The Providence news. (Providence [R.I.]) 1891-1906, 1891-11-30
OF THE COMPANY.

The preferred stock is entitled to dividend at the
rate o. ,ent. per annum from July /, 1891, pay
able out of the earnings OF the corporation before
any di idend is set apart paid on the general
common stock. In Of the non-payment OF
such dividend T. shall rema n, until paid, charge
against the net earnings OF thec mpany prior q all
rights Of the common stock. The common stock Is
entitled TO the surplus earnings OF the company in
amount not TO exceed 10 per cent. per annum
from the same date. non-cumuative. II any sur
plus remains after the payment Of such dividend TO
the common stock and II divided as dividends, IL is
be divided that each share Of preferred stock
and each share Of common stock shah receive the
same part thereof.
The authorized capital stock OF the company Is
S2,75O,OOO, OF which r,75o,o0o Is preferred
sto x, and the amounts now offered for subscrip-
ton are issued as full paid shares and non-assess-
able when taken ana 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
TO the new company.
II is provid, in the certificate OF Incorporation,
and also in the bylaws, that no bond OF this COM
panv shall be issued shall any mortgage be
made upon any Of Its property without the consent
Of at last seventyve per cent. 15 per cent? Of the
preferred and al % OF the common stock. The vot-
ing powers Of both ella Of stocks are the same.
The stocks OF the company viii be registered at
the Farmers Loan and Trsst Company. and apple
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
Comp my OF Providence II. l., viz, the manufacture
OF Horse -sh es and Toe-Calks
IL is intended TO continue the business under the
existing mans cement with Mr.. +. w. Carpenter AZ
presid mt and Mr.. X. w. Comstock as secretary,
and they are not 70 engage In any competing ousi-
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 alre ady attained, and he agrees TO re-
main in per onal charge of the manufacturing de-
patment for at least ve years, and also not 10 en-
gage In competition for ten years.
The new company acquires, free OF all encum-
brancps all the property OF the vendors used In con-
pection wit tue business including the real estte,
property, hereditaments, premises hxed plant.
machinery, TOOLS all patents, and the good viii Of
the business and quick assets. consisting OF law
and manufactured materials and cash AMOUNT ng
together to s35o,OO0
The properly and business have beea thoroughly
examined and investigated bya disinterested co IL
mitee Of three gentlemen of the highest standing,
known ability and experience, vix Mr.. William
Corliss President of the Corliss Safe and Vault
Door Company os Providence, X. l.; Mr.. Gardiner
c. Sims of the Arm ngton and Sims Engine Com
many and the Hon. Jonathan Chace, "A large cotton
manufacturer and late United states Senator from
Rhode Island, al OF Providence, who. in heir ex-
haus i've report, state their estimate AM cJnclu-
sons t.s follows:
Assuming that the general management OF the
busints,is continued without change, and the gem
eral policy rega ding It's conducC is continued, the
commit ee have, In view u all considerations,
fixed upon the sum OF - 5oo,0oo as reasonable and
conservative estimate q It's cash value, To this
should be added $1,000, the amount OF the guar
anteed cash ass,ts."
TIE histo-y of he company dates back some sew
.nteen year g. when the works were established at
Valley Falls six mi north Of Providence, and the
business now carried on Is the manufacture OF
Horse-Shoes and ToeC alks but the plant could be
increased by very snal expenditure. so as to pro-
duce bar iron made from re-rolled scrap iron, for
which product there is a good demand a, fairly re-
munera i've prices. Tle supply Of scrap iron In the
vicinity is always ample. and can be lrchased at
low price. The company manufactures from best
wrought SCI ap all the iron used In making Its
horse-shoes and re-rols from scrap steel the steel
that is used in the anufac OF Toe-Calks. Fur
ther II manufactures its own machinery. except
engines and boilers-the capacity OF its machine
shop being ample fos these purposes consequently