The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-09
LOCAL STOCKS AND BONDS
NEW TELEPHONE STOCKHOLDERS
VOTE TO LEASE PROPERTY.
Last Year S227,I96-TotaI Surplus
Fund Increased TO SI3o,223.

The annual meeting Of the stockholders Of the
New Telephone Company vas held yesterday
afternoon. The most important business trans
acted was the passage Of the resolution 10 lease
the property Of the company 10 the indianapolis
Telephone Company until the expiration OF the
franchise-about twenty years. The resolution
was carried by unanimous vote About s,3os
shares out OF 4.oc0 represented.
The report Of II. B. Sale retiring secretary,
showed that the gross earnings OF the company
for the fiscal year ending Feb. . were SCI. lss.
Operating expenses depreciation. fixed charges
and dividends amounted TO s177 40 leaving q
surplus for the year Of $40. 7S6. The total gross
earnings showed a gain Of s4tse6 the year
ending Feb. Is. 1903. With the addition OF the
previous years surplus. the total surplus fund OF
the company amounts now TO $780, 80 Following
is a summary Of the important items the sec
retary's financial statement:
Increase in gross earnings over previous
Operating expenses. depreciation. fixed
charges and dividends .........,......... In 40
Total surplus Feb 2s........................I S0.2s
Number OF phones in operation Feb. %
Number Of phones in operation March l.
ro 1ysI increase ....,..,......... =
Average monthly increase.................. lS
The following directors elected Lewis
c. Walker. B. f. Parrott John w Bowius.
John J. Sheerin. L d. wiest Fred L. Hollwes
and L. W. OFT.
Mr. Walker was elected president Of the COM
pany to succeed S. p. Sheerin. Mr.. Bowlus vice
president TO succeed Louis Holweg. l. u. West
secretary and II. b. Sale treasurer.
S. p. Sheerin retired officer of the COM
pany because he will he president and member
of the board OF directors OF the Indianapolis
Telephone Company. Mr. Hollveg. who will be
vice president Of the Indianapolis company. re-
tired for the same reason Mr.. Sale will bs
secretary of the newly organized company.
The stockholders OF the Indianapolis Tels-
phone Company will meet March p. according
to present plans. and elect officers and directors
The stockholders who will take part in this
meeting are the present holders OF the stock
Of the New Telephone Company They are 20 Dc
given the opportunity TO subscribe for the com.
$50 a share one-half the par value, 10 the full
extent of their holdings OF stock In the New New,
receive a bonus of preferred stock in the newly
of the amount of common they subscribe for
The manner I'm which the Indianapolis Tele-
phone Company will issue its preferred stock
to the general public will be determined upon
by the directors March p IL Is the present
s p Sheerin said yesterday after the meeting.
that the T sS OF Of be Ne@ hg5
Company to the indianapolis Telephone Com
pany will be pushed rapidly as possible. but
that it is not likely the lease can be made this
month.
1t is not probable that the stock certificates
will be issued by the newly organized company
until after the matter of leasing the property
of the New Company is closed up. SO tx is prob
able that the certificates will not be out for
at least thirty days.
Quotations may be established to-day by the
Stock Exchange on the subscription rights OF
the Indianapolis Telephone Company The mat
ter was talked of yesterday. but was postponed
/ until after the stockholders meeting OF the
/ New Telephone Company.
New Telephone stock strong the Ex-
| change yesterday. advancing 1 point the bid.
| TO 81. The opening offering price was 81, but IL
was reduced TO 80. There sales.
|
| Ten shares Of Union Traction common were
sold on the call at 33ls. y point below the last
/ sale price. The bid price then went TO 80 and
i the ask price TO 34ih, closing at 81.