The Bridgeport evening farmer., 1913-07-01
STOCK ISSUE OF
 $I,207,2O0 VOTED
 FOR PAYING NOTES
Southern New England Telephone Go. Adds I2,O72 Shares Mak- ing Total of 100000

The board of directors of the South ern New England Telephone com pany at a meeting held in New Ha- ven yesterday voted the issuance of $1,207, 200 of new stock, a total of 12,072 new shares being voted to bring the full capital stock up to an even 100000 shares. The new issue is to be offered to stockh o1ders. of record June 30 at par in the approxi- mate proportion of one share for 73 shares held on that date. In 8, state ment regarding the issue James T. Moran, vice president of the com pany, states that the issue of new stock, which is to be payable Decem- Der 27, 1913, will furnish the full amount. of money needed to pay off notes of the company that will then be outstanding.
 Tn the vote announcing the issue the directors voted:
 That warrants specifying the num- Der of full shares to which each stockholder may subscribe, and separate warrant for fractions of shares, be sent to all stockholders on July 1, 1913, or as soon as possible thereafter;
 That the rights of subscription attaching to the old shares, repre- scented by these warrants, may be as- signed in writing on the form printed
 
 assigned rights who presents them shall have the same privilege of sub scription as if they accrued to him a stockho1der of record;
 That subscriptions shall not be ac- cepted unless made upon the form printed on the warrants, and unless received at the office of the company in New Haven on or before September 15, 1913.
 That subscriptions shall be pay able in full or before December 27, 1913, certificates for such new stock, but only for full shares to be issued on January 1, 1914, or as soon as possib1e thereafter, such new stock to participate in the dividend for the quarter ending March 31, 1914;
 That the directors shall dispose of the 26 shares, the. balance of such new stock issue, and of all shares un- subscribed for, in any manner that they may determine to be for the best interest of the company.
 That the company will not deal in rights for full or fractional shares
 No subscriptions, it is announced, can be made on fractional warrants. All full or Fractional warrants not re- turned to the treasurer on or before September 15, will become void.
 When any subscription ts made on the back of a, full warrant, a negotia- ble acknowle gment will be forward
 
 acknowledgment will entftle the per son named, or his assigns, to receive a certificate of capital stock for the number of shares specified on the face thereof, provided that the acknowledg- ment is surrendered in person or by mail to the treasurer at his offices in New Haven on or before December 27, 1918, and also provided that pay m ent is made at the same time to the treasurer at the rate of $1Oo per share.
 James T. Moran, vice-president and general manager of the Southern New England Telephone company, com menting the issue of s1,207, 200 of new capital stock, said:
 t.It has been the policy of The Southern New England Telephone company to finance the construction rowing from the banks up to the point where it's outstanding loans amount to approximately $1, COG, 900, when it calls upon it's stockholders to furnish the additional capital neces- sary to pay up it's bank loans.
 "On June 30, 1913, the company had outstanding loans amounting to $S80,- GOO with arrangements closed for ap- proximately $400, ,0O0 additional, the amount required to finance the plant opera tions of the company for the balance of the year 1913. The issue
 
 able December 27, 1913, will furnish the full amount necessary to pay off the notes of the company then outstand- ing.
 t"The great majority of the stock holders of the company have always taken the new stock to which they were entitled. The names of large number of the original stockholders of the company still remain on the stock list, either directly or through their descendants. Of the total amount of the new issue, about $4O0, 900, or 33 can Telephone and Telegraph com pany. That company has from the first days of the relationship held B per cent. of the capital stock Of The Southern New England Telephone com pany and has always subscribed for its proportionate share of new capi- tai stock issued from time to time by the company. It has never sought to increase its holdings beyond this original B per cent preferring that the substantial majority of the stock, in fact twO-thirds of it, remain with the original investors in Connecticut and such others as have been added to the stockholders list.
 'fThe continued development of the business of the company is shown by the fact that during the twelve months ending May 31, 1913, the plant account | increased $1,O94.816. On December 31, 1902, the company had 21, ,11O stations and on December 31, 1912, 102.639 sta tions, an increase in ten years of over 81 900 stations. On June 30, 1913, the approximate number of stations was 107. 700. A part of the town of Green wich, with over 2,500 stations is oper- ated by the New York Telephone com pany, so that there are now in opera 1 ton within the State, of Connecticut over 10000 telephone stations 
 PERSONAL MENTION.