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

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General balance sheet, Dec. 31, 1961

Current assets :

701 Cash.--
702 Temporary cash investments.-
703 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-


19, 577, 559 6, 945, 803

(6, 633, 284)

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735 Accrued depreciation-Road and equipment-
736 Amortization of defense projects--Road and equipment-

(142, 473, 511)

(7, 394, 217)

Total transporation property less depreciation and

amortization. 737 Miscellaneous physical property-

313, 591, 787 28, 039, 472

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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

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..

3, 711, 422

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Shareholders' equity :
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..

53, 889, 941 49, 102, 400

53, 418, 200

51, 600

Total stock

156, 462, 141

1, 500

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


(70, 456, 057)

Total shareholders' equity--

86, 007, 584

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

394, 052, 070

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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