Norwich bulletin., 1920-04-22
NEW HAVEN ROAD BUSINESS
 EXPANDING SAYS PREsIDENr

Gurleyvii,e.
 NEW HAVEN ROAD BUSINESS iS
 EXPANDING SAYS PRESIDENT
 President D. J., Pearson of the New
 Yorh, New Haven .: Hartford Railroad Co., in the annual meeting at New Haven Wednesday assured Charles A. Uhord of Dorchester. Mass. that the company's officials were deep:y interest ed and were participating for the beRe- fit of the public and its company in dis cusson of plans to improve metropoli- l tan passenger traffic facilities around | Boston. MT. Ufford had offered res
 olution to name a special committee to represent the company in joint conference | with Massachusetts officials, but it | could not be considered under ruling | that the subject was not mentioned in | 1 the call. ef,-..- F~E
 | Vice President Buckland in reply | i to Tn inquiry said. the company.s l holdings of Boston 6 Maine stock was | l still in the hands of trustees under, an order to sell by October. 1920. s.s
 The stock vote for direcprs was s24- 29S, and on other propositions on the ballot 924 200 with no contrary votes. The stockholders elected as di-
 rectorate T. Dewitt Cuyler. Phfadei-
 phla, Edward Milligan. Hartford. F. T
 Maxwell. Rockville, John T, Pratt How ard Elliott. J. Horace Harding of New
 York. James L.. Richards and Joseph B.
 Russell. Boston. F. W. Matteson. Provi- dence, R. l.; w. B. Lasher. Bridgeport:
 Harris Whittemore, Nangatuek; A T. I, | Hadley E- G. Buckland, Benjamin Campbell and E. J. Pearson. New Ha- ven. The changes were that President l Pearson, who was of the board while
 serving as federal manager. returned to 2 it and Vice President Campbell took the place of Secretary A. E. Clark as di-
 rector. The meeting by ballot authorized n the officers to act in all questions and l matters relative 10 the use. control and d operation of the property by the federal d government; authorized new loan from c the United States government for rolling q tstock not to exceed S4,Ie5. 900: ratified l and approved of an equipment trust IL agreement with Walker D. Hines -cover- e ing collection of rolling stock at cost O not to exceed s4.sI3.00o. and the issu- l. ance of equipment trust certificates not to exceed the latter amount.
 President Pearson called attention
 to the annual statement of the com
 pany and verbally added to 1t by cit
 ing some of. the changes now going on IS beginning with the relinquishment or 10 March l of federal control and resump- ct tion of corporate operation. He said d. that business of the company since tho le armistice was signed has been expand,
 ing contrary to the impression that 2 ie slump would tome. Industries hav, S- been expanding and no less than 100 in ut dustries served by the company hay, ne made extensive developments and man, It. others have large undertakings to in is crease the size of their plants. Tn CT New Haven road. Mir Pearson said wa 1t sure to benefit by these enlargement CT and 1t will be under no obligation t A..g1A A. | -s- A..- w It has become a measure of the abilit. he of the road to meet and handle the traf In iic which Is now and will.be to increas he its capacity and at the same time en ng deavor to econonlize in operation. Tn ut management fully realizes that 1t serve nd territory exclusively and that the pub lat lie as well as it's stockholders must hay re- its interests carefully looked after.
 President Pearson spoke of the ne-
 law which provides that railroads rnu.
 earn certain percentage. and he sal
 that his company will make an effort 1 . have rates increased so that there wi no be no question of it's earning what th ,as law requires. He spoke of some opera to ing problems. and of the need of tv ten freight terminals which are now beir ng built. He expressed a hope that und, nd the new ways the company's prosperit lhe would be marked. He said that u
 government naQ been very nelpIul n's lines marked out during federal coutrc ind suggesting ways of administration aloT Mr. As to financial matters of the compar 'ay Mir. Pearson called upon Vice Preside tile Buckland to speak. the. latter havir rho administered the property from tn the basis during the period of governme
 operation. ,. my Mir. Buckland said that the refundiI Ter plan of the company would not be act 6.-, z- her the railroad management are not agre - upon plan. A special meeting will . and called when the plan Is developed. aim the meantime the company's indebtedne in of $500. 900 has been presented to [ 'me director of the treasury that this al old all other indebtedness to the goyernme he can remain as such at six per cent. U her til the time the plan is worked out I af- refundinE. The matter before Il
 stockholders now was to give the rectors powers to wind up affairs
 federal control. As to revaluation
 the property this will be completed so<
 The federal bureau has filed a preli fa- mary report on buildings and ott iew property aside from land of which don separate valuation Is being made. T iver inventories have been made by a co hen mittee of the directors and while It title yet impossible to give definite figures
  was the property will be attained.
 nile The law as to rates was explained and Mir. Buckland who said that the Int ,.47. state Commerce Commission Is un' rant mandate to provide such as will rel vent bilitate the road. The government we Vanced approximately seventeen n er a lions and the company owes the g s to ernment between five and six milii saw Previous to federal control Presid
 Pearson antici11ted wants and got iere- twelve million dollars worth of supp we while the normal amount Is seven
 half millions. The government ng bound to pay for those supplies or E llled eouivalent in supplies. MT. Ruckl; ana said there was considerable talk ab that tba ,,o,arnr,ent handin1 Inc ratiro
 something. It would be a foolha Iz' man who would talk about decreas
 expense of operation or labor. Tn, . fore increased rates Is the only way '
 sible now The hope Is that the : ? of Haven will receive at least 5 l-2 in- cent and possibly six on a fair valuai ask of its property. New England shipp did Mir BuckIand believed can har 'eing stand rates that will provide 5 1-2 rain cent hut it worid ho h"rdly falr to night to make them pay It when so much etter maid service has been done for oi MT. roads in the past. Efforts are b'
 made to adjust this burden. and not was 1t on New England shippers.
 'here finder the new law MT Buckl la. fz