The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-26
I
ISSUE or
Sixty Thousand Shares
United Traction Company
OF PITTSBURGH, PA.
Five Per Cent.
Cumulative Preferred Stock.
CBErSa TOTAL MOUNT OF SAID srocK.)
A VALUE. ESQ PER SHARE.
DIVIDENDS PAYABLE JANUARY N JULY.

After careful investigation we purchased. for our.
selves and others, the above sixty thousand shares Of
Preferred stock, and oncr the same for sale ut 500 10
per share (ex-January dividend). payable on wednes.
day, the 18th day OF January, 1895. at which prioe
this stock would Yield . net income OF Q IA
Der cent.
Referring to the prospectus containing the letter Of
President James d. Gallery. the legal opinions of
John @. johnson. Esq, of Philadelphia, and George
G. Wilson. Esq. of Pittsburgh. and certificate of Col.
John A. Tompkins. Expert Accountant, OF Baltimore:
It will be seen that the United Traction Company 70
practical consolidation Of threc existing traction
companies). organized in July. 1897. with q franchise
for 900 years, owns and operates. under leases for
$50 years, HIS miles Of trolley road in the cities
OF Pittsburgh and Allegheny, and connecting those
cities with McKeesport. Homestead. Braddock, VII.
merding. Turtle Creek, and other important manu-
featuring towns. and that the lines OF road now
owned and controlled by tho United Traction Com
pany earned in twelve months. ending November 30.
1897 during seven months Of which period the roads
were operated under separate managements), moro
than enough not only to pay the interest on all obliga-
lions then outstanding.b but also to have paid full divf
dends on tho Preferred stock; that for the i've months
ending Novembe so. 1897 tfor which period only the
United Traction Company has been operating the
constituent properties).
Gross receipts were cole. las 40
Operating expenses. including taxes and
insurance 8o7,s2s 81
Net earnings. osll. sl9 so
Pro rata n1ed charges for ave months. =. eos, 01l OF
Surplus. clos. $40 90
5ix months dividends on $4,000, 900
Preferred stock. 5000 90
Surplus earned in I'VE months over full
dividends on Preferred stock for six
months. oae. 1870 90
A dividend of 2a per cent. has been declared upon
tha DraF,-~A ,tDoE D,-aht ,,,a, o rono
Il is expressly provided in the terms and condi-
tions of preference. under which this stock IL issued.
that the Preferred stock Of this Company IN entitled
to receive cumulative dividends at the rate OF 8 per
cent. per annum, which shall at all times be paid, II
earned. in preference and priority to the payment OF
any dividends on the Common stock. and addition.
ally to share equally with the Common stock in the
surplus pronts in each and every year after the Com.
mon stock shall have received dividends ct the rate
Of six per cent. for such year.
Application will DO made to have this stock "iisted"
on the Philadelphia. Baltimore. and Pittsburgh Stock
Exchanges.
Copies OF prospectus. maps. counsols opinions, ETC.,
may be obtained at the on1ces Of the undersigned.
Subscriptions will bo opened at our onaces on
the morning OF Wednesday. the nth dag or Jan.
uary. le0s, and closed At p. II. the following day.
~Allotments will be made a. promptly a. possible
thereafter.
The right 10 reserved to close the subscription earlier
than the above date. to reject applications, or to allot
smaller amounts than those applied for.
Alex. Brown & Sons,
Baltimore, Nd.
N. Holmes & Sons,
Pittsburgh, Pa.