The times. [volume] (Richmond, Va.) 1890-1903, 1902-09-26
Has Been Re-Incorporaed With
Capital of So, 100000
TO PERPETUATE BUSINESS
Public to Be Given Opportunity to Pur-
chase Preferred Stock.
(From the Brockton Times.)

anu Sluo,VoV common STOCK.
OF the S2.OOO.DO capital, sl,00O.000 pre-
ferred stock, bearing per cent. annual
dividends. is to be offered for sale to
the public at par, 500 per share. All the
common stock is retained by w. l. Doug
las. The per cent. preferred stock to be
offered the public is preferred both as to
dividends and assets, and Mr.. Douglas,
who is to remain the active head OF the
business, cannot receive one cent OF dlVl-
dend on his sl,o0O.0o0 of common STOCK
Until the full per cent. has been paid on
ali the preferred stock.
This preferred stock is to be offered
to the public direct October 1 by w. L.
Douglas by extensive newspaper adver-
Using from Maine to California AS Is
we'll known. the Douglas business is one
of the very largest as well as most pros
porous shoe manufacturing concerns in
the world.
Mr.. Douglas has issued a, prospectus to
the general public in book form. and as
4 contains so many facts concerning the
business and what is proposed to do
with it, we herewith print extracts from
what he says over his own signature:
ITO those familiar with the shoe or
leather trade. 1t is well-known that I
have been one of the largest, as well
as most successful manufacturers and
retaiers of mems Goodyear welt (hand-
sewed) process shoes in the world. The
upbuilding Of the business has been my
life work, and I have been eminenty
successful creating q business that is
permanent and beyond injury in periods
Of business depression.
"The business is established on an en-
tirely different plan from that of any
other shoe concern. The system Of manu-
featuring enables the manager to deter
mine every day whether the shoes are
being manufactured at a satisfactory
profit. If anything wrong should occur
in any department OF the factory my sys-
tenn informs him where to find 1T, and
it Is stopped at once. The system also
guarantees full days work every day,
which keeps the manufacturing expense
at a minimum.
THE Douglas product is marketed in
an original way, producing quick returns
and very small losses. The method by
which the goods are sold has made
place for the Douglas shoe in all the prln-
cipal cities and towns in the United
States.
The business has been steadily adver-
tlsed for nearly twenty years and
the quality Of the goods kept up to
the highest standard The steady call
upon the dealer for ". L. Douglas shoes
insures a large and increasing business.
The e.. retail stores in 45 American cities,
owned and operated by ma take por-
ton OF the Iactory's product. This Is all
spot cash business. 1 also sell to the
retail shoe dealers throughout the coun-
try. having usually but one agent in a
town
Thus in selling the product Of the fac
tory through my. own retail stores, as
chn n
and cities where I have no store. keep
the factory constantly employed turning
out 7ii0 pairs OF SHOES per day.
MY object in disposinS Of a half IN
terest in the company is primarily that
1t be perpetuated and extended. The
business has always been immensely
pronta Bile. Were my only aim to accu-
muIate money. this stock would not be
onered Tor sale The perpetuation ard
extension OF the business by the Infusion
of new interests into it is my chief de-
sire. There has not been a year In the
past u when the business has not earned
in actual cash much more than an amount
necessary TO pay per cent annual dlvi-
dend on Sl,UUo,Vop, and the past four years
the business has more than doubled ana
is still growing.
II began the business IN Brocton in
q Small Way 70 ears ago, dIiti IIoli tilllS
to time have increased 1t, until at pres
cnt business amounting to nearly So.Uup.-
coo annually Is transacted.
LAS an evidence Of the prosperity oe
the business, the ract is cited that from
1854 pairs Of shoes SOLD in the year
ending july l, ISIS, the business has
steadily increased to l,7SS,Up pairs for
the year ending July /. 1902, or more than
a million pair increase.
The manufacturing plant is right up
to Date, equipped with every modern de-
vice. About one-half OF the present fac
tory has been built and equipped with
machinery and paid for in the past four
years. A new power plant, sufIlcien,.y
large to meet all demands that may be
made upon it for several years was in
stalled two years ago. With the exist
Ing manufacturing plant, facilities are
provided for a largely increased business.
Inc manufacturing plant, machinery and
all the 81 retail stores throughout the
country are Tree from lncumbrance OF
any sort, and the company has SUFFICIENT
cash on hand to conduct a business or
S5.VV.UvO annually Without borrowing
money.
''Pra ct1cally all the stock of tbs w. L.
douglas Shoe Co., Is owned b,s me. l
expect TO continue at the head OF the
business as long as live. l believe that
the pest way to perpetuate the business
is to let the people own It and control 1t.
l nave, therefore, capitalized the business
for S2.OUO,UoO. sl.uU.OO0 of which is pre-
ferred stock and S1.000.OLv common stock.
The preferred stock is offered the public
at par The shares are OF the value of
500 each, ard Will be sold at their face
value only. All stock is sold by me ~
rect The preferred stock. Which is Of
tered the public at par, is non-cumula-
tive and preferred. both as to dividends
ana assets. Every dollars worth of stock
offered the pubic In this successful busl-
ness has more than a dollars worth of
actual, tangible assets behind 1t. 1t is as
safe as saving banks or government
bonds, ana Will turn the holder or ~
stock double the dividends. Dividends
will be declared Jan. 18th and July 1911
aud are payable in funds current in Bos-
ton or New York.
1.-The business mas been continuously
successful Tor nearly quarter OF
century and is more PROSPEROUS to-day