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REPORT.

STATE OF NEW YORK:

BOARD OF RAILROAD COMMISSIONERS,

ALBANY, January 14, 1907.

To the Honorable the Legislature of the State of New York: Pursuant to the requirements of the Railroad Law, the Board of Railroad Commissioners submits its twenty-fourth annual report.

STEAM SURFACE RAILROADS.

The statements under this title all refer to what are known as steam surface railroad companies (a small portion of the mileage being operated by electricity exclusively and a small portion of the mileage being operated by both steam and electricity). The figures given are from the reports of such companies (published in the second volume of this report) for the fiscal year ending June 30, 1906, except where otherwise stated. It must be borne in mind that many of the companies reporting to this State also operate in other states and their reports to this State include the figures for their entire business in other states as well as in this. The comments refer to matters up to the date of this report. Street surface and elevated railroads are referred to under their respective titles.

General Situation.

The gross earnings from operation of the steam surface railroad companies reporting to this State for the year ending June 30, 1906, were $378,480,470.09; for the year ending June 30, 1905, they were $348,813,233.45; an increase in 1906 over 1905 of $29,667,236.64. The increase in gross earnings from operation in 1905 over 1904 was $14,378,777.11. Operating expenses in 1906 were $262,171,638.60; in 1905 they were $247,922,018.43; an increase in 1906 over 1905 of $14,249,620.17. This year some of the companies which have heretofore charged additions and betterments to operating expenses, charged them to deductions from income. In 1905 operating expenses increased over those for 1904 by $7,735,581.06. Net earnings from operation in 1906 were $116,308,831.49; net earnings from operation in 1905 were $100,891,215.02, an increase of $15,417,616.47. Net

earnings from operation in 1905 were $6,643,196.05 more than in 1904. The percentage of operating expenses to gross earnings from operation decreased, compared with 1905, 1.8 per cent.; in 1905 this percentage decreased .75 per cent., compared with 1904. Earnings per passenger per mile increased, and expenses per passenger per mile decreased, making the profit per passenger per mile .069 greater than in 1905; in 1905 the profit per passenger per mile decreased .042, compared with 1904. The earnings per passenger train mile increased, expenses also increased, leaving the profit per passenger train mile 5 cents greater than in 1905. The earnings per ton of freight per mile decreased .012 cents; expenses decreased .016 cents, leaving the profit increased .004 cents, compared with 1905. Earnings pcr freight train mile increased 9 cents; expenses increased 3 cents, leaving the profit increased 6 cents. The distribution of operating expenses between passengers and freight is the result of estimates made by the companies. In 1906 income from other sources than operation was $23,262,965.40; in 1905 it was $20,428,782.64. In 1906 the interest paid and accrued was $47,169,789.19; in 1905 $43,579,974.50. In 1906 the taxes paid and accrued were $13,639,045.45; in 1905 $12,353,402.92. In 1906 the dividends declared were $34,868,314.75; in 1905, $32,066,181.13. The percentage of dividends declared to capital stock was 3.71 in 1906; in 1905 it was 3.51. The total capital stock of the companies in 1906 was $938,883,490.52; in 1905, $913,489,998.63. The percentage of interest paid and accrued to funded debt was 3.97 in 1906; in 1905, 4.17. The total funded debt of the companies in 1906 was $1,188,903,250.06; in 1905, $1,044,987,719.39.

During the three months ending September 30, 1906, compared with the corresponding months in 1905, the principal companies of the State show an increase in gross earnings from operation of $6,454,486.27; an increase in operating expenses of $3,915,140.91; and an increase in net earnings from operation of $2,539,345.36. A table showing the companies included is printed hereinafter.

Following will be found a table showing the total gross earnings from operation, and mileage, reported by the companies reporting. to this State in each year from 1897 to 1906, inclusive. Since 1902 the reports of no large companies not theretofore reporting are included.

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The following table shows increases and decreases in the steam railroad mileage in the State during the year:

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