The Waterbury Democrat., 1933-02-08

New Haven, Fob s--Gross revo- nue of tho Southern Now England Telephone company for the year ended December 3i, i032 were IT, 507,957 loss than for 1881, aoeord- Ing to the report presented by President Harry c. Knight at tho annual meeting of stockholdors here, Theer was q net loss Of 30,' 750 telephones In contrast to steady increase from year to year during moro than quarter or century prior to i0S2. Toll tranlc was t3.G per cent less than In lV3l'
 Net earnings were at tho rate of d,D3 per cent on tho average plant in service as against G.32 DOT cent for tho decade prior to i032, Tho balance available for dividends was SB04,43O loss than tho diviend TO. auiremant. Tho corporate surplus was reduced from sa,630,bo2 to $4,02s,70s. .
 The following directors were ro' ioleotedi James T. Moran, ehalr- man; James English, Victor Morris Tyler, Harry c. Knight. Dennis "A. Riakeslee, John J. MeKeon, Victor Roth, Allerton r. Brooks, all of New Haven; James Lester Goodwin of Hartf0rd; Harry F. Curtis of Bridgeport, and Walter s: 0ifford and Charles r. cooper or New York,
 In the task of adjusting expenses as nearly as possible to reduce ln. come, no measure Of economy which might impair tho quality ot aervioe rendered to suetomors was permitted, declared MT Knight lh his report. The speed on out'ot- town calls was increased to tho point wheer tho average eemple' lion time was slightly less than omo minute; 0Di per cent or our ehns were handled without errors ana cG a per cent of service insatllations wero completed on the appoihtea dates.
 Tn spite of tho large net station loss, 30,D5D now telephoheb Wer9 installed, most of which reauirea additional plant or eaulp"eh'' Continuing. MT khight sa'a'
 "The extent to which we appllea inc principle of industrial renapil. ieaei0n ia indicated by the fact that while our grass expenditures t0r plant were Sb,s24,000 tho net aaal' lions amounted to only SaIv,oVV' the difference representing tne re. tirement Of plant ana equlpHent previously in service. we have eara Tied on no work that could not DO economically Justified. Conyersely, we nave not consciously withheld from undertaking any sound pfo' feet to maifitain empioymant'
 "rhe redueet volume of business and the smaller eonstruetion pres -. -. .. aa aaaaaa niiag iAt nAdliAG6 A a0rls ous, employment problem. Full lime work for oil became imposs- ibie and we were faced with h Ghoiso between iay-offs to the nuin- ber of those not required or the shaving Of available work by all. While tho latter course was diifleult of adoption by reason of the varrys ing reauirements in our several do. partmeDts, we felt that it should bo DuPsued as far ag pFaetleaDle and proceeded accordingly. This or g0uree has resulted tn reduced pay 10 both officials and employees gen.. orally, but 1t has ct least afforded ail of our regular personnel some measure 0f employment. Part time scheduling has been applied in each department in tho most appropri- ate way to meet tho work requife- Inents without hazard to the qual' ity Of service.
 Your policies with regard to con: struGtion during these unus!ial times have resulted in . highly efficient plant which IS capable 0f rendering better service than ever before; In providing employment for our stable constFuotion forces and In maintaining ample plant margins to meet 9ueh customer re' ii,ands as may logically Do expected, While OUT construction program if iO99 will De smaller that that 0f inc past yearI it will continue to be governed by, theg policies,
 "Hddttions to tho toll cable plant and other plant botterments have Improved voice transmission, Exs tanai6ns Of the rial tandem system, whereby an operator dials directly to the customer in q distant ex. change. have increased the speed of service, The ceaseiess pursuit Tor better methods, which goes on from yeaF 10 year, has made its eons fmbutiop, And not tho least Of aids has been rendered by the high in0tnIe Of employees who have rec. Ognlged the elgeFeIes Of the special demands made upon them"
 fjeeause Of the reduced eoiistruc. lion prografn cash requirements durlng iD52 were smaller than uss ual and were met by a ki,b0g,V0v loan from the AWerle1n TeIephone and TeleRFaph 0GB1paBy, .
 The income statement TOT the Year shows operating revenues vt etg,iij. .sss,ob. teiophene operaung ..pIsH.s ...a Y'Gg sak aA0Ta and dapgecIailon Gs,07s,bl4.i0, leaving naI iAlnllhana anaRallnR K0Kanueg