Page:Shore Line Electric Railway Predecessor Companies 1961.pdf/9

---

the rate of 60 cents or 75 cents per car mile. according to the capacity at the car chartered.

Old Mystic Extension

DURING the summer of 1911, the Groton & Stonington Street Railway built its only extension—a branch from Mystic to Old Mystic. This 2.77-mile stretch of track, running along Broadway, was placed in operation on September 23rd, on a 30-minute headway,

With construction of the Old Mystic extension, the Groton & Stonington operated 22.655 route miles, plus .90 miles of sidings and turnouts, for a total of 23.555 miles of track.

No attempt was ever made to construct an authorized local loop in Groton.

Corporate

Officials of the Groton & Stonington Street Railway Company in 1905 included Thomas Hamilton of New London president; B, F. Williams of Mystic, vice-president; Edwin W. Higgins of Norwich, secretary, Costello Lippitt of Norwich, tresurer; N. C, smith of Mystic, general manager and superintendent. and Comstock & Higgins of Norwich, general counsel. Among the directors were A. H. Chappell, B. A. Armstrong and C. R. Hanscom of New London; 0. W. Comstock of Uncansville and C. D. Noyes nf Norwich. John B. Crawford succeeded Smith as general manager and superintendent in 19176 and was himself succeeded in 1907 by Thomas W. Ryley.

The Groton & Stonington was capitalized at $600,000, including $200,000 in preferred stock and $400,000 in common stock, and its original funded debt was $375,000 in first mortgage 30-year 5 per cent bonds, dated July 1. 1904. Another $100,000 in 5 per cent bonds, due in 1926, was issued with the construction of the old Mystic branch in 1911.

FINANCIAL

FROM the very outset, the Groton & Stonington street Railway was a profitable road. During its first 6 months of operation, ended June 30, 1905, the road carried 744,307 passengers and its net income was $7,737.43. The net income for the year ended June 30, 1906, was $34,592.70 and the company paid a 6 per cent dividend of $12,000 on its preferred stock and a 3 per cent dividend of $12,000 on its common stock.

Dividends were paid on the preferred stock and occasionally on the common stock annually through 1912 as follows:

1907 — $15,000
1908 — $18,000
1909 — $22,000
1910 — $24,000
1911 — 3223130
1912 — $12,000

The 1912 dividend., which was the last, was paid from surplus, as the road incurred a deficit. of $7,401.70 in that year.

Sale

CONTROL of the Groton & Stonington Street Railway was secured by the Norwich & Westerly Traction Company in 1912 through purchase of the common stovk and on July 1, 1911, the Gorton & Stonington was leased to the Norwich & Westerly for 10 years. Robert W. Perkins, treasurer of the Norwich & Westerly Traction Company, became the treasurer of the Groton & Stonington and was later named president.

Officials of the Groton & Stonington Street Railway Company in 1914 Included R. W. Perkins, president. A. E. Sherman, secretary and treasurer; A. Locke, vice-president, and G. W. Geer auditor. The chairman of the board of directors was Morton F. Plant and included fin the board were Locke. F, deC. Sul11ivan, H.M. Verrill, C.L .Robinson, C. L. Avery and Perkins.

TICKETS like these were sold in banks of 20 for the convenience of Shore Line riders.

WEQUETEQUOCK Crossing Trolley bridge over the New York, New Haven & Hartford Railroad main line near Westerly, R. I., with a Groton & Stonington Street Railway Car about to cross.—[From a post card in the collection of Fred Bennett.