New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1904-11-17
NOH- OFFERED FOR SALE.
SDecid Guaranteed 10 Retirement
Stock Of {. and p. Railroad Co.

Under ,le iease az The Cleveland and Pttsburg
Railroad 20 the PENNSYLVANIA Railroad Company
dated October p. ISL the Cleveland and Plttshurg
Railroad Company s. ohIieated TO furnish from
tine 70 time a security either in the form OF stock
or bonds for the purpose IF providing the neces-
sary betternents and improvements TO The prop
-y in -he shane or additional real estate, right Of
way equipment tracks and other facilities required
by the increasing business Of the COMPANY
In pursuance OF thIs obligation the Cleveland and
T3frrst-4rE Railroad Company by proper action Of
lis shareholders has created what is known as its
special guaranteed hetterment stock. which, in
accordance with the terms of the lease, the Penn
srIvan.a Railroad Company has guaranteed divi-
bends IT tie rate 1t iar cent per annum. payable
quarterly oa 1he first DAYS Of March june, Sep
TENDER and December. free Of all taxes which
may ly The laws Of the United States, Of the
States n Ohio or Pennsylvania be levied upon said
stock OF The dividends thereon. and which the
Cleveland and Pitrsburg Railroad, or the Pennsyl-
vania RaIl~oaa Company. as lessee Of said road,
NAV hy aH ue ~equired to collect or retain there
from
This stock stands in all respects on the same
footing as tie original stock existing al the time
of The lease except that II has no claim on the
fund agreed al that time 10 be set apart annually
tor a. dividend she original stock Under the
terms Of the lease however. and in pursuance Of an
agreement between The two companies under date
OF June s. lsJ=. additional dividend fund will
BE- apart annually. IN The same manner, 10
provide for the quarterly dividends the special
guaranteed berrermeut stock and any taxes that
may be levied thereon as described heretofore.
The cleveland and Pittsburg Railroad Company
has delivered To the Pennsylvania Railroad Com
pzuv. In payment Tor hetterments and improve
ments made on the leased property by its Western
organization. the Pennsylvania Company. $1,000
shares Of this special guaranteed betterment stock
O. p par value 90 50 q share carrying dividend
from December l. l9f4 which viii be duly listed on
The NeN-Tork Stock Exchange and which The
Pennsylvania Railroad Company now offers Tor
Parties desiring 10 make bids fOv the whole any
tort thereof requested 10 submit hem sealed
addressed To the undersigned, at the Office Of
the Pennsylvania Railroad Company, Broad Street
Monday. November Is. when the bids Will be opened.
The Pennsylvania Railroad Company reserves the
light -rslseI al bids. and also alIOt
me stock among the bidders should the bids exceed
the amount Of shares offered. Payments for the
stock allotted are 10 be made or before Deem
Der
The average annual gross earnings OF the CIeve-
70 l2, inclusive. have been So IL 50. Its
axe annual uet easui-gs for the same period We're
&-S0sz D. The average annual profit to the Penn
eylyanla tO4alanE. after payment Of all charges
anc Z per cent dividend on the capital stock
s27s 34s IS
Its gross earnings for 81 40 s44 OF
lis earnings for 1903 277 %
The profit 20 the Penrsslv wanna Company for
that after payment 0f all charges
ard 7-r cent dividend 81, BIS DO II
The annual amount required for the dividends on
the eighty thousand shares Of stock $4,000 00 is