New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1899-03-08

THE CONTINENTAL TRUST CONpAv
BALTIMORE, TRUSTEE.

These bonds coupon bonds ~ g m each "a -
with privilege ~ registration n principal Prin.r, .
interest payable In Tinted state god con n, ~ .ou,
tho present standard II weight and hne7ess ri,hy .
duction for any AK which the COMPANY 49,
required to pay retain therefrom.
These bonds cannot he reGeo .noi before ra,,-,v 80
are secured by tie fret and only nor gss. s,.c,..
The United Railways and Electric mpany ,ov.rns n
tho real estate. fanchse and oey d, sv,ry k,s A.,
dcsrriptlrn belonging 20 or winch may h.s.,., -
truced acquired by the Company.
Inc United Railways and Electric Company owr, IN -.
Ines formerly operated by The Baltimore corxlu.,..
Railway Company. POI miles The Baltimore CITY p.
seneer Railway Company. 5ss miles The central R,rr,,
Company 3Ga. miles TIE Baltimore and Northern r.--
Railway Company 3ss miles and an the bond, h, =.
Baltimore. Middle River and sparrow's Pon, R.nru
1rz MT being all the passenger railway. =,
the CITY Of Baltimore Rnd its vicinity
The capitalization of IN United Railways ara yl...,
Company is follows
First consolidated mort~age goh bonds ...... sSsMm
per cent. cumulative PREF rrei sock ...... i4OUm
Common Observation-Disclosures. 4Hn
'tal sSonn
The above bond. 10 10 dsr SCI u az blows:
l. To be st ~ 10 pr .do ;or the retire
neut At or betor, maturity. ~ all
Underlying division IDS debenture,
and certificates Of indie edness ah0u. sBsSm
improvements extensions. and expenses
u c,ns ,liia'ion about ............... 4s4m
g. To h. sold 20 providc 3ar' o, n.
IS r. ul-od for payment tor proper
tics about. OBSERVATION-DISCLOSURES. nmS
The gr1ss earnings II the properties now IN
cluaed in the United Railways and + eotrc
Company. operated separately. for the year
ending December 3ist. 1872. were.......... AT21H
Operating expenses. including taxes on real
estate gross receipts. end licenses. lwAHc
Net earnings N7zms
Tho total fixed charges II the United Raj
ways and Electric Company. in udn in
ali underlying bonds. vii Be
ABOUT .'''.'''''''''''''- A'"'"
Showing actual surplus. on the
basis of last years earnings, o,
about ACKNOWLEDGEMENTS. SE'T1
prominent railway expert. after careful
examination. estimates that. when consoii-
dated under management and the pro
posed changes and Improvements are com
pleted the
Gross receipts for the HIst year should be-. 4m6no
oneratng isgUoOo
Net earnings. s2oeoN"
which would be sufficient 10 pay all fixed charges !
nsr cent dividends on the total Issue Of preferred sod
ana leave surplus OF about $4,000 applicable nv
dends the common stock.
The mortgage has been prepared and the legal deta,
Of the consolidation carried under the SUPERVISED q.
Me.srs Brown g. Bruno CoVen, Cross Bond. ard A.
". Mschen.
Application will be made have these bonds 1stsd"
on the Baltimore and Phiadei phia stock Exchanges
After careful investigation recommend these encs
as a desirable investment.
We now offer s1s.OOO,OOO of the sbeve
bonds at 1924 and accrued interest subject
to sales or advance In price. and reserve the
right 10 reject applications and to dios
smnller amounts than those applied 70"
Temporary Certificates will he issued oT NE
Trustee. exchangcable for Bonds when ssA
Rraved and executed.
BROWN BROTHERS & COMPANY,
New York, Philadelphia and Boston.
ALEXANDER BROWN & SONS,
Qalt;c,ors MA