New Britain herald., 1924-04-16
PEARSON REPORTS
 ON N. HAVEN ROAD
Outlines Conditions and Asks for
 Full Cooperation

New Haven. April I6.--Lookins ahead into rairoadng prospects for New England anu more particularly the southern portion. President l.. J. Pearson told the stockholders of the \ Y. x II. X II. Railroad Co. in an nHal session to lay that rcsi ora,ion of credit for the company is still the Gsrat problem ahead He told ot an earlier problem which had 10 be met altl which. he said. had been met. which arose from substitution Of an al rail movement for the former water-ra.i routes on through traffic tu and from points ot the Hud- son. and increased demands due to the confmercial growth Of southern New England which resulted for a time in constantly increasing overload on transportation capacity. Mr. Pear son sketched the rehabilitation Of the company's plant which, .,e said. lis now largely solved" He added:
 Pearson's Prediction.
 If New England continues to pros per and grow there will De necessary expenditures for the further improve ment of the property agalus1 repeti tion of any difficulties arising from incapacity as have incurred in the past
 MT. Pearson said that recent rec ords justify a confident hope of fu- ture accomplishments. Service has been improved, capacity provided, freight is moving promptly and costs Of operation have been reduced and are approaching a desired standard of efficiency and economy" He went on to say that while patrons of the roads are prospering transportation in some instances has been and is now being furnished at less than cost. There is such a volume Of traffic moving that without hurting industry adequate revenues can be obtained" he said. The amount involved. neces- sary for restoration Of credit, he de- clared, Is only about one-third Of one per cent Of the annual return from commerce and industry in the terri tory served by the company which had been estimated by the census bu- reau at about three and a half billion dollars Continued prosperity will come, he went on to say, If the com pany's credit is restored. Reestablish- ed credit will keep adequate the sub stantial machine for transportation which Is now serving the people of New England. The problem is a mu- tual one, he said. and its proper and permanent solution is not only for the interest of the stockholders but for the future Of New England. He was con- lident that when the 5$ per cent rate Of return contemplated in the trans- rortation act can be secured the amount with income from other sources, will be sufficient to restore ihe company's credit to a degree the stockholders wish and towards which Inc management is striving.
 There were about 4O persons in the Il sembly room of the Garde hotel when President Pearson rapped Co or der and Secretary A. F. Clark read ihs call. Two score more persons came in later. Half dozen women were present.
 List of Directors.
 The list of directors to be voted for had been distributed The names were those Of the present directors. Edward Mulligan, Hartford; Francis ! T. Maxwell, Rockville; John T. Pratt ' and Howard Elliott, New York; Ar thur T. Hadloy, New Haven; James l.. Richards, Boston; Harris whitte- more, Naugatuck: J. Horace Harding, i, New York. Frank W. Matteson, Prov { i1ence; Joseph E. Russell. Walter B. | lashar. Bridgeport; Edward c. Buck { land. New Haven; Benjamin Camp bell, New Haven: Robert c. Hutch | ins. New York: Edward ]. Pearson. i New Haven: Charles r. Choate, Jr., southboro. Mass: Frederic c. Du- 1 maine, Concord. Mass; and George | Dwight Pratt, Of Springfield, Mass.
 Preisdent Pearson, prefacing ft by | the remark 'T will say a few words 1 about the situation" gave a short rec view of the operation of the property. l
 The business 10 be acted upon, in ! s A. diffnn to acnantapce of fhe annrai l