The Bridgeport evening farmer., 1915-10-20


 Howard Elliott, has submitted to the 26,517 stockholders of the road it's report for the fiscal year ending June i 3O 1915. Chairman Elliott reports the net income for the year was >$2,- 307,971.4 4S, an increase of $2,0S9,- 30S-56. In his statement, which fills a pamphlet of 70 pages, Chairman Elliott submits such data relating to the railway and other corporations embraced in the system or in which l it has an interest 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 current fiscal year show marked inn lprovement in the earnings of the company, both gross and net, but your directors cannot consider the declaration of any dividend until they are assured of the permanent financ- ing of the company. The amount of the possible loss in the sale Of the properties that must be sold by order of the federal 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 dividends. It is hoped that the valuation of the property of the com pany now being conducted by the In
  result 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 under the decree of the court.
 From July 1, 1902, to June 30, 1915, the property has paid to Its 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 div idend fund (except Boston & Maine and New York, Ontario & Western) $402, 2,4S8s sS11.5S.
 ''The last two years have been the most critical in the history of the company. state Chairman Elliott. 'sand there has been difficulty in maintaining it's integrity. In the last annual report you were fully inform ed of the terms of the proposed set clement with the United States gov ernment. This settlement was con firmed by a decree of the United States district court for the southern district of New Yo ork 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 tro11eys.
 sqshe Massachusetts general court yaIfdated1 the 1.571s179 shares in the hands the public and the stockhold- ers at a meeting heIdsini New Haven April s24, 1915, authorized the retire ment of the 228.991 shares held in the treasury, which shares were subse- quently retired and cancelled.
 ssShort-term notes to the amount Of s2s.7O5. 900 will mature between Oc- tober i. 1915 and June 30, 1916, as follows: October 26, 1915, $375,00O; December 14, 1915, $75,000; Decem- ber e2S, 1915, .$55O,0OO; January 14's .1s16, $1.7o5. .0oO, May l, 1916. s27,- 900. 900.
 ..since July I. 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:
 Tor the year ending June 30. 1913, S70, 0,45S.79O.0O-
 H s.For the year ending June 30. 1914,
 'sFor the year ending June SD, l9lo, -$65.379, ,263.71-
 t4This business depression has also affected all of the subordinate prop, critics in which your company is in terested, so that the returns to your company from these properties for the last year were $4.759. 610-31 less than for the year ending June 90, 1918, and $1,135.451.39 less than for the year ending June 30, ,1914.
 "On June 30, 1915, the floating debtsof the company in the hands of the public was $50, ,139 900, including $2O,O00,OO0 6 per cent. gold notes of the New Eng land Navigation company, due May l. 1917, for which the New Haven com pany as the only stackholder, must be responsible.
 ssIn spite of these large and unavoid- able expenditures by exercising care and postponing all improvements that could be put off with safety, the debt in the hands of the public of the New Haven company. including 3the New England Navigation company, has been reduced since July 1st. 1913, $324,- 750.00; an increase in 1914 of $3,364, 250.- 0O but a decrease. in 1915 of $3 ,6s9, 900 %.
 Some further reductions can prob ably be made from the proceeds of property sold and from earnings, al- though the necessity for improvements and betterments is likely to take all surplus earnings until a definite hnan- cfa1 plan is effective.
 ssThe total debt of the company, in the hands of the public, excluding con-i tingent liabilities, but including the New England Navigation company gold notes, for which the New Haven company is responsible. Is $S64, ,S65, 100.- %, which means that for every $100 of stock the conpany has $168.28 of debt.''
 The net income for the year was S2, ,307, ,971.48, an increase of &, ,o39, ,308.56. Total railway operating revenues were $65, ,379, ,263.71 decrease of $2,073 1928. 30. These revenues were From: Freight, $31, ,179, ,31s.71, a decrease of $1, ,297, ,32O. .54: passengers, $27, ,010, ,z98 .83, a decrease of $633, ,O37.26; excess baggage, $131, ,S45.5o, a decrease of $6, ,33s. ST; mail, $717, ,155.16. a decrease of $7.154.75; express, $2, ,709, 639.13; a decrease of $140,013. .29; other transportation including Pullman and S161, ,761. .61 from milk handled on freight trainsN SQ5z 67n 2n an increase of S125