"Not only present flnnnclal conditions
governing the status of this and other
; investment securities have been consid
ered, but also probable conditions in the
future, and the action of the directors
! is based on the conclusion that a higher
i rate of return in necessary to attract
I the proportion of capital which must
I come from the shareholders In order
, that extension of the telephone service
to keep pace with the growth of the
country and the demands of the public
may go on.
"There has been no time within the
last ten years when the company's earn
i Ings have not been sufficient to pay the
! higher rate of dividend."
At tire annual tutting all directors
| were reelected except George L. Green,
I James W. Green and Clarence L. I>an
^rldge were named to fill two vacan
i cies. Officers were reelected with the
exception of George D. Milne, treas
urer. who resigned. H. Blair Smith, as
' distant vice-president, was elected treas
urer.
A plan to offer stock of the company
lo employees for subscription win
adopted, providing that It be Issued and
paid for ;:t not less than par and that
: tiie amount of stock which any em
ployee may subscribe for in a single
year shall not exceed fifty shares.
DOUBLES CAPITALIZATION.
Hamilton MKnafartorlng Also Will
Drclnrf Stork Dividend.
BobtoX. March 29.?T'ho stockholders
of the Hamilton Manufacturing Com
pany, maker of textiles, voted to-day to
double its capitalization of $1,804,000.
