The Providence news. (Providence [R.I.]) 1891-1906, 1905-11-10

The internal improvements have
amounted virtually to rebuilding large
portions OF the lire. steel structures have
replaced wooden bridges and existing
bridges have been strengthened to carry
heavier traffic and TO produce greater ef-
1ciency in operation.
Additional second. third and fourth
Ntracks have been laid, including the four
tracking OF the main line between New
York and New Haven. Six tracking ana
-eieCtrffyfng OF the New Rochelle-New
York division is no win progress and,
when completed, will have cost H2,Oro'0Oo
The system has been le-tracked IN
many parts where single tracks were tor-
mery i'm use. Grade crossings have been
eliminated at many points, and this work
is still being carried on. Other extensive
improvements in roadbed, trac kand struc-
lures have been instituted throughout the
system.
The road is now in splendid physical
condition. but the company continues TO
spend millions TO increase the efficiency
Of the property
COSTLY BETTERMENTS.
1T is only fair to the New Haven man
agemcnt 10 say that its policy IS to show
only "A small margin over the eisht per
year OF the past six the item OF operat-
ing expenses, has included large sums Tor
bettermcnts and improvements when
might properly be credited TO surplus.
Allowing fair charges for maintenance
OF way and structures and Tor mann
tenance OF equipment The oVercnarses
included In operating expense shaNe
amounted TO at least Sll700,0C0 during the
past six years, i'm addition TO expenditures
for improvements charged TO capital 3c-
count Gross earnings during the Same
period have Increased from $l9,SH to ga
SOe and net earnings from St-2@ To S'fVo
per mile of road operated, notWithstahu-
Ing the heavy improvements which m'Eht
be shown as a further ADDITION TO net
earnings
I'm the six-ycar period the net debt
shows an actual decrease OF S59g' per mile.
Gross capitalization per mile SHOWS
large Increase from So ,56J TO SS5,l5h bu'
OF this increase $l6,923 per mile represents
Investments i'm securities OF electric ram
way lines. purchases Of stocks ana bonds
of leased companies and the acquisition
OF the Ontario and western.
These investments have eN'ended lhe
control of the road TO COO miles or street
railway lines, and excluding spldings ana
spurs to 6i9 miles OF steam ROAD con-
troued by Ontario and Western.
EXPECT DOUBLE EARNINGS
"Tbo elimination OF electric railway
lines from the field OF hostile competitors
is a most important consideration.
"Nith the exception Of the single East
and west line, the Boston & Albany ran
road. the New Haven has Nrtual mo
nopoly OF the territory east OF the HUDSON
river and south OF Boston, and the opera
ton OF the electric and steam roaus lu
harmony will undoubtedly make the SUD
tru
.'For tho past year the Consolidated
Railway company. the holding company
for the trolley lines. earned NSlSa OF
which the New Haven received SNoNo ln
dividends The showing was favorable
one considering that II was the hrst year
OF the merger. and with the advantas' =
concentration and control developed only
90 n small extent
"Tbe next two years should see the
earnings of the trolley lines doubled The
control OF ontario a. Western cost the
conluanv Sl3.10S 29S net. but President Mel
len feels satisfied that II can earn aud
pay dividends at least sufficient Co cover
tho interest charged on the purchase
price
MAY BRIDGE SOUND
'The New Haven also owns the entire
capital stock OF New England Navigation
company and the old Colony steamship
company. operating steamship lines be-
tween Providence R. J., New Bedford.
Mass. Fall River. Mass. and New York
city Those lines are an important sup
plcmcnt 60 the railroad itself and az tho
same time profitable investment
"For tho year ending June ~ 1905 the
combined gross earnings of the two
steamship companies were PeN9 while
the surplus after interest and taxes
amounted 20 sSos Ssi OF this amount New
Haven received In dividends ssn,co. leav-