New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-12-11
To Spend Much for Safety.


To Spend Much for Safety.
THE improvements to which the
company is already committed, in the
interest Of safety, efficiency and greater
convenience to the public, will take
large sums of money. There are i'm
portant lawsuits and Investigations
pending, the results of which are uncer-
tain in their effect upon the general
financial and corporate condition Of the
property.
THE directors feel, therefore. that
the welfare of the company. OF the
stockholders, and of the territory
served by the various lines will be con-
served better under all the conditions
now confronting the company by not
declaring at this time dividend"
The directors authorized the chair
man TO arrange for the separate man
agement OF the Connecticut trolleys nd
that L. S. Storrs, "ow vice-president
of the company, be made president.
This is one more step in the arrange
ments for a close detailed supervision
OF the various properties in which the
New Haven is interested.
Twenty-one directors were present at
The meeting. They were as follows:
William Rockefeller. Charles F.
BROKER, Ansonia, Conn; William Skin
ner, Holyoke, Mass; Arthur 7. Had
ley, James S. Hemingway, Robert w.
Taft, New Haven; Thomas De Witt
Cuyler, Philadelphia; Howard Elliott,
Boston; w. Murray Crane, Dalton,
Mass, all Of whom are members of the
executive committee; also d. Newton
Barney, Pennington, Conn; A. Heatcn
Robertson, New Haven; John L. Bill
lard Meriden; Edward Milligan, Hart
ford; Francis 7. Maxwell, Rockville,
Conn; ]. II. Hustis, New Haven; Sam
uel Rea, Philadelphia; Lawrence Minot,
Boston: Morton f. Plant, Groton,
Conn; John T. Pratt, New York; James
L. Richards, Newtonville, Mass, and
Galen L. Stone, Brookline, Mass.
Those absent were ]. Pierpont Nor
gan and George r. Baker. OF New
York; James S. Elton, of Waterbury;
Frederick +. Brewster, of New Haven;
Henry K. McHarg, of Stamford, and
Edwin Miner, of Moosup, Conn.
Railroads Troubles Analysed.
For more than a year the question OF
what has undermined the New Haven
and reduced Il to its present condition
has been paramount in railroad and
financial circles. Analytical inspection
OF the reports led the majority to be-
Iieve that the road was brought to the
verge Of ruin by stock jobbing. Many
believe the cause of all its trouble can
be traced directly TO an Increase In
interest and dividend requirements
brought about by enormous bond issues
I'm the last ten years for the purpose or
acquiring competing transportation
lines. mostly in the form Of trolleys and
steamships. The purchase Of the Bos-
ton & Maine and Maine Central and
their subsidiary lines was the last
straw.
on top of that came succession or
disastrous wrecks on the Shore Line
principally between New Haven and
New York, which completely under
mined the already wavering public con-
fdence. These brought federal inves-
LEGATIONS and storm Of public clamor
that resulted in the resignation OF
President Mellen last summer.
In the last six years the only surplus
the road saw was earned In 1910, when
the books showed Sl,O31, 1913. The
others produced deficits varying from
s4.564. 325. in 1913. TO $453,613, in 1909.
1t had laid up.|however, from It's more
prosperous years. TO June 80 last, $40
SO. 147, which II was pointed out might
pay the quarterly dividend OF per
cent on outstanding stock.
1t is said that the company's hxed
charges in ten years past have in
creased nearly 200 per cent. while The
increase in dividend requirements Ow-
ing to the great bond issues have been
hardly Less. The company maintains
that it's gross earnings haven't IN
creased as high as 40 per cent. Many