Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-04-30

Union Trust Company. New York
Transfer Agents.
Central Trust Company, New York.
American Committee Of Management.
HON. H. H. WARNER PRESIDENT.
]. MOREAU SMITH, Esq. VICE PRESGDENT!
JOHN ID. PALMER, ESQ, TREASURER.
JOHN NJ. IVES. ESQ, SECRETARY.
NATURE OF THE BUSINESS-Tbe business
consists of the manufacture OF proprietary medi-
cines and preparations known Warmers
''Safe'' Remedies. Warmers "Log Cabln'' Remc-
dies, and Warmers SAFE Yeast. Offices and
laboratories established in Rochester, N. T.;
Toronto. Canada; London. England; Frankfort.
Germany; kreuzlin. Switzerland: Melbourne,
Australx. and Dunedin, New Zealand. The es-
tablishment of these offices and Laboratories out
side of Rocnester. ". Y. was rendered impera-
lively necessary owing to the enormous increase
OF business and the widespread popularity of II.
II. Warner Co.'s preparations.
PROPERTY CONVEYE ED-The price paid by
the com pany for the entire business as on 3lst
July, 1889, including the goodwill, trade names
and marks. prescriptions and recipes freehold
and 1easehold properties and buildings in Amer
lea and elsewhere fixed and movable plant and
machinery at Rochester, N. Y. and the different
branch houses. cash in hand and at bankers. the
stocks in trade consisting Of wholly and parEy
manufactured stock, raw material and ,sdyertis-
ing matter, furniture aud all property used in
connection with the businesses, together with the
benefit OF all current contracts entered into by
MIR. Warner in relation thereto. was 100000.
g. 395. HOO since this time the increase of busi-
ness and enlarged earning capacity of the con-
Germ have added greatly to the value Of the prop
ertY.
EARNINGS-Prior to the incorporation in No
vember. 1883. under the laws of Great Britain, OF
II. H. Warner Co., Limited the net earnings in
the United States alone, for seven years amounted
to g. O35 6sl 81. During this period there no
single year, according TO the accounts, when the
profits ii the Unl.ed States business less than
$40 49, and the last two years were the largest in
the history of the business with the exception Of
one
For the first year OF the English Company, end
ing July 81, 1890 the net earnings were El05 062.
or s5cg, 500 out OF which sum were paid semi-an-
nual dividends preferred stock at the rate Of 8
per cent per annum, and on common stock at the
rate of % per cent per annum besides carrying TO
reserve the sum Of SIS co., S21s 80 and in ad-
dItion surplus to the next years account OF El2,
SO, s62, II9 80. In December. 1890. the profits
were increasing SO rapidly, owing to the uneJ-
pected development of the newer branches, that
the Company exercised Its option and called In,
paid off and Cancelled s293 rs of its Debenture
Bonds, leaving but s4S4 O75 OF such Debentures
still outstanding. On the 1st of February. 1891.
careful estimate of the busines9of the concern,
with its various branches, was made, with q view
to 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
the largest in the history of the company. This
amount enabled the company to declare the semi
annual dividend at the rate OF per cent on the
Preferred stock, Is per cent on the Common stock,
the balance Of sl70 coo beng carried forward to
the end Of the fiscal year. Since Feb. the busi-
ness has shown still greater Improvement. the in
dications making probable a much larger divi-
dend than ever before among the Common share
holders. besides the payment OF the Preferred
dividend.
-, -.so,,1 -, -afrl sett,,, 70 ~ q believed fb,+
the net profits of the business of the Company for
the six months ending July 81 1891, added to the
net profit OF $40, 600 earned the previous six
months will aggregate about $50. 900 for the en-
tire year. Taking this amount as basis and de-
Quoting
per cent on s434, 900 Debenfurss..S q, ,04o
8 per cent on 81. 900, 900 Preferred
Stock. ..........-....-......... 30, 600
There remains applicable as dividends 80
to the Common Stock 81 per cent,
or the sum of....--..---............. 543,960
$3.50, 900
The net annual profits of the AustrslisB busl-
ness alone for the past four years have been
sufficient in each year TO provide the whole of
the amount necessary 10 pay the interest on all
the debenturss and the dividend on the whole
of the preference shares The profits OF the
other branches, including the United States,
can be spplisd to paying dlvi-
dends en- the common stock and for the further
extension Of the business. r.
The Hon, n. II. Warner has contracted to act
as Managing Director for i've years from July.
lsss receiving no compensation In any year there-
tor until net earnings for the year amount to
ELI. CO. or ss5. 80 such compensation TO be paid
only out of the net profit In excess OF that sum.
Under agreement with the company SIR.
W farmer retaius al least i've thousand shares Of
the Common stock of the Company