Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-07-30

| The 10000 shares of preferred stock Is
preferred both as to dividends and assets,
and is entitled to a c imuIative preferential
dividend of per cent, payable semi-an-
nualIy on the LIST days of February and Au-
| gust in each year before any dividend shall
| be paid upon the common stock.
The remaining 20, 900 shares common stock
entitled to a noncumulative dividend of12 per cent
per annum after the payment Of the cumulative
dividend upon the preferred stock.
The surplus profits and above these dividends
will be divided EQUALLY between the preferred
and common stock.
Dividends will be payable at the offices of the
company or will be sent by mail TO shareholders
upon request The two classes of stock will have
the same voting power.
All of the common stock will be taken by the
present manag cement and associates. The preferred
stock only being offered for subscription at par the
right being reserved to accept subscriptions In part
should the applications exceed the amount offered
The right is also reserved TO give preference to
ployes and regular customers.
The preferred stock offers a security al
most identical with that of first mortgage
bond, with the additional privilege of sharing
with the common stock In surplus profits. The
dividend of per cent. is cumulative, and
in of nOn-payment it will remain until
paid charge lgainst the earnings OF the Company
prior to all claims OF the common stock In of
liquidation, the preferred stock will he paid in full
both principal and accrued dividends, before any
value of the real and personal property acquired
by the Company, as will appear by accompanying
statements, Is nearly double the amount of the
issue of preferred stock.
STATEMENT OF VENDORS.
The Mime. Demorest pattern and fashion
business was established in 1S45, and has
become one of the best known and most successful
enterprises of its class There in the factories
and publication departments constantly employed
between two hundred and fifty andsthree hundred
men and women. There are two thousand agencies
in this country and more than two hundred agen-
cies in England and France. Every department
of the business has from the beginning been profit
able.
The Mime. Demorest fashions and patterns
sold in large quantities in London, Paris, Berlin.
and elsewhere in Irope almost readily they
are in America.
The company acquires the patents Of one of the
best sewing machines ever invented, and has the
advantage of Its millions of publications for free ad
vertising, by of which trade is already Sc
cured, only limited by ability to supply the de-
mand for machines. The new company will be en-
abled to increase the capacity of the factories (at
present %. 900 machines per YEAR, and greatly en-
large the business the proceeds of slUO 0 of the
preferred stock set aside cash fund for
working capital and improvements.
The real estate and other property acquired by
the Demorest Company, free from all debts and OBJ
legations embraces:
The real estate, factory build
ings, tools and machinery at
Williamsport, Pa, valued at. .S261 ,063 23
The leasehoh property OF the
Demorest Co. in East 11th
Street. New York, appraised
valuo Observation-Disclosures. 1a5,ooo 90
Its stock of machines and ma
teriaI in process of manufact-
ure, as per inventory. 1922 so
Stock of pattern publications,
machines, general mdse., fxt-
ures and fittings of the New