Annual statistical report
(New York, N.Y. : The Company, )
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70 INCOME ACCOUNT FOR THE CALENDAR Railway operating revenues: 1939 1940 1941 Freight.............................................................. $240,130,665 $270,274,028 $336,878,403 Passenger................................................................ 61,412,817 59,322,145 66,609,863 All other................................................................. 39,543,226 40,949,702 44,301,389 total railway operating revenues................................... $341,086,708 $370,545,875 $447,789,655 Railway operating expenses: Maintenance............................................................. $106,810,115 $117,444,328 $145,610,642 Transportation........................................................... 128,370,420 139,498,310 162,457,180 All other................................................................. 21,703,697 21,732,342 23,370,289 TOTAL RAILWAY OPERATING EXPENSES................................... $256,884,232 $278,674,980 $331,438,111 Net revenue from railway operations....................................... $ 84,202,476 $ 91,870,895 $116,351,544 Railway tax accruals (Note A).............................................. $ 31,735,690 $ 33,476,019 $ 43,411,829 Railway OPERATING INCOME................................................... $ 52,466,786 $ 58,394,876 $ 72,939,715 Equipment rents, net debit.................................................. $ 11,810,198 $ 11,636,288 $ 12,767,648 Joint facility rents, net debit............................................... 3,353,161 2,706,151 2,753,307 Net railway operating income............................................... $ 37,303,427 $ 44,052,437 $ 57,418,760 Other income: Revenues from miscellaneous operations..................................... $ 587,800 $ 596,741 $ 569,571 Income from lease of road and equipment.................................... 291,670 263,004 301,757 Miscellaneous rent income................................................. 3,337,657 3,721,045 3,246,714 Miscellaneous nonoperating physical property................................ 1,182,513 1,877,441 1,299,468 Separately operated properties—Profit....................................... 656,338 856,730 1,734,936 Dividend income (Note B)................................................. 6,460,071 6,579,040 7,513,672 Income from funded securities.............................................. 3,913,321 4,032,287 4,229,668 Income from unfunded securities and accounts................................ 281,887 128,112 38,317 Income from sinking and other reserve funds................................. 68,884 69,686 62,897 Release of premiums on funded debt........................................ — — — Miscellaneous income...................................................... 113,280 59,030 86,788 Delayed income credits (Note C)........................................... ~ — — total other income................................................. $ 16,893,42! $ 18,183,116 $ 19,083,788 Total income!............................................................... $ 54,196,848 $ 62,235,553 $ 76,502,548 Miscellaneous deductions from income: Expenses of miscellaneous operations........................................ $ 422,370 $ 443,883 $ 364,679 Taxes on miscellaneous operating property................................... 79,216 76,964 107,435 Miscellaneous rents....................................................... 463,396 484,472 274,408 Miscellaneous tax accruals................................................. 423,329 509,854 503,898 Separately operated properties—Loss........................................ 26,361 22,776 4,312 Miscellaneous income charges.............................................. 169,496 449,666 196,482 Delayed income debits (Note C)............................................ — — — total miscellaneous deductions..................................... $ 1,584,168 $ 1,987,615 $ 1,451,214 Income available for fixed charges.......................................... $ 52,612,680 $ 60,247,938 $ 75,051,334 Fixed charges: Rent for leased roads and equipment........................................ $ 22,059,323 $ 21,724,402 $ 22,077,464 Interest on funded debt..................................................... 25,005,580 25,283,482 25,409,167 Interest on unfunded debt.................................................. 1,038,541 1,974,970 1,319,141 Amortization of discount on funded debt..................................... — — — total fixed charges................................................. $ 48,103,444 $ 48,982,854 $ 48,805,772 Times fixed charges earned.................................................. 1.09 1.23 1.54 Net income transferred to earned surplus (Note D).......................... $ 4,509,236 $ 11,265,084 $ 26,245,562 Included in operating expenses are: Equipment depreciation (Note E)........................................... $ 15,926,938 $ 15,989,969 $ 18,240,005 Road property, shop, and power-plant machinery depreciation.................. — — 4,761,044 Equipment amortization................................................... — — 631,470 Road property amortization................................................ — — — TOTAL............................................................... $ 15,926,938 $ 15,989,969 $ 23,632,519 Included in other income and rent for leased roads and equipment are certain inter¬ company transactions representing credits and corresponding debits amounting to...... $ 3,920,865 $ 4,331,859 $ 4,160,093 •Itahcs indicate deficit 0 Credit See pages 72 and 73 for notes. |
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