The New York herald., 1922-05-25
n. Y. .CENTRAL'S NET
INCOME BOOSTED
Reports S22,295.68 for 1921,
Against $13,734,687 for
Preceding Year.

The New York Central Railroads
pamphlet report for 1871 shows net In
come of S22, ,2s5. .ss5 after tanes and fixed
charges. or $3.50 share on the $2s9.-
5s7. .s55 Of its outstanding capital stock.
contrasted with q final net income OF
13.7sl.Gs7. or $3.50 q shave earned on It's
stock in 1920 with the aid Of Federal
compensation and guaranty.
Although last years business depresv
sion decreased Its freight tonnage about
33 per cent. and its passenger tramc
10 per cent. as compared with ls2Cs
figures. rigid operating economies ana
Increased efficiency were applied que
operating income. The company de-
creased its expenditures for mainte-
nance Of way by IS. 334. .2S9, for mantle
nance Of equipment by 32s. s.Sf0,S77 and It's
transportation charges by $46.641. 4s0.
with the result that It's total operating
expenses were $22S. .36i. or 2.289.4t0
less than they were In 1920.
The principal items in the income ac-
count compared as follows with those
Of the preceding year:
Net operating income s54 ess. .os4 .s4s.2i2. 7p2
Other income. 20.i2l.oH l5.3D, i19
Tota! income. ....... 75,o01. APO 81. 1873. 40
Fixed charges. q, ,so1 .Si3 4s.o53. 752
Dividend per cent. l2.470.64i 12.479.6l4
Sinking funds........ 6s,4S1 a'sis
Final surplus. e.747.5s7 1.250.2o6
tion. eight months Government guaranty and
two months net operating income.
The gain in other income was due
chiefly to an increase Of $2,313,059 In
miscellaneous rent income. arising
from adjusted accounts for rentals in
connection with property Of the Grand
Central Terminal and the West Side
Improvement Company and to an in
crease Of s2.162.570 y in income from
funded securities arising from eddi-
| ttonal loans to affiliated companies.
! Alfred H. Smith, the conpany's presi-
dent. said that It's settlement OF ac-
counts arising out Of the Federal con-
trolled guaranty periods with the Gov
ernment would be effected before the
end Of 1922. During 1921 the Centrars
funded debt was decreased to $739, ,592.-
s6S In contrast to $74s,354.477 on De-
cember 81. 1920.
At the close Of 1921 the companys
stockholders numbered 34,32S. all but
F504 Of whom were residents Of the
United States. That total contrasted
| in 1916. According to the latest figures.
| foreigners. with average holdings of
seventy shares. own $3.53s,500 of the
outstanding stock and American resi-
dents. with average holdings Of seven,
ty-three shares. $246,053,3s5 of the
stock.
For the Boston and Albany Railroad,
which Is leased to the New York Central,
the report gives separate. statistics
showing railway operating revenues of
$So,6sS.573 for the year and net deficit
of $1.361.s4S. after cash rental, interest
on bonds and other charges paid by the
Central. as lessee. The deficit is re-
nected In the Central's net income
The New York Central Railroads April
earnings report shows net operating ir-
come Of $%743.998, in contrast to S4,555.-
$40 In March, and $4.233,104 in April,
1921, and reveals that increased tonnage
In other classes Of commodities went a
good way toward offsetting losses In
coal tonnage. resulting from the miners'
strike. which started on April l.
The Centrals gross operating reve-
aues in April were $25.7s7.10o. in con-
trast to s27,59s.745 in March, and S25.-
74S.776 in April. 1921. It's operating ex-
penses of $19.574.6s3 showed a decrease
Of $313,363 from those of April, 1921.
| The ratio Of It's operating expenses to
its gross revenues was 75.s per cent.
Contrasted with 77.3 per cent. for April,
1891. and the ratio for the first four
months of 1922, 1874 per cent, in con-
trast to ST. per cent. for the correspond
ing period Of 1921.
In the first third OF 1922 the company
saved s16.356.44o in net operating In
come out of gross operating revenues OF
$10c,66S.75o, contrasted with $7,241.e79
in net and $1o3.0sS.335 in gross receipts
for the corresponding four months OF
1921.