Morning journal and courier., 1881-05-06
PENNSYLVANIA COMPANY. Issue of $1O,ooO,ooO
 In 4 1-2 per cent. Forty Year 1ST MORTGAGE GOLD BONDS,
PENNSYLVANIA RAILROAD
 COMPANY.
Coupon or Registered, free from
 National and State Taxes.

coupon or Registered, Ifee IfOlh
 National and State Taxes.
 The Pennsylvania Company is corporation char tered in 1870 for the purpose of operating managing and developing the railways west of PIttspurg con troIled by the Pennsylvania Railroad Company.
 To provide for the requirement of additional property and the further development of the Penn syIvania Railroad Coppany's system, the PennsyiVa mia Company has decided to create First AortGage to secure amount s20 O0o coo, of which the present issue forms part bearing interest at the rate of 4h per cent. per annum, payable January and July the principal maturing in l92l and both principal and interest payable in Gold in the city Of New York, free from National and State Taxes.
 The Bonds are issued in denominations of $l, GOO each and EVERY BOND HAS INDoRsED THEREON THE ABSOLUTE GUARANTEE OF THE PEsNSfL- WANNA RAILROAD COMPANY FOR PRINCIPAL AND INTEREST.
 The total authorized issue is further secured by mortgage a first charge upon
 1st. The leases years held by the Pennsyva- mia Company oi the Pittsburg, Fort Wayne and Chi cago, the Cleveland, Pittsburg and the Erie and the Pittsburg Railways. THESE LEASES ALONE have for the twelve from their date to December 3l 1SSO yielded yearly net profit to the Penn sylvania Company exceeding million dollars, which sum is more than double the entire annual in terest the GOO Bonds at present to be issued
 2d. The company's valuable real estate in the cities of Pittsburg, Aleghany and Chicago and stocks and bonds in it's treasury to the value of about $2 000 being mainly securities of lines forming par of the Pennsylvania system.
 The company further agrees the performance oi which agreement is likewise guaranteed by the Penn sylvania Railroad Company to purchase in every year in which bonds of this issue are offered at { price not above par bonds equal to per cent ths then outstanding issue of said bonds and the annua interest upon such bonds as shall have been before that time purchased, with said fund-a provision which should at all times protect the price of tht bonds against any material decline below the issu price. The Pennsylvania Company has other debts ex cept g O0o in ebentures, secured by deposit s4 600 of the Pittsburg. Fort Wayne and Chicag Railway stock part of the securities enumerated above) and its bonded debt cannot under the law b increased beyond the amount of it's full paid capita stock. which at present is s20,O0O.OO0 exclusivel I owned by the Pennsylvania Railroad Company. The railways operated directly indirectly by tn Pennsylvania Company comprise system of 3,s6 l miles. and the NET EARNINGS of that company fo the year 1Ss0 after the payment of all fixed charges amounted to-. 8, ,O71 1896 Those of the Pennsylvania Railroad Com pany on it's lines east of Pittsburg,after payment of all fixed charges, to-. 765S, ,569 Total net revenue for 1880 .sIO, 7Os, 1885 & ! WHILE ONLY Sl,IOO, ,OOO will be required to mee | the interest and sinking fund. WHEN THE WHO'LL OF THE SaO .OuO.OoO BONDS ARE ISSUED. Provision has been made to have Coupon Bonds reg istered in the owners when desired, and als for their conversion into absolute Registered Bond | interest payable to the registered owper only. WILLIAM THAW, Vice President Pennsylvania Company. 1 G.B. ROBERTS, President Pennsylvania Railroad Company. The undersigned, having secured col trOl of the hereinbefore described Ten Million Dollars 4K Per Cent. Gold Bonds,
 offer the same for public subscription at tn
 price of 1O03 Per Cent. and Accrued Interes 1 to date of delivery.
 Subscription will be received until Friday
 May 6, but the right is reserved to close th 1 subscriptions at any early date, without notice
 Subscriptions will also be received
 IN ENGLAND-By Messrs. LOUIS COHEl
 & SONS, of London.
 IN PHILADELPHIA-BY Messrs. DREXE
 &CO.
 Thus securing for the bonds an interns tional market
 KUHN, LOEB & co.