Morning journal and courier., 1881-05-04

NaJIOHE1 HkEU SGd1CC 1dACSs | The Pennsylvania Company is corporation char tered in 1870 for purpose of operating managing and developing the railways west of Pittsburg con- trolled by the Pennsylvania Railroad Company.
 To provide for the requirement of additional property and the further development Of the Penn sylvania Railroad Company's system, the Pennsylva- mia Company has decided to create First MortGage to secure Bonds the amount of 0oo of which the present part bearing interest at the rate of AZ per cent. per annum, payable January and July l, principal maturing in 1921; and both principal interest payable in Gold in the city of New York, free from National and State Taxes. The Bonds are issued in denominations of $1 eco each and EVERY BOND HAS 1NDtIR THEREON THE ABSOLUTE GUARANTEE OF THE PESNsYL- vANIA RAILROAD COMPANY FOR PRINCIPAL AND INTEREST.
 The total authorized issue is further secured by ! mortgage first charge upon
 The for 999 years, held by the PennsylVa mia Company oi the Pittsburg, Fort Wayne and Chi cago the Cleveland Pittsburg and the Erie and the Pfttsburg Railways. THESE LEASES ALONE have for the twelve years from their date to December 3 18sO yielded average yearly net profit to the Fenn l sylvania Company exceeding million dollars which sum than double the entire annual 1n- the Bonds at present to be issued
 2d. The companys valuable real estate in the cities Of Pittsburg, AIeghany and Chicago and stocks and bonds in its treasury, to the par value Of about GO0 coo being mainly securities of lines forming part | of the Pennsylvania system.
 l The company further agrees ethe performance of which agreement likewise guaranteed by the Penn l sylvania Railroad Company to purchase in every year in which bonds of this issue are offered at a price not above par bonds equal to per cent on the then outstanding issue of said bonds and the annual interest upon such bonds shall have been before that time purchased, with said fund-s provision which should at all times protect the price of the bonds against any material decline below the issue price.
 The Pennsylvania Company has no other deoss e1- cept $2 in debentures secured by deposit o1 OOO 900 of the Pittsburg Fort Wayne and Chicago | Railway stock (part of the securities enumerated above> and it's bonded debt cannot under the law be increased beyond the amount of it's full paid capita stock which at present S20 OO0, CO., exclusively | owned by the Pennsylvania Railroad Company.
 The railways operated directly indirectly by thu Pennsylvania Company comprise system of 3S6. miles, and the NET EARNINGS of that company fol the year 1sso after the payment of all fixed charges amounted to-. -%S,Vfl,o'o e Those of the Pennsylvania Railroad Com
 pany on it's lines east of Pittsburg after
 payment of all fixed charges, to. = 7,65o,o6 Total net rsvenne for 1880. .s1O, 7Oe, ,9e5 & WHILE ONLY s1 100, ,OOO will be required to mee the interest and sinking fund, WHEN THE WHO'LL OF THE Sao, o,OOO, ,OOO BONDS ARE ISSUED. ,i | Provision has been made to have Coupon Bonds reg | istered in the owners name when desired, and ais for their conversion into absolute Registered Bonds interest payable to the registered owDer only. WILLIAM THAW,
 Vice President Pennsylvania Company.
 AppioO G. B, ROBERTS,
 President Pennsylvania Railroad Company