THE NEW YORK, NEW HAVEN AND HARTFORD RAILROAD COMPANY General Offices of the Company are maintained at Boston in the South Station; at New Haven in the Company's Office Building; and at New York in the Grand Central Terminal Building. OFFICERS Sept. 29th, 1914 Howard Elliott, Chairman of the Board, Howard Elliott, President, E. G. Buckland, Vice-President and General Counsel, New Haven, Conn. New Haven, Conn. A. Mackrille, Assistant General Auditor, N. W. Smith, Counsel, C. M. Sheafe, Jr., Counsel, A. A. Maxwell, Commissioner, Real Estate, Right of Way and Taxes, New Haven, Conn. New Haven, Conn. New Haven, Conn. Boston, Mass. Providence, R. I. New York, N. Y. New Haven, Conn. New Haven, Conn. F. C. Coley, First Assistant General Passenger Agent, New Haven, Conn. A. B. Smith, General Passenger Agent, A. H. Seaver, Assistant General Passenger Agent, New York, N. Y. E. L. Wilson, Assistant General Passenger Agent, G. M. Wood, Assistant General Freight Agent, W. S. Murray, Consulting Electrical Engineer, C. N. Woodward, General Superintendent, J. A. Droege, General Superintendent, W. J. Backes, Engineer, Maintenance of Way, A. G. Webb, Superintendent Dining Cars, Boston, Mass. New York, N. Y. New Haven, Conn. New Haven, Conn. THE NEW YORK, NEW HAVEN AND HARTFORD RAIL ROAD COMPANY General Offices NEW HAVEN, Conn., September 29, 1914. To the Stockholders of the New York, New Haven and Hartford Railroad Company: The Board of Directors herewith submits its report for the fiscal year ending June 30, 1914, with such data relating to the railway and other corporations embraced in the System or in which it has an interest as will show the results of operations for the year and of their financial condition at the close of the year. INCOME ACCOUNT OF THE NEW YORK, NEW HAVEN AND HARTFORD RAILROAD COMPANY. For the Year ending June 30, 1914, in Comparison with Year 1913. Passenger Revenue. All other Revenue from Transportation. Revenue from Operations other than Transportation.. DEDUCTIONS FROM INCOME: Interest on Bonds, Debentures and Other Liabilities. Boston R. R. Holding Co. Guarantee.. N. Y., W. & B. Ry. Co. Guarantee (Bond Interest). B. & A. R. R. Operating Guarantee. Miscellaneous Tax Accruals. NET INCOME TRANSFERRED TO PROFIT AND LOSS ACCOUNT. 07 Note. Dividend No. 136 for 12%, paid Sept. 30, 1913, was charged to Profit and Loss account. The Operating Expenses were 72.83% of the Total Operating Revenue. Increase over 1913, 4.00%. The Operating Expenses and Taxes were 78.18% of the Total Operating Revenue. Increase over 1913, 3.94%. OPERATING RESULTS Miles Operated.-There was a decrease in average miles of road operated of 46.20 miles. The average miles of track maintained was 4,397.75 compared with 4,452.55 the previous year, a decrease of 54.80 miles. These decreases were mainly due to giving up certain trackage rights on the Boston & Albany and Boston & Maine and to the Central New England assuming the operation of the line between Danbury, Connecticut, and Hopewell Junction, New York. Details of changes in mileage as of June 30, 1914, compared with June 30, 1913, will be found on page 731. Revenues and Expenses.-The general business depression during the greater part of the fiscal year caused a decrease in the operating revenue of $1,995,810.26, while operating expenses increased $1,288,010.84, resulting in a decrease in net operating revenue of $3,283,821.10. Freight revenue decreased $1,595,601.49, 4.7%, and passenger revenue $495,627.40, 1.8%. Express revenue fell off $307,378.75, 9.7%, due partly to reduced express rates ordered by the Interstate Commerce Commission, effective February 1st, 1914, and to the increase in shipments by Parcel Post, for which no adequate compensation has as yet been received. There was an increase of $198,177.34 in other passenger train revenue, mainly due to the inclusion of a full year's receipts from the Pullman Company and extra fares on Limited trains, the previous year's accounts having been credited with only six months' proportion, as the Pullman contract became effective January 1st, 1913. Net revenue from outside operations decreased $559,967.17, largely because the Pullman Company operated equipment formerly operated by the railroad. Revenues from operations other than transportation, after deducting decrease of about $100,000.00 account of falling off in revenue from discharging, wharfage, hoisting and car service, shows a net increase of $100,074.39, largely on account of additional rentals at Grand Central Terminal. In this connection, however, it should be noted that the net payment for entrance to and use of the passenger terminal at New York for the year ending June 30th, 1914, amounted to $3.150,947, as compared with $2,983,969, for 1913. The net charge against the Company during 1914 was equivalent to about 31 cents for each passenger into and out of the terminal. Maintenance of Way and Structures.-This account increased $937,974.14, caused in part by higher wages and in part by the larger amount of renewals required because of work that was deferred in previous years. There were 2,060,485 ties laid in renewals as compared with 1,814, |