The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-19
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ISSUE OF
$3,232,OOO
First Consolidated Mortgage
d. Per Gent.
30-Year Gold Bonds
DUE MAY lsr. 1890,
$4,000 Shares
8 per cent.
Cumulative Preferred Stock
TheUnited EIectricLight
and Power Company,
OF BALTIMORE. MARYLAND.

THE UNITED ELECTRIC LIGHT AND POWER
COMPANY is a consolidation of tho Edison Electric
Illuminating Company with the Brush Electric
COMPANY and owns all the bonds and all the stock
OF the Northern Electric Company thus being .
practical consolidation OF ALL THE ELECTRIC
LIGHT COMPANIES DOING BUSINESS IN THE
CITY OF BALTIMORE.
Tho capitalization of tho United Electric
Light and Power Company 10 as follows,
First consolidated mortgage ~
per cent. 3O-year gold bonds. -, 500 900
5per cent. cumulative preferred
stock.. ,OOO,OOO
Common stock. 2, OoO, 600
Statements prepared for US from tho books Of the
constituent companies. operated separately and in
active competition. show for the twelve months end
ing December 81st. 1898. combined gross
inEs of over $500. ooo and for several years past
net income considerably in excess OF the present
nIed charges Of The United Electric Light and Power
Company. The reports Of experts indicate great
reduction in operating expenses direct result OF
the consolidation of the several companies, thereby
largely increasing the net earnings apart from any
estimated increase in gross receipts.
The FIRST CONSOLIDATED MORTGAGE BONDS
Of The United Electric Light and Power Company
are coupon. OF 81 900 each payable to bearer with
privilege Of registration OF principal and . lien
upon all the properties rights. franchises. ETC.. now
owned or which may hereafter be acquired by that
Company. subject only to $2es. 900 underlying
bonds outstanding. Principal and interest payable
in gold coin Of the United States Of or equal the
present standard OF weight and hneness. without
any deduction for any tax or taxes which the Som
psny may be required to retain deduct therefrom
by present future law OF the United States
Of the State Of Maryland for State purposes.
Interest payable semi.annually on tho nrst of No
vember and FIRST Of May at the banking house OF
Alexander Brown Sons. Baltimore.
Maryland Trust Company. Trustee Of the mort.
gage.
OF tho total amount Of nrst consolidated bonds
authorized under the mortgage S2ee, 900 arc to be
reserved to provide at or before maturity. for an
equal amount Of underlying bonds. being the total
amount Of such bonds outstanding. 81 .ooo 900
bonds are to be held in tho treasury OF the Com
pany. to be issued only IL and as future require.
mcnts Of the Company may demand, leaving
Ss.232. 900 bonds to be issued at once
Tho PREFERRED STOCK. of the par value Of $50
per share. is limited to 20 900 shares. of which
5000 shares are to be reserved il the treasury of
the Company. to be issued only II and future re-
Quirements Of tho Company may demand.
This stock is entitled to cumulative preferential
dividends payable out Of the net earnings OF the Com
pany at the rate of per cont per annum. semi
annually, November first and May first in each and
every year.
Application will be made to have the bonds and
preferred stock listed" on the Baltimore Stock Ex.
change.
After careful investigation We have purchased the
above S3.232.ooo bonds and the 1900 shares OF
preferred stock. and offer the bonds for sale at
par and accrued interest and the preferred stock at
forty dollars $40 per share and accrued dividend
At which price this stock would yield net income
OF about "a per cent. per Aunum. Each to be paid
for on Monday. the Sd day of July 1899. at which
time negotiable receipts will be issued. exchanged.
BILE for bonds and preferred STOCK If the engraved
bonds and certificates OF stock are not then ready
for delivery.
gage. counsel's opinion. etc. may be at tho Of
nee Of the undersigned.
Subscriptions for tho bonds and preferred stock
will be received until IL O'Clock Friday the o3d day
Of June. 1s99 but the right 10 reserved to reject APP
plicatons to close tho subscriptions earlier than
the said date. and to allot smaller amounts than
those applied for. Allo,ments will DO made as
promptly as possible after tho closing Of subscrp
tons