New-York tribune., 1909-09-28
ROADS EARNINGS GRO W
MeHen Thinks This Year WW Be
Greatest an Ne7C HdUen's History.

New Haven Sept. 27.-President c. S. Mellen in
his annual report to the stockholders of the New
York New Haven & Hartford Railroad Company
saws that during the fiscal year ended June 90.
1909 the business depression of the previous fiscal
year continued until the autumn of 1908, when some
Improvement noticeable. This became so
marked later, he says, that. without impairment
of the property. the company was able to earn for
the year all but S463.613 OF fthe dividend require
ment. about 7h per cent on the sO0,000,O0O of
capital stock outstanding.
AS compared with 1908. the first five months of
the last fiscal year showed a decrease in gross
earnings of about 100000, but the last seven
months showed increase of about S. 200 coo. MAX
ing increase Of gross earnings for the year of
81 297, ,4s3 compared with decrease of s255 7S9 in
$685. contrasted with 1907 The present prospects
of business. the president says indicate for the
ensuing year the largest gross business in the his
tory of the company
The good showing. he says. of the last fiscal
year due largely to the low basis of operat-
ing cost which 66.3 per cent of revenue, as
compared with y per cent in 1908. The Connecticut
company earned s2242 from its express business.
In referring to the control of the Boston &
Maine through the Boston Holding Company, Presi-
dent Melen expects that it will result in the i'm
mediate Improvement of the business of both sys-
TENS and will be of large advantage lin building
up a distinctively New England railroad system
devoted to the interests OF that section securing
more advantageous arrangements with connecting
lines and more economical administration of the
properties"
Subject 10 the approval of the stockholders, the
plan of issuing four hundred thousand shares OF
stock is outlined, providing for its issue at
$l25 a share. payable in four instalments at six
months interest. and with the holders of the con-
vertibe debentures sharing in the issue.
A great number of improvements completed
within the year in progress are noted includ-
ing the Glenbrook experimental electrical construc-
tion. the tunnel work between Summit and Bristol
and the strengthening Of the Thames River bridge.
Ninety per cent of the Harlem six-track construc-
tion has been finished.
The express OF the steam lines which
bears on the claim against the Adams Express
Company. S2337.949 compared with S2,l76-
el6 in 1905 The total of the grand balance sheet
from S9S. 9S2$5 in 1905 to $3Sl,700352 at the
end of the fiscal year just closed.
During the year there has been purchased new
equipment TO the value of $7.211254. including 81
passenger coaches and 5.l79 box The net in
in the debt of the company during the year
has been S0.96 425. There have been 2OiS shares
of stock sold and the proceeds used to acquire
other property. The litigation in which the New
York. Westchester & Boston Railroad was involved
has been ended and full power given the company
10 proceed with the work OF construction Pay
ment from earnings OF per cent on the Central
New England income bonds, of which the COM
pany holds $636S.l23. costing the company S6S3,73
has been authorized.