Norwich bulletin., 1920-11-04
NEW HAVEN ROADS
 PROPERTY VAITFT

NEW HAVEN ROADS
 PROPERTY VALUED AT 800, ,oeo. 900
 Preliminary valuation of lands of the New Haven and leased lines has been completed and shows an aggregate of about S9Q.2o0,0p0 thus rounding out the preliminary valuation of the property | says the Boston News Bureau Cost of reproduction of the New Haven | and leased lines has been found to he | S3i5.T13,4S2 as to June 20. 1915 Ad- | ding lands. total cost of reproduction and i lands is s+36.514.035. This figure is com | parable with a combined road and equip l ment account of seS13o3.s72 or an ex- cess over book value of s155. .21N.Osc
 The figures are shown as follows (New Haven owned and leased lines, June 90, i 1915): Engineering, cost of reduc-
 ton ..,, -..-..........S S345,7154@S Carrier lands .....~..:.... 7s,472o2v Non-carrier lands and struc- lures ...,............... 17.52S.527 Total cost reproduction and land ,.................. .s436.514.o55 Combined road and equip | ment account ..... 2Sf. .30S.a72 Excess over book value ~ 155. .210.0S2
 It is interesting to note that the total cost of reproduction and lands of sS4s.-I 1 5140S5 is comparable with net capital | obligations of ali the con1panies in the l steam system of $431.56S309 or an ex- 1 cess over all capital obligations. of the entire system of S4.945.726.
 The net capital obligation is arrived at 1 after dedueting the Naw Haven invest ment of S493510S6 in the stock of the ! leased lines. as the prcpertv is repre- i sented by the capital stock of the indiv- ual leased lines.
 It should be pointed out that these fig ureS constitute the minimum cost of re- producing the fixed physical property to-
 gether with the present value of lands as found hy the bureau of valuation and
 are subject to revision upward on pres lent9tion of claims of tho railroads
 The New York. New Haven & Hart
 ford Railroad CO. the New Haven proper. shows cost of reproduction and lands at
 $30l.9Sf,A33 which is comparable with a
 road and eauioment account of book
 value of S200.975.171O, an excess of
 S101.ooS,S63 over book value, as shown
 below:
 Engineering, cost of reproduc- ton s24a .n22. 356 carrier land ...........-.. 40.941.S74
 Non-carrier land ......-... 12.00s. SOB
 Total engineering and land s3o1.ss4.oss
 Book value. road and equip
 ment account .......... 2oa.a75.17f Excess over book value .... 1O1.OOsss'
 In making comparison of the vaiue of s the parent company with its capital oh.
 ligation, it must be understood that fir addition to operating number of raj
 lines under lease, such as the OH Colony
 railroad. the Boston & Providence. ths Providence & Worcester and number . of others it has outside investments to taling s72.369.046 in railroad properties such as the Boston & Maine. Central New
 England Ontario & Western. Boston Ter minal. Rutland. Grand Central Termina and three steamship companies. The total capital obliga ton of the New Haven as of June 90 1915. amount Q cd to st11.S21.sn5. Of this. however T 227SS6.I26 represented investment if : property other than that which f. botl q owns and operates divided as follows: ;, investment in leased lines. value of which has already been found by bureau of
 ,, valuation to exceed their . capital obligations ...... s4s.s51.os n Investment in outside steam n railroad and steamship T properties already under
 valuation. most of which a are showing up well. in Y cluding Central New Eng $ land. Boston Terminal Bos- V ton Terminal. Boston & & Maine N Y. Ont & West 2. ern. Rutland Grand Central s. Terminal and three steam 'u shin companies .... 7.sss c4
 Investment in other outside
 properties. jncluding vari-
 ous street railways, etc. 1as1es ss T Total .................. :2s7.sss. z e- If 1t could he assumed th1t thil cr s- tire s227.SS6726 of investment WI le .e worth 100 per cent. 1t would 1e p,rfectl us' proper 10 deduct 1t from the to.lI car n ita1 obligation of the parelt oompan ~ leaving capital obligation ot tn, Ne n- Haven proper sfS3.as4.S7s 10 cor15a, ' with value for the parent compa T E of SSnt.9StO33. or an excess of s-SS s' oon000. This would make the eaui'
 value of the New Haven 5157.1I7 % n stock about SIS per share. ll Tn this connection it will h. rscalle 'G that the Massachusetts, valilatio', [ ld port in 1911 which valued sn3t on re vestments found a surplus If Sl01 SIS in o74 above all capital obligations. CT ov- D. $50 per share for New Haven stock In the present government va-ushC n,o n all the rail and steamship properties hr not the trolley and certain n1hSr Drol nn nn critics. are undergoing valuation and y far as completed are showing up sJ wa Y like the Boston & Maine ard -enu :. New England for examples that fh, rr re tire investment of SIP. 3s9.046 will
 undoubtedly fully supported. The s1r
 can be said of the leased lines. 30 it
 proper to deduct this total irNestmen" as 1 s121.720,132 from capital obligations. of Of the S106.166.594 investment in tro y ley and other nrope";ies of similar cha O. acter a part S of douotfnl value. Tn is was exemplifed by the reccnz sa.e
 S2,2o0 of the Rhode Isl.lll trol.eys, whi,