New-York tribune., 1891-05-17

scarcely any other soft hat This
cern originates styles and manufactures largely upon
special orders from other hat makers. This fact Is i'm
porant as It nsures the good will and friendly coopea
ton OF the trade.
The quality Of these goods has for them the most
envisole reputation, securing for JOHN r. STETsON g.
CO. the Grand Prize at the Paris Exposition Of 1889 over
all European as well American competitors.
One of the atures of this business that
every hat manufactured IL upon advance orders, and
Notwithstanding the large capacity of the works. hns
been impossible 10 keep with orders received,
hence there IL not dollar Invested jeopardizcd In
dead stock The stock In trade any time consists,
therefore, exclusively Of goods manufacture
OF raw material principally in fur whose value actually
Increases the longer 1t is kept In stock
Mr. Steson has made extraordinary provisions for the
welfare Of his employees At his cost he has estab
hed upon property contiguous to the works library and
reading room for their use savings bank and building
society to thrift; surgery and dispensary,
under competent practitloners 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 to the company. None of the
employees members of any trade union. and the
business s never affected by strikes labor disputes
arising from outside dictation.
Mr.. Stetson will act President for Ave years,
longer II desired and agrees to take salary for his
services for any year until the company shall have earned
for that year per cent upon the preferred stock and
IL cent the stock. The present expert
enced reliable and valuable stan OF superntendens and
employees will also remain with the new company.
The business the nrm taken by the Company
Of Dec l. $780, subject to charge at the rate Of
per per OF the vendors TO the date
transfer Tho books and for period OF four
ending upon the date examined by
the well.known accountants, Messrs. Barrow. Wade.
Guthrie Co. OF London Manchester and NewYork, the
result OF which examination is shown In tho following
certHcate
ACCOUNTANTS CERTIFICATE.
No. 100 BROADWAY, NEw.YoRK April "a, 1891
Messrs. John II. Davis Co.,
The United States Transfer and Exchange Association
New-Ycrk City.
Dear sirs
Pursuant to your instructions we have had submitted
TO and carefully examined the books and accounts
Of B. Stetson Co.. OF Philadelphia, hat manufac
rrers for tho four years ending first OF December 1890
We after writing OF all bad debts full charges
for repairs maintenance OF plant improvements TO build
nes and all charges pertaining to the business the net
rroat have amounted for the four yenr to sl159292L
coual 10 uvera &C annual profit Of S2s9,S23 Is
The nct profits the last namely TO the first OF
December. 1Sg3, were S332,Gs4.f9.
Te saes OF hats increased during each of the four
years named
We find also that the sales and profits for the four
months from Dec l. 1890 March 81, 1901 have been
much larger than the corresponding period OF any
previous year.
Detailed accounts showing the above profits have been
prepared by u. and accompany this certificate.
Yours truly,
BARROW WADE, GUTHRIE & CO.,
Chartered Accountants.
TIE AVERAGE ANNUAL. PROFITS FOR THE
FOUg YEARS HAVE BEEN EQUIVALENT TO PER
CENT. UPON THE PREFERRED STOCK, AND
OVER R14PERCENT. UPON THE COMMON STOCK.
WHILE FOR THE LAST YEAR THE PROFIT WAS
EQUAL TO OVER II 1-2 PER CENT. UPON THR
COMMON STOCK. AFTER FULL PBR CENT
UPON THE PREFERRED STOCK.
The Company is Incorporated under the laws OF The
State the property is located, fact wheh Will DC
appreciated by conservative investors
No bonds are issued and under che Constitution OF tho
State Of Pennsylvania mortgage Indebtedness can Dc
created wshoyy consenS Of the persons holding inc
larger amount IN value Of the stock being brt ooaeo az
meeting 10 be held after sixty days lawful notice
II is seldom that opportunity presented for nvese
mont IN such stable long established and renneatve
BUSINESS n, that under consideration, or that securities
Gerinr such safety and at The same time nsurnB such
handsome dividends can be obtained
p-o.nectuses-containng detailed nfomation-and
HANK applications stock can be obtained at the onces
~ any OF the bankers named above.