New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-10-06
finanrial.

once of once Of
KEssLER 4 CO.. HENDERSON & Co..
BANKERS. BANKERS,
q WALL ST.. y. 7. 81 CEDAR ST.. ~ I.
STATE STREET TRUST CO"
% STATE ST. BOSTON.
The Michigan Telephone Company
ISSUE OF
$5OO,00O
5 Per Cent. First rlortgage
Sinking Fund Gold Bonds.
rsted July Ist. 1897. Principal due July ISL 1917
Interest payable January and July.
TRUSTEE OF BONDS
GUARANTY TRUST COMPANY OF NEW YORK.
Principal and interest payable at GUAR
ANTY TRUST COMPANY OF NEW YORK. in
Gold coin of present standard of weight and
hneness.
NEW YORK. October lst 1907.
The Michigan Telephone Company.
PROPERTY.
The Michigan Telephone Company was organized In
1882 under ths LAWS Of the State OF Michigan. Since
tina. acquired the property and rights OF tho
Telephone Telegraph Construction Company OF De-
,ro; ard Michigan Bell Telephone Company. thus
becoming the sole lcenses OF the AMERICAN BELL
TELEPHONE COMPANY Tor the State OF Michigan.
covering Of operation Of $1,000 square miles with
q population. last census Of 22i000
Tho number OF Exchange Subscribers ~ OF April ls'
1897. being IL. oT1.
The vau. OF the Security By this Issue Of bonds
the books. December 3lst 1898 was e. oI4-
4lS4i. represented by:
sundre' $4,000
Real estate "ZoVo
Construction ISooo"
With regard 10 the value Of the Construction the E!ec-
trical Engineers report follows We have estimated
carefully the cost OF reproducing the Plant and believe
that DO replaced for amount that 10 mater
tally less than that given above"
EARNINGS.
The Net Earnings 1888 applicable 70 the payment
the bonds slo2 ooo moro than Ave
times the to meet the Interest on the
full issue authorized.
The Net Incore OF tho Company for I'VE years past
has been IL year less than the above amount
CAPITAL STOCK AND DIVIDENDS.
The Capital Stock Is 81 10000: and annual dividends
have been continuously paid 1855 a. the rate OF
per per stock outstanding.
Ths American Bell Telephone and the Western Union
Telegraph Company large holders Of the stock.
These Bond, tax. precedence o, the above both a. TO
principal and interest
t. psrposs Of the issue Is provide funds for ex-
;ons. which estimated will further increase tho
earnings; ard all property acquired By the proceeds Of
sale Of these bonds will bs subject to the Mortgage
MANAGEMENT.
III. Manasenen, q the Company IS controlled by tho
following BOARD O., Directors: Robert T. Lincoln Hugh
McMlian Norman Williams Frederick A. Forbes. william
A Jackson. Robert c. Clowry and Ashley Pond
one q, tie above gentlemen represents the Western
Cn!on Interest. and another that ot tho American Bell
Telephone Company
The Company operated under tho policy Of the
American B' Telephone Company
SINKING FUND.
The Company required { place IN the hands o: tho
Guaranty Trust CO. Of " Y Trustees. each year
commencing July 1902 $4,000 (Which will retire the full
Issue o, bonds maturity be invested IN bonds Of the
Company but only they be oba!aet from holders
price exceed .ng par and interest. The Trustee
cannot call the bonds. and II holders unwilling 10 sell
this price the Fund % Invested class Of
securities regulated ~ law .or M;hlgan Savings Banks
ExAMIN ATOMS AND REPORTS.
TIE Legal Organization q the Company. and pro-
ceednss relative this bonGs examined
by ae'sr' story & Thornilke Counseilers. Ne9n tho
Physical Condition ~ the property by &esr~S Stone
weosie- Eec,rca, Engneere Boston: ard the
o. the Company ~ He,ry 4. Piper. Public Accountant
o., Boston.
Copies az th- report, be the orces Of n.
undersigned.