New Britain herald., 1915-10-19
NEW HAVEN INCOME
 SHOWS INCREASE
Elliott Submits Report to Stock holders Of Road

New Haven, oct. l9.-Ino DOarQ Ol directors of the New York, New Haven and Hartford railroad by it's chairman, President Howard Elliott, has submitted to the 26,517 stock holders of the road it's report for the fiscal year ending June 30, 1915. Chairman Elliott reports the net in come for the year was S2,307, ,971.42, an increase of $2,039, ,30S.56. In his statement, which fills a pamphlet of seventy pages, Chairman Elliott sub mits such data relating to the railway and other corporations embraced in the system or in which it has an in terest as will show the results of the operations for the fiscal year.
 On the subject of dividends, Chair man Elliott says:
 '"The first three months of the cur rent fiscal year show marked inn provement in the earnings of the con- pany, both gross and net, but your di- rectors cannot consider the declara- tion of any dividend until they are assured of the permanent financing of the company. The amount of the pos sible loss in the sale of the properties that must be sold by order of the fed eral court, the existence of the large floating debt, and the need of money for making improvements, all affect the ability of the company to pay divi- dends. It is hoped that the valua tion of the property of the company now being conducted by the Inter- state Commerce commission will re- suit in an increased value over that now shown on the books and to that extent will offset any loss in the sale of the properties that must be sold he 0f ha
 $92, ,135, ,O64.44 in Dividends.
 From July 1, 1902, to June 30, 1915, the property has paid to it's owners in dividends $92,135, ,064.44. During the same period it has paid in wages on the New Haven and sub sidiary companies, the net earnings of which helped to make up the divi- dend fund (except Boston & Maine and New York, Ontario & Western) $402,4S8,SS1.
 '"The last two years have been the most critical in the history of the company" states Chairman Elliott, land there has been difficulty in maintaining it's integrity. In the last annual report you were fully informed of the terms of the proposed settle ment with the United States govern ment. This settlement was con- firmed by a decree of the United States district court for the southern district of New York entered October 17, 1914, and the securities were transferred to the trustees appointed hereunder. Since then these trustees have been in exclusive control of the respective properties, namely, the Boston and Maine railroad, the Con- necticut trolleys and the Rhode Island trolleys.
 Validated 1,571,179 Shares.
 ''The Massachusetts general court validated the 1,571,179 shares in the hands of the public and the stock holders, at a meeting held in New Haven, April "A, 1915, authorized the retirement of the 228,991 shares held in the treasury, which shares were subsequently, retired and cancelled.
 "Short-term notes to the amount of s29,7O5,OO0 will mature between Oc- tober 1, 1915, and June 30, 1916, as follows: October 26, 1915, $375,00O; December IA, 1915, $75,000; Decem- Der 2S, 1915, $55O,0OO; January IA, 1916, $1,705,0O0; May 1, 1916, $27,- OO0,OOO.
 Since July 1, 1913, there has been a widespread depression in business, affecting adversely the earning pow CT of your property, for example. the gross operating revenues compare as follows:
 For the year ending June 30, 1913, $7O,45S,79O.09.
 "For the year ending June 30, 1914, $67,452,592,01.
 "For the year ending June 30, 1915, $65,379,263.71.
 Affects Subordinate Properties.
 "This business depression has also affected all of the subordinate prop cries in which your company is in-