The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-22

THE UNITED ELECTRIC LIGHT AND POWER
COMPANY IL q consolidation of the 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 is as follows
First consolidated mortgage AZ
Per cent. 3O-year gold bonds. 81 800 200
bper cent. cumulative preferred
stock. ACKNOWLEDGEMENTS. 900 200
Common stock. ...-.-..,...........2,OOO , 900
Statements prepared for us from the books OF the
constituent companies operated separately and in
active competition. show for the twelve months end
ing December 81st. 1898. combined gross earn
inRs of over 1902 900. and for several years past
q net income considerably in excess of the present
hIed charges Of The United Electric Light and Power
Company. The reports of experts indicate great
reduction in operating expenses as 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
coupon. OF 81 900 each, payable to bearer with
privilege of registration Of principal. and lien
upon all the properties. rights franchises ETC..
owned or which may hereafter be acquired by that
Company, subject only to s28s.ooo underlying
bonds outstanding. Principal and interest payable
in gold coin Of the United States Of equal to- the
present standard OF weight and ineness. without
any deduction for any tax or taxes which the Som
pany may be required to retain deduct therefrom
by any present future law OF the United States.
Of the State Of Maryland for State purposes.
Interest payable semi. annually the frst Of No
vember and first Of May at the banking house Of
Alexander Brown Sons. Baltimore
Maryland Trust Company. Trustee of tho mort
gage.
h. IL 80 A~.t
authorized under the mortgage s2es 900 arc TO be
reserved to provide. at before maturity. for an
equal amount Of underlying bonds. being the total
amount Of such bonds outstanding 81 900 600
bonds are TO be held IN the treasury Of the Com
pany. to be issued only II and future require
menta OF the Company may demand. leaving
s8.232. 900 bonds to be issued at once
The PREFERRED STOCK. OF the par value OF $50
Per share. 10 limited to 10000 shares. of which
5000 shares to be reserved in tho treasury Of
the Company. to be issued only II and future re-
quirements OF the Company may demand
This stock Is entitled to cumulative preferential
dividends payable of the net earnings Of tho Com
pany at the rate OF per cent per annum, semi
annually. November frat 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 $685. 900 bonds and tho IA. 900 shares Of
preferred stock and offer the bonds for sale al
and accrued interest and the preferred stock az
forty dollars t$4ol per share and accrued dividend
at which price this stock would yield net income
OF about ~ per cent. per annum 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 II the engraved
bonds and certificates OF sto ok are not the ready
for delivery.
Copies of the Agreement of Consolidation mort.
cOuDEels opinion. m ha aeen At tbA Of.
nee OF the undersigned.
Subscriptions for the bonds and preferred stock
will be received until IL O'Clock Friday the 2sd day
Of June, 1898 but the right reserved to reject an.
plicatons. to close the subscriptions earlier than
the said date, and to allot smaller amounts than
those applied for. Alloments will be made a.
promptly possible after the closing Of subscrip.
tons.