The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-04-03
CENTRAL'S EARNINGS
BIGGER, PROFIT LESS
Railroads Gross Gains $780,
us, but Net Decreases
$639,134.
RAIL EXPENSES HEAVIER
President Smith Says Full Crew
Laws and Higher Pay
Are to Blame.

Though gross earnings OF the New York
Central and Hudson River Railroad Com
pany for 1918 we're the biggest In Its his
tory. with "A gain Of s7.20G.T15 over the
previous year. ia the total OF si16.904. 304.
The annual report issued To-Day shows
that net earnings available for dividends
on the stock decreased Ss39l34. to 3d.
243.55s. which is equivalent to 5ss per
cent. as compared with e.iI per cent. In
the previous year, earned on the stock.
The surplus carried to profit and loss
for the year was $1,000. 537. a decrease Of
s7i5.Soo for the year. The surplus OF the
company. not including subsidiaries. at
the end OF tho year was sl2.9s5. 7sa
The expenses Of rail operations amounted
to sS7,932.oAo. an Increase Of s6.s02.2O2.
The report shows that the company In
the consolidation last March and April Of
Its New York State subsidiary lines added
property which originally cost sG2,607.7e2
by an outlay OF s54,3o7.693. The mileage
added was lois. rreslden. Smith says:
Rail operating revenues showed large
Increases through the earlier months of
the year. the increase up to October 81
being S7.7s4.o39. but November and De-
cenber revenues declined s577,342. re-
ductng the increase In rail- operating rev.
enues to S7.2o6.7l5 for the entire year.
I'm New York and New Jersey so-called
FULL crew laws were enacted. introducing
an additional annual expense OF approXi-
mately $3.50. 900. on account OF which
there accrued in the expenditures Of 1913
about 100000 AS a result OF arbitration
with the tirrmcu and conductors and
tralnmen An additional annual expense uf
about $4,000 was involved. of which
b..
100000. 1t was further necessary to in
crease the wages OF station forces about
per cent. and also add TO the number 81
men employed to handle the additional
volume of business Superintendent In
creased $70.o99.
During the year the company has pur-
chased oi9 shares OF the capital stock Of
tn New York and Harlem Railroad Com
pany. bringing the total holdings OF this
stock at December 81 up TO the number
Of 1895 shares. being approximately 62
per cent OF the total outstanding II has
also acquired 1900 shares OF a par value
Of $4,000 OF the capital stock o! the
Wells Fargo Express Company being its
pro rata proportion OF the stock of that
company based on this company's owner
ship Of the stock OF the American Express
Company"
The Lake Shore reported gross earn
'ngs Of S57,s41.920 an increase OF $685.
blends OF s12,aSs.34o. decrease Of
S4.0e6.O43.
Revenue from transportation OF malls
was s2,o50.:S93l an increase OF $50
06l.55," says President Smith.
Since the regular quadrenniai weigh
ing OF mails in 1911 the parcel post has
been lnaugurated. the original weight
limit OF parcels being eleven pounds. for
the transportation OF which Congress has
allowed an Increase In compensation OF
not 10 exceed 5 per cent. which Is equal
70 an annual increase OF sl3t.4SOal In
the compensation paid this company for
carrying the mails.
THE situation In reference to mall nav
however. is still unsatisfactory. Pending
the report OF the joint Congressional COM
mittee now sitting and action upon this re-
port by Congress, the conditions have been
much aggravated by the enlargement OF
the parcel post, with substantially no re-
turn TO the railroads Tor the increased
service. This new feature Of mail trans
portation has had the effect OF curtail-
ting express revenue without compoEsating
return from other sources Of tratfic
Revenue from express traffic was
s2.103,6l5.s5. an increase Of SLICES SO,
attributable TO additional business handled
during the year"
The Michigan Central earned a gross OF
s3G,0l1.ss5. an increase OF s310Ol32
Net income available for dividends was
Sl.2S3.l60, decrease o. Sl.443.112. Sur
plus for the year was sl5S,SS0, de-
crease OF sl.443.l72.
The Cleveland, Cincinnati. Chicago and
st. Louis. which passed IT'S preferred div
.dend In October. shows 4 dehcit OF
s2.s97.5ls for the year decrease OF
s5.04l,s97 This was largely the result
of being hard hit by the floods in Ohio
President Smith estimates the total Of loss
ana damage to the road at $1,000 900.