The Bridgeport times and evening farmer., 1919-04-08
ANNUAL STATEMENT OF NEW YORK
 NEW HAVEN 6 HARTFORD R. R,

The statement of the affairs of the New York, New Haven 6, Hartford Railroad Company for the year ended December 31, 1918, has been sent to the stockholders. The most striking difference from previous statements is the absence of operating revenues and expenses from the income account. The operation of the railroad during the calendar year 1919 having been performed by the Railroad Admins tratIon the revenues are received and the expenses are paid by the director general. For the information of stockholders the operating results and statistics for 1918 are inserted-as an appendix at the end of the statement
 The corporation receives a specific rental of S17,o95, ,SS4.34, being the average annual railway operating in come during the three years ended June 30, 1917-
 The corporate income account shows that besides the rental received from the director general there is 6, total of other income of $5,562, 53S-21, making a gross income of $22,6 417.55. The expenditures, being principally rentals of leased roads, in terest on funded debt and interest on unfuEded debt, amount to $2O,614,- S92.12. This leaves a net income ap- phcable to the year of $2,O43, 526.43. Had the subsidiary companies which paid dividends in 1917 paid the same dividends in 1918, namely, $949,OO0, the income would have been $2,992,- 525.43 This dividend income will come from the subsidiary companies, all of whom have completed their contracts with the direct general, when he is in funds to pay the rental due under the contracts and permits the dividends to be paid, but not hay ing been paid during the calendar year it could not be included techni- Cally as d part of the income for 1918i The result bears out the prediction of the management that the net income would be substantially S3,OOO,OO0, or a little more than 1-9 per cent. on S157,117,9O0 of capital stock.
 The annual compensation for the year 1919 will be increased to ST. 173.366.56 due to a restatement of the companys income by the Interstate Commerce Commission and this amount will be still further increased by approximately $2O0, OGO interest on the expenditures for improvement work for the year 1918.
 The expenditures for road inn provements for the year amount to $1O, ,e53.79, among which was the Thames River bridge which was com pleted and put in operation in Janu- ary of this year. To carry out the program of improvements the com pany arranged to borrow S10,000,OO0 from the director-general and S3,000,- GOO from local banks. The total short term indebtedness of the Comapny was S57.024, 1000. of which S51, ,475. 900 was loaned by the government-S4S, 964.OO to refund former notes and the balance to pay for improvements, $2,2SO, GOO was borrowed to make Liberty Loan subscriptions, and S2,- 995. .oO0 represents short term notes to local banks.
 During the year the company'S equipment was increased by l,50O hopper coal cars and 90 santa Fe type locomotives. For the coming year the federal manager and the company have agreed that if funds can be secured on proper terms ap- UroXimately S7.OOO.OOO should be ex- pended to continue the program of Improvements, the principal items be- ing the Cedar Hul Yard and New Ha- ven station improvements, engine houses and shops in he vicinity of Boston, new and improved bridges, signals and increased weight of rail, track material and the completion of the New Haven-New York telephone and telegraph cable line.
 The company presented it's claim for additional compensation as fol- lows:
 Average annual excess
 car hire paid during the
 fhrn a . Interest at s per cent on.