New-York tribune., 1890-04-20
% wall.st. New.York, April H. 1880.

.
~. ,as colo 81 0ca 900 Of the Manhattan Rail
W con,ov,s consolidated Mortgage per cent gold
,onds as above bearing interest from AHi IS'v' al
oG per cent plus interest at per ''r nv, . ~ ~
Aprl l. 1890 to date oi lNN","' ,,,~ur :"
coupon form. OF SiVVV e"0'' w
tion Of principal. 49, ,,., .
SO 600 OOO against the elevated railway system as at
plesent existing on Manhattan ls1ahu' m'i'uhb an!
Additions which may be made thereto in the way Of third
,rk side tracks or other bcttcImcnts thereof said
smoun, can only increased to provide for eleNa aed
railway hereafter constructed or acquired constituting an
extension o; the present system. and such Increase Is
limited TO s6OO,OOO per mile Of double track and
aaOO 600 Der mile Of single track Of elevated rail-
way constituting extension OF the system
The bonds OF his issue are secured by
ont mortgage Of the Manhattan Railway Company
and the Metropolitan Elevated Railway Com
many to the Central Trust Company Of New
YORK a. Trustee covering their franchises railway equip
nent valuable real and terminal properties ION some
e. 900 Of which this mortgage is first len all I'M
provcments and that be added thereto in
the future togcther with all extensions Of the present sys
ten which may be made acquired under the provision
for the stated above OF the eio000-
900 provided for S266is0OO reserved to take
up all outstanding bonds Of :hc New-Iok Elevated
Railroad Company. the Metropolitan Elevated EIlway
Company. and the Bond Certificates of the Manhattan
Railway Company.
The merger Of the New-York Elevated Railroad Com
many into he Manhattan Railwar Company has been for
absolute lien all property Of the NcwYrk Elevated
Railroad Company. The merger Of the Metropolitan Ele
vated Railway Company int the Manhattan
Company has been substantially accomplished. only
few hundred shares remaining outstanding Whenever
shares exchanged the mortgage Will cover It,
property way that it does :he property Of
NewYork Company. In the meantime the Metlopol-
itan Company mortgages it, franchises and for ali
amounts hereafter due by IL to the Manhattan Com
Iany and Manhattan Company mortgages its lcasohod
estate Metropolitan Company together with it, fights
Of merger and pledges with the Trustee the shares q
Metropolitan stock already exchanged thereby giving the
Consolidated Mortgage Bonds practically the security Of
psny.
The bonds offered part of the amount appopri
atcd 10 provide payment OF land damages the
QUESTION real estate and equipment and payment o. hc
floating debt and further development of the property
The leealities connected with this issue Of bonds and
he creation Of the mortgage securing have been
fully investigated by counsel selected by and their
opinions may be at Office.
We would call the attention Of investors o the Official
statement Of the earnings Of he Elevated Railway
As furnished by the Company, showing the and stead
ily increasing earning capacity Of the property.
Statement Of business for the year ending september
30. 1889:
Operating expenses and 5422, 1874 ~
Net earnings. 361s,4S5 Is
Interest bonds and rentals 155i 0S0 90
Balance. equal to o9-lOo per cont
capital 4oo Is