The Olneyville times. (Olneyville [Providence, R.I.]) 1887-1917, 1908-09-11


the market value OF which securities shall
be at least twenty per centum in excess
OF the amount secured.
Second. (a) In the bonds OF any steam
railroad company Incorporated in the
states OF Rhode Island. Massachusetts
or Connecticut whose railroad is located
wholly or in part i'm the said states and
which owns MOI less than one hundred
miles OF standard gauge road. exclusive
OF sidngs, whether such company op-
crates its own road or has leased IL 20
another railroad corporation. and for
three years last preceding such invest
ment shall have earned. after payment OF
all operating expenses, maintenance
charges. rentals. taxes, and all interest
and dividends guaranteed by IL. not less
than twice the current annual interest on
all its Indebtedness outstanding secured
by the mortgage under which said bonds
are issued or by Any prior lien.
(b) In the bonds OF any steam railroad
company which would be n legal invest
ment under the provisions OF subdivision
(D OF this subsection, except for the fact
that the railroad corporation issuing said
bonds actually owns In fee less than one
hundred miles OF road, exclusive OF sid
ings: Provided. that such bonds are Sc
cured by first mortgage OF the railroad
OF such company. or 10y refunding mort
gage on slfSh railroad issued TO retire all
prior lien mortgage debts OF said COM
pany outstanding at the time OF said in-
Vestment; or are guaranteed as To princi-
pal and interest, or assumed by a rail
road company whose bonds would be a
legal investment under the provisions OF
subdivision (a) OF this subsection.
(c) In the first mortgage bonds OF any
terminal company Incorporated I'm the
states OF Rhode Island. Massachusetts,. or
Connecticut and whose property is To-
Gated In either OF said states, which IL
owned or operated, or whose bonds are
guaranteed as 10 principal and interest,
or assumed. by a steam railroad company
whose bonds would be a legal investment
under the provisions OF subdivision (a) OF
this subsection.
Id In the mortgage bonds OF a steam
railroad company Incorporated I'm any OF
the United States whose road is located
wholly or In part therein. and which owns
I'm fee not less than one hundred miles OF
standard gauge road. exclusive OF sidings,
which operates its own road or has leased
IL 10 another railroad company, and for
three years last preceding such invest
ment shall have earned. after payment or
all operating expenses, maintenance
charges rentals, taxes. end all interest
and dividends guaranteed by il. not less
than twice the current annual interest on
all its Indebtedness outstanding secured
by the mortgage under which said bonds
are issued or by any prior lien.
FAtl III the mortgage DolluS OF a. Sltbin
railroad company Incorporated i'm any OF
/ the United States whose road is located
wholly or i'm part in the same, guaranteed
as 10 principal and interest, or assumed.
/ by "a railroad company which operates its
! own road. and which owns i'm fee not less
! than one hundred miles of standard
/ gauge road, exclusive Of sidingS. and
! which has earned net for the three years
! last preceding such investment, after pay
| ing all operating expenses. maintenance
| charges, rentals, taxes, ana all interest
| and dividends guaranteed by IL, at least
! twice the interest on all its outstanding
! obligations.
! C) In the equipment notes or bonds OF "A
! steam railroad company having the earn
/ ings required under subdivision te) OF this
subsection, and secured by "A first lien
| upon the property against which they are
! issued and in the notes. warrants, and
| obligations payable within three years
| from the date thereof of any such rail
road company.
! (g) In the note or notes Of an individual,
! copartnership, or corporation, with the
! pledge collateral OF any Of the aforc-
said securities, the market value Of which
securities shall be at least twenty per
! centum in excess OF the amount secured.
(h) In the note or notes Of an indivd-
ual. copartnership, or corporation, with
n pledge as collateral OF shares OF the
! capital stock OF a steam railroad com
| pany incorporated In any of the United
! States, and whose road is located wholly
! or I'm part therein, and which is I'm pos
session of and is operating it's own road.
and has earned and paid regular div
! idends OF not less than four per centum
! per annum in each fiscal year on all its
issues of capital stock for five years last
preceding such investment. and the shares
OF which either are listed on the New
/ York, Boston. Philadelphia. or Chicago
1. .
which collateral shall be at least twenty
per centum in excess OF the amount se-
cured, such note or notes 10 be paid or
renewed within one year from the date
thereof.
Third. (a) In the mortgage bonds OF any
| election railroad, street railway, gas,
| electric light or power company organized
| under the laws Of the state OF Rhode Is
! land, which has for three years last pre-
ceding such investment, after payment
OF all operating expenses, maintenance
| charges, rentnls, taxes. and interest and
| dividends guaranteed by II on the bonds
| notes, or stock Of any other corporation
! earned not less than twice the interest
on all it's current annual Indebtedness
outstanding secured by the mortgage un-
der which said bonds are issued or by
any prior lien; and which has not. dur
/ ing the same period dcfaultcd In the
payment OF the matured principal or in
terest OF any debt incurred by IL and
secured by mortgage or deed OF trust
or i'm the payment OF any part Of the ma
tured principal or interest OF any bonds
guaranteed or assumed By u: Provided
however. that said bonds shall mature ~
least FIVE years before the expiration OF
the franchise under which said electric
railroad, street railway. gas, electric Hight
or power company are operated.
90 In the mortgage bonds Of any cleo
trio railroad street railway. gas. cleo
trio light or power company organized un
Der the laws Of any OF the United states
other than the state Of Rhode Island
and which has for three years last pre-
ceding such investment, after payment
Of all operating expenses, maintenance
charges. rentals. taxes. and all interest
and dividends guaranteed by IL on thf
bonds. notes % stock Of any other cor
poration, earned not less than twice th'
current annual interest or all its indcht
sdness outstanding secured by the mort
gage under which said bonds are ISSUED
or by any prior lien. and which has not
during the same period. defauted In th'
payment Of the maturcd principal or In
terest Of any debt incurred by IL and -