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1 Includes $1,269,231 applicable to period Feb. 19, 1947, through Dec. 31, 1949.

Income account year 1964
Railway operating revenues :

Freight--------------------------------------------------
Passenger--------------------
Other------------

$63, 784, 020 40, 897, 240 16, 916, 111

Total..

121, 597, 371

Railway operating expenses :

Maintenance of way and structures.
Maintenance of equipment------------
Traffic---
Transportation ----
Miscellaneous operations --------
General-------

17, 304, 946 24, 281, 952

2, 473, 477 61, 745, 821 2, 470, 014 6, 928, 121

I

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Total..
Net revenue from railway operations.
Railway tax accruals.-------
Railway operating income---
Equipment rents-Net debit----
Joint facility rents-Net debit----
Net railway operating income-----
Other income----
Total income----

------------------------
Miscellaneous deductions from income---
Income available for fixed charges
Fixed charges-------
Net income----

ome -------------------------------NOTE.-- Figures in parenthesis indicate deficit.

115, 204, 331

6, 393, 040

9,030, 688 (2, 637, 648)

9, 606, 127

4, 812, 487 (17, 056, 262) 10, 654, 248 (6, 402, 014)

1,923, 909 (8, 325, 923)

6,936, 765 (15, 262, 688) EXHIBIT No. 14

General balance sheet, Dec. 31, 1964

ASSETS
Current assets :

701 cash.-------------------------------
702 Temporary cash investments.---

Special deposits..
706 Net balance receivable from agents and conductors
707 Miscellaneous accounts receivable-
708 Interest and dividends receivable.-
709 Accrued accounts receivable.-
710 Working fund advances.------
711 Prepayments--------
712 Material and supplies-------
713 Other current assets-----

$4, 223, 827 1,990, 681

427, 904 3, 125, 738 2, 913, 158

847, 609 2, 167, 161

526, 578

370, 952 4, 590, 862

29, 138

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Investments :

721 Investments in affiliated companies.--
722 Other investments----
723 Reserve for adjustment of investment in securities-

credits-

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(6, 633, 284)

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735 Accrued depreciation-Road and equipment----------- (142, 473, 511) 736 Amortization of defense projects-Road and equipment (7, 394, 217)

Total transporation property less depreciation and

amortization. 737 Miscellaneous physical property------

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Total properties less recorded depreciation and amor

tization -----------

341, 631, 259

Other assets and deferred charges :

741 Other assets_---
742 Unamortized discount on long-term debt----
743 Other deferred charges-----

3, 012, 855

291, 213 1, 266, 525

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LIABILITIES AND SHAREHOLDERS' EQUITY, DEC. 31, 1964

------

Current liabilities:

752 Traffic and car-Service balances—credit----
753 Audited accounts and wages payable..
754 Miscellanous accounts payable--------
755 Interest matured unpaid.----------
756 Dividends matured unpaid------
757 Unmatured interest accrued----
759 Accrued accounts payable------
760 Federal income taxes accrued.
761 Other taxes accrued.-
763 Other current liabilities---

$4, 995, 549 2, 957, 852 1, 971, 376 284, 878

18, 060

200, 088 14, 577, 122

196, 897 1,028, 912 2, 817, 257

11

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29, 047, 991

Total current liabilities (exclusive of long-term debt

due within 1 year)-Long-term debt due within 1 year: 764 Equipment obligations and other debt------

------

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Other liabilities and deferred credits:

781 Interest in default-----
782 Other liabilities-------
784 Other deferred credits-----
785 Accrued depreciation-Leased property--------

Total other liabilities and deferred credits--

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Shareholders' equity :
Stock:
791 Outstanding :

Common-no par-539,688 shares-

Preferred-$100 par--491,024 shares---
792 Stock liability for conversion :

Common-no par-534,182 shares-------
Preferred-$100 par-516 shares------

Dual

------------

53, 889, 941 49, 102, 400

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Total stock

156, 462, 141

1, 500

Capital surplus: 795 Paid-in surplus----
Retained income: 798 Retained income-Unappro-

priated.-

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Total shareholders' equity--------

irenolaers' equity-----------------------

Total liabilities and shareholders' equity-NOTE.-Figures in parenthesis indicate debit.

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Senator LAUSCHE. What do you mean that it has had one of the least passenger operating ratios in the country?

Mr. KIRK. If you will relate operating expenses attributable to passenger revenues, in other words, divide up passenger operating expenses by passenger revenues, you get a ratio. That is the ratio I have reference to. It is one of the least in the country, which I believe belies any statement that the passenger service on the New Haven Railroad is operating inefficiently.

Senator PASTORE. Mr. Kirk, you said that you reached an agreement with the Massachusetts authorities, which is of course, a very encouraging and refreshing thing. As a matter of practicality and as a matter of record, how were you able to segregate the costs that were involved with reference to that segment from the entire system?

Mr. KIRK. Mr. Chairman, I would like to address myself to that problem because it is important to the trustees in their reorganization efforts. I think I would like to go back a little bit in saying that in any segregation of costs, there is room for differences of opinion. And one group will espouse one procedure and one another, and no one can say that either or both are wrong. This is a matter, I believe, of negotiation.

Well, the problem is a little bit more simple in the case of the commuter service in Boston, by virtue of the fact that service is largely carried out on branch lines where the costs can be more readily determined. You do have a much more complicated problem which, in my own thinking, leads to all sorts of delays, arguments, disagreements, and so forth with respect to the balance of service.

For instance, take our long-line service, a passenger leaves Boston for New York. A passenger boards that train in Providence for New York. How can that cost of each one of those passengers be properly segregated ? Isn't this a problem for Massachusetts, Rhode Island, and Connecticut together, rather than separately? For instance, does the cost involved in the operation of the South Station, properly apply to the passenger who boards the train at Providence by the virtue of the fact that train had to start from Boston?

Let's look at a little more complicated situation. Let's look at West End commuter service, by that I mean the commuter service in and out of Grand Central Station in New York. There we have four tracks operating. Now for the through service, with properly controlled traffic and signaling, I believe that the through service could be handled by one track but we have four. Why? Because in the rush hours in the morning we need three tracks for the commuter service and in the rush hours in the evening we need three tracks for the commuter service.

Senator PASTORE. Do you have a separate engine on those others, I mean that just runs that route?

Mr. KIRK. Yes, sir. What I am asking is, How is it possible to technically have everyone agree as to the proper allocation of those costs as between the through service and the commuter service? It can be done by negotiation.

Senator PASTORE. That is right. In other words, it is feasible. It won't ever be precise, it won't ever be accurate to the opinion of all, but you can reach a common ground of understanding.

Mr. KIRK. Right. What I am getting at here is, while you can talk about the various types and kinds of passenger service we operate, we

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