The daily morning journal and courier., 1903-06-29
LOCAL FINANCIAL NOTES
AN UNUSUAL OPPORTUNITY
 NOW PENDING
To Purchasea Good Local Stock-GossIp About Local Securittes-Divtdends Soon Due Local and Otherwise.

Soon Due Local and Otherwise.
 New York. New Haven and Hartford railroad stock has ranged in price from 196 to 197. There seems to be little more demand for the stock from New England investors.
 Pennsylvania railroad rights for new stock at S60 share expired on Satur- day. These rights followed the course of other rights issued by other corpora tions selling at the highest at the commencement and closing about the lowest point.
 New stock of the Edison Electric com pany will expire at the close of busi- ness tomorrow. They have sold dur ing the past week from 35s to 8, closing at 3A. The new stock is payable in one installment on or before August of $200 per share.
 The first installment of 25 per cent. of the new stock of Scovill Manufacturing company is due tomorrow.
 Convertible debentures of New Haven Gas Light company are already being deposited to be exchanged for stock on and after July 1. There is some specu- 1ative guessing as to the probable quo- tation of this stock in July. A fair es- timate seems to be about $60 per share.
 The circular of the Fair Haven and Westville' railroad announcing that stockholders can subscribe at par from July 6 to August 1 for one new share for every four shares held July has started considerable inquiry as to the value of the rights and the probable market quotation for the stock in the future. As is well known local invest prs have been called upon during the past year to subscribe to new issues of local securities; also to new issues of the leading railroad properties of the country, notably the New York Central railroad, Chicago and Northwest rail- road, Pennsylvania railroad, and recent ly the New York, New Haven and Hart ford railroad. Probably there has been no time in the last ten years when there was less local money, seeking in- vestment in stocks than at the present. A considera blet number of Fair Haven and Westville holders will be unable to take the new stock, and upon the re- ceipt of the circular of the company sought to sell their rights thinking that the price would be about the same as last year, which was from $2.50 to $3 per share, but this year buyers in many cases will have to borrow the money to pay for the stock, and are unwilling to do so unless the rights can be bought cheap enough to warrant the risk and expense. This situation has brought the nominal quotation for the rights down to $1.30 bid. to s1.5O asked. and made an opportunity for the investor with cash to buy the stock at a lower figure thanat any time in the last fifteen years. At $1.50 for the rights and pay rnent of par to the company the new stock will cost the holder $31 per share; at $1.75 per right the new stock will cost the holder $32 per share; at $2 per right the new stock will cost s33 per share. The terms of payment are easy, $10 August 1, .$5 November 1, $5 February 1, $5 April 1, 1904, with interest of 5 per cent, allowed on installments. While the price of stock year ago under sper- ulative expectations were probably too high the downward swing is now too low with any fair estimate of present and future growth.
 The company was never so we'll handled as at the present time, the property never in better physical condi- tion with @ conservative management; {; the main line of double track from Fair Haven to Westville never had mort gage on it. The company now has se- y,oI ,,,a oxx-Y tn tya1 tenn of New Haven and vicinity, with ninety-five miles of track and about 300 cars. A glance at the map shows it's geographical situation to be one of the best in the United States. The present and proposed extensions for which the new capital is to be used will put New Haven in closer communication with a population of 30,000, add a reasonable percentage to the income of the com pany and stimulate the growth and general business of New Haven and vicinity.
 Dividends soon due are:
 American Telegraph and Telephone, 113, June 15; books close June 20.
 American Express. 4. July i; books close May 29.
 r American Locomotive pf., 1%, July 22; books close July 2.
 American Shipbuilding pf., 1%, July 15; books close July 6.
 American Sugar pf., 1%, July 2; books close June 6.
 American Sugar pf., 1a4, July 2; books close June 6.
 American Smelling and Refining pf.. 1%, July 1; books closed June "A.
 American Snuff, 21s, July 1; books closed June r.
 American Waltham Watch, ?, July 20; books closed June Is.
 American Woolen pf.. 1%, July 15; books close July 2.
 Atchison, Topeka & Santa Fe, 21s, August 1; books close June 30.
 Boston & Lowell. 4. July 2, books closed May %.
 Boston & Maine, 1A. July 1; books closed June 1.
 Boston & Albany, s2.50, June 30; books close June 6.
 Burlington, C., R. & Northern, 8, July 1; books closed June II. Chicago & Alton pf., ?, July 1; books closed June Il.
 Chicago X Alton pf., ?, July i; books closed June, 1S.
 Chicago & East Illinois, 5, July i; books closed June 15.
 Chicago & East Illinois pf., 11s, July i; books closed June 15.