New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-09-30
financial.
mAGEE FURNACE COMPANY.
AND
.vruoxv sTOyE COMPANY,

,, .n.,r a, tb,. company n freehold situated a.
Chelsea Mass. comprising about 1lo4oS square 'e'' W
land with deep water frontage Of $50 feet Inc 0''
iuss 100 in numbss) mostly brick and c0n''s' -
moulding casting plating fitting and inspecting aep''~
menos large stores; also boiler and machinery ho"
The works are lighted throughout by electricity plant 0
th. purpose having been recently laid down. Inc "n"
IA. denth of 10 feet Of at low tide. enaolms VIC
eompany to receive all supplies Of iron COAL lumber &C.,
BY vessel.
THE SMITH d. ANTHONY STOVE COMPANY.
The freehold premises Of company are located ~
wakefield snd comprise i've acres OF land WIN f'"'
are of s4s feet on railway OIL which are IS buildings
equipped with modern machinery TOOLS paef"'
&C., making plant Of It's size In the country To-
as.her with the lately added brass foundry and hoe' anu
kitchen furnishing business Both companies nave ware
rooms or wholesale agencies in Boston, Newfork
Kansas City. Minneapolis Grand Rapids and San Fran
cisco.
Tho magnitude Of the business done by these two CON-
psnes may be measured extent by the fscs sa'
they keep employed during whole year 0"3 workmen'
raR ACCOUNTS OF THE TWO COMPANIES
HAVE BEEN EXAMINED on THE SPOT BY AKkr'
REsENTATIvE OF THE FIRMOF MEshRs.R FART
BROS, rIBBETTs & CO., CHARTERED ACCOUNT.
ANTS, OF "a MOORGATE-sT.. LONDON. AND
rup,p REPORT SHOWS THAT THE PROFITS
ARE As FOLLOWS.
~ MOORGArE ST..
APRIL. 1890.
TO TIE DIRECTORS OF THE AMERICAN sTOVk
ANDFURNACE CO., LIMITED,
GENTLEMEN. WE HAVE EXAMINED THE
ROCKS or TIE MAGEE FURNACE CO.. AND THE
SMITH & ANTHONY STOVE CO.. BOTH or BOs.
TON FOR THE THREE YEARS ENDING DEC.3 81
1850.
AFTER MAKING CERTAIN ADJUSTMENTS IN
TIE ACCOUNTS. AND SUCH RESERVE" FOR DE.
PRECIATiON or MACHINERY. PLANT AND FIX.
TIRES A. APPEARED To Us TO BIZ NECESSARY.
WE FIND THAT Tue NET PROFITS WERE Az
FOLLOWS,
Year ending Dec. 81, 1887, $751;
243.43; at Sass to the { sterling,
32,628.
Year ending Dec. 81, 1888, s172.-
457.42 at S4.85 to the { sterling,
$3.50.
Year ending Dec. 81, 1889. $685..
029.19; at S4.85 to the { sterling,
$3.50.
We arc. gentlemen. your obedIsnt servsnt.
HART Bros, TIBBETTS & CO.
Taking the profits of the last year as a
basis of calculation, the figures will stand
as follows:
To pay 6 per cent. on the G125,000
Mortgage Debentures will require per an
mum $500.
To pay 8 per cent. on the G125, 900
Preference Shares will require per annum
G10, 900, and leave more than sufficient
pay a dividend Of Is per cent. on the
Ordinary Shares.
Tho companies hitherto been strong compet'to'
bu. under aaiean alton great economy In working Will
BE- effected. The Immediate saving in the item OF Ahow
rooms. spSncies salaries and advrtislns expenses Is
estimated $1,000. The Development OF tho kitchen
hing goods departments should also largely
Increase the future prol;s
The lind and buildings Of the two companies have
been appraised ss.ooc 90. and the machinery. tools
patterns na.ks &C. s)i+5oo making total o s9o<Si2
q. ~ 81 to the pound GlS8+o7.
In addition to the above the company acquire patents
which appear the books OF tho resi- eSvs companies 70
bs of tho estimated value OF CIo1oa also horses vans
sools dcsgn,. &c, Of tho value OF & l.'<o
The price be paid by the company for the whole Of
tho properties with the entirs asset. Except tho book
accounts. ca.h. III, receivable" and goods MANUFACTURED
and In Of Manufacturer has boon fyd ~ E"'' ooo
and tho haS sereei to accept many OF the pre-
ference or ordinary deb,ntur"s Of the company
a. the regulations Of the stock LIZ hang will permit
The working capital provided is 10000 which ia con.
.id.r,d ample for purposes. The stock will be taken
over at valuation OF July 1870. together with such
book account. ard Ills receivable The company
select.
Mr. T. A. Magcc superintendent and Mr.. A.b'rt y
rurln. TREASURER Of tho MsQ-e Furnace Co.. Mr. E. w.
Anthony tr.a-r"r Of u,1 Smith & ANTHONY stove Co,
md Mr. Asa r. Potter, president Of thu Maverick National
Bank boston. agreed required by III" directors.
to act u, members " the committee Of management In
boston for l Of tire" and IN" services Of the
present stan will DO r.tainoi az Tar = n'cdtul
The od.csablish,d firm OF Mc..r.. jaime, Allan ar
Co. iron founders of tina Vulcan and Victoria whar,es.
Upper Thames street have agreed t" act a. agents for
rca. Britain and. they employ large stan Of travel
Ter, dispose similar goods avosabl" results may b"
| expected
Inst mortgage Of all the freehold properties including
nxcd pant and machinery. will be given to the American
I.oar CO.. The trustees for he dhcntnrr holders
and subjcc, that mortgage and II necessary In order
to comply with the laws OF tho Sate Of Massa husetts
tho whole Of properties acquired will be conveyed 70
an American corporation tho shars OF which Will be held
| BY this company.
Applicant. referred for fuller details to the Pros.
vectu.es which, with Forms OF Application, DO OBJ
,.ued q, the oces OF tho Company, Of the Brokers
| and Bankers.
| Tho Memorandum and Articles Of Association Of the
Company, together with coplcs Of NIL contrncts. and
| the oris,nai certificate OF Mcs.rs. HART BROTHERS
| n n r. and he he In.