Harrisburg telegraph. [volume] (Harrisburg, Pa.) 1879-1948, 1915-03-02
GENERAL REMARKS
Mileage.

Mileage.
The Increase iu the mileage OF the lines di,
rectly operated was due chiefly to the lease OF
the Northern Central Railway
Income Statement
Business conditions your lines as well as
on other railroads. were unsatisfactory III the
year 1914. The total operating revenues SHOW
a decrease OF s,69 per cent compared Win
1915, chiefly In the freight aud passenger traf,
hc, arising from unfaYorablc commercial ana
financial conditions. which in the last hye
months of the year We're accentuated by the
European war. The gross revenues and expenses
include. since July /, 1914, the operations OF
the Northern Central Lines under the lease TO
your Company. and they also Include ia accord
anre With the revised Classification OF Operat-
ing Revenues aud Expenses OF the Interstate
Commerce Commission, effective since July /,
1914. the results from Auxiliary Operations, for
which separate accounting was previously re-
quired.
Express Revenue shows a decrease due 10 a
reduction in express rates, and by reason OF the
operation of the Parcel Post. This will require
some equitable adjustment Of the contract with
the Express Company, and offsets TO some ex-
tent the increase in Mail Revenue.
Mail Revenue. increased as a result OF the
quadrennial weighing, effective July /, 1918.
The manifest unfairness of weighing the mails.
including the growing parcel post. only once IN
four years depriYes the Company OF revenue for
the increased weights carried each year, and
should be remedied by an annual weighing and
an annual adjustment OF pay.
The total Operating Expenses decreased SCI
per cent?. chiefly through enforced economics re-
quired 10y the loss OF revenue and traffic These
u
erials and supplies, in the working forces OF
all departments, and III train and car mileage,
and by deferriug other expenses but ,having in
view at all times the preservation of the safety
OF your tracks. equipment and facilities. The
increases in wages OF enginemen, tremen, con
duators aud trainmeu under the Wage Arbi-
tration awards. and other consequent wage ad-
justments and the expense Of complying with
legislative enactments, prevented still further
Railway Operating Income shows decrease
OF $S,0S7, ,5jS.6 .6S compared with the results OF
the lines operated by your Company in 1913, but
II the figures for 1918 used IN comparison had
also included the operations of the Northern
Central Railway for that year, the Railway
have shown an aggregate decrease of $685.
OGS. 30.
The Net Income for 1914 was S34 .O9O 76i. 50,
decrease Of 81 $50, ,O6I. 90, compared with the
previous year: from which appropriations were
made to Sinking and Other Reserve Fundsi GER
tain necessary additions md betterments were
provided: cash dividends amounting to six per
cent. were paid on your Capital Stock; aud
S123. 90 was credited ia Profit and Loss ac-
count. The latter account has also been cred
tied with $5. .0G9,379. the par value OF the North
ern Central Railway Company stock received as
10 per cent. dividend and the cash dividends
accrued thereon since January LIST. 1911 the
extra cash dividend OF 10 per cent, amounting
to 81 ,057 ,720 received your stock holdings
in that Company; also the proceeds received
from the Manor Real Estate & Trust Company.
which Is owned by your Company resulting
from the sale to the Susquehanna Coal Com
pany of coal lands formerly leased TO the Min
eral Railroad & Mining Company, amounting to
sOGn.obS.NS ana WIN pIOntS from safes OF Sc
curities and sundry credits Against this ac-
count has been charged 81, 1S608l .3S, represent
ing construction and real estate expenditures on
long term leased lines. especially the United
New Jersey Railroad q Canal Company and Har-
risburg Portsmouth, Mt. Joy Lancaster Rail
road Company, the net income OF your Com
pany not being sufficient 10 provide the same;
advances to Branch lines for similar purposes,
which We're unable to meet the same out OF
their own. resources, and advances for interest
on. and retirement of. water trust certificates
and expenditures on your water supply system;
also the rental and leasehold settlement of the
Northern Central Railway Company in the ad-
iustment OF the accounts under the lease from
January LIST, 1911, involving charge of 81.
3l3510.S3. so that the net amount credited Ia
Profit and Loss account during the year was
81, ,S50.1T4.S1.