The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1904-03-08
LOCAL STOCKS AND BONDS
NEW TELEPHONE STOCK ADVANCES
TO oO-sALE OF SECOND FIvEs.
New Telephone stockhOIders' Meeting
To-Day-IndianapoIis Telephone
Company Incorporated.

The Indianapolis Telephone Company was in
corporated yesterday. The capitalization is ST.
200. 900. The common stock viii be 100000 and all
OF IL will be sold holders OF the stock OF the
New Telephone Company az $50 one-half the par
value one thousand shares OF the preferred
stock viii go as a bonus 10 the stockholders OF
the New Telephone Company and loo shares
will be issued to the general investing public.
The remaining $4,000 Of the preferred stock viii
remain in the treasury to be leased when sddi-
tional capital is needed.
To-day the stockholders Of the New Telephone
Company will hold their annual meeting and
vote 10 lease the property TO the Indianapolis
Telephone Company for term OF about twenty
years.
The Indianapolis Telephone Company will
guarantee. in its lease. to pay the annual divi-
dend OF per cent the stock the Tele-
phone Company. This will increase the value OF
this stock considerably
The indianapolis Telephone Company will. this
spring and summer, expend about 100000 ex-
tending the property of the new company.
The common stock Of the newly-organized
company will pay per cent. annually and the
preferred 6 per cent. AS the company will put
out but 100000 Of the preferred. its dividends
upon its own stock will be only $4,000. the first
year at least The net income OF the property OF
the New Telephone Company viii be increased
s24 900 annually by the extensions TO be made at
an approximate Of sec0. 600. The remaining
capital to be derived from the sale OF 1000
shares of the preferred stock 10 the general in
vesting public will lie used in other ways to
strengthen the position of the two companies.
AS It will be at least two weeks before a
board Of directors for the company will be
elected and the company is perfectly organized.
il is probable that the stock OF the new CON-
pany viii be the market until the latter
part OF the month.
The stock Of the New Telephone Company ad-
vanced points yesterday the Exchange. 10
80 bid The first Offering price no. This was
reduced 10 points par. and the last call the
stock offered at 81. There were no sales
The New Telephone bonds showed no advance
on the bid price yesterday. On the Exchange
$1,000 second hves were sold at SO. The same
bid made second time. but there
other sales. the ask price going TO S.. Eighty
three the closing bid last week for the
ond nves. The bid for the first ives yesterday
was 81, the the close last week. with
the ask price at o.
Meyer & Kiser yesterday purchased a block OF
10000 Union Pacific and Baltimore & Ohio fours
for the account of a Washington. d. C. savings
bank.
Outside the advance in New Telephone securi-
ties and the sale OF 81 600 second hves the local
securities market without much interest yes
| terday. The Exchange call brought out few
changes in the general list.
In a circular on Union Traction, Chandler
| Brothers & Co.. of the large Philadelphia
/ houses, say;
Recent sales OF Union Traction Company OF
| Indiana on the local exchange around IS have
again drawn attention 20 the investment and
| speculative aspect of this issue in which very
large amount of Philadelphia capital is invested.
| The demand for this stock is. 10 doubt. induced
by the fact that the leasing corporation. the In
| diana Union Traction Company. viii soon begin
| to reap the benefits OF the mileage OF the
| indianapolis Northern division. a system OF III
miles, of which sixty-fve miles have just been
| put in operation. and the balance should be
| completed on or before June /. 1904