The sun., 1891-11-29
OF THE COMPANY.

The preferred stock is entitled to a dividend at the
ratio OF Per cent per annum from July 1901. pay
able out OF the earnings OF the corporation before any
dividend II set apart paid on the general ,conmon
stock. In OF the nospayment OF such dividend Il
sha remain. until paid charge against the net
Of the company Nior to 81, rights Of the common
stock. The common stock entitled the surplus
earnings Of thc compsnyiu An amount not 70 exceed
10 per cent per annum from the same date. noucumu
ative II any surplus remains after tho payment OF
such dividend to the common stock and 10 divided as
dividends II is to be divided that each share OF pre-.
ferred stock and each share Of common stock shall
ceive the same part thereof
The authorized capital stock OF the company is
61,7SO, 900. OF which 81. preferred stock.
and the amounts now offered for subscription are
issued full paid shares and non-assessable when
taken and paid for hereinafter specified The
mAinder Of the stocks not offered for subscription
has been taken by the old company a. par In part
payment OF the transfer Of tho property to the
company.
provided in the certificate of Incorporation and
also In the bylaws. that bond OF this company shall
its property without the consent OF at least
per cent as per cent? OF the preferred and also Of the
common stock. The voting powers OF both classes OF
stocks the same.
The stocks OF the company will be registered as the
Farmers Loan AMI Trust Company. and application
viii be made II list them the New York aud Boston
Stock Exchanges.
The present company has been formed sor tho pur
pose Of acquiring and carrying on the ve!Lknown
business OF tho Rhode Island Horse Shoe Company OF
Providence. Il. l. vz the ,nufscture of Horseshoes
and roe-(.alks.
is intended continue the oIsness under he
ing management, with NJ r. W. Carpenter President
and Mr. r. ". Comstock Secretary and they not
TO engage in competing business Icr period OF ten
years. The General Manager Nr Charles H. Perkins, is
the inventor OF the special machinery which has largely
contributed the results already d he agrees
TO remain In psrsoat charge OF tho manufacturing de-
partment for at least nvs and also 10 engage
In competition for ten years
The new company acquires free Of ali encumsrances.
s the property OF the venorS used in nectton with
the business including the real property here
ditsments promises nxed plant machinery. tools all
patents and the good viii OF the business. and qucs
assets consisting OF raw and Manufactured materials
and cash amou ntiug together TO S35nooo.
The property and business have been thoroughly
aminsd and Investigated by disintsreste committee
Of three gentlemen OF the highest standing. known
ability. and experience. viz: Mr.. William Corss. r-es;
dent OF the Corlss Safe and Vault Door Company Of
Providence R. l.: Mr.. Gardiner G. Sims OF the ArminR
ton and Sims Engine Company. and the Hon Jonathan
Chacc, large cotton manu- acturcr and late United
States Senator from Rhode Island. all of Providence
who in their exhaustive report, state their estimate
and conclusions as follows:
Assuming tina. the general management Of the bust.
meas Is continued without change. and tho general
policy regard ng its conduct is continued the
tee have in view Of all considerations dSed upon tho
sum OF S25oo.Ooo as reasonable aud conservative
timae OF Its cash value To this should be added $780,
600 the amount OF the guaranteed cash assets"
The history OF the company dates back some seven
years. when the works established at Valley
Falls six miles north Of Providence and the business
carried Il the manufacture OF Horse Shoes
ToeCaks; bat the plant could be increased by very
small expenditure produce bar ade from
rcroiled iron for which product there good
demand at fsrly remuuerative prices The supply Of
scrap iron IN the vicinity always ample an! be
purchased At low price. The company manufactures
from best wrought scrap all the iron usei in making
shoes and re-os from scrap steel tho steel
that 10 used the manufacture OF roe.Caks
Further. 1t manufactures its own machinery
except engines and boilers-the capacity OF
It's machine shop being ample for these purposes-
consequently the cost OF all the machinery reduced
t the lowest possible ngurs. The land on which the