Evening journal., 1897-01-22
FIGURES FROM W.&N.C.
Estimate Net Earnings at Sew
enteen Thousand.
STATEMENT BOOMs NEW CASTLE
WILL OPERATE A SUMMER RE
SORT AND RUN PAST TWO
-PARKS-FARE WILL BE TEN
AND TWENTY CENTS.

SORT AND RUN PAST TWO
PARKS-FARE WILL BE TEN
AND TWENTY CENTS.
The first statement Of the financial
condition and strength of the viii
mington and New Castle Electric Rail-
way Company has been issued by Ed
ward c. Jones Co., No. so Broadway.
1t shows that of $l50,OOO total bond is
sue and $l5O,OOO capital stock $4,000
of coupon bonds are offered for sale.
The mortgage requires a sinking fund
of $1,000 annually, beginning August,
1901.
In letter to the bond brokers,
Treasurer King says:
Gentlemen In reply TO your inquiry
| beg to say that the Wilmington and
New Castle Electric Railway Company
has perpetual charter granted by the
State of Delaware. providing for the
carrying of passengers and freight,
also for electric lighting, and that its
bondcd Indebtedness is by this charter
limited to $l5O.0O0
The railway begins at the termina-
tion of the Wilmington City Railways
lines and runs directly over the VIII
mington public road, through the city
of New Castle, and about a mile and
/ half beyond TO what will be an at
/ tractive pleasure resort on the Della
ware river
We have an agreement with the
/ Wilmington City Railway Company
/ giving us q right TO run over their lines
/ from cur terminus directly into the
heart of the city OF Wilmington at
Fourth and Market streets.
Tho road is now completed for about
five and one-half miles of its length. in
fact, all except the distance beyond the
city OF New Castle to the Summer re-
sort. which win not be run before
Spring. When fully completed the road
will have about seven miles of main
track, upon which there is no other
mortgage save the present issue Of
S15O,O00.
We own about an acre of ground in
New Castle, upon whictTzour brick and
iron power-house and car barn are To-
Gated, which is nearly completed; the
machinery is now being put in place
and we confidently expect to operate
the road within thirty days.
Wilmington has a population of
about $4,000, and New Castle has a
population of about 5000, and the traf-
fic between them is considerable and
is now supplied only by the p. w. &
b. Railroad Company, who run week
days eight trains one way and nine the
other per day between these points
and charge l9 cents for a single trip
80 cents per round trip. We will, OF
course, stimulate traffic by running on
frequent schedule and only charging
10 cents for single trip and 20 cents
per round trip. In addition to the
population of New Castle, we will run
through South Wilmington. and will
give street railway transportation tc
about 5000 people there. who have nc
other street railway connection to Will
mington.
The road passes very near the p, w
& b. Company's steamboat wharf
(which company carries several hun
dred thousand people per annum); il
also passes Eden Park and near the
fair grounds, in South Wilmington
Along our road between Wilmington
and New Castle there is a rapidly grow.
ing population.
New Castle is situated directly on the
Delaware river and has good shippinl
facilities; the water being of sufficien
depth to accommodate the larges
ocean steamers; is a healthy and de
sirable place for residence There ar,
several manufacturing establishment
of considerable Importance located
here, among them being the Morris
< Tasker Iron Works, employing abou
}. 500 men, a wooden mill, a cotton mil
7, and large Touring mill.
:, Our company possesses the right
j. under its charter. to bull,
e and operate an electric igh
a plant, which will be done at once an,
= New Castle supplied with electric light
e all of which is covered by our mort
= gage This adjunct to our business will
&c greatly add to the income of the com
pany.
IT The road is built of ifty-eight poun,
II T ana seventy pound girder rails in tn
d best manner, and our equipment will
l. consist of twelve cars; power-hOuse
e which is of brick and iron, and of tn
it modern construction, has a capacity o
l. 450 horse power; electrical apparatu
1t and motors throughout are of the Gen
d eral Electric Company's manufacture
Is A considerable amount of the stool
IS of our company has sold locally at par
n We estimate that our earnings vii
a be as follows:
~ Gross earnings ...............S S35, 90
lt Operating expenses ........... 1900
ig
a Net earnings ..............Sl7 90
~ Interest ON bonds ....... $50
of Balance sQ5o
g., We expect the earnings TO be large
so the 6rst year. but make the above esti
Ho mate in order to be conservative.
~ ANY further information you may do
n, sire | shall be pleased to furnish.
~, Very truly yours.
(Signed) G. p. KING Treasurer.
lis NEW QUARTERS FOR w. c. T. [
ch The New Castle w. c. II. u. ha
"a moved into its new quarters and offic
-L- ----- -----------.--L :