New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-04-21
% wall.st. New.York. April IA. 1890.
-, co non nnn 80 fhp Manhattan Eal

% wall.st New-York. April a. $500
We offer for sale $4,000. 900 Of the Manhattan Rail.
way Company's Consolidated Mortgage per 0clV eou
bonds as above bearing interest from April l. lev q"
eG nor cent nlus interest at per cent per annum from
April l. 1890. to date Of payment. The bonds are in
coupon FORM Of 81 900 each. with privilege OF rcSs'fa
ton OF principal.
These bonds part OF an ISSUE nui'eu y.
$40, 600. COO against the elevated railway Nst.ih d d"
present existing on Manhattan Island. hcidihs any
additions which may made thereto in the way oil .a
tracks. side tracks. other bettefheh's "o'c'i' ~
amount only be increased 10 PROVIDE ior cic'"'u
railway hereafter constructed acquired constituting an
extension o, the present system and such increase
limited to $60O.OOO per mile OF donble TRACK anu
$500, 600 per mile OF single track OF elevated rail-
way constituting extension Of the system.
The bonds OF his issue are secured by
Joint mortgage Of the Manhattan Railway Company
and the Metropolitan Elevated Railway COM
psny to the Central Trust Company OF New
York Trustee covering their franchises railway equip
men valuable real and terminal properties ton some
81 200 goo which is FIST lon) all In
proyemcnts and beerments be added thereto in
future together with all extensions OF the present ys
which may be made acquired Gnaer the provision
for the increased issue stated above o inc e4OoVo
900 provided for are reserved to take
I'D all the outstanding bonds OF he NcwYoik Elevated
Railroad Company the Metropolitan Elevated lsaii"y
Company. and the Bond Certificates OF the Manhattan
Railway Company.
Tho merger OF the New.York Elevated Railroad Com
may completed therefore, this mortgage Is direct ana
absolute lien all the property OF the NewYork Elevated
Railroad Company. The merger OF the MetioDo'a- lie
waited Railway Company tho Manhattan
Company has been substantially accomplished only
few hundred shares remaining outstanding. Whenever
these shares exchanged the mortgage VIII cover its
property the way that docs he property OF
the New.YOrx Company. In the meantime. tho Motropo
Company mortgages rs franchises and property for all
amounts now or hereafter due by to the Manhattan Com
pany eand The Manhattan Company mortgages its ea'hod
In tie Metropolitan Company together WITH IT. rights
merger and pledges with the Trustee the shares u
Metropolitan already exchanged thereby giving tho
Consolidated Mortgage PONDS practically the security OF
all the franchises and property Of the Metropolitan Com
psny.
The bonds offered part Of the amount appropf
sed provide for the payment Of land damages the &C.
QUESTION Of real estate and equipment and payment 81 ne
floating debt and further development Of the property.
The leeaes connected with this issue Of bonds. and
he creation Of the mortgage securing them have been care
fully Investigated by counsel selected By u.s. and their
opinions may be at ONCE.
We would call the attention Of investors q the ofcia
statement Of earnings Of he Elevated Railway System
as furnished by Company showing the and stead
lily Increasing earning capacity Of the property.
Statement Of business for the year ending September
30. 1889:
Gross earnings 50 ESQ $50 G5
Operating expenses and 5422,39i a
Net earnings G5s, $50 -
bonds and rentals 1554 $50 90
Balance. equal to oo.loc per cent
capital e. lOi. 400 ls
The earnings the close 81 the fiscal year show
further increase, viz:
Operating
Gross Expenses Net
Earnings. and Taxes. Earnings.
October $780,. $685. 7G6 NN272 1898 f0f
November, 1889. sos 245 425171 1888 O74
December, 1850. S3l 1877 f4p 20 ISL COL
January, 1890. 79O.O93 457.3,s 80. 80
February. 1890. s3j 239 i35. -: 800 iG7
March, 1900. Sl2,1Oj lG3,0O8 3ig 20
------.
Total. 81 Sl2.575 s2.e72 $50 s2l39.723
Interest bonds and ren;als.............. 1888
Surplus for six months applicable TO dividends
Oh s26o O9O stock 81 ,3094l0
Copies OF the mortgage may be examined at our Office
and investors referred for further particulars
DRExEL, MORGAN & co.,
ARM v0Hu