The daily morning journal and courier., 1905-12-26
LOCAL FINANCIAL NOTES.
NEW FORK, ,NEV HAVEN & HART
 FORD RIGHTS.
New York Central Rights Also

New York Central Rights Also
 American Bank Note Company Sends
 Out Plan for a New COmpany-The Features Of the Proposition.
 A large portion of the time of the local brokers has been occupied the past week in explaining and comput- ing the warrants of both the N. r., N H. & H. R. R. and the New Yok Gen. tral railroad. The N. T., N. H. & H. rights reached their low point of 1-2 on Monday and Tuesday. At the close of the week they sold up to 1-4.. h. vestors have by careful computation come to the conclusion that the rights are cheaper relatively than the stock This has caused some sales of the stock, and the price declined from 196 to 192, closing at 192 1-2. The warrants expire on December 31. Quite a num- ber of subscribers have already paid in full; the bonds will be ready for de- livery the first week in January.
 New York Central rights are also puzzle They are selling from l-4 to 7-9, which is equivalent to $15O or $l5l for the stock. The payment of the latter must be made on or before Janu- ary S1, and the warrants expire Janu- ary 20.
 The American Bank Note Co., has de- c1ared the regular dividend of 1-2 per cent, and an extra dividend of 1-2 per cent, equal to $1 per share on par vale of $50. This company has just sent out to their stockholders for their approval a plan to form a new compa- ny under the laws of the state of New York or of New Jersey to be called the United Bank Note corporation. The present company has g. capital of 72,- 900 shares of nominal par of $50, equal to $S,600,000. It is proposed to give each present holder of share one share of new preferred and one share of new common stock in the new company, each of a par of $50; also the right to subscribe pro rata for $4OO,O00 new pre- ferred and $400,000 new common on basis of $75 for combined one share new preferred and one new common. Under this plan the capitalization will be $4, 900, 900 new preferred and $4,00O0O0 new common; 1t is also proposed to ts- sue and hold in trust for future sale $500,0O0 each preferred and common to acquire new properties and also to au- thorize an issue of $500,0O0 more each preferred and common, to be reserved for use as may be thought best by the management but not to be sold at less than par. These issues will eventually make the capital $5,OO0,0O0 preferred and $5,000,000 common, a total of $10,- 100000 against $3,60O,000, the present nominal capital. The subscription to the $400,00O each new common and pre- ferred will furnish the company with $600,000 working cash to establish new plants in this country and abroad. The new preferred will be a 6 per cent. cumulative stock, preferred both to di- vidends and assets. Dividends paid the last year were 6 per cent or $216,000. Dividends on $400,00O new preferred will call for $240,000, and the present net earnings are stated to be more than double that amount. If per cent. should be paid on the new common di- vidend requirements would be $400,000. In anticipation of the plan the price of the stock has risen to 8 quotation of $90 to $93. Under the plan certificates of stock must be deposited with the Bankers Trust company before Janu- ary 17.
 Swift & Co. stock in anticipation of an increase of capital of 5000, 900 in January has sold from 1O4 to 102, with closing quotation at 102 to 102. The meeting to authorize the increase will be held January 4.
 The Consolidated Railway company has for the convenience of the holders of it's bonds ordered payment of the coupons to be made at the Grand Gen. tral depot in New York, and also at the office of the N. r., N. H. K H R. R. O. in Boston, as we'll as at the office here in New Haven. Coupons on is sues of 1854 and 1855 will be due Janu- ary 1.
 The dividends on the local banks will probably be declared at the regular meeting of the directors tomorrow, We are unable to ascertain that there will be any change in rates from the July dividends. The same may be said of the rates of interest on the savings banks deposits.
 The annual meeting of the Consoli- dated Electric Light of Maine will be held on Wednesday, January 10, at Portland. MT. James English and MT. H. C. Warren will receive proxies of local holders. This company will pay @ quarterly dividend on January 15; the last dividend was increased from a rate of to rate of per cent. per annum. The years showing is reported to be a good one.