The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-06-20
OF BALTIMORE, MARYLAND.

THE UNITED ELECTRIC LIGHT AND POWER
COMPANY lisa 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 a
practical consolidation OF ALL THE ELECTRIC
LIGHT COMPANIES DOING BUSINESS IN THE
CITY OF BALTIMORE
The capitalization of the United Electric
Light and Power Company 10 as follows.
First consolidated mortgage AZ
per cent. 3O-year gold bonds -, 800, 900
bpor cent. cumulative preferred
stock. I 200, 900
Common stock. Observation-Disclosures. g. 900, 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 8lst, 1898. combined gross earn.
inRs of over 36o2 600 and for several years past
net income considerably i'll excess Of the present
fixed charges of The United Electric Light and Power
Company. The reports Of experts indicate a great
reduction in operating expenses direct result OF
the consolidation OF the several companies thereby
largely increasing the net earnings apart from any
estimated increasein gross receipts.
Tho FIRST CONSOLIDATED MORTGAGE BONDS
Of The United Electric Light and Power Company
are coupon. Of $1,000 each. payable to bearer. with
privilege Of registration of principal and arc lien
upon all the properties rights. franchises. etc.. ow
owned or which may hereafter be acquired by that
Company. subject only to Sc6s,ooo underlying
in gold coin OF the United States Of or equal to- the
present standard Of weight and fneness without
any deduction for any tax or taxes which the Com.
pany may be required to retain deduct therefrom
by present future law OF the United States or
of the State Of Maryland for State purposes.
Interest payable semi annually on the first OF No.
vember and first of May at the banking house Of
Alexander Brown 4 Sons. Baltimore.
Maryland Trust Company. Trustee OF the mort.
gage.
OF the total amount Of first consolidated bonds
authorized under the mortgage $26s,O)o 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, 600 900
bonds are to be held In the treasury of the Com
pany, to be issued only IL and future require
ments of the Company may demand. leaving
$a.232 900 bonds to he issued at once.
The PREFERRED STOCK. Of tho par value Of $50
per share, is limited to 10000 shares. OF which
5000 shares to be reserved in the treasury of
the Company. to be issued only IL and future
quirements Of the Company may demand.
This stock is entitled to cumulative preferential
dividends pay able of the net earnings OF the Com
pany at the rate of per cent. per annum semi
annually. November first and May first in each and
every year.
Application will he made to have the bonds and
preferred stock listed on the Baltimore Stock FIX
change.
After careful investigation we have purchased the
above 1922. 900 bonds and the $4,000 shares Of
preferred stock. and offer the bonds for sale at
par and accrued interest and the preferred stock at
forty dollars (s4o per share and accrued dividend.
at which price this stock would yield net income
OF about "a 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 stock are not then ready
for delivery.
Copies OF the Agreement Of Consolidation. mort
gage. counsels opinion. ETC.. may be seen at the Of
nee of the undersigned
Subscriptions for the bonds and preferred stock
will be received until IL o'clock Friday the 2ad day
Of June 1899 but the right 10 reserved to reject ap
plcatons to close the subscriptions earlier than
the said date and to allot smaller amounts than
those applied for Allotments will be made as
promptly as possible after the closing OF subscrip
tons.
ALEX. BROWN & S0IS.
BALTIMORE TRUST And GUARANTEE CO.,