St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1891-10-11

lative preferred dividend of per cent, pay
able semi-annually on Jan. and July /, and,
in addition, to proportionate share of all
dividends declared in any year. after Z per
cent has been paid on the other stocks
outstanding. The Preferred Stock has al so
a preference i'll the assets of the company in
case of liquidation over all other stocks.
The authorized capital stock of the Com
pany is Si0,0000 900, of which $4,000, 900 is Pre-
ferred Stock. Shares. $50 each.
The portion offered for subscription will
be full-paid and worcestershire when taken
and paid for hereunder.
Application will be made to list the stocks
on the New York and Boston Stock Elk
changes.
The proceedings taken by the Company to
create this issue OF Preferred Stock have
teen submitted to counsel, and they advise
us that the reorganization and this issue of
Prefer ed Stock are valid in law.
Tie business of the Westinghouse Electric
and Manufacturing Company has grown to
its present large proportions in about five
years. Its growth has been not only rapid
but continuous, and has fully kept pace with
the remarkable development of the electrical
industry. Sales are as follows:
months from LIST April to 31st
December. 1856. S141, $40. II
II months, to 31st December, 1887. S74,657 81
II months, to 3lst December, 1888, ], 2SS, $50 Al
12 months, TO Dist December, 1889. 3,6IS, 379. 81
10 months, to 3lst December, 1890. 4,2S9, OS6 81
The Company manufactures its apparatus
at three fullv-equipped factories located re-
sp ectively, at Pittsburg, Penn; Newark, n.
j., and New York City, which furnish ex-
ceptionaly complete facilities for the manu-
facture of all kinds of electric light and
power apparatus.
The Company relies chiefly for success
upon the quality and mechanical perfection
of its work, although it has more than one
thousand patents affording valuable protec-
ton against competition.
The Company will continue to have the
benefit of the mechanical and engineering
ability of its founder, Mr.. Westinghouse
We have made an estimate of the assets of
the combined Companies, and our examina.
ton has led us to believe that, after making
liberal deductions for all foreseen contingen.
cies, the assets of the reorgauized Company
Will furnish ample security for the total
issue of Preferred Stock, without taking into
consideration of the value of the patents al
all, and that the working capital will be FULLY
sufficient TO conduct the business on an eco
nomical basis, the saving in the interest ac
count alone being sufficient to pay full divi-
dends on this issue.
Subject to certain reservations detailed in
the prospectus. the examination of the &C.
countants shows an average profit of S4l3.-
14O. so per aunum for the periods considered
We invite subscriptions to the above men.
toned Preferred Stock AT PAR. payable
as follows:
10 PER CENT ON APPLICATION.
80 PER CENT ON ALLOTMENT.
80 PER CENT ON I'D NOVEMBER,
3OPER CENT ON 23DNOVEuBER.
Subscribers have the option of paying in
full for the stock allotted to them, and inter.
est on the anticipated payment will be
allowed at the rate of per cent per annum
The right is reserved TO reject or reduce any
subscriptions and 10 make allotments of less
than the amounts applied for. In allotment,
preference will be given so fur as practical
Bile, to those stockholders asserting to the
recent plan of reorganization and to EN-.
ployes and dealers in the Company's manu-
features.
The failure on the part of the subscriber to
pay any inStallment when due shall operate
as a forfeiture of all previous payments.
The subscription list will open
simultaneously at 10 O'Clock A. NJ.
on Wednesday, the 18th Day of Oc-
tOber, 1891, and close at 3 r. W., on
Friday, the 18th day of October,
1891, at our offices.
AUGUST BELMONT & CO.,
90 Nassau st., New-YOrk.
LEE, HIGGINSON & CO.,
Al State St., Boston.
Copies of the Plan of Reorganization, the
prospectus, with full details and forms of
application, can be obtained at the offices
above mentioned.
The subscription for the entire
amount of the Preferred Stock
above offered has been guaranteed
by underwriters in this country.