The sun. [volume] (New York [N.Y.]) 1833-1916, 1898-01-03
ISSUE OF
Sixty Thousand Shares
OF n
United Traction Company
OF PITTSBURGH, PA.
Five Per Cent.
Cumulative Preferred Stock.
CBETNe TOTAL AMOUNT OF I srocK.)
PAR VALUE. ESQ PER SHARE.
PAYABLE JANUARY AND July

After careful investigation we purchased. for our
selves and Others. the above sixty thousand shares OF
Preferred sock. and ofer the same for sale at 500
per share (cx.January dividend y, payable on wednes.
day. the 18th day OF January, 1898. mt which rricc
this stock would Sieid n net Income or o Ia
Der cent.
Referring to the prospectus containing the letter OF
President James d. Gallery, the LEGAL opinions OF
John O. johnson. Esq, OF PHILADELPHIA. aud George
c. Wilson, Esq. of Pittsburgh. and T., rtlrcate OF Col.
John A. Tompkins. Expert Accountant, OF Ba t,more:
II will be seen that the United Traction Company Ia
practical consolidation OF three existing traction
companies, Organized In July. 1897, with a franchise
FOR W" years. owns and operates, under leases for
$50 years. 1l7.Ia miles OF trolley road In the cities
OF Pittsburgh AMI AlleBh ny. and connecting those
cities with Mckresport, Homestead. Braddock. VII.
n,erding. Turtle CreeK. and other important manu-
featuring towns, and that the lines OF road now
owned ana controlled BY tho United Traction Com.
pany earned in twelve months. ending November 80.
1897 during seven months OF which period the roads
were operated under separate managcments,. mora
than enough not only TO pay the interest on all obliga.
tions then outstanding. hut also to have paid full
dividends on the Preferred stock; that for the Ave
months ending November 80. 1897 Cor which period
only the United Traction Company has been operat-
ing the constitr ent properties).
Gross receipts were S619, lac IS
Operating expenses. including taxes and
insurance SO7.SS9 81
Net earnings. SSH. 3I2 Sc
Pro rata h1ed charges for Ave months. 20s,Ot az
Surplus. 8lOs. 27o So
Six months dividends on 90, 00O.O 900
Preferred stock. :. 5000 90
Surplus earned In nve months over full
dividends on Preferred stock for six
months. .. ct. ees. e7o IS
A dividend Of YLo per cent. has been declared upon
the Preferred stock, payable January 8. 1898.
Itis expressly provided in the terms and condi-
tions OF preference. under which this stock 10 issued.
that the Preferred stock OF this Compan is entitled
to receive cumulative d vidends at the rate Of 8 per
cent. per annum,w 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 zach and every year after the Com.
mon stock shall have received dividends at the rate
OF six per cent. for such year.
Application will be made to have this stock "listed'
on the Philadelphia. Baltimore and Pittsburgh Stock
Exchanges.
may be obtained at the offices OF the undersigned.
Hubscriptioua will be oprned at our ofices on
the morning OF Wednesday. the arth day or JAM
unrS. ls0s. aud closed at 8 P. N. the following day.
Aliotments will be made a. promptly a. possible
thereafter.
The right IL reserved to close the subscription earlier
than the above date. to reject applications. or to allot
smaller amounts than those applied for.