The daily morning journal and courier., 1898-03-19
GAS COMPANY'S SURPLUS
4 LARGE PART TO BE DIYIDED
 AMONG STOCKHoLDERs.

AMONG STOCKHOLDERS.
 Ihe Company Declares a Special Three
 and Half Per Cent Dividend Amount-
 ing in All to S140,000-Regular Dividend
 Also-Beclared Balance of Surplus Re.
 served for Notable Improvements.
 An event of much interest in New Haven financial and investment circles has been current rumor for a day or two past, the rumor being that ac- ton Of importance had been taken by the New Haven Gaslight company's di- rectors, and that either a very hand- some extra dividend had been declared or that a division of the company's surplus among it's stockholders was about to be made. On inquiry by d Courier representative of one of the di- rectors and later of officials of the company, it was discovered that there was something of importance brewing, though no intimation was given as to what had been done or was contemplat- ed. All referred the inquirer to An-l drew w. DeForest, the honored and much esteemed president of the cona- pany, as the proper authority to see in the case. MT. DeForest was found athis residence and said that the direc- tnrc 10 q,,JI tion of the case declared special or extra dividend of $3.50 per share out Of the company's surplus, this being in additionto the company's regular quar- terly dividend of $2.50 per share on the par value of each share, the latter de- clared out of the curi eat earnings or, in other words, 621a cents per share. This means distribution of $140,000 among the stockholders for the special dividend, besides $25,00O for the regular dividend. This liberal distribution of funds does not by any means exhaust the company's surplus, as the directors reserved an amount sufficient to car ry forward to completion it's plans for the improvement and enlargement of the company's plant, which will re- quire the outlay of quite large sum of money. For one thing a mammoth new coal shed will be built on the com- pany's dock. The shed will be nearly 400 feet in length and have capacity for 12,000 tons of coal.
 For another thing the company will lay q much larger main to West Ha- ven than the present West Haven oir hn ,,oI 1,o si teen to twenty inches in diameter The present one is only six inches in diam eter. The new main will be large enough to amply supply West Haven for many years to come. The con- sumption of Illuminating gas in West Haven has very largely increased in the last ten or fifteen years, owing to the large growth of West Haven in size and wealth. The expense. of lay-i ing the new main Is estimated at $15, 000 The new main will have to be- laid to West Haven via Washington street instead of Kimberly avenue, the present route owing to the fact that a Ndrawbridge has been ordered for Kim- herly avenue at West river. In con- sequence of this change and the larger size of the main the expense of laying the main will be much larger than if it were laid via Kimberly avenue. The new main will be laid all the way to Wards Corner. The company has quite a number of other important Improvements in contemplation. Mr. De Forest said the surplus of the oom- rany from which this special dividend is declared has been twenty years in accommodating and the company has heretofore held 1t in reserve for any contingencies that might arise. In all those twenty years the public had been well and amply taken care of and given a thoroughly efficient service, while during that period the price of gas has been reduced 66 per cent. In other words, the price has been reduced from three and one-half cents per 1000 feet to one-third of that amount. It is now on an average furnished at IT cents per 1000 feet--fuel gas being $1 per 1000 anil Illuminating gas $L25 per 1000, or one-third of what the price was twenty years ago. In ad- dition to this notable reduction in the price the Illuminating power of the gas furnished is much greater now than formerly. The strength of the gas furnished twenty years ago was fifteen candle power. It is now twen-s ty-one candle power. The price of gaa in New Haven is, moreover, the low~' est price made in Connecticut.
 Some prominent men of the city not identified with the company in speak ing of the company said it was a matt ter for congratulation that the corpor- ation remains New Haven or local organization and was not to be gob-s bled up by the syndicate which en- deavored to secure 1t; also that the step taken by the company in dividing up handsome part of the surplus among its stockholders is a good thing, if viewed only in the light that it re- moved a temptation from syndicates. The stock of the gas company, very little of which changes hands, is quot ed at from s62 to $65 per share. The par value of the shares is s25. Many of the stockholders secured their stock long after the stock had ad- vanced in price materially, and to stockholders who bought their stock at or near present prices the regular dividends net them about 4 per cent. per annum.
 Enquist Will Probably Die,