Evidence Taken by the Interstate Commerce Commission in the Matter of Proposed Advances in Freight Rates by Carriers. August to December, 1910 Volume 8 (Paperback)

This historic book may have numerous typos and missing text. Purchasers can download a free scanned copy of the original book (without typos) from the publisher. Not indexed. Not illustrated. 1911 Excerpt: ...that whole period, the Pennsylvania Railroad Co. has been making an investment in connection with the New York terminals, tunnels, and connection railway, which has exceeded $100,000,000. Mr. Mccrea. Yes, sir. Mr. Brandeis. What is the exact amount? Mr. Mccrea. The exact amount, as it stands now, as I recall, is $97,000,000. We figure that the final cost of it, after selling certain property that has been bought in connection with it, will be about $10S,000,000. Mr. Brandeis. In the last annual report the figure given to December 31, 1909. was $102,495,000. Mr. Mccrea. Yes. About $115,000,000 will be the final figure. Then we have, however, a credit to that, consequent upon the sale of property, of about $7,000,000 or $8,000,000. Mr. Brandeis. So that it will be about $108,000,000 net? Mr. Mccrea. That is correct. 2. In some railroads any existing need is due to causes other than necessary increase in operating expenses. The following are to be taken as examples merely: 1. New York, New Haven Hartford Railroad Co. Figures made up as o( June 30, 1910. Estimated wage increase $1, 722, 566. 80 Of which, according to estimate of President Mollen in the annual report to stockholders for the year ending June 30, 1910, will be made up by increase in passenger rates (p. 10) 858,753.00 863.813.00 Gross operating revenue $62,916,974.00 Capital stock outstanding 144,017, 425. 00 Net operating income 19. 329. 545-00 ($19,329,645=11.48 per cent on cost of road and equipment.) Corporate net income for the year 11,117,781.00 ($11,117,781=7.72 per cent on capital stock outstanding.1) Dividends paid 0, 759,081. 00 ($9,759,081=8 per cent on capital stock outstanding.) Additions and betterments made, sinking and special reserve funds (credit) 19, o'TM Unappropriated sur...