The Bridgeport evening farmer., 1913-10-06
NEW HAVEN ROAD
WOULD DROP THE
SUBSIDIARY LINES
President Elliott In Report Says
COMPANY Will Conform with
Law and Sound Public Pol
icy.

In the report of the New Haven
railroad system for the year ended
June so. last. President Howard Ell
lott defends the corporations policy
of extending its lines. but hints that
the tran portatiOn lines taken over to
enlarge the system may be dropped
IL ft is found that any law was v1o-
lated Referring to the company ex-
pansion- MT. Elliott says:
The year marks the completion of
a period in which your directors and
management deemed it essential, for
the protection of its lines and the en-
largement of its business and to serve
effectively the public and develop the
New England States by a comprehen-
sive transportation system operating
comparatively with your railroad, to
adopt the policy of acquiring an in
serest in various transportation lines
adjacent to and serving the territory
IN which your railroad is located.
These acquisitions, in the opinion of
your Board, were legally made, and
after due consideration that they
were for the best interests of the
company and the public, which is the
only source from which its revenues
are derived. but your company has no
desire to retain these investments ex-
cept in conformity with law and sound
public policy
The report shows that in the year
the New Haven system had a deficit
in the general income account of 81
127, 6S2.64- The operating revenues
of the system amounted to $95, 190,-
ASCOT, and the operating expenses to
IS 1874. 517-5o- The net revenue de-
rived from outside operations was
S641, o61-So, making the net revenue
for the system $30.1S7. OO9-s7-
Taxes paid during the year were
ST. 062. 1886 leaving an operating in
= -
derived from other sources, such as
dividends, interest and rentals, was
S4STe, 409. AZ, and deductions from in
come on account of interest and rent
ais were $22, 394, 327.79, leaving a net
income for the year of $7,e5e,397.S5.
There was paid out in dividends on
the New York, New Haven and Hart
ford Railroad Company and on the
stock OF the subsidiary companies held
by the public total of s11,7S7, o3o-49.
making a deficit on the years opera
tons of s4,127, 632-64-
In referring to these figures, Mr..
Elliott. who signs the report, although
he did not succeed Charles S. Mel1en
until September 1 last says to the
stockholders:
while the earnings for the first
few months of the fiscal year were
highly encouraging, being the great
est in the history of the company for
a similar period, the net results Of the
year compared with 1912 show a
large decrease, due to heavier operat-
ing expenses, which reflect principally
the expenditures made by the com
panE to put the property and equip
ment in better condition to handle
business safely and promptly add to
pay increased wages
The work Of electrifying the main
line from Stamford to New Haven,
according to the report, is sufficiently
advanced to permit electric opera
tons early in 1914. This work was
delayed on account of strike and flood
conditions
Concerning the New York, West
chester and Boston Railway Company,
the report says the business of this
company has shown a satisfactory in
crease month by month and that it
now is handling at the rate of 3,0O0,-
600 passengers a year. 1t Is estimated
that considerable revenue will be re-
.ceived from the freight service begun
during the year and by q contract late
" entered into with the Adams Elk
press Company granting this COM
pany express privileges over its lines.