The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1899-06-19
MASSACHUSETTS ELEoTRIo
COMPANIES.

Al our auNeTtislnH coiufnns appears Jbe
announcement Of the Massachusetts, Elec-
trio companies, voluntary association
managed by board of 10 trustees who
hold the title to Its assets. 1t will hold
the majority and in most instances,
practically all the stock OF the following
street railway and electric lighting COM
panies:
Nashua Street Railway Co.. Lowell &
Suburban st. Ry. Co. (under contract to
lease); Lowell. Lawrence s. Haverhill
St Ry. Co, Reading s. Lowell St. Ry.
Co., Roekport st. ny. Co., Gloucester
st. Railway Co., Gloucester s.
Rockport st. Ry. Co., Gloucester, Essex
s. Beverly st. Ry. Co.. Lynn s. Boston
X. Il. Co., Beverly s. Danvers st. Rye
Salem g Wakefield ST. Ry. Co, Wakefield
81 stonehau ST. Ry. Co, woburn q
Reading st. Ry. Co., Mystic Valley St
Ry. Co., North Woburn st. Ry Co.,
Nesdham s. Boston St. Ry. Co., West
Roxbury s. Roslindale st. Ry, Co., Nor
folk Suburban st. KY. Co.. Norfolk Gem
trial st. Ry. Co., Boston, Milton 81 Brock
ton st. Ry. Co., Braintree st. Ry Co., Brock.
ton st. ny. Co., Brockton s. East Bridge.
water ST. Ry. Co.. Brockton, Bridgewat.
er Sc TauntonSt. Ry Co., Quincy & Boston
st. Ry. Co., Taunton st. Ry. Co, Digh.
ton. Somerset g. Swansey st. Ry. Co.,
Providence & Taunton St. BY. Co., Globe
st. ny. Co., Newport s. Fall River St.
Ry Co., Newport Illuminating Co., New
port St Ry. Co., Hyde Park Electric
Light Co., Dighton Rock Park CORPORA
ton.
These companies cover the greater part
of the street mileage north of Boston as
far as Nashua. N. H., and Newburyport
and Gloucester, Mass, and south as far
as Fall River, Mass, and Newport and
Providence, r. j.. connecting directly
with the street railway system of Bos-
ton. Various electric lighting companies
doing business In the same section are
also included.
The board Of trustees, five of whom are
TO be elected by the certificate holders
each year and to serve tor term of
three years. are well-known business
men of high standing. and are as follows:
For Three Years-Richard Olney,
Charles e. Getting, Eugene n. Foss,
Percy Parker, Charles Francis Adams,
Cd.
For Two Years--Gordon Abbott, Amos
II. Breed John N. Beokley, Stillman r.
Kelley, Walter Hunnewell
For One Years. Endicott Peabody, s.
Reed Anthony, Everett ". Burdett, Philip
L. Saltonstall, II. Rollins Morse.
These trustees will issue certificates of
participation to the amount Of SIC, 000,-
900 In common shares (par 5000 and Sl2,-
00O, 900 in per cent cumulative preferred
shares (par SOD in accordance With the
terms Of the deed Of trust. Each holder
of these participation certificates win
therefore be an owner OF rropartionate
interest in each share Of stock held by
the trustees, and these certificates will
represent practically the entire capital
stock of the above named companies as
well as sufficient cash to take up the
floating debts and provide for needed i'm
provements.
Both GLASSES of shares are free n m
taxation In Massachusetts,. The
come of these properties for the last 90
pleted fiscal year, after payment of ia
terest on all bonded Indebtedness was
s733. 1888. per cent on s1a. 100000 pre-
ferred shares would be S4s0,00o; per
cent on SI2. COO, 600 common shares would
be s24o. 0oo or $3.50. 600 which Is over $ls,-
o10 less than the earnings applicable to
dividends
This dividends on the preferred sharss
ara limited to per cent and these shares
are so secure that they make an ezcep.
tionally high grade investment. The
management expects that the dividends
on the common stock, owing 10 the In
creased business and economies OF co.
Operative management, will average 4
per cent.
The earning OF these companies for the
three months ending May 81. 1899, were
s95s, s27, or ss7, 7S1 more than they were
for the corresponding period of last year,
an increase of over 10 per cent.
The street railways in the association
have q total of over 647 miles OF track,
and they own and operate 1926 cars, Of
which sos ara open cars.
i The former owners of the property and
their friends have already subscribed fol
90. 900 preferred and $4,000 common
shares, leaving 1000 preferred and So, coz
common to be sold. These are offered
to the public in lots of not lass than two
shares of preferred and one share OF com
mon for $40 for the three shares,
The various bankers subscribed to the
advertisement Will receive subscription,
on Monday, June 20. and from then until
B p m. Wednesday, June 2S. 10 per csni
of the cost of the securities applied fol
is to accompany all subscriptions, ant
the remainder will be payable on July 8
The shares win be listed on the Boston
Stock Exchange.