Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-12

insures the good will and friendly cooperation o
| the trade.
The quality of these goods has won for them the
| most enviable reputation, securing for JOHN r.
STETsoN & co. the grand prize at the Paris En-
position OF 1880 over all European well as Ameri-
| can competitors.
One OF the strongest features Of this business IA
that every hat manufactured is upon advance
orders, and Notwithstanding the large capacity OF
the works, 1t has been impossible TO keep up with
orders received, hence there Is not dollar invested
orJeopardized In dead stock. The stock In trade al
any time consists, therefore, exclusively of goods
In process Of manufacture of raw material prin-
cpally In fur, whose value actually increases the
longer 1t is kept in stock. ...... .
Mr.. Stetson has made extraordinary provisions
Tor the welfare of his employees. At his own cost
he has established upon property contiguous to the
works library and reading room for
| their use; savings bank and a building
society to encourage thrift: q surgery
| and fe dispensary, under 0. competent practi-
hOners:, and q handsome chapel, where the fami-
| lies Of the employees attend service and Sunday
schools moreover. he has provided for the support
and maintenance Of these institutions after his
death. This insures the continuance of these unus-
ual and beneficial provisions without cost to the
company. None of the employees are members OF
any trade UNION, and the business is never affected
by strikes or labor disputes arising from outsIds
dictation.
Mr.. Stetson win act as President for five years. or
longer If desired and agrees to take salary FOR
MS SSA'ACeo lOT year unIll Ine company snail
have earned net for that year per cent upon the
preferred stock and IL per cent upon the common
stock. The present experienced, reliable and
valuable staff of superintendents and employees viii
also remain with the new company.
The business Of the firm is taken over by the
company as of Dec. l. 1890, subject to charge
at the rate of per cent per in favor of the
vendors TO the date of transfer. The books and ac
counts for period of four years ending upon the
how dat haze
accountants, Messrs. Barrow Wade Guthrie 4
Co., of London, Manchester and New York, the
result of which examination is shown in the fol-
lowing certificate:
ACCOUNTANTS CERTIFICATE.
No. I'D BROADWAY, NEW YORK, April a. 1891.
Messrs. John H. Davis q Co.,
The United States transfer and Exchange Asso-
ciatiOn,
New YORK City.
| Dear sirs:
Pursuant to your instructions VIC have had SUBJ
mitted to and have carefully examined the books
and accounts of John B. Stetson & Co.. of Phila.
delphia hat manufacturers, for the four years end
ing first of December, 1890. we find that after
writing of all bad debts, full charges for REPAIRS
maintenance of plant, improvements to buildings
and all charges pertaining to the business the net
profits have amounted for the four years to e. I5g-
92 "a equal to an average annual net profit of $780,.
s23 49, The net profits for the last near. namely
the first of December, 1890, were sss2, s24 40.
The sales of hats increased during each of the
four years named.
We find also that the sales and profits for the
four months from Dec. l. 1890, to March 81, 1891,
have been much larger than for the corresponding
period of any previous year.
Detailed accounts showing the above profits have
been prepared by and accompany this certid-
cate. Yours truly,
BARROW. WADE, GUTHRIE CO.,
Chartered Accountants.
THE AVERAGE ANNUAL PROFITS FOR
THE FOUR YEARS HAVE BEEN EQUIVA-
RED STOCK, AND OVER IA PER CENT UPON
THE COMMON STOCK, WHILE FOR THE
LAST YEAR THE PROFIT WAS EQUAL TO
OVER II IL PER CENT UPON THE COMMON
STOCK, AFTER FULL PER CENT UPON THE
PREFERRED STOCK.
The Company is incorporated under the laws OF
the State where the property is located, fact
which will be appreciated by conservative In
vestors.
No bonds are issued, and under the Constitution
of the State of Pennsylvania mortgage indebted
ness can created without the consent Of the per-
sons holding the larger amount in value Of the
stock being first obtained at meeting to be held
after sixty days lawful notice.
1t Is seldom that Opportunity is presented for
investment In such stable, long-established and
remunerative business that under consideration,
or that securities offering such safety and, at the
same time, insuring such handsome dividends can
be obtained.
Prospectuses-containing more detailed informa-
tien-and blank applications for stock be OBJ
tained at the Offices Of any Of the bankers named
above. myi2-0