The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-12-27

After careful investigation We purchased. for our
selves and others. the above sixty thousand shares OF
Preferred stock. and offer tho same for sale At $1,000
per share (ex-January dividend). payable on Wednes'
day, the 18th day OF January, 1898. nt which prico
this stock would sield . net income or 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
c. Wilson. Esq. OF Pittsburgh, and certificate OF Col.
John A. Tompkins, Expert Accountant, OF aumor
It viii DO seen that the United Traction Company 10
practical consolidation Of three existing traction
oompauies). organised in July. 1897. with q franchise
for 900 years. owns and operates. under leases fot
$50 years. llT.l9 miles OF trolley road in the cities
of Pittsburgh and Allegheny. and connecting those
cities with McKeesport, Homestead, Braddock. Will
merding. Turtle Greek. and other important manu-
featuring towns. and that the lines OF road now
owned aud 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 mauagements). moro
than enough not only to pay the interest on all obhga'
lions then outstanding. but also to have paid full divf
dends on the Preferred stock; that for the Eve months
ending November 80, 1897 ttor which period only the
United Traction Company has been operating the
constituent properties).
Gross receipts were. eo1s. 14o 90
Operating expenses. including taxes and
insurance 8o7.see Of
Net earnings. S81l ,9I2 90
Pro rata h1ed charges for I'VE months. :. eos. 0t1 81
Surplus. .e1Os. 40 IS
Six months dividends on 100000
Preferred stock $4,000 90
Surplus earned In I'VE months over full
dividends on Preferred stock for six
months. e2s,s7o 30
A dividend OF 2o pei cent. has been declared upon
the Preferred stock. payable January 8, 1898.
II is expressly provided in the terms and condi.
lions OF preference. under which this stock is issued.
that the Preferred stock Of this Company is 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 profits In each and every year after the Com
mon stock shall have received dividends at the rate
of stx per cent for such year.
Application will be made to have this stock Listed"
on the Philadelphia. ltimor and Pittsburgh Stock
Exchanges.
Copies Of prospectus. maps. counscl's opinions, etc..
may be obtained at tho onices OF the undersigned.
Subscriptions will be opened at our ornces on
the morning of wednesday. the Hrh DAP or jan
unrS. 1885,, and closed at 8 p. II. the following day.
Allotments will be made as promptly as 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.
December "a. 1897.