St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-10-11

Transfers: Farmers Loan and Trust Co.,
New York. Attorneys: Belts. Atterbury,
Hyde & Belts, Equitable Building, New
York.
Capital Stock, = Sis, 600, 600
Divided into $4,000 shares 8 per
of 500 each, S5,OOO,OOO
100000 shares Common Stock. Gall
of which has been issued as full paid stock,)
OfS1OO each, $1O.OOO.OOO.
The Preferred Stock now offered is issued
full paid for cash, is nom assessable, and car
ries no personal liability TO stockholders.
The Company has no bonded or
mortgage debt. and the creation of
any such debt. except with the con-
sent of holders of record of at least
eighty per cent go per cent of the
preferred stock. is prohibited by
bylaw.
The Preferred Stock is entitled to a prefer
entail cumulative dividend OF PER
CENT per annum, accruing from Nov. ],
1890. and payable out of the net earnings Of
the Company before any dividends are paid
upon the Common Stock, and the Preferred
Stock will also have priority over the Com
mon Stock in respect of all property and
assets of the Company, i'll case Of liquidation
or dissolution.
The two classes of stock have the same
voting power per share.
Preferred dividends will be pay.
able quarterly on the first days of
November. February. May. and Au-
gust of each year, and the transfer
books viii close fifteen days prior
to the date of payment.
Both classes of stock will be registered at
the Office of the Farmers Loan and Trust
Company of New York, and application will
be made to list them OH the New York, Bos-
ton. and Chicago Stock Exchanges.
After the payment of 8 per cent cumu-
lative on the Preferred Stock and ~ per
cent non cumulative on the Common Stock.
and the reservation of such surplus as may
be determined by the Board of Directors of
the Company, any turthur dividends will be
divided pro rata between the two classes.
The organization of the Company and the
legal validity OF the Preferred Stock issue
now offered have been submitted by the
Bankers to their counsel respectively, and
approved, as will appear from the following
opinions:
OPINIONS OF COUNSEL.
DREXEL BUILDING, NEW YoRH Oct. 8, 1890.
We have. as requested by you, examined
the organization of The National Cordage
Company and its issue of Preferred Stock. 1t
is our opinion that the organization is regu-
lar and the stock issue valid, and that the
holders of said stock will be legally secured
in the rights and immunities set forth in
your Prospectus OF this date.
LOWREY. STONE 4 AUERBACh.
81 WALL ST., New YoRR, Oct 8, 1890.
Messrs. VERMILYE q CO.:
GENTLEMEN: We have investigated the Or
ganiZation Of The National COrdage Com
pahy and the proceedings attending its issue
OflPreferred stock.
We advise you that the organization Of the
Company and the issue of Preferred Stock
arervalld in law, and that the holders of such
stock will be entitled to the privileges and
immunities stated in the Prospectus. Very
truly,
BUTLER, STILLMAN & HUBBARD,
pEROAPECENIC.
THE NATIONAL CORDAGE COMPANY
is a. corporation organized under the laws of
theIState Of New Jersey for the importation
OF hemp and the manufacture and sale OF
cOrdage. '-7-r
This industry is staple and one of the old
est in the United States; the volume of the
business has increased rapidly during the
past twenty years, and under the present
plan of operations should be capable of still
more profitable expansion, whit furnishing
as cheap If not eheaper product to the con-
sumner. &c s'-''f=..f= -
Pie Company, IN addition to its large
working capital. has contracts for The zee OF
the following manufacturing properties.
which are now under lease to 1t, free OF
mortgage or other membranes:
L. WATERBURY d CO., Brooklyn, n. Y.
ELIZABETHPORT CoRDAGE CO.,
ElizabethpoTt. \. j.
THE TUCKER & CARTER CoRDAGE CO,
Brooklyn. n. Y.
GEO. 4, POOLEY ~ SONS. BUFFALO, ~. L.
Xenia, Ohio
j. RINEK's SONS, Easton, Penn.
AKRON TWINE AND CORDAGE CO.,
In addition to which the Company con-
trolls the manufacturing properties of the
VICTORIA CORDAGE CO., Dayton, KY.
Fl r. LEWIS d CO.. Philadelphia. Penn.
BAUMGARDNER,W WOODWARD & CO.
Philadelphia Penn.
NEW YORK coRDAGE COMPANY,
New York City.
ATLAS coRDAGE COMPANY.
New Orleans, La
RANDALL, GOODALE e. CO., Boston, Mass
Many of these concerns have been in bust
ness for half century, and are well known
to the business community of this and other
cities.
The proceeds of the Preferred Stock will
be paid over to the Company, to be applied
by it to the contamination of these several
contracts. and TO other purposes determined
by the corporation.
With the exception of the four manufact-
uring properties last mentioned the
former managers or proprietors of the sew
eral concerns are under contracts with the
Company for long terms to run the respect
i've mills under system of competitive bids,
the raw material being furnished by the
Company and awards being made TO the loYl
est bidders. The contractors. whether suc<
cessful or unsuccessful In bidding, are
under Obligation by the same contracts to
MAINTAIN lDe Hills at tne1r own expense IN
fit state of efficiency for the next annual
competitive bid. in which they are obliged
to take part The Company is thus under no
expense for idle mills, while the skill of the
business is retained. All the economies of
consolidation are secured by this plan of Or
ganization, as well as the wholesome effect
of free and keen competition among the
manufacturers, resulting in lower prices to
the public without decreasing the profit to
! the company.
The Company buys q very large percentage
! of ali the fibre used in this country for cord
| ege and binder Irvine. On this account it
| has great influence i'll the markets of the
world for fibre, and the size of Its contracts
| with the producing countries enables the
| Company to obtain correspondingly favora-
| bic prices.
| The Company has in addition other valua-
! BILE contracts and concessions.
| A Committee. composed of the President.
! the Secre tary, and three Directors of the
! Company, has during August of this year in
! ventoried the assets Of the Company and re-
4 ported to the stockholders that the value OF
| the assets exclusive Of the proceeds of the
| S5,O00,00 Preferred Stock to be issued is
| S12,000,O00 and upwards, over and above
| all liabilities.
! Afhdavits OF the foregoing Committee. sub
! mitted to the bankers, and which are salts
| factory to them, are the basis for the essen
I tai statements of facts herein concerning
| thescharacter and volume of business of the
1 corporation. its assets and methods of oper.
I signed fully justify these statements and the
conclusions drawn from them. The sffi-
davits further show that the am
/ nual aggregate profits of the sew
/ ersl concerns for the past ten years
have been more than enough to pay
the annual dividend on the FIRE.
I feYred Stock and leave a very large
4 surplus. Notwithstanding the fact
that during some of that period
7 the interests now consolidated
1 were in competition of a character
4 new avoided.
! The Committee further certifies
| that at no time within the past
twenty-five years have the aggre.
| gate annual profits of the several
concerns been insufficient to pay
the s per cent dividend on the Pre-
ferred stock. although the con-
| sumption of cOrdage at the begin.
| ming of that period was only one
| quarter what it is to-day.
The Common Stock remains in the posses
| sion of those interested in the property and
| management.
BY direction and on behalf of the corpora
ton we invite subscriptions to the above
mentioned Preferred Stock AT PAR. paya
+ bic as follows: