Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-11-17

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The American Trust and Savings Bank, 215
Dearborn ST., Chicago, Ill. II
Crane, Paris s. Co., Washington, d. c.
Traders National Bank, Rochester, N. Y.
An;sa Amsaen H,,ss spad.r, Rochester, d1n n 6,,
w. G. Huey & Co., lis So. 9Th St., Phila-
delphia.
Forms Of Application can be Obtained.
( terest on the outstanding Debentures. pro
| vide the per cent dividend on the Preferred
Stock, and pay dividend of 1917. per cent
on the Common Shares. During this period
the lowest annual net profit made
in any one year was s272, ,742 "a,
while the profits of the last two
ness were the largest in its history. with the
exception of those for one year. The total
net net g91fts ,f for s the G seven % years exceeded
PROFITS SINCE CAPITALIZATION.
The success of the business since its capf.
talization has been enormous. The first
years trading of the English Company, af.
ter providing for the 6 per cent interest on
the Debentures, resulted in return to the
shareholders of a dividend of per cent on
the Preferred Stock and III per cent on the
Common Stock, besides placing to reserve
s2lS, $50 and carrying forward to next years
account $62,4l9.
For the second fiscal year lending July 81,
1881, J per cent interest paid on the
Debentures and dividends Of per cent on
the Preferred Stock and III per cent on the
Common Stock, besides the cancellation OF
S306,0OO of Debentures and the carrying for.
ward to next year of 100000 as undivided
profit. Had the Directors not Thought it wise
to cancel this large number of Debentures, q
dividend of $50 per cent could have been
paid on the Common Stock, besides carrying
forward the $l000 900 as undivided profits.
The summarization of the foregoing shows
that the profits of the business, during the
past two years, have been sufficient to
enable the Directors to pay back to the
shareholders s749, ,525, pay the interest on its
Debentures amounting to S6S, a37), tire and
carry to the reserve fund over slOO.O00-a
showing without parallel in the history Of
industrial enterprises.
PROSPECTS.
The business of the Company at present Is
in a most prosperous condition, and is
steadily improving. This is especially so in
Great Britain and the Con ntinent. During the
past year branch was opened in Switzer-
land, which has already given satisfactory
man and English branches show a large in
crease in profit and q reduction In working
expenses over previous years, and as an evi-
dence Of the prosperity of all branches it
may be stated that the average yearly profits
of the Australian house alone, since the
capitalization of the business, has been suf-
ficlent to pay the whole of the Debenture
interest, as well as per cent. per annum on
the Preferred Stock. The profits of the
other branches, including the United States,
consequently, can be applied to paying diyi-
dends on the Common Stock Arrange
ments are now being perfected to introduce
these preparations into France, Belgium,
and other Continental countries, where the
field is equally as promising; and while the
business in Europe is slower in developing
than in this country, it is at the same time
far more prof able and permanent when es-
tablished. The reduced cost of production
and cheap advertising "a ties make the profits
greater, while the conservatism OF the
people, although difficult to overcome at the
outset, soon develops into confidence .
which makes their patronage constant and
durable.
PREFERRED STOCK.
The per cent Cumulative, Preferred
Stock of this Company, of which 2 900 shares
only are offered for subscription, is a safe,
rate of interest, worthy the attention OF the
most conservative investor.
SUBSCRIPTIONS.
The right is reserved to reject any sub.
scription or to accept it in part. If any SUBJ
scription is wholly rejected, the amount de.
posted on application will be returned. II
the whole amount applied for be not
allotted the amount paid application
will be applied on the sums to become due
ON allotment.
Receipts will be given for all payments
made, and engraved Trust Company Ger
tificates issued by the Central Trust Com
pany will be delivered at once after final
payment is made.
Any installment may be paid in advance
under discount at the rate of per cent per
annum, and Stock issued at once.
Failure to make 4 payment of any install.
ment may operate as a forfeiture of all pre-
viouS payments.
Dividends are declared and paid every six
months by the English Board of Directors in
London, after thorough examination of the
books and business by chartered English ac-
countants. In this country the semi-annual
dividends are paid by the Central Trust
Company, as soon as they are received from
London, such dividends usually being paid
in April and October of each year.