  1947: Page [No Page Number]  



ploye under the Railroad Retirement Act. This re¬
quirement substantially increased our payroll taxes.
The 3 per cent tax for unemployment insurance, paid
by the Company alone, continued in effect.

Net railway operating income, after the payment
of taxes and equipment and joint facility rents, was
$24,519,561, up 59 per cent from 1946 when it was
$15,447,219, and the operating ratio (ratio of ex¬
penses to revenues) for 1947 improved to 86.24 from
the 90.53 figure for 1946. This produced a return on
depreciated investment of only 1.4 per cent.

Official changes

At the annual meeting of the stockholders of the
Company, held on May 28, 1947, William H. Van¬
derbilt, a former Governor of Rhode Island, was
elected a director to succeed Bertram Cutler who
retired as a member of the board at his own request
after 27 years of service in that capacity. Joseph M.
O'Mahoney, Secretary of the Company since 1936
and in the employ of the Company for 47 years, was
elected a director to succeed Myron C. Taylor, who
retired at his own request after 23 years as a member
of the board.

After more than 47 years of service, Alfred H.
Wright, Vice President, retired on November 30,
1947, pursuant to the provisions of the Company's
retirement regulations.

Raymond D. Starbuck, Executive Vice President,
also retired under the same regulations on December
31, 1947, after 45 years of service.

Employe loyalty is high

The army of 119,999 men and women who make up
the New York Central organization was a vital force
in our transportation performance for 1947. In en¬
gine cabs, in machine shops, in signal towers, in
yards and terminals, in dispatchers' offices, along
the right of way and in countless other places, their
vigilance, skill and loyalty contributed immeasurably
to the big job we had to do. We are proud of these
men and women who did so much to uphold New
York Central standards of service through adverse
weather and other trying conditions.

We are especially pleased to honor three em¬
ployes to whom the Central's coveted Valor Medals
were awarded during the year for unusual acts of
heroism. They are:

John Buttler Reynolds and Chester Joseph Rowe,
section foremen on the Michigan Central, whose
exceptional efforts, at extreme risk to themselves,
succeeded in saving the life of one of two youths
 

1 ft-
 

1938
 

1939
 

1940
 

1941
 

1942
 

1943
 

1944
 

1945
 

1946
 

1947
 

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DEPRECIATED INVESTMENT

in railway property of New York Central and
leased lines used in transportation service,
including cash, materials and supplies.
 


 

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NET RAILWAY
OPERATING INCOME
 


 

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~ INVESTMENT, NET RAILWAY OPERATING
^          INCOME AND RATE OF RETURN
 

walking in the path of an approaching train at
Wyandotte, Mich.; and

John Van Dover, deckhand on a New York Cen¬
tral tug, who dove into New York Harbor's waters
and saved a man from drowning.

Executives highly honored

Two of the Company's officers were signally honored
during the year by distinguished national societies.
Richard E. Dougherty, Vice President — Assistant
to President, was elected President of the American
Society of Civil Engineers. Paul W. Kiefer, Chief
Engineer, Motive Power and Rolling Stock, was
awarded the American Society of Mechanical Engi¬
neers Medal for 1947 — the highest honor conferred
by that Society — for "outstanding achievement in
railway transportation."
 

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  1947: Page [No Page Number]