The Washington times., 1905-04-03
BROWNS PURCHASE
TERMINAL. BONDS
Baltimore Bankers Get
Union Station Loan.
ISSUE is PoR s1o,oo0,ooo
Two Millions More Will Be Offered Be-
fore the Washington Improve
Inents Are Completed.

The deal for the issue of $4,000, 900 of
Washington Terminal Company has
been closed by the banking house of
Alexander Brown & Sons, of Baltimore.
Associated with them In the transac-
ton are Brown Bros. & Co. and Harvey
Fiske e. Sons, of New York Alexander
Brown, when spoken to regarding the
deal was very enthusiastic concerning
It,
Why, just look at the Washington
project" said Mr.. Brown in Balti-
more yesterday. 1T is a scheme which
can never be duplicated in that city.
and when completed it will be regard
ed as wonderful work of railroad con-
struction for railroad convenience. All
railroads entering Washington now or In
the future must aim to reach that
center. 1t Is the capital Of great ma
t1on and one Of the most beautiful cities
in the world.
Cheap at Any Price.
Il will not say what was paid for the
bends. but you may be sure that with
the sharp competition encountered and
with a general knowledge of the desir-
ability OF the security we did not get
them clIeap. Many bankers, however,
y ouId regard them cheap at any reason
able figure.
The total authorized issue of these
bonds is $4,000. 900 but the remaining
80 .000, 900 will not come out for some
time. We were given assurances that
when the company was ready to issue
them our firm would have the prefer
ence in the purchase. These reserved
bonds can only be issued for the en-
largement, betterment, extensions of
and additions to the terminal property.
Bonds Guaranteed.
The bonds are guaranteed, both as to
principal and interest. by the Baltimore
and Ohio and the Philadelphia, Balti-
more and Washington railroad compa-
MES, the last named practically mean
ing the Pennsylvania system. The prin-
cipal and interest is payable without de-
duction ror any tax or taxes which fhe
Washington Terminal Company may be
required to pay or retain under any
present or future law of the United
States or of the District OF Columbia.
THE whole sum expected to he ex-
pended III the completion of the terminal
station is about SIG, ,ooo,ooo. Congress has
appropriated sl.50G.00G toward the work.
while the Pennsylvania and the Balti-
more and Ohio roads jointly will expend
about s2500,00o. the bond issue of $i2,-
oOUU will supply the rest OF the needed
funds.
Magnificent Structure.
The terminal will be magnificent il,
character. both architectualiy and in the
conveniences offered to the large
passenger travel which centers in Wash
ineton. 1t will be the largest terminal
station in this country, and will be used
for passenger and express traffic only.
Connection will be made with the large
roads running south from Washington
by tunnel from the station to the Long
bridge at the edge of the city.
According to the terms OF the act of
IS must be: completed by February %,
1898, and work thereon is now being
pushed with great activity.
The old passenger stations and ap-
rroaches of the Pennsylvania and Baiti-
more and Ohio railroads will be aban-
doned and The tracks removed. The
present ground occupied by them viii
be improved by streets and dwellings,. 1t
* the evidegt intention of the Commits
sioners of fsa District that in future all
passenger ~ railroad traffic shall ter
inmate In tlis new station
Among Washington banks and bank
ers comparatively little interest has
been aroused by this bond deal At
Lewis Johnston & Co.'S who are corre-
spondents of Alexander Brown & Sons.
OF Baltimore. It was learned today thai
portion of the bonds would proba bly
be placed on sale on the local market
but how much or at what price had not
been determined.