The Helena independent. [volume] (Helena, Mont.) 1875-1943, 1890-07-01

cent. dividends, and also preferential az
to principal;'' and $5,00O,OO of common
exchange, the $4,500,00O mortgage ''oovera
the real estate, fixtures, machinery, patents,
trade marks, good will, and franchises OF
the corporation" It is asked that s'the
market value of the real estate over and
above the amount of bonds issued, equals
one-half of the first preference stock as
issued, the remaining one-half the first
preference stock, together with the second
preference stocks, represents patents, trade
marks, material and stock on hand, or that
sort of floating capital stock or investment
which exists in every business. In other
words, the material on hand is practically
capitalized at 100000, or an amount
equal to the self-estimated profits of the
whole outfit for four years, assuming that
it Is making, and rIill continue to make
during all these years a profit of half q cent
a pound ON 10000, 600 pounds of starch
yearly. The $5,OO0DOO of common stock
represents what President Duryea ex-
plains as 'the good will of the various es-
Producing and establishing specisl srticles
of manufacture. and trade marks, and all
other elements of value not already emu
merated.'
The estimate of the value of the real
property of the company is based on Presi-
value s'over and above the amount of bonds
issued," equals one half the first preference
stock. As the estimate of bonds issued is
So, 338 $40, the other 81 ,161, ,280 being yet in
the treasury, and the whole of the first
preference stock is S3,0ee &C., this would
erty just A,e3s 500. However, the COVER
nors Of the stock exchange listed the entire
amount of the common, and both Glasses
of preferred stocks, although President
Duryea's application stated that $774, ,120 of
the first preference, $645, 100 of the second
preference and $5l7, ,229 of the common
stock remains still unissued. It was incor-
porated in February last under the gen
eral laws of Kentucky, and has it's prin-
cipal offices at Covington. The prin-
cipal object of the organization, as stated
in the certificate, are the manufacture and
sale of starch, glucose, cereals and the vari-
9ast GUS compounds p @ Preparations and by.pro-
lowing starch manufacturing concerns, SUBJ
ject only to the liens of $2,5OO,0O mort
cages: Glencove manufacturing, Glencove,
L. T., and New York city; William 2. PHI
cot, Indianapolis. Ind; 9. Gilbert Starch
company, Des Moines, Iowa; Ottumwa
Starch company. Ottumwa, Iowa; Fermin-
Richards johnson, Madison, Ind; John
Clements, Madison, Ind; Julius !. Wood
Starch company, Columbus, O.; George
Fox Starch company, Elkhart, Ind; Voor-
hees Starch and Refining company, Dan
vile, ILL.,: Excelsior Starch Manufactur-
ing company, Elkhart, Ind; Atlantic
Starch company, Atlantic, Iowa; Topeka
Starch company, Topeka, Kan; Niagara
Starch works, Buffalo; Thompson, White
Co., Franklin, Ind; s. Cutinger q Co.,
EdinburQ, Ind: the Ercenbacker company,
Ohio; and Sellery Starch COM
panny, Des Moines. Iowa.
These properties are stated to have a ca
pacity of from 23,OOO,OO0 to 24,OOO,OOO
pounds, and are now producing 200 600
pounds of starch yearly.
The amount needed to earn all the pres
ent fixed charges, together with dividend
of 6 per cent upon the outstanding common
stock, is $869, .86 annually.
This amount, it will be noticed, is CON
less than u cent pound upon
the company's present output. The com
pany is earning decidedly more than this.
In selling the various properties, the
owners contracted as part Of the considera.
tion not to engage in the manufacture of
starch or glucose, save as connected with
The business Of the company, for term Of
i've years. The officers Of the company are:
Hiram Duryea, president; William r. Piet,
and Charles G. Burns, score
tary and Treasurer. The transfer agent is
w. +. Key, No. 298 South street, and the
register is the Chase National bank of this
city.