The sun. [volume] (New York [N.Y.]) 1833-1916, 1899-03-09

These bonds are coupon bonds Of 81, 900 e.eh. A,
bearer. with privilege of registration Of princip,l.
Principal and interest payable in United States cold
coin of, or equal TO. the present standard OF weigh,
and hneness, without deduction for any tar q,
taxes which the Company may be required to pay o,
retain therefrom.
These bonds cannot be redeemed before maturL
ty. and are secured by tho frat and only MORGAN,
executed by The United Railways and Electric Com.
psny, covering all the real estate. franchises. and
property Of every kind and description now belopp
ing to or which may hereafter be constructed o,
acquired by the Company.
The United Railways and Electric Company own,
all the lines formerly operated by The Baltimo,
Consolidated Railway Company. co7 miles, Ths
Baltimore City Passenger Railway Company, san
miles. The Central Railway Company. 8eH miles.
The Baltimore and Northern Electric Railway Com.
pany. 3sk miles. and all the bonds OF Tho Baltt. >
more, Middle River and sparrow's Point Railroad.
14I6 miles. being all the passenger railways
in the City of Baltimore and its vicinity.
The capitalization of The United Railways and
Electric Company lie as follows:
First consolidated mortgage gold bonds, S8s, 100000
<per cent. cumulative preferred stock. $4,000, ooo
Common stook..;..-..""..."".."!.... 2~<,ooo.ooo
Total ..s7e. 100000
The above bonds to be disposed of as follows:
/. To be set aside to provide for the
retirement, at or before maturi-
ty, of all underlying divisional
bonds, debentures. and certin-
Gates of indebtedness. about. =. .$ls.sse.oo o
2. To be set aside to provide for bet
terments, improvements. extern
sions, and expenses Of copsolida-
ton. about. Observation-Disclosures. <.esl.ooo
0. To be sold ct once to provide part
of the cash required for payment
for properties. about.."...... 100000
.sas, ooo. 900
Tho gross earnings of the properties
now included in The United Railways
and Electric Company. operated sop
arately, for the year ending Deem
Der 31st, 1898. were $4,000, $780, So
Operating expenses. including taxes
on real estate. gross receipts and
licenses. 2.so4.s2as
Net earnings 81. 767.bslss
The total fixed charges OF The United
Railways and Electric Company, in.
Guiding interest on all underlying
bonds. will be about. ............ 1.Boo.ooooo
Showing an actual net surplus on the
basis of last years. earnings. 49,
OF about.. ozbT,b3l6e
A prominent railway expert, after
careful examination. estimates that
when consolidated under ono manage
ment and the proposed changes and
improvements are completed, the
Gross receipts for the first year should
<.Soo.oooo0
Operating expenses. 1892. 10000
Net earnings. 50, COS. 10000
which would be sufficient TO pay all fixed charges.
4 per cent. dividends on the total issue of preferred
stock, and leave a surplus OF about s64s. oo0. sppl.
cable to dividends on the common stock.
The mortgage has been prepared. and the legal de-
tails of the consolidation carried out under the
supervision of Messra. Brown Il Bruno. Cowen. Gross
& Bond, and A. W. Machen.
Application will be made to have these bonds
. 49, ~ A~1 nkI1A1alNhta 6Nnak
Exchange. -.
After careful investigation We oomme these
bonds as q desirable investment.
We now offer 01S, 900 900 of the above
bonds at 1O2x and accrued interest, subject
to sales or advance in price, and reserve
tho right to reject applications and to allot
smaller amounts than those applied for.
Temporary Certificates will be issued by the
Trustee. exchangeable for Bonds whom on.
graved and executed.
ALEXANDER BROWN & SONS,
Baltimore Nd
BROWN BROTHERS 6 COMPANY,
New York, Philadelphia and Boston
MERCANTILE TRUST & DEPOSIT CO.,
Baltimore, Nd.
March 9, 1899.
&1 IN IN WANTED: best gilt-edged security
double value.
J. b. SWEZEY, Patchogue. N Y.
Aaukfrs mud 9rohers.
HAVEN e ST0UT
Nassau Street Cor Wall ST.