The daily morning journal and courier., 1907-10-03
BIG YEAR IS DISCLOSED
NEW HAVEN ROADS REPORT
Vast Improvements Nearly Done-Gross Earnings vs.
 Net-General Survey.

Melen, is the most important annual statement ever issued by the company, It shows that despite the great increase in the roads funded and floating debt and interest charges, that it has earned little over g per. cent. for it's stock holders. This good showing is made despite the heavy increase in operat- ing expenses which increased about { per cent, due to higher wages paid and the higher cost of materials and an increase of 25 per cent. per diem for the use of freight cars. The roads gross earnings increased about per cent. The gross earnings from opera ton for the fiscal year, ending June 30, were $55, G01 ,936 as compared with 52,9S4, 822 for the previous year. Oper- ating expenses were $3IS50O81 as com pared with $35, ,5S6 for the previous year, and net earnings from operations were $17751,S54 as compared with ST., 761,735 the previous year. Net earnings of the company's street railroads this year were $3,615,S99 from steamship lines, s685,127; and income from other sources, s2,O77,874, making a total in- come for this year. $24OSO,755. Deduc- tlons from income this year were $15,- 1S7714, as compared with s9,752,115 last year, and net income this year appli- cable to dividends, $S,S93,041 as com pared with $19,1S5,377 last year.
 There were paid this year in divi- dends, less $564,440 dividends on stocks owned by subsidiary companies, the sum of $6,9O4,98S The surplus after dividends this year is $7,9SS,053 as com pared with $S71S,2S5 last year operat- ing expenses to gross earnings were in the ratio of 6S.O7S per cent. this year as compared with 66477 per cent. the previous year.
 President Melen in the text of his report recites an immense number of | Improvements in progress on the sys- | tenn He states that the work at Wa terbury is to be completed during the | year 1908, and the second track and tunnel between Waterbury and Bristol will probably be completed about the close of the year. The New Haven Improvements will be practically com | pleted by January, 1908, and the exten- sive Providence Improvements includ- ing the tunnel, will probably be com pleted about a veal later Twenty seven grade crossings have been elirn- mated during the year, In Connecticut New York and Massachusetts, 22 of them in Connecticut The large con- tract for new equipment, deliveries oi which have now for some time been in rapid progress, includes 122 loco motives, B electric loeomotives, 24 par Tor cars, 6 sleeping cars, { dining cars, 800 passenger coaches, 800 refrigerator cars, 11,300 steel box cars, 4,5O0 steel gondola cars $50 steel fiat cars, 16t open electric cars, a passenger steam CT for the Fall River line and IS barges.
 President Mellen gives details of the recent financing of the company, and the coming issue of new stock already printed in our columns He thinks that the Connecticut Railroad & Lighting Go and the Rhode Island Street Railway properties will eventually become pro-
 1table to the company and says their acquisition was necessary. The newly acquired coast steamship lines are al- ready showing a small profit. About $4,030,000 preferred stock of the New
 England Investment Securities com
 pany has been disposed of but no fur
 ther sales of stock are possible excep
 at prices inadvisable,
 Tn regard to the Boston and Maine merger President Mellen says that tho present situation excludes rival inter.
 ests, saves one dolllr per annum pc share upon outstanding stock of tho
 Boston and Maine, and has worked nc
 hardship to the New Haven company
 The B. & Nj. is supplementary ant
 complimentary to the New Haven sys
 tenn and is practically non-competitivt and the harmonious working of thu
 two systems render possible an i'm
 proved service and reduced tariffs, ant
 if the Boston & Maine railroad can b
 acquired with the good will of the pub
 lie 1t now serves, it should prove
 profitable business venture but if ther
 Is to be only unfavorable criticism
 misrepresentltion and disparagement
 1t may be well to proceed no farther
 but such investment as has alread,
 been made even in that event is jueti
 fed in that it has removed what coul
 only be regarded as a menace to you
 property in preventing the control pas
 sing in another direction
 Reference is made to the operation b
 the New Haven of the Central No1
 England and the improvements mad on the Central now justify payment c
 a rate of interest not exceeding pc cent. on the eompany's general mort
 gage income bonds. of which the Ne Haven owns a large proportion
 The street railway lines of the Ne ! Haven system earned during the la! fiscal year s11,G3S,057 gross and tn insurance fund of the company no , amounts to $1.770.S4G, a gain for tf i year of $81 3G6 The general baIant sheet of the company now amounts | . $374,770,119 as compared with $239, ,486 335 the year previous.
 The reduction in the passenger raj |. to two cents a mile on the whole syt f tenn, which was in full operation f i seven months of the last fiscal yea f shows that t resulted in gain of pai e senger receipts where a con7idcrab loss was anticipated. Of the stea roads receipts for the year S26,75S. 3. came from passenger and BPS, 3S6, 7t from freight, passenger receipts for il \ previous year being $25,252, 124
 LICENSE QUESTION.