The daily morning journal and courier., 1901-09-27
THE CONSOLIDATED ROAD.
Facts and Figures From the Annual
 Report.

the year ending June 30, 1901, showing total gross eranings from the rail lines
 for the year of $4O,132,3 ,311, including
 $19, ,S53, 093 passenger receipts, and $19,-
 S46,7 700 freight revenues, besides re-
 ceipts from rents and telegraph. Net income from operation was $12, ,0S3, 1882, and income from other sources amount ed to $562, ,560.
 Deduction of taxes, interest, and rem
 tals of leased lines left balance of in-
 come applicable to dividends of $5,65S,-
 2S7. Dividends paid amounted to $4,-
 294,73S, leaving surplus for the twelve
 months of s363,549.
 The total gross earnings of the rail
 lines decreased $192,S40 from the pre-
 vious year. The gross earnings of the rail and steamboat lines combined were
 $44,295,541.
 The operating expenses were 69.S9 per cent. The taxes were s2,S67, 1885. The report further says:
 There was charged to operating ex- penses during the year for betterments and new equipment to meet general
 depreciation the sum of $2,425,S14.76, and there was charged to cost of road and appurtenances 43,06097 for pur- chasing of real estate.
 Among the items charged to operat- ing expenses are: Improvements at Bridgeport; new shops at Readville; electrical appliances, equipment and power station on Providence, Warren and Bristol lines; lighting plant at New Haven; iceing plant at Poquonock; new stations at Quincy, Atlantic, Great Harrington, Whitins and Woods Hole, Mass, and Plainville, Conn.,; numerous iron bridges to replace wooden bridges on side lines; and stone ballasting on Shore Line division; also, the cost of 27 new passenger cars and 800 new coal cars, and part cost of 20 other new pas senger cars, besides miscellaneous ad- ditional equipment.
 The capital stock on the 30th of June, 1901, was 546,854 shares. The company held in its treasury at the beginning of the year 12,936 shares of its own stock; it sold 1,500 shares; it exchanged 503 shares for stocks of leased lines, and sold 225 shares to the trustees of the in surance fund; there remained in the treasury at the close of the year 10,708 shares.
 For the purpose of paying all floating indebtedness and providing larger working capital and for present and future requirements of the company, an issue of $1O,O0O,00O non-convertible de- bentures was authorized in March. These debentures bear interest at 1-2 per cent. and are payable in 1947, and $5, 1000, 900 of this issue have been sold during the year at a premium. The board revoked the authority to issue the remaining $5,O0o,OOO of the 100000 900 of per cent. debentures authorized in 1897; $5,000,000 of that series have been issued, $2000,000 of which were issued during the present fiscal year. This leaves non-convertible debentures out standing as follows: $5,000,000 4 per cent. and $5,000,000 1-2 per cent, both series due in 1947
 The funded debt has been reduced by the payment of $300OO0 of the first bonds of the New York, Providence and Boston Railroad com pany, which matured April 1, 1901.
 The policy of unifying and simplify ing the operation of our property has been continued, first, by reducing the number of operating divisions from 19 to 13. This has, of course, reduced the of division superintendents in the same proportion. Second, by re- of the freight department, an office at Boston for the prompt adjustment of freight claims, which Is already producing satisfactory results among the shippers over our lines.
 The capital stock of the New London Steamboat company having been of- fered to this company at a reasonable price, the board deemed it judicious to acquire the property and all of the stock has been purchased and is now owned by this company. The New London Steamboat company operates two freight steamers between New London and New York, and also oper- ates line of steamers between New London, Watch Hill and Block Island.
 The installation of electricity upon the Providence, Warren & Bristol branch has been completed and prom ses successful results in operation. The attempt to move electric cars from East Providence to Union Station in Providence proved impracticable. The therefore, will remain in In- lia street and new passenger station o accommodate the traffic of line, to be coated near the old station in India street, is contemplated. Close connec- ion with the Union Street railroad 'ystem of Providence will be made at hat point.
 Contracts for the completion of the york of abolishing grade crossings trough the city of Bridgeport have | ,een made and the work Is now in progress. All opposition to the scheme | las been withdrawn, the city of Bridge | 'ort has paid portion of the cost of | he work under it's agreement with | his company, and it is believed that he improvements now meet with the l general approval of the people of that | ity.
 Work is progressing on the new | hops at Newport, R. l., and Readville, 1ass. .. ae,. .- .
 An appropriate and beautiful tribute | lent Charles P. Clark and the resolu- ions adopted are entered upon the | records.
 Other matters in the report are as | blows:
 The number of passengers carried | turing 1901 was 5S,O51, ,46O, being 954,- A more than for the preceding twelve nonths. The falling off in number of one of freight earning revenue was