The St. Louis Republic., 1904-09-28
PRESIDENTS Statement
TO TRANSIT STOCKHOLDERS

The following statement was issued to
the stockholders Of the ST. Louis Transi;
| Company by President Murray Carleton
| after the joint meeting Of the directors
| Of the United Railways Company yester-
day afternoon:
| ST. Louis. Sept. -. IsN-To the Shareholders
| Of the St Louis Transit Company-On the 3oth
| oe September. 1888. your company entered into
contract OF lease with the United Railways
| Company OF ST Louis. by which 1t acquired.
| for . term Of thirty year, the right 20 operate
the propeT;ie. OF the lessor. and IL Immediately
enter.a upon the operation Of the property.
In making @ s irnpn,xea 2. a1as ssser,n..s and
additions 10 the denised property. as required
Of rentals ss therein provided fer. "a and IN the
operation OF the properties II has contracted
an indebtedness largely in excess Of its avail
In order 10 pay an indebtednes. then due. Tn
s"tho1.sed @ an d issue * sscos 't *
| C-per-cent collateral trust no.e. secured By q
LOUIS Of ss.s5s.aS Tinted RaIiways cempany
per cent general mortgage bonds and g. s3s
.sesk Which i had seqgre for ss
,erments and improyemeni, made upon the
SOLD and mature on November !. 1904.
ssu, a. asvss .n, :, vas se;sr%.nsa n. 70 ,sIs So:
imrr1vemsns I'M @ sond: =, .sr ,hs purpose Of yeying
q he sboSe sSs s1s 1Sr the
ate resource FOR further inprovenents and
Il thu had eonvenaa,ed to make II i he sfo..said ssi
lease.
Of ss .na % b
latera'-note pledge and shares OF pre-
ana Il, si3 shares Of toe United Rasvsys COM
pany common stock. a mortgage Of Its Ieasehold
and the guaranty Of the United Railways Com
BY the term. Of tn. inden,ure Of trust .ecur-
ded d sns ,h:t sTs re- 10 sonss S ,mm,'.y ss s.S
certified and delivered to your company. These
Of Ii. sale. however. failed to NEE, ~ pf' ali tie
cs e par value q q. bond. -sonls lae B. 'Hst ne
Your company .hs. been unable to -.n III.
% .naSi. !, to NEE; al ma,uriy n. esh enIia,srsi I
tru,, no,es :, and M has been unable 70 secure an
tru.. notes. Under those condition the re~erve
e. s for and shch .s.r to
Your ssmp;ny !. yishsn, nsans.a, r.:eu,c..
h.s.inbe.ore stated. with which to meet IT'S IN
.ssi,ioD. @ and se.,ern 20 s. ise
q,Iird Of II BY the above lea---
o, Sonae ~ Tour ssSes az 10 ue +. sua,,n,..s q, ~
III. ..ni,ei Railways COMPANY OF 81. Loui..
Of its general n,orteaee. for the purpo.. Of ex-
chsn9ing 5000 o,5 OF the proposed i..ue al par
for fs on.0n outstanding % the authorized isrre
o! 50. 90 VG rsfunding and improvement. bonds
and 20 cancel all of the Issued and uni.~iea
refurding and Improvement bonds and release
the indenture and trust securing the sam. and
thereby reiea.- the stocks and bonds pledged
under the resun6ins and Improvement mort
gsxe.
The s.. co1 oco Of the proposed si1. 1s .s Of
bonds. together With the stocks and bond.
pfovef-~bt mortrsge and fhos~ remaining under
the collateral rrrisr -0.~. ~ii enpble vofr sS.---
psny 90 co-frac: with the United Railways Com
nanv for the guarantee OF II. PROPOSED issrc OF
80. 10000 % bonds. and for a surrender Of the
lease (which has hecom~ more hurdsr some ,hsn
your company can b~arD and the -sie Of .he..
securi'.. .o pay on It's afore-aia coIia:erai-Dote
Indebtedness
To this end :. hss rrade q conditional ron
trart with the r-nis~t Railway. Company 7nd
~f.h q svndtc,t. fo- the sale of ,he.- e-ru-i,i~s
Tho United Rsilv.v< Company ha- c0nii,io--
sllv. cont-arfef with ,he syrdica,s 70 which
your company has coni;ionaiiy soii the secIrr-
'tie. 10 make an exchange Of certain common
;h~ r-r't~d Railways Company by .hes- nseo,Ia-
tons for shares ~ stock held hr vor, IN ,he
Transit Company. Your COMPANY - advised that
the basis oS this ~Hchan-c VIII h tao shares
Of commcr stock Of tire United Rsiivay- Com
parry Tor f-e shares OF sNe stock af tho Transit
Company. Tho terms and conditions ~ TIRE sx-
change sre announced by the circular which
f. herewith incIosed At the r>quept of syndicate
nsnaRrrs.
fs;eredj ST. LOUIS TRANSIT COMPANY.
BY Murray Carleton. President