Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1891-10-08

The Preferred Stock is entitled to a cumu-
lative preferred dividend of per cent pay
able semiannually on January and July l.
and, in addition, to a proportionate share Of
all dividends declared in any year, after
per cent has been paid on the other stocks
outstanding. The Preferred Stock has also
preference in the assets of the company in
case ofliquidation over all other stocks.
The authorized capital stock of the COM
pany is s1OoOo,OOO of which 100000 is Pre-
ferred Stock. Shares, $50 each.
The portion offered for subscription will
be full paid and non-assessable when taken
and paid for hereunder.
Application will be made to list the stocks
on the New York and Boston Stock Ex-
changes.
The proceedings taken by the Company to
create this issue of Preferred Stock have
been submitted to counsel, and they advise
us that the reorganization and this issue Of
Preferred Stock are valid in law.
The 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 electri-
cal industry. Sales are as follows:
months, from 1st April to 31st
December, 1855. .-.................S A1, ,S46 IL
II months, to 3lst December, 1887. s74,657 81
u months, to 3lst December, 1888. 12ss, $50 Al
12months, to 3lst December, 1880. $685. 81
Il months, to 31st December, 1890. 4,2s9, ,Os6 81
The company manufactures its apparatus
at three fully-equipped factories located re-
spectively, at Pittsburg, Pa: Newark, N. j.,
and New York City, which furnish excep-
tionally complete facilities for the manufac-
ture OF all kinds of electric light and power
apparatus.
The company relies chiefly for success
upon the quality and mechanical perfection
Off work. although it has more than 1000
patents affording valuable protection 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-
tion has led us to believe that, after making
liberal deductions for all foreseen contin-
gencies, the assets of the reorganized COM
pany will furnish ample security for the
total issue of preferred stock, without TAX
ing into consideration the value of the
patents at all, and that the working capital
will be fully sufficient to conduct the busi-
ness on an economical basis, the saving in
the interest account alone being sufficient
to pay full dividends on this issue.
Subject to certain reservations detailed in
the prospectus, the examination of the ac-
countants shows an average profit of s443-
140 81 per annum 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.
so PER CENT ON 23D NOVEMBER.
Subscribers have the option Of paying in
full for the stock allotted to them, and in
terest on the anticipated payment will be
allowed ut the rate of4 per cent per annum.
The right is reserved to reject or reduce
any subscriptions and to make allotments
of less than the amounts applied for. In
allotment, preference will be given, so far
as practicable, to those stockholders assent
ing to the recent plan of reorganization and
to employees and dealers in the company's
manufactures.
The failure on the part of the subscriber
to pay any installment when due shall oper-
ate as forfeiture of all previous payments.
The subscription list will open simultane-
ously at 10 o'clock A. NJ. on Wednesday, the
14th day of October, 1891, and close at
O'Clock r. NJ. on Friday, the 18th day Of Oc-
our off7cas