The Portland daily press., 1896-02-12

for ygs years at per cent or "a on each
share payable in gold, free from all taxes,
and this 8 per cent was to be on capital
ization far above the amount actually in
vested in the road. The Electric Traction
company was bought at the rate of S85
for full paid shares of the par value of $50
and $40 for shares on which only $50 had
been paid in. The Peoples Traction com
pany was purchased at the rate of $76 for
each $50 share For these purchased
shares the Union company gave gold GER
tificates, redeemable in 90 years, bearing
per cent interest.
The stockholders of the old companies
had the privilege of subscribing for the
stock of the Union company in proportion
to the amount of stock they owned The
capital of the old companies had been ss7.-
$50, 000 and the stock of the consolidated
company was $50, 900, 900, SO the holder of
100 shares in sither of the three companies
could subscribe for ~ shares in the new
concern.
IL was estimated when the consolidation
was formed that the gross receipts of the
company for the year ending next Septe1n-
Der would be $l2, $50, 600, that the oper-
ating expenses should be about so per cent
of the receipts, and that the company aft
er paying nearly So, 900, 600 for rentals, in
terests on bonds, and so on, ought to pay
dividend of per cent. Probably the
difficulties the company has been having
recently with it's employees will make 8
serious difference in the amount of its div
idend. Besides this, the estimate OF re-
ceipss was paseo on an e4aggerateo IDEA
of the increase in business
frsntable stock.
Here, however, is the full measure of
the Elklns- Wlaener interests;
Capital stock over 500. 600. 600
Receipts, 1895, about. 20 600 600
Earnings l0,5O0. 600
passengers carrleo........... 50o,0O0. COO
The Elkins- Widener company has large
interest in the Jersey City Newark lines
and in the Washington Belt line
One amazing fact about the Elktns.
Widener roads is that the 800 miles Of
roads controlled by this great syndicate are
capitalized for 5000, 900, 0e0. The remain
ing ~, 7SS miles of roads y the country are
capitalized for 1884, 600, 600.
The s-Wldener roads are capitalized
at 500, 900 mile and the other roads in
the country at an average OF less than $50, :
600, Although the construction of all of
these roads, notably the Broadway line,
was very costly, there ought to be great
deal OF profitable water in capitalization
OF $3.50, 900 mile, which may explain in
part why Mr.. Elklns and Mi. Widener are
so rich that they are ready to retire from
active business and take trip around the
werld In the steam yacht Mr.. Widener is
building.
Messrs. Elkins and Wldener are inter
ested In real estate, oil, contracting and
other things. They are thought to be the
chief stockholders in the Manhattan Stor-
age company, which controls storage
battery system for street cars. August
Belmont is interested heavily In this COM
pany. Mr.. Elkins and Mr.. Wldener are
said to be interested also in the Pennsyl-
yania railroad, but it is possible they gain
this reputation through business associa-
tion with Thomas Dolan, who, in addition
to being heavy stockholder In the syndl-
cate roads, is director Of the Pennsyl-
vania company.