New-York tribune., 1920-04-26
Earnings of ID. & III.
$l0.83 a Share Last
Year, Report Shows
Operating Revenue Drops
and Expenses Increase;
Freight Receipts Decline
2 P. c.; Travel Is Heavier

With the aid of $7,415,149 in Fed
eral compensation the Delaware 4 Hud-
son Railroad Company returned a net
income of $4,605,0O4 for the year ended
December 81, 1919, equivalent to S10.83
pa share earned on the SAP, ,503 900 capt.
tai stock. Gross income amounted to
$1O,883, 3,O67.
year amounted to $34,749,7O9, or S4O.155
less than in 1918 and $4,76O,3lO more
than in 1917. Operating expenses
aggregated $31,671 ,5O4, an increase of
$3l7,720 over the preceding year. After
other charges had been deducted oper-
ating. income was $357,875, or 1O.42 per
cent less than the year before.
Freight receipts totalled 1921 ,48c, q
decline of 2.06 per cent from the pre-
cedlng year. Average receipts per ton
mile amounted to 8.35 mills in 1919
against TAI mills in 1918. There we're
no important changes in freight rates
during the year, and the gain in the
average receipts per ton mile resulted
from the fact that the advances made
by the Director General in 1918 and
operative for only part of that wear
were in force throughout the whole Of
/ 1919. 'O'o ~
oa passenger movement aggregated
loZ'oo4,47o passenger miles. which
compares with 112,1S0,679 miles in
1918 Average receipts per passenger
per mile travelcrd amounted to 2.45
cents, compared with $50 cents in tho
preceding year The increased ' nas. sse
senger travel was rdue, according TO
the annual report issuerd yesterday to
stocKhoiders, to renewerd efforts to
stimulate such business.
Inc total frnred debt on December
81, 1918, was $65,143,00O, a rdeduc-
ton of S867,000 having been effected
during the year by the purchase and
cancellation of First Lien Equipment
PONDS through the sinking fund cs
!!aoiished in connection with their
issue. The usual payment of $3.50 900
TTequirerd under the terms of the First
Lien Equipment trust inrenturc was
$500, 900. ~ u"'e
In his report l.. F. Loree, president.
FOR many years prior to the war the
situation Of American railways had
forced them to finance their extensive
capita Requirements almost exclusively
by issues of bonds and secured notcs
hallway stock had not been marketable
upon terms which it WAS practical to
meet: The market for such bonds was
supplied principally by insurance com
fo' o." '.HSS DdHkS, trust estates and
large individual investors. The system
OF of taxation criticized by the Secretary
or treasury has not only substantially
destroyed the market supplied by the
Secretary of Treasury has not only sub
stantially destroyed the market sup
PHed ythc class last indicated, but
has transformed those who were form
erly potential purchasers in large
amounts into sellers Of railwa ybonds.
lhat is to say, these individual in
vestors now find it Improbable to pur-
chase such securities and, therefore.
offerr. portions Of their present hold,
lngs for sale whenever tho market an
pears to be favorable I has been sur-
gcsted that new market among
smaller investors can be built up, but
as TO railway securities. this has not
yet been accomplished and the present
state of railway credit does not warrant
much confidence that it liz possible ex-
cept after prolonged effort and a con-
siderable lapse Of time. The financial
necessities fthe railways are imperi-
tativc and cannot be postponed without
heavy. loss to the people and their In
dustrios."