New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1911-04-13
HUDSON TUBES GROW FAST
Years Increase More than TO-
100000 in Passengers.
OPERATING EXPENSES LESS
McAdoo Says, in Annual Report,
Percentage of Trains on Time
Is Nearly Perfect.

The annual report Of the Hudson e. Man
haitian Railroad Company for the hscal
year ended March 81. 1911. has been issued
The condensed income statement shows
gross revenues from all sources OF $'loo'-
%s2 against $S.061, ass for the preceding year
Operating expenses and taxes on operated
properties were sl.SO,440. leaving gross IN
cone Of g. S15.0l2 applicable to fixed charges.
comparing with Sl.5s .2S4 for tho preceding
year.
The interest on the total volume OF inter
es, tearing bonds outstanding was Ssis'-
ros o. which $ao192 was chargeable 10
CONSTRUCTION. tho balance. representing IN
terest OF capital employed in operation ana
chargeable against income. being 2osS'Sio.
Adding 20 this balance other charges OF
SIS. 12e. the total deductions from income
were s55saso. leaving a deficit Of Al'SS IN
net income. which compares with surplus
OF s7.3ss for the year ended March 5l' lsiV'
In the figures Of operating expenses is
Included an item OF SN,13, representing
depreciation, and set up IN amortization
reserves The percentage OF railroad op-
Grating expenses against revenue Is $3.50
comparing with AS per cent last year. ana
tne percentage exclusive OF the depreciation
fn reserve is S.2
The gross revenue from passenger fares
81 the railroad company was s2Ae.49 and
the miscellaneous railroad revenue was
sl0 go The operating expenses were
t.oaD1ss. net revenue being N6oisn. Tho
ret income from railroad operation
SITTER deductine taxes was S.4S14s,
ind The net income from the Hud-
'son Terminal Buildings ss61.coi, and from
the Greenwich and 1C,h street properties
$3.50. making the total net income from
operating sources S2.S0l.2N.
In his remarks 10 the stockholders Pres
td.nt McAdoo says
There has been a gratifying growth Of
traffic. For the year ended March 81. 1911.
the total number of passengers carried was
SN926.9S0. as against %,51i.sl5 for the year
ended March 81. 1910 This, however. is not
"a fair comparison. rs the Cortlandt street
tunnels downtown lines) were not put into
operation until July 1S, 1909.
Traffic continues to show satisfactory in
cresses over corresponding periods Of the
previous year in all cases in which the
physical conditions were comparable. Inc
number OF passengers mile of road oper-
ated for the year ended March 81. lsll, was
/ 1s43.25l. as against 6,7e9373 for the preced-
Ing wear an increase of l2.4 per cent. rms
represents a real growth, but as the rauo
is based upon an average Of miles operated
Increasing new portions were put INTO
F., operation) IL is not truly indicative OF the
normal increase of traffic 10 be expected.
During September and October of both
100 and 1910 the road was operated on prac-
tically the same mileage, and the traffic OF
the latter period showed an increase OF a
per cent over that of the former
Satisfactory comparisons OF the ratios or
operating expenses TO revenues cannot as
vet be made. AS from time TO time new
portions of your property nave oeeh pun
into operation, il has been the policy OF the
management to begin such operations with
the maximum number Of train crews, sta
fion and other employees which II was an
ticinated would be required. Such items
together with heavy expenses Tor prelhn-
nary testing and practice running IN orqer
that the new services might begin SmootniN
and without interruption, have materially
Increased the operating expenses. Many
,oductions in the cost of operation nave
been made, however. and when the system
g completed and the operation oecoIileS
more uniform the ratios OF operating eA-
penses should show further decreases.
During the year covered by TINS report
tho tompany has operated an average ol
SOS trains a day making total Of sou !
revenue car miles i'm the year, AlthouSn
these trains have been sent thr0usn, tnv
during rush hours and under two-and-a,
half-noinute Roadway during the rest OF
tho dav the percentage Of trains on time
was 9946.
reference is made TO the opening or the
new stations at 3Sd street and in Jersey
! cav and 10 the expected early completion
Of the Joint high speed line with the fehn-
s,Ivania Railroad TO Newark. and II is ex-
nJsined that construction will not he begun
on the 42d street and 9th street extensions
until after the city reaches decision on
che main subway question.