New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-09-19

EN-. ont,on Of the holder in sterlins'
ut the agency of the Comp""'
In London.
Coupon Bonds of $1,000 each win pro-
for registration Of principA''
,ssyr WAY RE FOUND N THE FOLLOW
IrTUrR OF MR.. J. EDWARD -
PRESIDENT OF THE PANANA 80 ~,.DE
COMPANY. TO WHICH REVERENCE -
NEW YORK August q. lS'''
Messrs. VERMlLYE & COMPANY:
.-,v,,vv p.n,ving to your request for intorna-
49,, ..rard,nx the 81 100000 First Mortgage - i.'
c.,. sinking Fund Gold Bonds OF 'hs Oo"'p'
chased BIZ YOU I would state as to'o"' .,,,.;
rh. Panama Railroad Company exists unne' pep 49,
and special charter. granted by the less -.
c.. >, Now York on April l. 1870 and covers powers
- operate steamship well as railroad 'ne $50
o.s.,ors f,,rn the Republic Of COLOMBIA sra' " ~
and running to ~ D. I'oo' =, mn 900 ..rlinz
In 1887 this Company issued h'r"'o -.
81 ooo 400, 7br,y-year Per Cent. Mortgage eona''
which mature on October 10, 1897 A'housn ."'
no sinking fund obligation when re''"e- a.,
the COMPANY from motives OF pruoeno'' 800.
osd. sr-nIus earnings from time 10 time for inc ~
- 80. ,b.s. bonds al maturity. and has mus reuu
the balance for which provision y 70 " ~ sc 900,
counarativey email sum of f5376oo SAY 20" 80
E-ror, the proceeds Of the sale Of the s<'"v'.
A. Pc, cent FRS, Mortgage. Sinking Fund ''oa non',
- ID, ..curt.. and cash in hand from surplus
earnings the Company will have sun'cen' 70 '.n' ''
outstanding Sterling Mortgage boho' NJ ~
leave a surplus Of about so'"'V" .~..
TIE new mortgage will constitute TIE only no'.sAs
,a.n,od,ess ~ m. Company and will he secured oy
o-s, lion on all the railroad. steamships conoe'
rights franchises. and real and persona! prop.'
Comnany now owned or hereafter 70 De Ao'u''-
In accordance with the terms of the mortgage s".
Tho ror ,ssus the Company set aside IN Ausu' VI
ZACH wear sI5O 900 In gold for the redemption OF
bonds at the best price at which they can " ~
the Trrs,ees and " they cannot ne mus poNe
ono, market below IO5 and accrued interest the Ini'
tees are 10 draw that amount nS io' NJ "'' wv
nav the same the neat interes'-na'e' -
AMER Az. years the Company is entitled U reoee ca
INV intere., or all OF the ou's'ahons ' W
10. al 1O5 and accrued interest r.u.
Under the terms % the concessions from 'He ''''"
- colorbia this Company pays 20 that government ="
annual subsidy II S2%5.0OO. and 1t also ps'' " W:
Department ot Panama subsidy ~ S]o'"o" '
total charge of s:5O.OOO per annum These pay'ne""
A.. IN lien ~ all taxes and other Eovernm~nta charf'
A, the reques, q the Colombian government IN orae
- co,,,a,. FOR it's benefit Tire subsidy due toy twenty
seven years this Company issued H3ooo''"~ IN o""'
y, which there ara now outstanding A1.Sto'V" "e !,
naming sI154.OO0 having been paid ana ean'ee' y
annual drawings. -
-... .ub.dv bonds referred DO not represent any
increased Indebtedness and not secured BY mort
gage. -, .. ~.
On, n, the subsidy due the Government each year inc
interest on the-. bonds IL paid ana he 'e
4. uses FOR IN. purpose ~ drawing and eancehs
a, many bonds be redeemed there"'th IN '''s
way the issue Will be annually reduced ana VIII j" -
before maturity. At the expiration ~ Inc '"e,N
years in 1905 the payment Of the annual SUBSIDY ''
20 the Government will be resumed
The authorized issue Of the new ~ Per Ceh, rlr,,
Mortgage Loan is H4.OOO.OnO ~ when r&"''o
are Issued at present. The remaining S~'""'""" "'
bss f., tr., 70 b. issued only for betterments improve
ruents NJ n-w property acquired An" INV
provided in The mortgage
BY this redu tion in the principal, and also N 'n "
NJ interest the Company reduces lis annual EXEC cnAse
sioO,tOO.
,h psroc Coast Win the United States and Europe ana
10 abolish the system Of gh,erase service IN mo Day
Panama which has prevailed for nearly h'v '."'' anu
10 Introduce the nos improved methods OF Ioad'ne IN
Ioaalng ard handling trsr the Company has eon'racn
,or IN. construction - great pier haroor ana one
i, .,er.. and facilities In the Bay ~ Panama
,s-nr the loading and un,oaing Of esrroe' Directly
rom These improvements arc now u"''
way ana wifi about s1.ooOo0O.
TIL. large savings in expenses OF operation ri "'''o'
,,,,., over the ughterage Involving double handinE
o, o.rgo.s se-evdent: while the increase IN ous
mes. from the shortening of the Voyas> ~ i''''
aavs freedom from delays. interruptions ana H'''''
and general factation ~ business give ASSURANCE 'ha
-. ,r,ai cash results from improvement. VIII he
IA ~ excess r, annual interest charge INQUIRE"
thereby -.
Additions ~ the Company's feet ~ steamers Inc e"'
u.n.,, q, grain elevators and warehouses on the lsth
, -, ..h.- EQUALLY important improvements are al'o
co,.-n,,.i IN the early These latter additions
and Improvement. will expenditure du'ns 'he
next years - about S7W.""
The re, earnings Of the Company f1r Inc pa" i've
vs.-s bsv. averaged SOFA. 7si.Go per nnnum Tbs
v.sr. 1893 1904 and IN. years of aggressive
competition ~ - secure md ESTABLISH we
nrm rosi,ior n attained IN 1875 Tire ne' earnings '"'
the YEAR 1900 ~ .O:1.3O:'.03
The not earnings ns, months ~ the current
yea are sGf3.3GsI3 ~ net pron' ~ ioo'
per cert, over the corresponding period OF last year
Deductng FROM me earnings o. the pnt year the SUB
sdy II 10000 there Is left f7Sd"n'.S'' asa"s'
which the only nx.d charge tn. Company will he the
the bonds solh you. AMOUNTING 70 """''""
rec nnnurn (aalie from Sinking Fund Insalimenr
words during IN" past year the Company e'rnei
over eight time. the Of this interest charge.
The railroad and lis equipment wei as ihe steam
,ttps ss lighters and other property ~ the Company
have t~sn brought 70 high ~ efficiency md the
property better coniiilon than any time dur
! ing ~ corporate existence.
s7.OOODOo.
During the aimos, half century 81 N. existence Of the
Company g Ia, w,thou, cessation or financial
defiant ,
fslgned) j. EDWARD SIMMONS.
President.
| The form Of the bond md the mortgnTe has
beep pnssed upon and approved ny our
| coyn..I. M~rsrs 3. r. and j. Mel. Nash.
.,tcr~st upon the bonds will accrue from
wC orFER THEM FOR SUBSCRIPTION AT
,or rLAr. DELIVERABLE on FRIDAY SEP
TENDER 18th. 49,
oprxED At orr OFFICE At 1000 A. W.. ON
TUESDAY THE zfsr INST. AND WILL BIZ
| CLOSED At ~ VI. THE SAME DAY
The right IL reserved 4" ni'"s the b"nds nj
o,r aisrretsop or 10 decline application
altogether.