New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-10
THE CONTINENTAL TRUST COMPANY.
BALTIMORE, TRUSTEE.

These bonds are coupon bonds u 81 900 each 70 b.ar
with privilege OF registration Of principal Principal and
Interest payable United states gold o. equal ta
the present standard Of weight and hneness without de-
ducton for any taxes which the Company bs
required to pay retain therefrom
These bonds cannot be redeemed before maturity sni
secured by the first and only mortgage ~
The United Railways and Electric Company. covering all
the estate franchises and property q every ara
description belonging or which may hereafter 10
constructed OF acquired by the Company.
The United Railways and Electric Company owns al n,
lines formerly operated by The Baltimore Consolidated
Railway Company 2o7 miles. The Baltimore City Pas
senger Railway Company 5Ga miles. Tho Central Railway
Company 3GX miles. The Baltimore md Northern Electric
Railway Company 3slz miles, and all the bonds q II.
Baltimore Middle River and sparrows Point Raircs.
14A miles. being all tho passenger railways In
the City of Baltimore and its vicinity
The capitalization Of the United Railways and Electns
Company Is follows:
First consolidated mortgage gold bonds sSs ooocoo
per cumulative preferred stock 100000
Common stock. HVoWo
Total ......................s7 sOOoCo
The above bonds to he disposed n as follows;
l. To set aside to provide for the retire
ment AZ before maturity. Of all
underlying divisional bonds. debentures.
and certificates Of indebtedness. about. sl53esooo
2. To he aside to provide Tor betiernents.
improvements extensions. and expenses
3 To be sold provide part Of the
cash required for payment for proper
ties about. ............................ 100000
Total SIS ooo@a
The gross earnings Of the properties now IN
cluded IN the United Railways and Electric
Company. operated separately. for the year
ending December Dist 1885, 81 o62SSSa
Operating expenses, including taxes on real
estate gross receipts and licenses 23o+ s8S
Ma, earnings. si.757Sna
The total fixed charges Of the United Rail-
ways and Electric Company. including In
teres, on all underlying bonds will b
about L5oooow
Showing actual surplus on the
basis of last years earnings, OF
about ACKNOWLEDGEMENTS. s257si1
A prominent railway expert. after careful
exsminat ton estimates that when conso-
dated under management and the pro
posed changes and improvements are COM
pleted thu
Gross receipts for the FIRST year should be-. 600 ow
oneratnx LsSa0 10000
NJ. ..-nr,. 81 eos 900 %
which would be sufficient pay all hxed charges
per cent dividends total issue Of preferred sock
and I.aye surplus Of about s54s0o0 applicable diy-
dends the common stock
The mortgage has been prepared. and the legal ceeas
o, the consolidation carried under the supervision OK
Messr, Brown Bruno Cowen. Cross Bond. and A.
W. Machen. 49,
Application will be made to have these oons THeo
on the Baltimore and Philadelphia Stock Exchanges
After careful investigation recommend these oonds
as q desirable investment.
We now offer SIS,OOO.OO0 of the above
bonds ut 1929 and accrued interest, suoJect
to sales or advance in price, and reserve the
right to reject applications and TO aho'
smaller amounts than those applied tor'
Temporary Certificates Will be issued ny tho
Trustee, exchangeabIe for Bonds when en-
graved and executed.
ALEXANDER BROWN & SONS,
Baltimore, Nd
BROWN BROTHERS 6 COMPANY,
New York, Philadelphia and Boston
MERCANTILE TRUST & DEPOSIT CO.,
Baltimore, Nd
March S. 1893.