New Britain herald., 1915-10-27
ANNUAL MEETING OF
 N. H. STOCKHOLDERS
Directorate of Road Cut to Fifteen
 Members


 Hartford Railroad company was cut to fifteen members, at the annual meeting of the stockholders today. The existing board of fifteen was re- elected. H. K. McHarg and F. F. Brewster resigned as directors yester- day. Their membership made the old board, seventeen in number, the minimum provided for by a change in bylaws at the annual meeting year ago. Aside from acceptance of the annual statement no other business was done. The debate over various incidental matters was lengthy.
 Consideration of the companys an- nual statement was asked of the stock holders when Hugh w. Ogden of Boston moved that before business was taken up a committee of three be appointed, with Br. Baronson of Boston, representing certain interests, to receive, count and report on proxies in order to see who were en- titled to take part in the meeting.
 Maxcy Hitler Objects.
 Maxcy Hitler of New Haven object ed saying that the motion was un- necessary. President Elliott, how ever, said that he had named as tellers, c. H. Hampstead, w. Perry Curtiss and MT. Baronson. and that the last named would have an op- portunity to look over the proxies.
 A stockholder asked how many proxies the officers held and tbe reply was about 92O,00O much more than a majority. The stockholders said he could not see any need of scrutinizing the proxies, but MT. FL liott said that they were open for in spection. ,J
 Amplifies Annual Statement
 President Elliott directed attention fled the facts contained therein by giving figures of receipts and expen- ses for three months ending Sept 30.
 On the steam read the revenues in- creased $1,509,955 and the operating expenses increased s42.165. After allowing for taxes and so forth, he said, the net income for the period was $2,096,04S, an increase of $S67,- 671 over the same period in 1914. On the Central New England Railway the net increase in income was $259,- 402 and with the New England steamship Company the net increase was s124,4S6 over the 1914 period.
 Increase in Business.
 For three weeks in October on the steam road the increase in business was $537,786, on the Central New England $80,851 and on the New England Steamship Co.,. $54,S20, as compared with the same period in October. 1914.
 President Elliott said that these figures were gratifying to those who recall the dark days of the past few years. In April 1914, the manage ment was trying to arrange to take care of maturing notes when business was receding. Now the company is faced with the problem of providing more trackage. more engine termin- als and more rolling stock to meet the business in New England grow ing out of the trade in munitions and the products of other factories.
 Billiard Case Exception.
 Referring to the action of the di- rectors and former directors to re- cover moneys diverted to other pur- poses, he said that it was deemed un- wise to do any thing except in the Billiard case, and that this is now pending.
 He introduced President Arthur T. Hadley of Yale University, and a di- rector, who explained the reasons through which the directors decided that it would be unwise to bring suits using the company's money, where a successful outcome was questionable. He declared that the directors pains taking consideration of the matter, and the decision reached was that of their best judgment for the welfare of the company.
 President Elliott said that he had believed it wiser to give full atten- tion to management of the property instead of "Frittering time and money away in hopeless and questionable suits for restitution"
 Sound Financial Basis.
 Illustrating the conservation of re- sources MT. Elliott said that in the past year $S64,O0O worth of second hand materials had been sold, $660,- 900 worth of odd-lot real estate dis posed of, and efforts made to sell various securities in order to bring more money into the treasury. The policy of the management is to put the company on sound financial basis, he said, and to provide ade- quate equipment.
 MT. Elliott in detailing plans re- ferred to the new bridge to be built over the Thames river at New Lon- don.
 E. J. Hill of Norwalk offered a mo- tion to adopt the annual report and spoke in praise of the rehabiliment of the property as he saw it in pro-