Norwich bulletin., 1917-09-12
ANNUAL MEETING OF
 NEW HAVEN ROAD.
Exceptional Interest in Gathering of Stockholders to Be Held Next Month.

There will be an exceptional interest in the annual meeting of the stock holders of the New Haven road to be held in October, the call for which has just been sent out. The important on an issue of $45,000,000 in preferred stock. Vice President Buckland in a comprehensive statement says that the road, because of general financial con- ditions of the road, the war, and the government loans, will probably be forced to issue preferred stock This will provide for the retirement of the $45, 100000 collateral trust notes that fall due on April 15 next.
 'The one thing that Is bothering the management of the road now" said MT. Buckland, "is the $45, ,O0a 900 notes that must be taken care of in some way. The dSlocation of the money market on account of the war and the governm ant, bond issue is causing anx- iety to all railroads. If this issue of preferred stock is made this company can pay off this debt of $43, ,00O and it will give the company a chance to sell the various properties which the court has ordered sold aId use the proceeds from such sales toward the make further improvements on the property. The different states have already given the authority to the road to issue preferred stock and so it will
 
 On."
 Mir Buckland said that the issue of preferred stock would not mean that it would permanently ovcrshadow the common as many people seem to feel. It's only another way of meeting the financial needs of this company" said Mir. Buckland. We put t!,e stoc1khold CTS in the place of the bankers who have been lending us the money. We seek to obtain the money from them through the issue of preferred stock. It is likely that the preferred would be retired in a few years according sure that it is not the intention of the management of this road tc keep the preferred stock in force longer than would be necessary"
 jngs went into net income. NIT. Buck land said:'
 "We are doing the biggest business .n the history of the road. hut as is the case with private industrial concerns, when you are overrun with business you have little to show for it after it is all done. Our July opera ting reve- nue increased s327,oOo. over the record expenses increased s1.Oe4,C00. Our net revenue decreased $7i2, 900. Now you ssk a ma chine to perform more work than it has capacity for and there is the railroads. They have no capacity to do the work. If we were permitted by the government to get the increases in rates that we earned this would not be so.
 What is the situationE Trains are stalled and we have no locomotives to handle the big business. We are over burdened with business. We would be far better off with less work. This is prosperity beyond the limit. Now you ask how the expenses increased. I am going to tell you. For the actual movement of trains the Cost for July was $62O, 1000 greater than it was in the sams- month a year ago. This is due to increases in wages that we had to. give employees and the higher cost for fuel. Our fuel cost us in the last seven month"; s703.0O0, and the fuel bil! for July alone was s1sS,00o more than it was for the same month last year. The same explanation applies to the expenses for maintenance of way, the expense for July for this item being $105,000 more than it was for the same month a year ago 2 Mainte-