The daily morning journal and courier., 1902-07-03
NEW HAVEN GAS LIGHT co.
WILL ISSUE $75O,OOO OF DE-
 BENTURE BONDS.

| DLN C 1kL DONDGs
 The Same Convertible Into Stock in
 Five Ycars-Increase of Capitalization
 Owing to Big Extensions of Business
 and Enlargement of PIant-Bonds 1 Convertible Into Stock at Par.
 Officers of the New Haven Gas Light
 company said last evening that the is-
 sue of debenture bonds to the extent of
 60 per cent. of the company's capital
 stock, which has just been voted by the
 compaEy's board of directors was to be
 used in betterments and extensions
 mostly in New Haven and immediate
 vicinity. These debentures, which will
 amount to s75O.OO0 are to run for five
 years, and are o be converted into
 stock of the company on October 1,
 1907. They are to bear interest at the l rate of 4 per cent. One-half of the above sum is to be subscribed on Oc-
 tober 1 next. and the other half in
 April next The debentures are to be
 issued the same as the stock to the
 stockholders, pro rata with the present | holdings.
 The funds thus raised are to be used mainly in extending the lines of the
 company in this city, and for the con- | struction of the new water gas plant | now building, for the erection of a l new holder at the gas works, a new purifying house and apparatus and possibly a new retort house. Besides there is the balance of payments upon
 the Woodmont extension to be paid for, | although this has been largely paid up. | The company also contemplates laying
 an extension to the Country club, this
 to be completed in the fall, and will
 make other extensions
 | The shareholders of the company will
 no doubt avail themselves of the privi- ] lege to be offered of subscribing for the | bonds, which, as stated above, are con-
 vertible into stock at the end of five years after being issued. They will be
 convertible into stock at par. The com pany's capitalization is small compared | with the magnitude of it's operations or
 as compared with host of corporations
 whose stock is dealt in in Wall street 1 in which great amounts of water have | been injected. It is home corpora
 tion which is and has been managed on
 strictly conservative lines with no stock
 watering processes. large amount of | ;,1,.& s,, haAy
 made out of the company's earnings. Now, with the big outlays for improve ments which the company of late has | been making and Is now making or is
 contemplating in the near future, an | increase of its capital is required and
 this is being done along conservative | lines in keeping with the company's time honored record. The eight mile i extension of the companys lines to Woodmont is an important development
 and Is in line with the progressive yet
 conservative policy of the company
 which has voluntarily reduced the
 price of gas until it is at a point that
 compares favorably with that of any | gas company in the country. The com-
 pany has just extended its pipes into
 the borough of Fair Haven East and | last Tuesday night the streets of Fair
 Haven East were lighted by gas for
 the first time in the boroughs history,
 and the reign of the old time oil lamps for street lighting there is over and
 relegated to the past, the only excep-
 ton being the use of the old oil lamps
 at very few points where the laying of l maine hoe of haan finfShaH The company now furnishes seventy
 street gas lamps for this section of New
 Haven barring the few exceptions
 noted. East Haven is now supplied with gas by the company as far as
 East Haven green and Cosey Beach
 would have been supplied this season if the company could have obtained | the pipe for the purpose. The company | has ordered twenty-two hundred tons of pipe this year, most of which has 1 been received. There has been much
 difficulty in getting orders for pipe filled
 and much delay was caused in the
 Woodmont extension work on this ac-
 count The company is making forty | or fifty different extensions of it's lines | in and about the city By the laying l of larger mains in West Haven as a ! part of the extension of the service | through to Woodmont the company, | through new contract made with West Haven borough, is to furnish | many more new street lamps in that
 section.
 | The new gas holder to be built by | the company will be erected on the company's land between the Hartford | railroad tracks and East street. A part l of this land fronting on East street
 was bought recently, as noted at the 1 time, from the estate Of the late Pat rick Willis and part from MT. and Mrs. Lynch. The pipes of the company out Whitney avenue extend to near the | Whitney Lake dam. The extension to | the Country club house will be the limit of the present extension in that direc- | tion. The talked of extension to Gen. terville may be taken up next year. The Gas company will issue circulars | to their stockholders in a short time,
 notifying them of the coming issue of 1 the dehanture bonds. These bonds for greater convenience in their distribu- | lion will be issued in denominations of