The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-02-25
ISSUE OF
S4.O0O,OOO
First Mortgage
and Collateral Trust
So Year 5 Per Cent. Gold Bonds
OF THE
Philadelphia Company.
(PITTsBURdH. PENNSYLVANIA
Dated March lst, 1899; Maturing March
ist. I949. Interest payable March list
and September let In the Cities OF
New York and Baltimore.
Total Amount Of Mortgage, S6,500,O00.
MARYLAND TRUST COMPANY (BALTIMORE)
TRUSTEE.
Total Amount Of Mortgage, S6,500,OO0.
TRUST COMPANY (BALTIMORE)
TRUSTEE.

These are Coupon Bonds of / 1000 each TO bearer.
with privilege OF registration Of principal.
Principal and interest are payable in gold coin OF
the United States of, or equal to. the present stand
ard of weight and fneness, without deduction Of
any United States. State. County. or Municipal tax or
taxes, which said Philadelphia Company. its sue
cessors or assigns, may be required to pay, deduct,
or retain therefrom under any present or future law.
said Philadelphia Company agreeing to pay such
tax or taxes. These bonds cannot be redeemed be-
fore maturity.
The Philadelphia Company organized May gath.
1880 has for many years past supplied the cities Of
Pittsburgh and Allegheny and the adjacent towns Of
Millvale, Etna, SharpsburRh. Aspinwall. wilkins
burgh, Braddock. wilmerding, Swissvale, East Pitts
burah. Edgewood Park, Sheridanville. Ingram. Graf
ton, Bellevue (al of which are Immediately adjacent
to Pittsburgh, and q number of towns and villages
on the Allegheny River. on the line of the Pennsyl-
vania Railroad and on the line Of the p, &C. Il st.
L. Railway. with natural uueD gas. 1t has. either
directly or through Companies controlled by II, sup
piled nearly all the fuel gas consumed in this dis
tdct. In addition to its pipe lines connecting Pitts.
burgh. Allegheny, and other towns with the natural
gas fields. it owns q system of pipes laid In the streets
Of said cities and towns which are of gree Falue. and
which Mr.. Alexander c. Humphreys. a Engineer.
reports to be adapted to the distribution Of fuel gas.
whether natural or manufactured.
The Philadelphia Company has recently acquired
by purchase 29,5os shares out of a total of 10000
shares ofthe stock of the CHARTERS Valley Gas Com
pany, the property Of which 1t has heretofore con-
trolled by lease. 1t has also recently acquired by
purchase 1880 shares out of a total Of Is. 900
shares of the stock of the Allegheny County Light
Company %(electric). which company is now the only
one supplying electric light in the cities of Pitts
burgh and Allegheny. It has also contracted for
the purchase of 81 .43s out of q total issue of 80. 900
shares of the common stock OF the Consolidated Gas
Company of the City Of Pittsburgh illuminating
by an exchange of its own shares of preferred stock.
By this acquisition it will control the stocks OF these
three companies. which are the principal electric
light. fuel and Illuminating gas companies in the
cities of Pittsburgh and Allegheny. The Philadel-
phia Company also proposes. by an increased issue
of its common stock, to acquire the shares of COM
mon stock of the United Traction Company of
Pittsburgh, q large and important street railway
system.
These bonds are secured by q hrst mortgage of all
the property. rights, and franchises of the Philadel-
phia Company and by deposit with the Trustee of
all the shares OF stock of the Philadelphia Company
of West Virginia, . majority of the shares of the
Allegheny Heating Company. and the shares 40
quired Gas above stately of the CHARTERS Valley Gas
Company and of the Allegheny County Light Com
pany. They will be further secured by 4 deposit
with the Trustee (when and as the same shall be
exchanged for Philadelphia Company Preferred
Stock of the 81, 438 shares of the Common Stock of
the Consolidated Gas Company Of the City of Pitts
burgh. Provision is made for the requirement of
the outstanding shares Of the Heating. Gas. and Light
Companies above mentioned. which when acquired
will como under the mortgage.
As the result of a recent examination made BY
them of the accounts of the Philadelphia Company
Including the CHARTERS Valley Gas Company, the
Allegheny County Light COMPANY and the Console
dated Gas Company. Messrs. Haskins l. Sells, Certi-
fed Public Accountants, report the net income
of these companies for the year ending
December 31st, 1898, to have been S971,-
b71.84 being STU 1911. "a in excess of the
annual interest charge of this issue of
bonds, or over three and one-half times
the amount required to pay the interest
thereon.
Reference is asked to a certified statement of
income prepared by Messrs. Haskins l. Sells, Ger
tilted Public Accountants. and to a letter from MI.
Alexander @. Humphreys. Gas Engineer. which
can be had at our respective offices upon applica-
ton.
OF the $1,000. 900 bonds authorized. 1000. 900
are reserved to provide at maturity for $500, 900 8
per cent. Bonds of the Allegheny County Light
Company. maturing August 1. 1911. and $500. 900
Bonds of the East End Electric Light Company,
maturing February /. 1915; the balance. 81. DOC. 900.
are reserved for future betterments, extensions. and
Improvements under careful restrictions.
We offer the $4,000, 900 Bonds for SUBJ
at 1O7H, payable on March /.
1890, Mt which time negotiable receipts will
be issued, exchangeable for Bonds when
engraved.
Application will be made to have these Bonds
listed on the Pittsburgh. Philadelphia. and Balti-
moro Stock Exchanges.
The LOCALITIES connected with the requirement by
tho Philadelphia Company of the CHARTERS Valley
Gas Company. the Allegheny County Light Com
pany. and the Consolidated Gas Company OF the
City of Pittsburgh, the form of bond and mortgage.
and issue. have been approved by our Counsel.
John q. Johnson. Esq. of Philadelphia. a copy OF
whose opinion and of the mortgage may be seen at
our respective Offices.
The subscription will open at tho offces
of the undersigned at 10 O'Clock on tho
morning of Monday, February 9th, 1900,
and close at 3 O'Clock p. NJ. the same day.
Allotments will be mado as promptly as possible.
The right is reserved to reject applications. to
close the subscription earlier than said time. and to
allot smaller amounts than those applied for.