The Bridgeport evening farmer., 1910-02-01
GRUES0ME DYING STATEMENT OF MURDERED MAN ADMITTED
 TO EVIDENCE IN WATERBURY
ANNUAL REPORT
 OF :. N. E. I. co.
Balance Sheet Shows Prop erty Worth Almost Ten Million and Profits Pass ing Half Million Mark.

New Haven, Feb. 1-The annual meeting of the stockholders of the Southern New England Telephone Co.,, was held today in the company's of- fees in this city, with a majority of stockholders and all the directors in attendance. The annual statement as submitted to the stockholders showed the following in assets:
 Construction, $S,596,006.95 supplies, $393S 9.60; real estate $546, ,97726; stocks and bonds $41 400; bills and accounts receivable $197 7,31O97; cash $3S,016.36.
 The following liabilities were shown:
 Capital stock, $7,693, 700; surplus. $277, ,413.42: bonded debt s1,oOO, ,O0O; bills and accounts payable $262 2737.S3; pant depreciation reserve $536, ,058.98; other reserves $43,711. 91.
 The above condensed balance sheet, dated December 31, 1909, showed fig ure of S9,813, ,622.14.
 for the pas year are shown. to be 3D. 47S, ,346.61. which with expenses amount ing to $1 926, ,944.o6 and $461, ,40255 paid in dividends, leaves carried to surplus the sum of $S4, 4,780:55.
 The total number of stations on Dec. 31, 1909, are shown to be 73,5S4 Of which number 7,572 were added during 1eO9
 Tn his annual report submitted to the stockholders President John w. Alling said:
 ''An important feature of any public service corporation, especially where the corporation serves the whole state, is in relation to it's employees: About 15 years ago, President Tyler estab- lished the Southern New England Tele- phone company Employees Mutual Benefit Society. This company con- tributes to it's support of that insti- tuition one dollar for every dollar put in by the members and it's funds now amount to s49,00O. The society is com posed exclusively of employees of this company and membership ceases when the member ceases to serve the com pany. The society pays benefits to sick and disabled members and death benefits.
 .'It is one of the strong points of the company that it's relations with it's em- ployes seem to be permanently har- monious and that we have steady and efficient corps of employees. Concerning the question nova days so much discussed, of capitalization, after a careful study of the original books and of all reports of President Tyler I am entirely satisfied with the statement of the special committee to the directors on this subject last Janu- ary and published in the annual re- port.
 '"The question of rates, maintenance of plant, extension service and return to stockholders, are closely related to each other.
 "The ideal conditions for public service corporation are that it's revenue should be sufficient to properly operate and maintain it's plant and yield req sonable return to the stockholders and then that the corporation should pro- cure new and additional capital for the extension of it's business and the ideal standard of a reasonable return to the stockholders is that it should be such in amotlnt as will successfully invite additional capital when needed. These ideal conditions, the Southern New England company has been able to at- tain and maintain during the past IS years
 Here President filling divides the telephone users of the state into three classes and discusses each separately with relation to it's use of, this com pany's telephones.
 Concerning the extension Of the ser vice MT. filling says:
 "For this object came we into exist ence President Vail of the American Telephone & Telegraph company states that the ultimate limit of the tele- phone system will be reached only when every one who can add value to the system is a member of it. It is another way of stating what we said in our last annual report, that anyone desirous of service and paying some profit would hurt nobody in the system and would add value to it. These considerations explain the ex- pected development of the telephone system. MT. Sykes, our general mana ger, estimates that there will be 100000 telephones throughout the state in our SyStenl.''
 President filling adds that the rate under these conditions would be very much cheaper while it would be impos- sible to tell what the flat rate would be. He says that on account of the greatly increased cost to the telephone company it would not be reasonable to suppose that telephone service could be "wholesaled'' at the same flat rate.
 Regarding competition and the inde- pendent telephone companies, Presi- dent filling says:
 ''1t is very true that independents have promised lower rates than our rates but they have had no guide to go by than to promise to cut our rates, what they m: 3ht be. Under such a rule it is easier to obtain contracts than to perform them. There is no serious call or demand for competition in this state. It will be nothing but an economic waste.'
 The annual report of General Mana ger H. H. Sykes, which followed All ing's reviewed in detail the condition of the company and the improvements installed during the past year.