The sun. [volume] (New York [N.Y.]) 1833-1916, 1897-07-15
2inAnrtAI.

s2inanrtaI.
ISSUE OF
$4,OOO.OOO
United Traction Co.
OF PITTs8URc, PA.
S Per Cent. 100 Year
General Mtge. Gold Bonos
DATED JULY {, 1897.
Interest Payable January 1St and July tst b
the City of New York.
MARYLAND TRUST CO., BAL N Trustees,
These Bonds arc Coupon Bonds of o., 1000 each I,
bearer. with privilege OF registration OF principal.
Principal and interest payable in United States rou
coin OF the present standard of weight and nnepe,.
without deduction from either said principal or inter
est for any tax or taxes which said Traction Compan,
may, by any present or future laws OF the UnitcS
States or OF the Commonwealth of Pennsylvania h,
required 10 pay or retain on account Of or from IN.
said principal or interest for national, State, or mn
nicipai purposes. the Traction Company aereeipa a,
pay all such taxes.
These bonds cannot be redeemed before maturity.
and are secured by the nrst and only MORTGAGE ers
cuted by the United Traction Company GOVERNS an
the real estate. franchises. and property of every kim
and description now belonging TO or which may here
after be constructed or acquired by the Tractio,
Company.
Special attention Is called to the length Of the fra,,
chises which have been acquired by the United Tr.o
NtN rn,nN - rr ~ Nl.A. 80 LIZ
years. The United Traction Company itself, organ.
lied under the laws OF Pennsylvania, has a franch,,,
for 900 years, which. in the opinion of counsel. \
practically exclusive and thoroughly protected undo,
tho laws OF that state.
From q letter OF the President OF the United Trso
tion Company. which can DO seen 1T our onnces, etyina
full particulars in regard to the Company, its organ.
~iEation, capital, 40, and also as to the security a.
forded by the mortgage, It will be seen that the Unit
ed Traction Company has effected, through the Dur
chase of the properties and franchises and by lea,,
for $50 years. q practical consolidation Of:
Miles.
The Second Avenue Traction compsny........ eq.eo
North Side Traction Company ........... $500
PittsburG, Allegheny & Manchester Traction
Company 2l.lB
ii7.iI
and that II will receive the earnings Of these three
companies. subject to an annual interest charge on
divisional liens, Of o297. 800.
The actual combined gross receipts Of
the three constituent companies, op-
Grated separately. and two OF
them in active competition for the
twelve months ending December 81.
1895. were 81 .<2e. ee9 u
Operating expenses, including taxes
and insurance. 7ss.2<o "
Net earnings se4O.Ool 50
Deduct divisional interest charges a.
above as7.soo 90
Surplus. above all fixed charges, actu.
ally shown by the three constituent
companies, for the twelve months
ending December 81. 1890 ........O8l5,a sl %
or o1S5, so IN EXCESS OF THE ACrU.
AL MOUNT NECEssARY TO Paw THE ".
TEREsT UPON THE TOTAL PROPOSED ISSUE
OF $4,000. 900 UNITED L CON.
PAHY BONDS.
OF the total authorized issue Of elo, ooo. 900 Unit.
ed Traction Company Bonds S5. e75. 900 are 70
served to provide for all divisional bonds. 0725 900
arc set aside. the proceeds. when sold. to be expended
for b~etterments, improvements. or extensions; the
remaining $4,000. 600 have been sold to ua, the pro.
ceeds to provide. in part, the cash paid for the ssv.
eral properties acquired. The o72o. 900 above men.
toned cannot be sold by the Company. without our
consent. prior to January 1. 1898.
Application will be made to have theoe bonds
"listed" on the Philadelphia and Baltimore Stock
Exchangea -.
After careful Investigation. we have purchased the
above $4,000. 900 of bonds. and offer them for sale d
9th PER CENTUM ANT ACCRUED INTERES
PAYABLE ON H 2oTH DAY OF JULY. at which
time negotiable receipts will be issued. exchangeabls
for bonds when engraved.
Copies of tho mortgage. prospectus, mapa. ooun.
sells opinion. etc. may be obtained at the ofnoes Of
the undersigned.
Subscriptions will DO opened On the morning
OF Thursday. the 18th day or July. aad eIoso
ut three O'Clock on the following day. Anot-
ments will be made as promptly ~ Doss1bls
thereafter.
The right is reserved to reject applications. 10 close
the subscriptions earlier than the said date, and "
allot smaller amounts than those applied for.
BROWN BROTHERS & COMPANY,
New York.
ALEXANDER BROWN & SONS,
Baltimore.