The Portland daily press., 1891-11-14

The 1000 shares of the Common stock offered
1or subscriptions are fully paid and nonassess-
a0Ie. During the past two years dividends OF
ii12 per cent. per annum have been paid upon
me stock, and for the last fiscal year, ending
July 81, 1891 over 80 per cent could have
been paid had the directors not called in and
cancellea S3O6 900 worth OF the debentures OF
The Common Stock is entitled to the entire
prOnls OF tne business each year after the de-
Denture interest and 8 per cent. divided on
the preferred stock have been paid. These
nxeo charges amount to $102,860, while the
sSssrage yearly profit for the past nine years
mas never been less than four times this
amount, and for the last two years has been
nearly five.
The following facts may be mentioned among
the business of III. I'll. Warner g. Co., Limited.
1t is the largest house of its kind In the world
It's preparations being sold by nearly one
eral store dealers in almost every civilized
country on the globe. The widespread pOpI-
larlty OF these preparations is the best evidence
OF their merits.
The business OF the Company is virtually a
monopoly, consisting as 1t does Of the manufac.
ture OF specialties, the trade names and marks
OF which are secured and registered in all the
principal countries of the world. and are the
property OF the Company forever.
The Company has no liability beyond itSDe.
D S aaTn hs sPSsn yea e e $42
Germs.
Although still under the general management
OF the man who started and made it such WON
derful success, there Is plenty of material in
tne employ OF the Company to continue The bus
mess successfully should any unforeseen acci-
dent change that management.
AS the business is "a going concern" pay
ing enormous dividends, Shareholders will re-
ceive an almost immediate return from their
investment.
The Company has returned to its common
shareholders during the last two years 80
inUpafnd fol hat 10 70
say, for every 500 invested they have received
$50 in dividends, besides having the value Of
their shares increased by the cancellation of
nearly onehalt the Company's Debentures, and
the accumulation of reserve.
The Statement of profits, both before and
since capitalization, as given elsewhere in this
prospectus shows that the business is a pro-
gresslve one; and it is believed that the future
VIII show even largely increased profits from
the fact that the European business is growing
rapidly.
The future earning power Of the business is
assured by the fact that the majority of the
Common Stock is held by the men who origin
ated it, and under whose careful management
it has been so successful iu the past.
NATURE OF THE BUSINESS.
The business of II. II. Warner & Co, Linn
lted) consists of the manufacture of proprie
tary medicines and preparations, known as
..Safe"Y Yeast, and was starred by the Hon Fl. I'll.
Warner at Rochester, N X. in 1879. Offices
and Laboratories are established in Rochester,
>
Frankfort-on-the. Main; Germany; Kreuzln.
gen, Switzerland; Melbourne, Australia, and
Dunedin, New Zealand. The establishment of
the offices and laboratories outside Of ROches-
ter, N. Y, was rendered necessary owing to
the enormous increase Of the business and the
widespread demand for the preparations.
PROPERTY CONVEYED.
The price paid by the Company for the en-
tire business as on July 81, 1882 including
the good will, trade marks in all principal
countries and which are perpetual prescr1p-
lions and recipes, real estate and leasehOld
properties and buildings In America and else
where, fixed and movable plant and machin-
cry at Rochester ana the different branch
houses. cash in hand and at banks, the stocks
IN trade Consisting of wholly and partly manu-.
featured stock, raw material and advertising
matter, furniture and all property used in
connection With the business In all parts of the
world, together with the benefits of all cur
rent contracts entered into by hIr, Warner in
relation thereto, was 1896, 900. Since that
time the Increase of bus mess and enlarged
earning capacity of the concern have added
largely to the value of the property.
EARNINGS BEFORE CAPITALIZE
TEON.
Prior to its capitalization and organization
as an English Company in November, 1889,
the business was thoroughly examined by
English accountants. The real estate and plant
were valued by competent appraisers, and the
past history Of the business, especially In the
way of profits, was subjected to the most rigid
scrutiny. According to the certified statement
made by these accountants. the average yearly
profit OF the UNITED STATES BUSINESS
HONE for the seven years prior to its capital
ization was sufficient to pay 6 per cent inter
nOyI4