The daily morning journal and courier., 1899-06-19
MASSA ACHUsETTS ELECTRIC COM
 PANIES

In our advertising columns appear
 the announcement of the Massa achusetts
 Electric Companies, a voluntary associa
 ton managed by board of fifteen trus
 tees who hold the title to it's assets. I
 will hold the majority and in most in
 stances practically all the stock of the
 following street railway and electric
 lighting companies:
 Nashua Street Railway Co.,, *Lowel Suburban St. Ky. C., Lowell, Lawrence
 X Haverhill St. Ky. Co.,, Reading & Lowell St. Ky. Co.,, Rockport St. Ry, Co.,
 Gloucester St. Ky Co.,, Gloucester & Rockport St. Ky. Co.,, Gloucester, Essex
 Beverly St Ky. Co., Lynn & Boston R. R. Co.,, Beverly & Danvers St. By. Co.,, Salem & Wakefield St. Ky. Co.,, Wakefield & Stoneham St. Ky. Co, Wo- burn & Reading St. Ky. Co.,, Mystic Valley St. Ky Co.,, North Woburn St. Ky. Co.,, Needham & Boston St. Ky. Co.,, West RoXbury & Roslindale St. Ky. O., Norfolk Suburban St Ky. Co.,, Norfolk Central St. Ky, Co, Boston, Milton & Brockton St. Ky. O., Braintree St. Ky. l Co.,, Brockton St. By. Co, Brockton & l East BridgeWater St. Ky. Co.,, Brockton, l i'llbSS ' Ncl N IduIllUH pl, ny. SO', | Quincy & Boston St. Ky, Co.,, Taunton St. Ky. Co, Dighton, Somerset & Swan sea St Ky. Co.,, Providence & Taunton St Ky. Co. Globe St. Ky Co.,, Newport & Fall River St. Ky. Co.,, Newport Illu- minating Co, Newport St. Ky. Co.,, Hyde Park Electric Light Co.,, Dighton Rock Park Corporation.
 %Under contract to lease
 These companies cover the greater part of the street mileage north of Bos- ton as far as Nashua, N. H., and New buryport and Gloucester Mass, and south as far as Fall River, Mass, and Newport and Providence, R. l., connect ing directly with the street railway sys- tenn of Boston. 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 hold CTS each year and to serve for term of three years are all well-known business men of high standing, and are as fol- lows:
 For Three Years-Richard Olney, Charles F. Cottng, Eugene N. Floss, Percy Parker, Charles Francis Adams, 2d
 For Two Years-Gordon Abbott Amos F. Breed, John N. Beckley, Stillman F. Kelley Walter Hunnewell,
 For One Year-S. Endicott Peabody, S. Reed Anthony, Everett w. Burdett, Philip l.. Saltonstall, F, Rollins Morse.
 These trustees will issue certificates of participating to the amount of $12,0OO,- 900 in common shares (par $lO0) and $12000, 900 in per cent. cumulative pre- ferred shares (par $100) in accordance with the terms of the deed of trust. Each holder of these participation cer- tihcates will therefore be an owner of a proportionate 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 we'll as sufficient cash to take up the floating debts and provide for needed improvements.
 Both classes of shares are free from taxation in Massachusetts The net in- come of these properties for the last completed fiscal year. after payment of interest on all bonded indebtedness was $73S, 233. Four per cent on Sl2,000,O00 preferred shares would be S4S0,000; per cent on SIP 1000 GOO common shares would be $240. 900. or s720,000 which is over $1S,- 900 less than the earnings applicable to dividends
 The dividends on the preferred shares are limited to per cent, and these shares are so secure that they make an exceptionally high grade investment. The management expect that the divi dends on the common stock, owing to the increased business and economies of CO., operative management, will average 4 per cent.
 The earnings of these companies for the three months ending May 31, 1899, were $953, ,S27 or $S7,730 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 total of over 647 miles of track, and they own and operate 1,426 cars, of which sos are open cars.
 The former owners of the property and their friends have already subscribed for | 50000 preferred and 25000 common | shares, leaving 10000 preferred and 350D | common to be sold These ara offered to | the public in lots of not less than two shares of preferred and one share of | common for S210 for the three shares.
 The various bankers subscribed to the l advertisement will receive subscriptions | on Monday, June 26. and from then un- l til 3 D. m. Wednesday. June 2S Ten | per cent. of the cost of the securities ap- | piled for is to accompany all subscrip- | tions, and the remainder will be payable on July 3. The shares will be listed on the Boston Stock Exchange.