The Portland daily press. [volume] (Portland, Me.) 1862-1921, 1891-05-01

$55 PER SHARE. PRICE INCLUDING
ACCRUED DIVIDEND FROM FEB. /, 1891.
TO WHICH DIVIDEND SPECIAL REFER
ENCE is MADE BELOW.
THE SUBSCRIPTION LISTS WILL BE
OPENED AT 10 O'CLOCK A. NJ ON THURS
DAY, MAY 7, 1891, AND WILL BE CLOSED
AT IL O'CLOCK NJ. ON SATURDAY, MAY O.,
1891, BY
MESSRS. S. v. WHITE & COMPANY.
New York and Chicago
and by
CENTRAL TRUST COMPANY, 81 WALL ST.. NY.
BANK OF NORTH AMERICA, rs NASSAU ST.,EY.
From whom Prospectuses and blank form of
Application can be obtained. Subscriptions will
be payable as follows: 10 per cent. ON appIi-
cation; 30 per cent. ON aIIotmen,; 80 per
cent. ON Wednesday, May 30, 1891; 80
per cent ON Monday, June 4, 1891. Allot-
ments will be made as soon as practicable.
Inc right is reserved to reiecta any subscription
or to accept it In part. II any subscription is
wholly rejected the amount deposited on applica-
ton viii be returned. II the whole amount ap.
Piled for be not allotted the amount paid for on ap-
pllcation will be applied on the sums to become
due on the allotment.
Receipts Will be given for all payments made,
and engraved Trust Company certificates issued
soon as practicable after the making Of the final
payment. Any installment may be paid in adj
vance under discount at the rate Of per cent.
per annum.
Failure to pay any installment when due will
forfeit all previous payments.
A preference In allotment will be given to en-
ployes and customers of ii. III. Warner & Co..
Limited.
Registrar of Ger tiGcates
Union Trust Company, New York.
Transfer Agents.
Central Trust Company, New York.
American Committee of Management.
HON. Ii. II. WARNER, PRESIDENT.
>. MoREAU SMITH, ESQ.,, VICE PRES IDENT.
JOHN d. PALMER, ESQ, TREASURER.
JOHN M. IVES, ESQ, SECRETARY.
Nature of the Business-The business con
sists Of the manufacture OF proprietary medicines
and preparations known as Warmers "Safe"
Remedies, Warmers "Log Cabin" Remedies, and
warmers safe" Yeast Offices and laboratories
are established In Rochester, N. r.; Toronto.
Canada London, England; Frankfort, Germany;
Kreuzlin, Switzerland; Melbourne, Australia
and Dunedin, New Zealand. The establishment
OF these offices and Laboratories outside Of Roch
ester, N. Y, was rendered imperatively necessary
owing to the enormous increase of business and
the widespread popularity of II. ii. Warner s. Co. g
preparations.
Property Conveyed-The price paid by the
company for the entire business as on 31st July,
1883, including the goodwill, trade names and
marks, prescriptions and recipes, freehold and
leasehold properties and buildings in America
and elsewhere, fixed and movable plant and ma
chlnery at Rochester, N. Y, and the different
branch houses, cash In hand and at bankers, the
stocks in trade, Consisting Of wholly and partly
manufactured stock, raw material and advertis-
ing matter,) furniture and all property used in
connection with the business, together with the
benefit OF all current contracts entered into by
Mr.. Warner In relation thereto, was e7OO,O 900
or S3,395 900. Since this time the increase Of
business and enlarged earning capacity Of the
concern have added greatly to the value of the
property.
Earnings.-Prior to the incorporation In No
vember 1889. under the laws OF Great Britain, Of
II. III. Warner & Co., Limited, the net earnings in
the United States alone, for seven years amount
ed to S3,OS5 $50 81. During this period
there was no single year, according to the &C
counts, when the profits of the United States bus
mess were less than s27O, 539, and the last two
years we're the largest in the history OF the bust
ness with the exception of one.
For the first year of the English Company, end
ing July 81, 1890, the net earnings were eIO5,-
062, or S5O9.5 90, out Of which sum were paid
seml-annual dividends on preferred stock at the
rate OF 9 per cent. per annum, and on common
stock at the rate of 30 per cent. per annum, be-
sides carrying to reserve the sum of e45, 900 or
$2lS, $50, and in addition surplus to the
next years account of el2,S7O, or
$50, 1880. In December, 1890, the
profits were increasing so rap. dly, owing to the
unexpected development of the newer branches
that the Company exercised its option and called
In, paid off, and cancelled $685. 425 of its Deben-
ture Bonds, leaving but S434, O75 Of such Deben-
lures still outstanding. On the list Of February,
1891, careful estimate OF the business of the
concern, with its various branches, was made
with view 10 the declaration of the dividend for
the first six months of the second fiscal year.
The result was most gratifying, as the net profits
for the six months were about $40, 900, these
earnings being the largest In the history of the
company. This amount enabled the company TO
declare the semLannual dividend at the rate Of s
per cent. on the Preferred stock, 15 per cent. on
the Common stock, the balance Of $4,000 be-
ing carried forward to the end Of the fiscal year
since rep. the business has shown still greater
Improvement, the indications making probable a
inucn larger dividend than ever before among the
common shareholders, besides the payment Of the
freferred dividend,
from recent careful estimate it is believed
Una. tle net profits of the business Of the Compa-
~ III tiie SIX months ending July 31st, 1891, ad-
WV W .ne net profit OF $4,000 earned the pre-
.,oas SIX months, will aggregate about $65O, 900
Tor the entire year. Taking this amount as a
oasis and deducting
3 per cent. on $434,OOO Dsbentures S 2S,O4O
. psf cent. on 100000 Preferred
'n .a remains applicable as dIYidends 10
inc Common Stock 81 per cent, Or The
sumof 543,SSO
-,r sS5O,OOO
iHt NET ANNUAL PROFITS or THE AUSTRIA.
w Van BUSINESS ALONE FOR THE PAST FOUR
rs ,cA nSo, have BEEN SUFFICIENT IN EACH YEAR
: ~ ~ rhuvlue the WHOLE OF THE AMOUNT NECES-
SaaI " PAY THE INTEREST ON ALL THE
os 4;'I igRES ANa THE DIVIDEND ON THE WHOLE
~ or . Is. PREFERENCE SHARES. THE PROFITS
~ ''r,I lns UIheR BRANCHES, INCLUDING THE
oS ,I6 ~ - SiAIeS, CONSEQUENTLY, CAN Be APP.
rllsu y PAYING DIVIDENDS ON THE COMMON
Slg JUN aA0 FOR THE FURTHER EXTENSION
OF THE BUSINESS.
,,ana non, d. Il. Warner has contracted to act as
director for five years from July, 1889,
nr,,, nn. ~ compensation in any year therefor,
ooo " ne' earnings for the year amount to Gill;
80, - Sooa4oo, such compensation 60 be
.. on,y e"t OF the net proai. i'm excess of
uoI an agreement with the Company Mr..
farmer retains at least five thousand shares of
inc common STOCK Of the Comnanv
Application will be maaa 20 ,h. MAJ work
Stock Exchange for dealings IN both classes Of
certificates representing the Preferred and Com
mon stock. an2edst