The Waterbury Democrat., 1932-03-29


 New Haven road, in q report to the stockholders for the past year, reveals decrease In the net in- come of $6,6S3.922 and common stock earnings of $3.05 a share.
 The report follows:
 The net income of your company was $9,179,S69.03, a decrease of $6,6S3,922.05 as compared with 1030. After deducting from this amount guarantees on separately operated properties of $962,550.00 and preferred stock dividend re- quirements of $3.432,569.00, the earnings on common stock were .$3.05 per share,
 Due to business conditions, which during 1891 were at a very low level throughout the country, the volume of traffic handled by your company was substantially less than it has been for many years. Revenue ton miles were the lowest of ail years since 1915, and passengers carried one mile were the lowest since 1906.
 Total operating revenues of $1OO,331,093.5 were $1s,554,421.30 under the previous year. Freight revenue decreased $S,553.625.7S, passenger revenue $7,s4S,98S.44, and express revenue $1.07S,340.34.
 Notwithstanding the decrease in volume of traffic. gross ton miles per train hour, the unit of per- formance which considers both train load and average speed, ip- creased 1.3 per cent compared With previous year. establishing a new high record. The speed of freight
 aa Ha ouirements for 1891 business, or exclusive of serviceable stored cars. reached 2S.4 miles per day, an in- crease of 7.2 per cent compared with the previous year, also new record.
 Because of the decline in pas- senger travel, considerable train service was eliminated during 1881 and a further reduction in passen- ger train miles was made on Jan- uary 4, 1882.
 Reductions in operating expenses were continued throughout the year in an effort to offset. insofar as was economically sound, the severe decline in earnings.
 Maintenance expenses were con- tinued on a reduced basis. made possible in part by surplus equip ment in serviceable condition. and by the reduced requirements of the extremely low volume of traf- fic. This reduced maintenance program had no adverse effect upon the service rendered or the condition of the physical property of your company.
 Reference was made in last years statement to bad order freight cars which probably would not be repaired because of an ex- cess ownership. During the past year this equipment was retired. consisting of 3,100 box cars and 500 low-side coal cars. After these retirements, the number of ears m bad order as of December 31, 193l reflected normal situation.
 In addition to the surplus freight cars, 233 wooden passenger train cars were retired, these be- ing of the older type, no longer necessary for traffic requirements,
 Changes during the year In the road and equipment investment account, including leased lines. were as follows: Expenditures and charges $6,263,969.27. less retire. ments $7,9S9,6s1.55; net decrease of $1.725,712.2S. The retirements were due principally to writing out of the accounts the freight and passenger car equipment previous ly referred to.
 During the year, the following new equipment mentioned In pre- yious years statements was re- ceiyed and put into service. financed through an equipment trust:
 10 Electric Passenger Loco-
 12 Multiple Unit Motor Cars (
 21 Multiple Unit Trailer Cars
 Regular quarterly dividends of i 3.4 per cent were declared and paid on the preferred stock throughout the year. Quarterly dividends on the common stock Of i 1.2 per cent were paid on April 1st and July 1st, and 1 per cen. on october tst. total of 1 per cent being paid during the year. Your board of directors decided to take no action on common div. idends in the last quarter of the year. The dividend policy for 1932 will depend upon business condi.. tions, earnings and the financial situation of your company. The total preferred and common divid- dend payments for the year amounted to $0,717,313.
 The New York, Ontario and Western Railway Co increased its total operating revenues by $925,- | 591 or S.9 per cent as compared with the previous year. Notwith- standing the traffic increase. op. erating expenses were reduced $214,2G6 or 2.5 per cent. resulting | in a net income of $G69.?43, which is an increase of $029,703. com- pared with the previous year.
 Sound line operations of the New England Steamship company reflected reduced volume oi freight and passenger traffic and the revenues therefrom during 1881. Economies in operation were effected which partly offset this ! decrease in gross revenues.
 The street railway companies notwithstanding a continued sharp decline in gross revenues, were able to keep their expenses under reasonable control and in line with | the decreased traffic requirements Further replacement of trolley service by highway motor coaches resulted in operating economics and added fiexibility of service.
 Motor vehicle operations, carried on principally by the New England Transportation company, continued | to expand. During the year. 34 new passenger coaches, 37 tractors and 5S trailers were added to that company's equipment. Further CO., ordination of passenger and freight service with rail operations was established.
 As a result of these increased ac- tiyities, the New England Trans portation company was able to maintain substantially the same gross revenue as in the previous l year, and at the same time improve