Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-14

| The Preferred Stock is entitled to cumu-
| lative preferred dividend of per cent, pay
| able semiannually on January and July l,
\ and, in addition, to proportionate share of
| all dividends declared in any year, after 7
| per cent has been paid on the other stocks
| outstanding. The Preferred Stock has also
| q preference in the assets of the company in
case ofliquidation over all other stocks.
The authorized capital stock of the Com
| pany is $lO,O0O,Oo0, of which $4,OolOOO is Pre-
| ferred Stock Shares, $50 each.
! The portion offered for subscription will
| be full paid and worcestershire when taken
| and paid for hereunder.
| Application will be made to list the stocks
| on the New York and Boston Stock Ex-
| changes.
| The proceedings taken by the Company to
create this issue of Preferred Stock have
| been submitted to counsel, and they advise
| US that the reorganization and this issue Of
| Preferred Stock are valid in law.
| The business of the Westinghouse Electric
and Manufacturing Company has grown to
! its present large proportions in about five
| years. Its growth has been not only rapid.
but continuous, and has fully kept pace with
| the remarkable development of the electri-
| cal industry. Sales are follows:
| 9months, from 1st April to 31st
December, 1885. 4l,S46 II
| II months, to 3Ist December, 1881. s74y657 81
| II months, to 3lst December, 1888. I2Ss 500 Al
12months, to 3lst December, 1885,. 36lS 379 81
II months, to 3lst December, 1890. .2s9 0S6 81
The company manufactures its apparatus
at three fully-equipped factories located, re-
spectively, at Pittsburg, Pa: Newark, N. j.,
| and New York City, which furnish excep-
tionally complete facilities for the rnanufac-
ture OF all kinds of electric light and power
apparatus.
The company relies chiefly for success
| upon the quality and mechanical perfection
! of it's work, although it has more than l,OO1
patents affording valuable protection against
competition.
The company will continue to have the
benefit of the mechanical and engineering
ability of its founder, Mr.. Westinghouse.
We have made an estimate of the assets OF
the combined companies, and our examina-
tion has led us to believe that after making
liberal deductions for all foreseen contin-
gencies, the assets of the reorganized COM
pany will furnish ample security for the
total issue of preferred stock, without tax
ing into consideration the value of the
patents at all, and that the working capital
will be fully sufficient to conduct the bust
ness on an economical basis, the saving in
the interest account alone being sufficient
to pay full dividends on this issue.
Subject to certain reservations detailed in
the prospectus, the examination of the ac-
countants shows an average profit of s443,-
40 81 per annum for the periods considered.
We invite subscriptions to the aboye-men-
toned preferred stock AT PAR, payable as
follows:
10 PER CENT ON APPLICATION.
80 PER CENT ON ALLOTMENT.
80 PER CENT ON I'D NOVEMBER.
80 PER CENT ON 23D NOVEMBER.
Subscribers have the option of paying in
full for the stock allotted to them, and in
terest on the anticipated payment will be
allowed at the rate of4 per cent per annum.
The right is reserved to reject or reduce
any subscriptions and to make allotments
of less than the amounts applied for. In
allotment, preference will be given, so far
as practicable, to those stockholders assent
ing to the recent plan of reorganization and
to employees and dealers in the company'S
manufactures.
The failure on the part of the subscriber
to pay any installment when due shall oper-
ate as forfeiture of all previous payments.
The subscription list will open simultane-
ously at 10 o'clock A. NJ. on Wednesday, the
14th day of October, 1891, and close at
O'Clock r. NJ. on Friday, the 10th day Of Oc-
tOber. 1891 at offices