Page:Shore Line Electric Railway Predecessor Companies 1961.pdf/21

 Street Railway company owned a total of 24.31 miles of track:

Financial & Corporate

aitalization of the New London & East Lyme street Railway Company was $150,000. including $70,000 in 5 per cent cumulative preferred stock and $80,000 in common shares. The funded debt was $200,000 in first mortgage 30-year 5 per cent gold bonds.

The officials in 1900 included Thomas Hamilton of New London, president; Walter R. Denison of Groton, vice-president; Frederick P. Latimer of New London, secretary and general counsel; Philip C. Latimer of New London, treasurer; and J. T. cousins, superintendent.

Hamilton was also president of the Groton & Stonington Street Railway company at this time. Most of these men continued in office until the New London at East Lyme was leased to the shore Line Electric Railway Company in 1913, the only change being the appointment of L. G. Rudd to succeed Cousins as superintendent in 1908.

Reports of the Connecticut Railroad Commissioners indicate the New London & East Lyme street Railway Company was anything but a profitable enterprise. The deficit for the first eight months and 23 days or operation was $12,130.83, and although a small surplus of $299.19 was realized for the year ended June 30, 1907, a loss of $2,584.55 was reported in 1908—and for the year ended June 30, 1912, loss was $29,059.98, with a gross deficit of $68,349.

As of June 30, 1916, the day before its consolidation with the shore Line Electric Railway, the New London at East Lyme had a total deficit of $84,015.82, and in addition to its bonded indebtedness the company had more than $500,000 in notes payable, most of this representing construction costs on the Flanders Corner-Connecticut River route.

Officials of the New London at East Lyme street Railway company at the time of consolidation were: George B. Prest of New London, president; Frederick P. Latimer of New London, secretary, and E. C. Winchester of New London, treasurer. The directors included Prest, Latimer, C. H. Hymans Jr. of New Orleans, La.:, J. R. Linsley of New London. F. deC Sullivan of New York, and B. F. Mahan, Leonard T. Saunders and E. C. Winchester, all of New London.

TREE-SHADED route of the Shore Line Electric along Lyme street in Old Lyme showing New London—Saybrook car westbound. This line operated only 6 short years from 1913 to 1919.