New Britain herald., 1922-02-07
lS6,057 PHONES IN
 USE IN THIS STATE
Stockholders, at Annual Meeting
 Authorize Stock Increase

New Haven. Feb. 7,-As the out standing feature of tho year President James T. Moran at the annual meet ing of stockholders of the Southern New England Telephone Co. today pointed to the construction program which had been carried out reaching an expenditure of S3,043,427 with d net gain in telephones of 9,6s7 as com. pared with 18,671 in 1920 making the total number operated lSG,057 in Con- nccticut. Other conditions referred to by the president were the curtailment of expenses to meet changed business conditions without impairment of service, and an increase Of 19.7 per cent In its taxes Mir. Moran outlined the prospective building program for the current year,
 Stock Increase
 The meeting gave the directors au- thority for capital stock increase of s5,oo0.00o to bring capitalization to s2O,000, ,000 as authorized by the leg islature. About $3,OO0,00O of the ad- ditional stock authorized may be is- sued about mid-year to finance plant additions. The ballot for directors re- suited in the reelection of the follow ing board:
 James English, A. Heaton Robert son, John w. filling, chairman; James T. Moran, Victor Morris Tyler, Will liam F. Henny, Charles E. Lyman, Augustus H. Bullard. Harry C.. Knight, Harry B. Thayer and Edward K. Hall.
 Properties Owned
 The financial statement of Decem- Der 31 showed land and buildings own ed worth s2.552,34o other telephone plants $24,362,423; q total of s26,- 914,7s3.
 The assets of the company are $29,- oe4.130.67.
 The company has s15,ooo,ooo in capital stock outstanding and fund.- cd debt of $1,000o0o
 The corporate surplus, unappro- priated, amounts to sSS5,75S.
 $e3, ,s33 vProfts
 The income from telephone oper- ating revenue was s7,733,41S and operating expense $5,706,2S9, leaving $2,027.129 as net operating revenue. With uncollectble bills and taxes charged against operations the net operating income was $1 1,530,61S. With net non-o operating revenues added the total gross income was $1,577,9 ,946. De- ducting rent, interest and other items the net income was sI,290,627 from which was paid s1,196,794 in dividends leaving undivided profits of s93,S3S.
 President Moran in his review of the year said that the expansion period taxed facilities to the utmost and though substantial additions were made plant margins were largely ex- hausted and some sections were with out adequate facilities. The 1921 prob lem is to carry out an abnormal plant program in face of declining revenues under generally sub-normal conditions"
 Use of Telephones f
 The, reduced growth. in telephone stations fh 1921 (9,6s7 as compared with 1S,671) was attended by less proportionate growth in traffic. Local traffic numbered 264,5S1, ,O00 calls as against 260,3S2,000 in 1920 while toll calls were ,10,24S,O00 as against 9,3 76,- OoO. Thus the increase of $3,571, ,000 calls as compared with an increase of 36, ,439,0O0 in 1920 over 1919 is small. The public in Connecticut use the tele- phone on an average 753,00O times daily.
 In plant work wire mileage iifcreas- cd SAFES miles to a total of 601,36 and the number of exchange circuits increased by $40 to 95,5S3.
 The report closed with an apprecia- tive mention of the spirit of the con- pany's personnel.