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Passenger
train miles

total
(thousands)

Year

(1)

(2)

1947
1948
1949.
1950..
1951.
1952.
1953.
1954.
1955..
1956.
1957.
1958.
1959.
1960.
1961.
1962.
1963

10, 661
10, 097
8, 932
8, 579
8, 682
9, 330
10, 128
10, 244
9, 611
9, 225
8, 964
7, 686
7, 046

443

232
6, 281
6, 541

30, 509
25, 748
19, 767
17, 277
17, 547
17, 183
17, 725
16, 815
15, 375
15, 467
14, 824
12,892
10, 807
10, 641
10, 425
12, 442
11, 955

30, 646
29, 717
26, 974
25, 353
24, 698
26, 433
27, 736
28, 958
29, 422
30, 236
30, 195
26, 506
23, 446
20, 195
17, 738
14, 342
13, 926

61, 155
55, 465
46, 741
42, 630
42, 244
43, 616
45, 461
45, 773
44,797
45, 703
45, 019
39, 398
34, 253
30, 836
28, 163
26,784
25, 881

1,898, 655
1,604, 277
1,331, 786
1,210, 478
1,329, 829
1, 372, 963
1,356, 484
1, 273, 558
1, 207, 526
1, 249, 537
1, 150, 094

953, 427
763, 946
751, 596
711, 728
779, 709
712, 476

646, 356
619, 122
583, 917
557, 941
550, 462
584,352
615, 017
649, 594
676, 767
699, 418
703, 413
653, 660
605, 156
539, 226
476, 018
359, 968
353, 592

2,545, 011
2, 223, 399
1, 915, 703
1, 768, 419
1,880, 291
1, 957, 315
1,971, 531
1,923, 152
1,884, 293
1, 948, 955
1,853, 507
1, 607, 087
1, 369, 102
1, 290, 822
1, 187, 746
1, 139, 677
1,066, 068

62.2
62.3
67.4
70.
75.8
79.9
76.5
75.7
78.5
80.8
77.6
74.0
70.7
70.6
68.3
62.7
59.6

21.1
20.8
21.6
22.
22.3
22.1
22.2
22.4
23.0
23.1
23.3
24.7
25.8
26.7
26.8
25.1
25.4

41.6
40.1
41.0

1.5
44.5
44.9
43.4
42.0
42.1
42.6
41.2
40.8
40.0
41.9
42.2
42.6
41.2

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

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EXHIBIT No. 14

General balance sheet, Dec. 31, 1964

ASSETS
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 companies722 Other investments.. 723 Reserve for adjustment of investment in securities

credits.

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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LIABILITIES AND SHAREHOLDERS' EQUITY, DEC. 31, 1964 Current liabilities: 752 Traffic and car-Service balances-credit.

$4, 995, 549 753 Audited accounts and wages payable--.

2, 957, 852 754 Miscellanous accounts payable-

1, 971, 376 755 Interest matured unpaid..

284, 878 756 Dividends matured unpaid.

18, 060 757 Unmatured interest accrued.

200, 088 759 Accrued accounts payable-

14, 577, 122 760 Federal income taxes accrued..

196, 897 761 Other taxes accrued -

1,028, 912 763 Other current liabilities...

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 :
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--

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-

priated..

(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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