The daily morning journal and courier., 1895-10-04

Income from operation, $S,SSI, I0S.O2 Income from other sources,
 as dividends on stocks
 owned, interest on bonds
 owned, dividends on
 stocks leased and miscel-
 lany, $2S4,S25.a2 Total income, $9,O72 94 Deductions from income, as
 taxes, interest and rem
 tals. $5,59S,545 20 Leaving a balance of in-
 come applicable to divi-
 dends of SEATS, ,9SS.74 Dividends paid on $S7, ,942,-
 900 at 10 per cent, $3,794 29O % Deficit for the twelve
 months, ss15 5,SO1 26
 In explaining this deficit the state ment remarks: These figures refer to the same property and the same mile- age reported last year. Stockholders will be gratified to note an increase of 9 per cent. in the gross revenue of the properties ($2,324, ,S51.19), which is main ly due to the improvement in the busi- ness situation. It will also be observed that against the revenue of the year ending June 30, 1895, five dividends of 2 per cent. each have been charged This will hereafter bring the date of the pay ment of dividends upon the last instead of the first day of a given quarter.
 Large charges to operating expenses have been made to represent deprecia- ton, as has been usual Among these charges are the following:
 45 locomotives, SAC, ,5O0.OO 110 thirty-ton coal cars, 68251.95 100 thirty-ton box cars, 59,S11.63 Electric equipment, 25,91S.49 Payments on account six car
 floats, 105, 50 New sidings, improvement
 and enlargement of station
 facilities, 131,s53 99
 Total, sS3O, ,979. 5e
 The statement further remarks: Al the date of the last report the capital stock of the company was $37 ,942, 300. By an exchange of 220 shares of Air Line stock, 112 shares of Shore Line, I'll shares of Naugatuck, TIPS shares of Housatonic and 39 shares of the New Haven and Derby the company's cap- ital stock has been increased by $57 100 (netting $116,94613), so that the capital stock of the company is now $3S, ,000,- 900.
 The subscriptions to the original is- sue of debenture certificates amounted to SIS, 1SS, ,240, of which $13,122, 800 were taken. Of those not taken by stock holders $27, 200 were sold by order of the directors (netting the company SS9, ,136- 75), and making the first issue of deben- ture certificates $13, 3,15000O.
 The policy of the company to acquire by exchange or purchase upon an equi- table basis the stocks and obligations of it's leased lines which constitute a fixed charge upon it's own earnings has been continued, as will appear by the tables furnished.
 Prior to the lease the Old Colony Rail- road company was authorized to acquire the stock held by private parties in the Old Colony Steamboat company (Fall River line) and to issue it's own shares in exchange therefor. This has been accomplished during the year, and in accordance with the laws of the com monwealth of Massachusetts the Old Colony Railroad company issued 3,102 of it's shares in exchange. As dividends upon these shares become fixed charge upon this company's earnings, under it's lease your directors authorized the pur- chase of the entire issue, which this company now holds in it's treasury.
 It will be noted that 1928 shares of the Providence and Stonington Steam ship company Providence and Stoning- ton lines) out of 10000 shares constitut- ing it's capital stock have now been ac- quired by this company.
 Under the terms of an act of the gen. eral assembly of Connecticut, approved May IT, 1895, this company has also ac- Quired II ,552 shares of the stock of the Shepaug. LitchfieId and Northern Rail- road company It has also purchased $50 shares of the preferred and 577 shares of the common stock and $74 COG of the bonds of the Stamford Street Railroad. company. and proposes to de- velop that property in close relationship to the New York, New Haven and Hartford railroad
 It has also acquired s2OO,O0O of the bonds of the Fall River Railroad com pany, a leased line
 To pay for the above. and for i'm provements, including Providence ter minals. floating debt has been in- cured, which amounted on the 3Oth of June to $4,650,000. To provide for this, for improvements and for the gen eral requirements of the company, your directors, on the 31st day of May, 1895 voted an increase of p per cent. of cap ita1 stock to stockholders and of con workable debenture certificates to de- benture certificate holders as of the 1st day of October, 1895. The capital stock being SSS,OOOO0O, and the issue of de- beture certificates being S13, ,15O, COG. these increases amount to s9,5OO.OOO, and SS.- 2S7, 500 respectively. of SIP, ,7S7, 300. So far as the proceeds of these issues are