New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-09-07
n. y.RYS. Co. DOING WELL
Net Income of First Half Year
S377,228 After Charges.

The first report Of the New York Rail-
ways Company, covering the six months
ended June 50 last was issued yesterday
and makes a satisfactory showing OF
earnings, the gross from operation being
tlT2. S2S larger than for the corresponding
period Of 1884, and the incorporating IN
come $685. 45 larger, a total increase Tor
the six months OF sH90S.
The revenue from transportation for
tho half year was s65S6,945, and otner
street railway operating revenue was
&25. 727, a total OF s6,7s5,612. Deducting
operating expenses and taxes, Ad4,N'
and adding incorporating income. NH'2@s
the gross income was s2,275,175, and after
deductions OF t1.SS5,sS, which Included
rentals and interest on underlying bonds
the net income available for interest on
the company's bonds was S93S.Se2. Inter
est on the first real estate and refunding
- amounted to 1875, 92. and the first In
stlment Of interest on the adjustment
mortgage IS TO s2S6 101, the deduction or
these two sums leaving the net income as
sS1,22s.
This nst income, the report says, pro-
company by order OF the Public Service
{ commission, now In litigation. OF these
the amortization reserve. which has been
placed at sl0S.0 annually. and so much
If the depreciation reserve, % per cent OF
the gross operating revenue. as the direo-
tors should decide to be unreasonable Will
he paid TO the income bondholders X the
order OF the Public Service Commission
should be reversed by the courts The IN
come bondholders Will also receive such
uroporticnate rebate Of the special fran
chise taxes as assessed, now in litigation,
as may result from the decision Of the
court.
The gross income from the rental prop
srty for the six months was $3.50. 30
against S6O.597 FOR the same period last
year The sale Of the Fourth avenue car
house is noted in the report and It n an
nounced to be the compsnys policy to
dispose Of such pieces Of real estate as
ere not actually required for operating
purposes. It is calculated that the COM
Sany can realize an income on about
$4,000 through the disposal and rental
bf this class of property.
Many improvements which have been
charged to current earnings are outlined
in the report and the new stepless cars
are described. Referring to the transfer
controversy, the report says that negoti-
atoms are under way for bringing about
a solution Of the question which viii meet
every reasonable public requirement ana
also, If possible. avoid any future reduc-
ton In the average fare, and attention Is
called to the readjustment of the trans
fer situation in Chicago and Buffalo by
cooperation between the cities and the
companies.
The balance sheet as of June 80. de-
scribed as tentative, shows assets and Ia
biiities Of s7s,oS2,3a2. Accounts await
ing distribution total s75.ss1.o5A Of which
cost Of properties Is s74,ss4,737. Other
assets are additions and betterments, s7o,-
644 material and supplies, s74s.os1. and
current items aggregating s2,s7467s, IN
which are included cash available, t2,164,-
752: cash on deposit for specific purposes.
s4f0,37o, and accounts receivable, $780,
coo. Among the liabilities are bills pay
able Of s6es.454 issued to buy first mort
gage per cent bonds Of the Crosstown
line; accounts awaiting distribution, s6s5.-
ss2; accounts payable. s5Ss,sso: interest
and rent due and unpaid s+70.370; in
terest, rent, taxes, etc, accrued, S755.518 !:
reserves, s41o.41S, and the net income Of
s377.22s for the six months ended June
90, 1912.