The daily morning journal and courier., 1903-07-07
INCREASE OF STOCK
BIZ THE SOUTHERN NEW ENG-
 LAND TELEPHONE COMPANY.

AzAHA< q AA%AlL 4AOS A< NS%h& <N<NAs Five Thousand New shares to he Issued
 and Offered to the Stockholders at Par
 to Pay for Improvements sIade or tn
 Progress and Take Up Floating Debt-
 4 Farther Issue to Como for Like Pnr-
 poses. ,z,.. ..
 The following circular letter has just been issued by General A. H. Embler, treasurer of the Southern New England Telephone company: .-. /
 New Haven. Conn.,, July s, 1903.
 To the Stockholders of the Southern
 New England Telephone Company:
 By virtue of a vote of the directors of this company, passed at a regular meet ing of the board of directors held at the office of the company June 29. 1903, the treasurer of the company makes the following statement and offer to the stockholders of record July 15, 1903:
 It is proposed to increase the stock of the company by adding five thousand shares of the par value of one hundred dollars each to the now outstanding thirty thousand shares of capital stock, making the total issue to be thirty five thousand shares. or three million five hundred thousand dollars. These addi- tional five thousand shares are now of- fered at par to all stockholders of rec ord on the books of the company July 15i 1903, in the proportion of one share of new stock for each multiple of six shares then held by them.
 Subscription for this additional stock
 must be made on blanks furnished by the treasurer and presented to the treasurer on or before the close of busir ness August 15, 1903, at 3 p. m. 4
 Payment for such stock so subscribed must be made to the treasurer at his office in New Haven at the rate of one hundred dollars for each share on or before August 15, 1903. The stock Sc taken and paid for shall share in the October dividend of the company, and certificates therefor will be issued as soon as may be after the 18th of Au- gust, 1903. The company will not issue fractions of shares of stock, and will neither buy nor sell fractional rights to subscribe tc such additional stock. but will recognize any legal transfer of such rights.
 1 Enclosed are blank forms of subscrip- I tion to said capital stock and for the l transfer of the right to make such sub scription. A. H. EMBLER, | tss Treasurer. President Tyler, of the company
 says: ''This circular means that the Tele-
 phone company has increased its capi. tai stock by half a million, and that I this stock is offered to the stockholders at par in the ratio of one share of new stock to every six shares of the old stock. The present capital is three mill l lions of dollars.
 "The money thus obtained is to be used by the company in partly paying it's floating indebtedness and in ena.
 bling it to secure further funds for tho extension of it's business. It Is not pre- tended, however. that this will be enough for any prolonged period ot time, for the plans adopted by the man. agement will call for the expenditure of at least million dollars more within twelve-fnonth. The issued capital. when this stock has been taken. will be three millions and half, with million and half unissued, but which the di-
 rectors can offer for sale in similar l manner. It is supposed that the funds wanted in the future will be supplied from the sale of this stock from time to time. -. ..,,
 This money has already been invest. ed in the enlarged plant of the corpor-
 ation and Is adding to Its earning ca
 pacity Consequently the stock draws dividend at once. Moreover. as it par ticipates immediately in the dividends
 of the company. and is not a very large amount of money, the payment of this stock is called for all at one time, and not in installments." '.. .