The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-05-14
10 g or $4,000 per Bond on allotment.
90 IL $500" June 10, 1893.
1922 "Sl,O25.00 "

against which Bonds will be delivered, bearing inter
es, from May 1. 1888. Payment In full may bs made
at purchasers option before that date under discount
at the rate OF Z per cent. per annuin.
@. Is. Roberts. Esq. President Of the Pennsylvania
Railroad Company. states the following IN a letter to
us. dated May 4, 1898;
"These Bonds form part OF q total possible issue Of
800 900. 600 Bonds secured by n mortgage. dated July
l. 1879, subject onlJ TO the prior lien OF sla. Y9T $40
General Mortgage Bondy. against which the Same
amount OF Consolidated Mortgage Bonds Is reserved.
This Consolidated Mortgage covers all tho property and
franchises of the Pennsylvania Railroad Company. in.
Guiding its main line from Philadelphia to pittsburgh.
and branches. being a total OF b6e.2 miles. together
with Real Estate ana Equipment. all Of which are val.
ued at slO4. 49,. os1.T2. All of the 35s miles Of main
line Of railroad between Philadelphia and Pittsburgh
ID double.tracked. and there are 2O5 miles OF third
track AMI ~ miles OF fourth track. which. with 452
miles OF the CoImpany's sidings. make u total ttackaee
OF 1.4G2 miles betwesu these points.
This Mortgage is. besides, q first lien on the Com.
pany's leasehold interest in other railroad lines and
canals. as we'll rs on its large investments in shares
and bonds OF other companies, Of All estimated cash
value OF over $4,000, 900. These securities produced
in 1892 an income OF over 100000.
Under this mortgage there have already been issued
$50. AIS, o2o Bonds. which rank. in every respect. pari
passu with the present issue.
The bonds now offered are dated May ]. 1893. and
mature May !. ioi3. with Coupon attached. payable on
tho frst day OF November and May in each year. Both
principal and interest are payable in Gold Coin in
New York, free OF taxes.
"These Bonds have an annual Sinking Fund Of I per
cent. on the amount issued. beginning May J.. / 1898.
which is to be applied to the purchase OF bonds. II OBJ
tainable at n price not exceeding par. but. IL bonds
cannot be purchased ut or under this price. the amount
is to be invested In other lawful securities. on Dec.
81, 1892. the report Of the Trustees showed thatSl.-
I'll. $50 Bonds had been cancelled through the opera.
tion OF the sinking Fund. and that they held in cash
and securities 50. $40. jG3.sl for their redemption.
..rb. CAPITAL. STN-K of tho
Pennsylvania Railroad Company on
Dec. 81. 1892. ia. 10000
"The HONDED DEBT, including
Real Estate Mortgages. aud Ground
Rents. ACKNOWLEDGEMENTS. ....... s77.5I7.7 2G.3s
Tho Net Earnings Of the b0s.22
miles. dotal %trackage. 1868 % miles)
OF the Pennsylvania Railroad Com.
pany covered by this mortgage. in
1892. were............ ......... E. &c. 4s. 4o5 81
(" The Receipts from Investments and
other sources we're ................ 5.525. 2oa.67
$40. 37a.0l5e4
1.-THE Interest on its Bonded Debt and
other charges 6.519. 3A. so
NET INCOME. ............ $40, o eco. "A
Tho Net Earnings OF the entire sys-
TEN OF the Pennsylvania Railroad
Company in 1892 ~ero"...".."... s2o.oe2.4sa 40
Z" The receipts from Investments md
other sources wers. .........,..... 6.Ol2. qgI, 90
"Totnl".""..."..."..-...".... s26,o65474 30
" The Interest on Bonded Debt and
other charges 1h.55a. 5G+ 20
balance Net Income............ $40, sos 30 70
=" From which was deducted for aundry
payments. inc ud'ng extraordinary
expenditures in Strengthening and re.
vising lines and " ades.......... G7IoaG OIL
-LEAvING A ACKNOWLEDGEMENTS
"In each OF tho past thirty-seven years the Penn.
sylvnnia Railroad company has regularly paid cash
The average rate of these cash dividends !
has been over I per cent. and they have aggregated
over 5000 900"
The bonds are Of 1000 each and to bearer. with |
for registration as TO principal. at the option
of the holder. at the agency of the company In New
York or London.
Interest and principal are payable in New York in
coin Of tho United State. free OF taxes.
The bonds are not subject to drawing or compulsory
before maturity.
The subscription will be opened at 10 o. clock on Mon.
morning. May II. aud close at 8 o'clock r. NJ. or
sarlier, on the same day. the right being reserved to
eject any application aud TO award smaller amounts
han applied for.
Defaul. Of payment Of the balance. due on June 10,
will render the previous payment liable to forfeiture.
Copies of Mortgage can be inspected At our office.
A SIM ULTANEOCS ISSUE OF THESE
BONDS WILL BE MADE IN
BY MEssRS. sPEYER BROTHERS.
SPEYER e. CO.,