The sun. [volume] (New York [N.Y.]) 1833-1916, 1916-04-03
GAINS REPORTED BY
DEL. & HUDSON co.
Gross Revenues Of the Coal
Mining Department S15,-
86O.677 During 1915.
TRAIN LOADS INCREASE

The repor, Of the Delaware and Hud-
son company for the year ended DO
ceinber 81. 1915, shows gross revenues
In the coal mining department Of $751;
s6O.677, us compared with $15.517.042
in the preceding year and gross operat-
Ing revenues In the railroad department
Of &~23,7s7.51?. as against s2:.722.s62 the
year before. Gross expenses in the for
mer department were SASS. 706. as
compared with sl4,J53,o;3 the previous
year. and in the latter department. $14,-
s23,6c6, Az against $I5.iss.s5I In 1914.
The net income OF both departments
amounted to s6.o71.ii1. as compared
with s4,609.794 the year before and
vas equal to. li.es per cent. earned
on the si2.503. 600 capital stock. ~
compared with 1881 per . earned on
the same stock IN 1914.
Gross income OF the coal department
for the year was sl,4so,s0o. ~ against
$l.357,955 the preceding year. Gross In
come OF the railroad department was
$s.356.s3s, as against s7,9Sl.2si. n
total deductions therefrom amounted to
$4.Sl0.9j3, as compared with s4,Soe,s@3
the previous year. Net income or this
department for the year to
$i.5i5.ss5. as against $3.l7l.45s In 1910.
Under the head of railroad depart
| ment the report shows hat the average
freight train load Of 1915 was Go2.Ss
| tons. an increase OF 1854 per cent. over
the average of 1914, which was 519.Ji
Ions.
In his remarks to stockholders l.. p.
Lorec. president OF the company. said
In part
'The conditions OF the year 1915 have
no parallel In history. The unprece-
denied conflict Of aims that absorbed
the energies OF so large "A portion OF the
World has made this country. at least
temporarily, a source Of supply for cap
ital and commodities TO which other
PEOPLES especially the belligerents. have
eagerly resorted. purchascs Of cont-
moditics for export upon a large scale
and at ascending prices have gwen
stimulus not only To the Industries d.
rcctly affected but indirectly to many
Others. Til, game extraordinary de-
mand. in conjunction with certain
financial operations Incident to the war
and changes in the banking system
brought about by the Federal reserve
system, have 70 augmented the FUNDS
available for new financing in the IN
dustrial field that extensive operations oi
that character. upon relatively faNora'
bic terms. have been permitted.
ITO a degree the railways. especially
those serving the port OF New YORK ahc
the larger industries ahected. nave
shared in the increased productive &C
,iyi,y. The suddenly augmented volume
of traffic has pressed heavily upon I'M
railway facilities and by reason of TIN
scarcity OF ships for transatlantic ex
por,s. the inability ~ consignees To re
ceiyc and unload shipments and othe'
highly abnormal conditions there nav
been INSTANCES Of traffic congestion
which the carriers affected were TEN
porarily unable to relieve. This ha'
not happened without producing mahe
gross receipts. but Notwithstanding TN
the situation with regard To- the capita
requirements of the railways Is scarccl!
less unsatisfactory than at III" ddic "
the previous report.
The retarduuon 81 normal rtI.roa'
DEVELOPMENT is strikingly' indicated h'
:ho fact that during 1919 only 9"3 e.
miles Of new line were added 10 IN
railway facilities Of the United states
II ~ necessary to go back more tina
hslf 3, century and 70 the period OF N
civil war 10 find another year IN who
less than one thousand miles we're adde'
20 thc couutrN's riIway>.
"Scrutiny If the list Of securities &C
captablc by the British Government slo'
,hu. with few exceptions u consists q
those issued 10y American railways II
der these conditions II must be realize
that "A very large share Of that porto
IF he current American tuvestmei
fund which would IN any event be avail
abb. for railway purposes must Tor IN
J present IL. diverted TO n. purpose q
MUIR ,hasing the railwry shares and bond
which were formerly marketed In trci
/, britain and upon fla" European Cont
urut. The condition il one that ougi
, not TO h. overlooked ia connection Wit
. any study Of the present and prosre'
, tive situation OF American railway ~
+ terprisoS
The fac, e. not overlooked that du
I ing the year 1916 there will he require
D A relatively small amount Of rallwa
financing for %refuuding Of existing obi
4 cations and exclusive of the amount
I that may have to be raised for ne
{ construction and for additions and be
!, terneuts. Exclusive OF equipment tru'
. obligations the total par value of rai
way bonds maturing IN 1916 is 50"
. .j6.1.3. Will. the equipment trust obi
cations amount to $40. 800, 2jj.1U, maj
ing AN aggregate for the year of Sil,
n 55g,ias.5u. The amount Of bonds stat,
y is almost cNa"tly oue-sevcnth Of n
: amount Of those that matur.d durii
1915"