St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-13

The Preferred Stock is entitled to a cumu-
lative preferred dividend of per cent pay
able semi-annually on Jan. and July l. and
In addition, to proportionate share of all
dividends declared in any year. after per
cent has been paid on the other stocks
outstanding. The Preferred Stock has also
preference in the assets of the company in
case of liquidation over all other stocks
The authorized capital stock of the Com
pany is $l0,000000, of which $4,000, 900 is Pre-
ferred Stock. Shares $50 each.
The portion offered for subscription will
be tulip and worcestershire when taken
and paid for hereunder
Application will be made to list the stocks
on the New York and Boston Stock Elk
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
Tie 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 electrical
industry. Sales are as follows:
9 months, from list April to 3lst
Oec6mU6r, 1000. Sl4l.Si6.
II months, to 31st December, 1887. S74, 657. 81
II months. to 31st December, 1855 /, 2ss, $50. Il
II months, to 31st December, 1889. 3,6ls, 379. 81
II months, to 31st December, 1899. 4,2S9, 0S6. 81
The Company manufactures its apparatus
at three fully-equipped factories located re-
spectiyely, at Pittsburg Penn; Newark, N
j., and New York City. which furnish ex-
ceptionally complete facilities for the manu-
facture of all kinds of electric light and
power apparatus.
The Company relies chiefly for success
upon the quality and mechanical perfection
of its work, although it has more than one
thousand patents affording valuable pretec-
ton 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 exanina-
ton has led US to believe that after making
liberal deductions for all foreseen contingent
cies, the assets of the reorganized Company
Will furnish ample security for the total
issue of Preferred Stock, without taking into
consideration of the value of the patents at
ALL and that the working capital will be fully
sufficient to conduct the business on an eco
nomtcal ba:is the saving in the interest ac-
count alone being su t1cient to pay full divi-
dends Oh this ISIS lie.
Subject to certain reservations detailed in
the prospectus, the examination of the &C.
countants shows an average profit of Si43,-
140.52 per annum for the periods considered.
We invite subscriptions to the above men,
toned Preferred Stock AT PAR, payable
as follows:
10 PER CENT On APPLICATION.
80 PER CENT ON ALLOTMENT.
so PER CENT ON 2D NOVEMBER.
80 PER CENT ON 23D NOVEMRER
Subscribers have the option of paying in
full for the stock allotted to them, and inter
est on the anticipated payment will be
allowed al the rate of 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 practical
bic, to those stockholders asserting to the
recent plan of reorganization and to en-
ployes and dealers in the Company's manu-
features.
The failure on the part of the subscriber to
pay any 1nstallment when due shall operate
as forfeiture of all previous payments =
The subscription list will open
simultaneously at 10 O'Clock A. NJ,
on Wednesday, the Nth Day of De-
tober. 1891. and close at p. VI, on
Friday, the 10th gay of October,
1891, at our offices.