Norwich bulletin., 1916-10-24
LARGEST GROSS INCOME
 IN NEW RAVENS HISTORY


 IN NEW RAVENS HISTORY
 Increase of Ten Millions Over Earn
 ings of Proceeding Year.
 The annual report of the New Ha-
 ven road is issued in advance of the annual meeting of the stockholders
 which will be held Wednesday, The
 report shows the largest gross in- come in the company's history.
 The company earned from opera
 tions, $76.311. .652, an increase of $10,-
 392, ,289 over the preceding. year and
 gain of about $7.700.000 over the
 best preceding year, which was 1913.
 The statement says this result was
 unrest, resulting in 57 separate strikes on the company's lines. and also un-
 der discouraging operating conditions
 because of freight congestion.
 Operating expenses absorbed s51,-
 07s, ,357, leaving a net income of s25,-
 2Ss,295 before taxes were paid. gain of s398O 655. The lines carried 2S, ,-~
 285, All tons of freight. which was A., +43, ,3SS tons more than the year be- fore, and the 82,246,385 passengers carried were 4,073.687 more than the company accommodated in 1915 President Elliott informs stockhold- CTS in his statement that the eight hour law will cause an increase of eX- p6nS6S O1 A1,OOUBUu0 Go 9E,ooU,UUU 6 year, depending on the way the stat ute is interpreted. Discussing the la bor organizations which were active in having the law passed, he says:
 There are less than 7,500 men in these organizations or the New Ha- all the railways in the United States. There are 25.769 stockholders of the New Haven. and at least 600,00O hold CTS of railway stocks in the United 4<~ o4 equal number of bondholders), but their influence has not been exercised for their own protection. The direc- | tors and officers are doing their ut
 most to safeguard and improve the property, but the active influence and support of all owners of securities are needed, not only in creating a favor able opinion, but in providing new capital in excess of what can be saved 1 from earnings and sales of property l in order to make those improvements 1 that will increase the earning powre 1 of the property.
 | "The employees should realize that l they are citizens of the territory serv- l ed by the road. as well as members | of labor organizations. They owe a 1 duty to themselves and their families, | to the company that furnishes them employment and to the communities 1 in which they live. It is very much 1 to their present and future interest to
 
 ] of the territory served. This work l can be accomplished more quickly if 1 every man will lie economical. < 1 cent a. day saved by each employe will make more than $100,000 a year to be 1 put into improvements"
 l MT. Elliott asserted that the com pany must have additions calling for 1 the expenditure of $27, 860.000 if the 1 traffic is to be properly handled. The 1 company during the year bought up l InT 6c of ln m of 1907. and this amount of the roads l indebtedness was cancelled. On June l 30 the end of the fiscal year. the em- tployes on the payrolls numbered 35,
 4S5, receiving in wages $29, 269, ,103, a i gain of $3.503.7S9 over the previous | year.
 In order to make the desired inn provements says the report there is needed the cooperation of the public
 the owners of the property and the l employees" Continuing the report
 says: '"The public should realize that
 the New England roads have to pay
 freight on all fuel coal for their loco l motives and that a very large amount 1 of this coal has to be brought in all | rail. These freight charges on coal 1 increase the fuel cost for a road like
 the New Haven between $3,000,000 and S4,000,000 year as compared with
 the same amount of coal used by
 roads like the Pennsylvania, Baltimore 1
 and Western. yet the passenger and i freight rates on the New Haven are | no higher than on those roads. and in
 many cases are lower. It is also to | be borne in mind that the New Ha- ven derives nearly one-haf of its 1 earnings from the operation of pas
 senger trains and that the average 1 distance travelled by each passenger i is only 19 miles. A very large propor- l tion of the freight cars handled arc 1 loaded with less than carload mer- 1 chandise, and the average haul of all 1 freight is only S4 miles. This large proportion of short haul passenger
 and merchandise makes the business l of the company a retail business in l stead of a wholesale one, and with
 the increase in wages and the high | cost of fuels adds largely to the ex- pense of operations.
 | '"The federal government is now un- | derpaying the company for the car 1 riage of mail and parcel post at least l $1 ,000 000 g. year. a sum that the con- l pany is justly entitled to today and
 for a number of previous years. Un- l der these conditions if legislation and 1 the economic conditions of the coun- 1 try force upon the road very large in | creases in wages and higher prices for | material, the public authorities should allow increased rates. if the road is to 1 be kept in position to furnish the
 amount and quality of transportation | that it's territory needs.
 1 Recently because of pressure from l four labor organizations the president 1 recommended and congress passed a l misnamed eight hour law which may
 cause, when the law takes effect. a 1 very large increase in expenses-be-
 tween $1,500,00O and s2000, 900 a year, i depending on the interpretation of the