New-York tribune., 1891-05-15

scarcely any other soft hat Is worn. This ssns
cern originates styles and manufactures largely upoa
special orders from other hat makers. This fcs In.
portant as it insures the good will and friendly cooper
ton Of the trade.
The quality Of these goods has them the most
enviaele reputation, securing for JOHN B. sTETsON
co. the Grand Prize the Paris Exposition over
all European well American competitors.
One of the fe Of this business that
every hat manufactured IL upon advance orders, aud
the large capacity Of the works, IL has
been impossible to keep mp with orders received.
hence there IL n dollar invested or Jeopardized h
dead stock. The stock In trade any consists
therefore, exclusively Of goods In process manufacture
Of raw material principally in fur, whose value actually
increases the longer II is kept in stock.
Mr. Steson has msde extraordinary provisions for the
welfare Of his employees. At his cost he estsb
shed upon property contiguous the works library and
reading room for their use savings bank and building
society 10 thrift; surgery and dspensary.
under competent practitioners: and handsome chapel
where the families Of the employees attend service and
Sunday school moreover he has provided for the support
and maintenance Of these institutions after his death
This insures the continuance OF these unusual and beneficial
provisions without cost to the None Of tho
employees members of any trade union and the
business Is affected by strikes labor disputes
arising from outside dictatou.
Mr.. stetson will act President for i've years.
longer IL desired, and agrees salary for his
services for any year until the company shall have easnd
net for that per cent upon the preferred stock and
IL per cent upon The present expert
enoed reliable and valuable OF superintendents and
employees Will also remain with the new company.
The bushes, Of the firm s taken over BY ths Company
as Of Dec l. 1890 subject to charge az the rate Of
per per favor Of the vendors TO the date
transfer The books and accounts for period Of four
ending upon the above date have been examined BY
the well.kn accountants, Messrs. Barrow, Wade.
Guthrie g. Co. of London Manchester and NewYork, the
result Of which examination Is shown In the following
certificate,
yCCOUNTANTS' CERTIFICATE.
No. 100 BROADWAY, NEw-Y Aprn "a, 1891.
Messrs John H. Davis & Co.,
The United States Transfer and Exchange Association,
New.York City.
Dear slrsI
Pursuant to your instructions have had submitted
10 us and have carefully examined the books and accounts
of John B. Stetson Co.. Of Philadephs, hat msnufact
urers the four years ending first Of December $780,
We nd that after writing of all bad debts, full charges
for repairs maintenance Of plant improvements TO build
ings and all charges pertaining to the business the net
profits have amounted for the four years to sl16e2s27f
equal to an average annual profit Of S3sS,s23is
The profits the last namely TO the nrst Of
December, 1899, were e332,634.49.
The sales Of increased during each Of the four
years named.
We find also that sales and PROFITS for the four
months from L. 1890. March 81 1891, have been
much larger for the corresponding period OF any
previous year
Detailed accounts showing above profits have ben
prepared BY us and accompany this certificate.
Yours truly,
BARROW, WADE, GUTHRIE & CO.,
Chartered Accountants.
! TEE AVERAGE ANNUAL. PROFITS FOR THR
-FOUR YEARS HAVE BEEN EQUIVALENT TO PER
GENT UPON THE PREFERRED STOCK, AND
OVER IA PER CENT UPON THE COMMON STOCK,
WHILE FOR THE LAST YEAR THE PROFIT WAS
EQUAL TO OVER ~ 1-2 PER CENT. UPON THE
COMMON STOCK, AFTER FULL .PEh CENT
UPON THE PREFERRED STOCK.
The Company is Incorporated under the laws OF the
State where property is located, fact which VIII Do
appreciated by conservative investors.
No bonds are issued and under the Constitution OF ne
State of Pennsylvania mortgage indebtedness can b
created without the consent Of the persons holding he
larger amount In value Of the stock being hr't ootned
meeting to be held after sixty days lawful notice.
It is seldom opportunity is presented for nvee
ment I'm such stable long established and remunerative
business as that under consideration, or that securities
Offering such safety and at the same time insurns such
handsome dividends be obtained.
tanning more detailed informatonand
blank applications ior stock be obtained at the o'c~
OF any Of the bankers named above.