Salt Lake Telegram | 1913-10-06 | Page 9 | New Haven Road Spent More than it Earned Last Year

ROAD SPENT MORTHA IT EARNED lAST YEAR YAR Ann Annual al Report Shows Expenditures Expenditures Expenditures Ex Ex- Ex- Ex in Excess of Earnings NEW w YORK Oct 6 The G.-The The New NewYork NewYork York New Now Haven 8 Hartford railroad during the year yell ending Juno 30 1913 spent more moro than thau it earned Tho annual report mado made public public- yesterday yesterday yester ester esterday day by Howard Elliott the now president president dent lent of tho the system explains this deficit deficit de and tolls tells what has been done and what is in prospect to meet the tho adverse criticism of which the railroad lately has been boon the target President Elliott EIliott says that while the earnings for the first few months of tho the fiscal year were the greatest in the tho history of the tho company for a similar period the net results for the tho year compared with 1912 show a argee decrease de do crease duo to heavier operating expenses ex cx I which reflect principally the expenditures mado made by tho company to put tho the property and equipment in better better bet bet- ter condition to handle business safely and promptly and to pay increased wages In further explanation of these figures fig fig- ures President Elliott goes on to sa say The unfortunate accidents at W Westport Westport West West- cst cst- port Conn on October 3 3 1912 at Stamford Conn Court on July 12 1913 and at North Haven Conn on September 2 2 1913 the continued investigations I for several oral years of the company and its operations and the resulting demoralization demoralization de de- de I moralization and expenditures made tho year rear one of unusually heavy y out out- lays I While Whilo the human buman factor was one ouo cause for the deplorable accidents re forred to the tho management did not attempt at at- tempt to evade its full responsibility and the tho efforts of the officers and cm- cm plo ees wore and are arc being systematically devoted de to raisin raising the railroad and service to higher standards of ef ef- ef f. f and discipline all necessitating ing ins lar larger er expenditure and hi higher her we wages All these the conditions it is explained explain cd made it necessary to re reduce uce annual dividends from 8 per pel cent to 7 71 per cent This reduction was made i in tho the last quarter After paying dividends ends of on the stock of the New R ven road proper and of tho the subsidiary companies com corn panics publicly owned tho company compan ended the year with the deficit of