The Providence news. (Providence [R.I.]) 1891-1906, 1891-12-01
OF THE COMPANY.

The preferred stock is entitled to dividend at the
rate OF per cent per arnum from July l. 1891, pay
able out OF the earnings OF the corporation before
any dividend Is set apart or paid on the general
tcommonl stock. In case OF the non-payment OF
such dividend A. shall remain. until paid charge
against the net earnings OF the mpany, prior & all
rights Of the common stock. The common stock is
entitled To TIE surplus earnings OF the company in
an amount not to exceed 10 per cent. per annum
from the same date non-cumulatye. III any sur
plus remains sfter the payment Of such dividend 70
the common stock and il divided as dividends, II Is
TO be divided that each share OF preferred stock
and each share Of common stock shall receive the
same part thereof
The authorized capital stock OF the company is
s2.75O,OOO, OF which sl,750oOO is preferred
stock and the amounts now offered for subscrip-
ton are Issued as full-paid shares and non-a,sess
able when taken paid for as hereinafter speci-
fed. The remainder of the stocks not offered for
subscription has been taken by the old company at
par part payment OF the transfer OF the property
20 the new company.
IL is provided In the certificate OF incorporat on,
and also In the bylaws. that bond OF this COM
panv shall be issued nor shall any mortgage be
made upon any Of its property without the consent
Of at east seventy-v per cent G5 per cent? of the
prefer, ed and al.o of the common stock. The vot-
ing powers Of both cassss OF stocks are the same.
The stocks Of the company will be registered at
the Farmers Loan and Trust Company. and appli-
cation will be made TO list them on the New York
and Boston Stock Exchanges.
The present company has been formed for the
purpose OF acquiring and carrying on the we'll
known business OF the Rhode Island horseshoe
Company of Providence, X. l., viz, the manufacture
of Horseshoes and Toe-Calks.
Its intended 10 continue the business under the
existing management, with Mr.. +. w. Carpenter as
anA Mr.
and they not 20 engage in any competing busi-
ness for a period OF ten years. The General Man
ager Mr. Charles II. Perkins is the inventor Of the
special machinery which has largely contributed TO
the results already attained, and he agrees to re-
main In personal charge of the manufacturing de-
partment for at least Ave years and also not 10 en-
gage in competition for ten years.
The new company acquires, free OF all encum-
brances all the property of the vendors used In con-
nection vita the business including the real estate
property hereditaments, premises, fixed plant.
machinery, tools, all patents. and the good viii of
the business, and quick assets, consisting OF raw
and manufactured materials aud cash amounting
together to s350,OOo.
The property and business have been thoroughly
examined and Investigated by disinterested CON-
mittee OF three gentlemen of the highest standing,
known ability and experience, vix.; Mr.. William
Corliss. President OF the Corliss safe and Vault
G. Sims OF the Arm ngton and Sims Engine Com
pany and the Hon. Jonathan Chace a large cotton
manufacturer and late United States Senator from
Rhode Island all OF Providence, who in their ex-
haAtive report state their estimate and conclu-
sions follows:
Assuming that the general management OF the
businessis continued without change. and the gen.
eral policy regarding its conduct Is continued, the
commit ee have In view Of all considerations,
nxed upon the sum OF So 500 900 as reasonable and
conservative estimate of it's cash value, To this
should be added 10000 the amount of the guar
anteed cash assets"
The history OF the company dates back some sew
en,een wears when the works were established at
valev Falls six miles north of Providence, and the
business now carried on Is the manufacture OF
shoes and Toe-C Calks; but the plant could he
Increased by very small expenditure. so as TO pro-
dnce bar iron made from re-rolled scrap iron, for
which product there Is good demand at fairly re-
nuneratve prices. Tie supply of scrap iron In the
vicinity is always ample and can be purchased at
low prlce. The company manufactures from best
wrought scrap all the iron used In making It's
horseshoes and re-rols from scrap steel the steel
that is used in the manufscture OF Toe-Calks. Fur
thor 4, manufactures its own machinery, except
engines and boilers-the capacity OF its machine
shop being ample for these purposes-consequently