The Providence news. (Providence [R.I.]) 1891-1906, 1891-12-02
OF THE COMPANY.

The preferred stock is entitled TO dividend at the
rate OF per cent. per from July l. 1891, pay
able out OF the earnings OF the corporation before
any dividend Is set apart or paid on the general
common stock. In OF the non-payment OF
such dividend a. shall remain. until paid. charge
against the net earnings OF the mpany, prior t) all
rights of The common stock The common stock Is
entitled 20 the surplus earnings OF the company in
amount not to exceed 10 per cent. per annum
from the same date, non-cumulatNe. III any sur
plus remains after the payment OF such dividend To
the common stock and Is divided as dividends, IL is
to b. divided that each share of preferred stock
and each share Of common stock shall receive the
same part thereof.
The authorized capital stock OF the company is
S2,7JO,000, OF which s,75oo0o Is preferred
sto X and the amounts now offered for subscrip-
ton are issued full-paid shares and non-assess-
able when taken ana paid for 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
10 the new cJmpany.
II is provided in the certificate OF incorporat on.
and also in the bylaws, that bond Of this COM
pany shall be issued nor shall any mortgage be
made upon any Of it's property without the consent
OF at least seventynve per cent 5 per cent? OF the
preferred and also of the common stock. The vot-
ing powers Of both classes OF stocks are the same
The stocks Of the company viii be registered at
the Farmers Loan and Trust Company, and appli-
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
Company OF Providence, X. l., viz, the manufacture
of Horses and Toe-Calks.
IL is intended 10 continue the business under the
existing management, with Mr.. +. w. Carpenter as
Al EfAE afsasL nFN
and they are not TO engage in any competing busi-
ness for 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 already attained, and he agrees To re-
main in personal charge OF the manufacturing de-
partment for at least Ave years and also not TO en-
gage in competition for ten years.
The new company acquires, free of all encum-
brances all the property Of the vendors used In con-
necuon with the business including the real estate
property, hereditaments, premises, fixed plant
machinery tools all patents, and the good win OF
the business. and quick assets, consisting OF raw
and manufactured materials and cash amounting
together TO s350.Ooo.
The property and business have been thoroughly
examined and investigated by disinterested COM
mittee Of three gentlemen OF the highest standing
known ability and experience vix.: MIR. william
Coriiss. President OF the Corlss Safe and Vault
c. Sims of the Arlington and Sims Engine Com
pany, and the Hon. Jonathan Chace large cotton
manufacturer and late United States Senator from
Rhode Island all Of Providence, who in their ex-
haustive report state their estimate and conclu-
sions follows:
Assuming that the general management of the
businessi is continued without change, and the gen.
eral policy regarding its conduct Is continued, the
commit ee have, in view Of all considerations,
fixed upon the sum OF g., 500 600 reasonable and
conservative estimate Of its cash value, To this
should be added 5o,ooo the amount of the guar
an teed cash assets"
The history OF the company dates back some sew
enteen years. when the works were established at
Valley Falls six miles north Of Providence and the
business now carried Is the manufacture of
Horse-shoes and Toe-Calks; but the plant could be
increased by very small expenditure. so n to pro-
duce bar iron made from re-rolled scrap iron, for
which product there is good demand al fairly re-
munerative prices. The supply Of scrap iron in the
vicinity is always ample. and can be purchased at a
low price. The company manufactures from best
wrought scrap all the iron used In making Its
horse-shoes and re-rols from scrap steel the steel
that ia used in the manufacture OF Toe-Calks. Fur
ther. it manufactures its own machinery, except
engines and boilers-the capacity Of its machine
shop being ample for these purposes consequently