Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-05-12

This corporation is organized to take over the en-
tire property and carry on the business Of the firm
ofJOHN b. STETSON Il Co., felt hat manufaetur-
of the city of Philadelphia, Pa. In considera-
ton Of the entire issue Of R 100 900 full paid capital
stock, the owners transfer the entire plant, with
Its organization as n going concern, including all
the real estate, machinery fixtures, stock In trade
good will, trademarks bills and accounts receivable,
and cash on hand, to the corporation, and John B.
Stetson covenants to remain In the service Of the
company, and also binds himself not to engage In
or give the use Of his name to any competing busi-
ness.
The property conveyed, which Is situated on
Fourth and Cadwalader streets and Montgomery
avenue, Philadelphia, comprises the valuable
real estate and improvements thereon, together
with the plant, machinery, and all appurtenances,
and stock of material on hand and Is believed to
be the most complete and perfectly equipped es-
tablishment in existence for the manufacture OF
hats.
The trade marks and good will Of this business,
acquired through a successful career Of 8 years,
of great value and furnish sure basis OF In
come.
The net profits of the business for the last four
years. as shown by the accountants certificate be-
low, have been g. 159, 2S2 "a The net profits for
1887 were S274 AZ 26 and the amount steadily in
creased year by year to 1882 S2f 40 in 1880.
The balance sheet prepared by Messrs. Barrow,
Wade, Guthrie Co. shows that the fur and other
materials hand, together with the cash balance,
represent working capital of nearly $500, CO.,
The vendors state that the stock in hand Is Of con-
riderably greater value than the figures shown on
this balance sheet. ----------
The Preferred Stock will be entitled to a cumula-
tive preferential divided, payable semi-annually.
The Common Stock will be entitled to the surplus
earnings after per cent per an1ium shall have been
paid upon the preferred shares.
The vendors take 800, 900 in preferred stock and
s4OO 600 in common stock in partial payment. The
remainder of the capital stock. named at the
nbscr iDff
at mar all subscribers take equal amounts of each
class of stock. Subscriptions will be payable as
follows:
10 per cent on application.
30 per cent on allotment.
30 per cent in fifteen days after allotment.
30 per cent in thirty days after allotment.
Allotments win be made as soon as practicable.
The right is reserved to reject any subscription or to
accept 1t in part. u any subscription Is wholly re-
jected the amount deposited on application will be
returned. -
If the whole amount applied for by any applicant
be not allotted the surplus amount paid on appfca-
ton will be credited upon the sum to become due on
the allotment.
Subscribers will have the option of paying In full
on allotment and interest on the anticipated pay
ments will be allowed at the rate offs per cent per
annum The failure to pay any installment when
due will forfeit all previous payments. Receipts
will sbe issued for all payments made and stock
certificates will be delivered upon the final pay
ment.
l. Preference in allotment will be given to employees
of the firm of John r. Stetson & Go. and to SUD-
scribers who are in the hat trade.
THE SUBSCRIPTION LISTS WILL BE
OPENED AT 10 o. CLOCK A. NJ, ON MONDAY.
MAYS, 1891, AND WILL CLOSE AT OR BEFORE
3O,CLOCK P. NJ. ON WEDNESDAY, MAY 20,
1891, AT THE OFFICES OF
MEssRs. JOHN H. DAVIS & CO., 10 Wall
St., New York,
THE UNITED STATES TRANSFER AND
EXCHANGE ASSOCIATION, at the office of
THE MANHATTAN TRUST COMPANY, Cor
ner Wall and Nassau SITS. New York.
THE PRoyIDENT LIFE AND TRUST COM
PANY 400 Chestnut St., Philadelphia.