The Central

The annual report of the New York Central Railroad for 1923 was a fitting tribute to its late President, A. H. Smith. Last year proved to be the most successful year in the long history of the road, not only in respect to earnings, but also volume of traffic, improvements and acquisition of the stock of subsidiary companies. Net income for 1923 was $45,339,426, --an increase of more than 120% over the net of $20,635,186 for the year preceding. Last year, after allowing for funded debt and sinking fund, earnings on each common share were $16.47, compared with $7.66 in 1922. Operating expenses last year increased $28,201,551, including $10,616,283 in transportation cost, $9,530,903 in equipment maintenance, and $7,181,989 in maintenance of ways and structures. But gross revenues increased $48,550,090, of which $37,671,540 was from freight, $6,094,001 from passengers, and $1,048,543 from express service. Total gross income last year amounted to $365,175,188.