OPERATING EXPENSES.

The operating expenses for the year were $37,746,999.81, an increase of $999,215.24 over those of the previous year, being 72.5 per cent. of the gross earnings. The operating expenses per mile of road operated were $15,798.75, and per mile run $1.53068.

NET EARNINGS.

The net earnings were $14,311,261.27, an increase of $869,069.39 over those of last year, and are 27.49 per cent. of the gross earnings, being $5,989.73 per mile operated, and $0.58032 per mile run.

TAXES.

The amount paid for taxes was $2,727,430.65, which is $202,578.27 more than the amount paid the preceding year. The amount paid to the State of Connecticut was $1,204,936.48. The entire amount of taxes paid is about 5.2 per cent. of the gross earnings.

DIVIDENDS.

The amount paid in dividends has been $7,445,500.00, an increase of $393,573.00 over the amount paid last year. The amount of stock on which dividends were paid was $100,719,500.00, and the amount upon which none were paid $28,051,618.38.

PASSENGERS CARRIED AND PASSENGER REVENUE.

The number of passengers carried during the year was 64,403,149, which is 87,775 more than the number carried last year, compared with 102,894,160, carried by the street railways of the State. The average length of each passenger trip was 18.31 miles, compared with 17.93 miles for the previous year. The passenger revenue was $20,415,937.16, an increase of $395,002.13 over that of the preceding year. The amount received per passenger was $0.31700 compared with $0.31129 for the previous year, the average receipts per passenger per

mile $0.01712, the passenger earnings per mile of road $10,322.03, compared with $10,068.39 for the preceding year, and the passenger earnings per train mile $1.51879.

FREIGHT CARRIED AND FREIGHT EARNINGS.

The freight carried was 20,748,402 tons, an increase of 575,318 tons over the amount carried the previous year. The average haul was 90.07 miles, compared with 87.29 miles last year. The freight revenue was $26,052,854.62, a gain of $1,077,929.29 over the revenue of the previous year. The average amount received for each ton of freight handled was $1.25565, and the average receipts per ton per mile $0.01394. The freight earnings per mile of road were $11,242.66 compared with $10,819.96 for the previous year, and the freight earnings per train mile $3.10183 in comparison with $2.96026 for last

year.

TRAIN MILEAGE.

was

The mileage of passenger trains earning revenue 16,000,364, being 438,234 miles less than last year. The mileage of revenue freight trains was 8,422,464, which is 93,528 miles less than the preceding year, the mileage of mixed trains 237,381, and that of non-revenue trains 7,262,953, a decrease in the mileage of all trains of 493,038 miles over that reported last year, which, in view of the increased earnings, is a good showing from an operating standpoint.

PROPERTY ACCOUNTS.

The property accounts of the companies amount to $255,882,557.89, consisting of the following items: Cost of roads, $130,051,451.95; cost of equipment, $24,320,032.16; bonds and stocks owned, $46,373,182.19; other permanent investments, $17,228,461.47; cash and current assets, $15,868,806.70; other assets, $22,040,623.42. The cost of road has been increased $15,647,834.93; the equipment, $3,493,307.51; bonds and stocks owned, $19,095,543.63, other permanent investments, $1,817.20; cash and current assets, $54,834.17, and

other assets decreased $10,320,864.20. The average cost of the roads is $85,071.56 per mile owned, and the average cost of equipment $15,941.36.

LENGTH OF ROADS.

The total length of main line and branches included in this report is 2,320.15 miles, an increase of only 0.09 miles, arising from a change reported in the length of the branch from Wicopee to Fishkill. The length of second or double track is 677.21 miles, third track 78.44 miles, fourth track 77.21 miles, and sidings 1,352.40 miles, a total of 4,505.41 miles. The length of main line and branches in Connecticut: first track is 1,017.72 miles, second or double track, 256.85, third and fourth tracks, 84.88, and of sidings, 538.24, a total of 1,897.69 miles.

MAINTENANCE OF WAY AND STRUCTURES.

The amount expended for the maintenance of way and structures has been $5,605,511.18, being $155,941.99 less than the amount so expended last year, amounting to $2,346.15 per mile of road operated, and $0.227 per mile run.

MAINTENANCE OF EQUIPMENT.

The amount expended for the maintenance of equipment has been $5,264,446.61, which is $431,920.64 more than the sum expended for this purpose last year, amounting to $2,203.89 per mile operated, and $0.213 per mile run.

CONDITION OF THE ROADS.

For convenient reference, a brief statement of the total mileage of all tracks of each of the four operating roads included in this report is herewith presented. The portion of this mileage within the State of Connecticut is given on page 23.

New London Northern Railroad, Operated by the Central Vermont Railway

The aggregate results of the operation of all steam roads for the year ending June 30, 1905, are given here for convenient reference, although elsewhere stated, under their proper heads:

The new passenger station building at Bridgeport which has been completed and brought into use during the year is a credit to the company and the city, being the most complete in all its appointments and conveniences of any station on the line of any road in Connecticut. Four-track bridges are in process of construction at Cos Cob, Saugatuck, and the Housatonic River on the main line of this division, none of which are yet completed, although those at Cos Cob and Saugatuck are the farthest advanced, and will soon be brought into service. The rebuilding of the foundations of these important structures constitutes an element of large expenditure, extending, as they do, from twenty to forty-five feet below mean high water, requiring the most improved devices for submarine construction, and consequently involving slow progress. Each of these bridges over navigable waters are to be equipped with rolling lift draws, those at Cos Cob and Saugatuck providing an opening of 75 feet in the clear for the passage of vessels, and that over the Housatonic River of 100 feet. The bridges on the Danbury branch of this division, fourteen in number, have been rebuilt during the past year, and are now of sufficient strength to meet requirements of heavier equipment and traffic. A new passenger station has been erected at Branchville on the line of this branch.

the

BERKSHIRE DIVISION.

The track of this division has been improved by laying about three miles of new steel rails on the outside of curves at