Connecticut western news., 1913-10-09
NEW HAVEN'S ANNUAL REPORT
President Elliott Gives Enlightening In-
 formation to the Public.

President Elliott Gives Enlightening ln-
 formation to the Public.
 The annual report of the New York, New Haven and Hartford Railroad Sys. ten for the year ending June 30, 1913, made public last week shows deficit in the general income account of $4.127,- 632.64. The operating revenues of the system amounted to $95, 19O, ,466.07 and the operating expenses to $65. .694, ,517. 50. The net revenue derived from outside operations was $641 ,061 30, making the net revenue for the system $50, 137 ,OO9.. 87.
 Taxes paid during the year were $5.- 062, ,683,65 leaving an operating income of $25, 074, 326, 22. The income derived from other sources, such as dividends, interest rentals, etc., was $4. 979, ,409.- 42; and deductions from income on ac- count of interest, rentals, etc., were $22, ,S94.337,79, leaving a net income for the year of $7,659, ,S97,85. There was paid out in dividends on the stock of the New York, New Haven and Hart ford Railroad Company and on the stock of subsidiary companies held by the pub lie total of $11, 787 .OSO,49, making a deficit on the years operations of $4, 127, 632, ,94.
 In referring to these figures President Howard Elliott, who signs the report | al ha .l c Mellen until September lst, 1913. says to the stock holders:
 "While the earnings for the first few months of the fiscal year were highly encouraging, being the greatest in the history of the Company for a similar period, the net results for the year com- pared with 1912 show q large decrease, due to heavies operating expenses, which reflect principally the expenditures made by the Company to put the property and equipment in better condition to handle business safely and promptly, and to pay increased wages. The unfortu. nate accidents at Westport, Conn.,, on October 3rd, 1919, at Stamford, Conn.,, on June 18th, 1913, and at North Haven Conn.,, on September 2nd, 1913, the continued investigations for several years of the Company and its operations and the resulting demoralization and expenditures made the year one of un. usually heavy outlays. From the stand po1nt of gross earnings, much better results were expected, but were not realized because of the conservative pol icy in manufacturing and consumption which restricted output and orders tc actual necessities, so as to be prepared for any legislation that might injurious. lY affect the business of the New Eng. land States.
 "While the human factor was one cause for the deplorable accidents referr. ed to, the management did not attempt to evade it's full responsibility, and the efforts of the officers and employees were and are being systematically devoted to raising the railroad and service to higher standards of efficiency and dlscipline, all necessitating larger expenditures and higher wages. In maintenance of way and structures the increased expenses were not only for wages, but for rails, ties, ballast, cross, overs, signal and inter locking plant and station improvements The increase in maintenance of equip ment expenses was due to higher wages. to placing the rolling stock in sound operating condition, the installation of sup rheaters on engines, the additional work aud inspection necessary to meet Federal and State regulations as to equip ment and the larger number of electric locomotives and cars to be maintained .''