The daily morning journal and courier., 1899-12-07
MORE THAN THREE FOR ONE
4 SPLENDID PLUM FOR STOCK
 HOLDERS

Orthe Various Companies Which Com,
 Into tho Combine of the United IIlu
 mtnating Co.-The Combination
 Success as Majority of the Stock As
 ven Electric Light Co. is sI 400, ,OOO.
 Much interest has been created, es-
 pecially among the stockholders inter-
 ested over the announcement that the
 United Illuminating company is tc
 absorb the New Haven Electric Gight)
 company, the Bridgeport Electric Light
 company. the Bridgeport Electric, the
 Bridgeport Illuminating company, and
 several other smaller organizations. It
 Is very gratifying state of affairs for
 the stockholders of the various com
 panies, as they will get in stocks and
 bonds more than three for one for their
 present holdings The capital stock of
 the New Haven Electric Light company
 is $400,000. The price at which the
 United Illuminating company absorbs
 1t is $1 ,400,000 The stockholders of the
 New Haven company will get very
 handsome thing out of the deal, and so
 will the stockholders in the other com panies interested in the deal. All the stockholders will share alike and the deal Is equitable to all. For every $10O in value of their holdinge every stock holder will receive $250 in bonds and $100 in new stock. This is the basis for the stockholders of all the companies alike. All will share pro rata, according to the value of their holdings. There will be no kicking by the stockholders over accepting the plum that is held out to them. In fact there is no doubt about the consummation of the deal as already majority of the stockholders has given assent. Among the largest stockholders of the New Haven Elec- tric Light company are it's president, James English, Thomas Hooker, Morris F. Tyler, John w. filling, and Herbert c. Warren; also the estate of the late James M. B. Dwight. The new stock and the bonds will be issued to the stockholders in January or February probably. The New Haven Electric company pays per cent per annum, and the nominal quotation of the stock is 200, although there has been none on the market for year or more The property has been splendidly developed largely through its able and energetic president, James English, and has be- come and has for several years been rated as gilt edged security. As stated above none of the stock has been on the market for year, and this is probably owing to the fact that the United Illuminating company was in- corporated last spring with all that fact implied. The bonds of the new company will of course be marketed at premium. What the new stock will sell for when issued is of course question that cannot be answered now, and the stockholders interested are well satisfied that 1t will call for and be quoted at profitable figures for them. The management naturally ex- pect that with the new combination in force the plants can be operated with greater economy and more profitable results even than hitherto.
 According to the proposal made In the circular issued to stockholders yes terday 1t is agreed to pay per cent. interest on the $1 ,625, 900 worth of bonds, hence it appears that the stockholders of the two old companies will receive guaranteed bonds sufficient in amount to yield them total of $65.00 annual interest, precisely the same amount they now receive as 10 per cent. dividend on the capital stock of the two old companies.
 The New Haven Electric Light com pany paid 10 per cent. the past year, declaring it's usual per cent. dividend l and per cent. extra-thus making 10 per cent. for the year. The statement sent out to the New Haven Electric is as follows:
 TO the Stockholders of the Company:
 The United Illuminating company, | chartered by the general 1 assembly of the state of Connecticut, | has made proposition to your direc- tors, to purchase the stock, property and franchises of the New Haven Elec- tric company, paying for the same s1,- 900, 900 in it's first mortgage 4O-year 4 per cent. bonds and $4o0,Oo0 in its full paid capital stock This is equal to s25O in bonds and $10O in stock for each share of stock of your company
 Your directors have made careful examination of the organization of the United Illuminating company, and are
  and amply secured, that its manage nent will be efficient, and that in addi- ion to the interests on it's bonds the IT. company will be able to pay dividends on it's stock, as soon as the Improvements and econ ,mice can be put into effect. The United Illuminating company has agreed that all matters pertaining to he legality of It's organization or issue # securities shall be subject to the ap. oroval of Messrs. Alling, Webb & More 1ouse of New Haven.
 Your directors, after consideration # the whole matter, being convinced hat such sale is to the advantage of he stockholders of the New Haven Electric company, unhesitatlngly rec ,mmend the acceptance of the proposi- ion. For the purpose of carrying out this proposal in a proper manner, your di eotors have appointed Mesers. James English and H. c. Warren as trustees or the stockholders of your company, , vho. acting for and in your interests, 7 will receive your stock in trust, as z rovided in the copy of the receipt here . with attached.