The herald and news. [volume] (Newberry S.C.) 1903-1937, 1907-04-02
GLENN-LOWRY MANUFACTURE
ING COMPANY, WHITMIRE,

ING COMPANY, WHITMIRE,
s. @.
To the Stockholders:
Pursuant to a resolution of the
Board Of Directors Of The Glenn
Lowry Manufacturing Company,
meeting Of the stockholders Of said
company is hereby called to be held
at Whitmire, South Carolina, on the
23rd of April, 1907, at noon, to con-
slider and act upon the following res
olutions of said Board of Directors of
said company, providing for an in
crease of the capital stock of said
company by the issue of fifteen
hundred shares of common stock of.
the par value Of one hundred dollars
share, and Of one thousand shares
OF preferred stock of the par value
OF one hundred dollars a share, with
the preferences, liabilities and condi-
tions set out in said resolutions, viz:
II. BE it resolved, by the Board
of Directors of the Glenn-Lowyy
Manufacturing Company that the
capital stock of the Glenn-Lowry
Manufacturing Company be increas-
ell so that said capital stock shall
consist Of seventy-fve hundred shares
or the par value of one hundred dol
lars share; said capital stock to
consist of two classes, viz.: forty
five hundred shares shall be known
as Common Stock. and the remaining
three thousand shares shall be known
as Preferred Stock.
'2. BE it further resolved, that the
Preferred Stock shall have a prefer
ence over Common Stock, both as TO
assets in case Of final liquidation and
as to cumulative dividends out of the
net earnings to the extent of seven
per cent. per annum, payable semi
annually. The Common Stock to be
entitled to a like dividend, payable
seml-annually, but not cumulative.
out of the net earnings remaining
after payment Of dividends on the
Preferred Stock-the dates for the
payment Of dividends to be the first
day OF January and the first day Of
July of each year.
'3. Be it further resovled, that the
two thousand shares of Preferred
Stock already issued shall be re-
deemable at the option of the COM
pany at any time by lot after the
first day of January, 1910, and that
the one thousand shares of Preferred
Stock to be issued under these reso-
lutions shall be redeemable in like
manner at any time after the first
day OF January, 1915. All surplus
profits, after paying the said divi-
dends, shall be appropriated as fol-
lows: On and after the first day of
January, 1910, sixty per cent. there
or to the purchase Of Preferred Stock
selected by lot, and the remaining
forty per cent. to go to the surplus
fund; the Preferred Stock so Dur
chased to be held by the Treasurer
OF the Company until all of the said
Preferred Stock has been purchased,
and then issued as Common Stock.
pro rata: Provided, however, that the
Wv" ChouStiu SHuIGS OIL Preferred
Stock already issued shall be first
redeemed and re-issued as Common
Stock to the holders of Common
Stock pro rata.
"a. Be it further resolved, that no
mortgage shall be placed on the plant
or plants of the company until all Of
the said Preferred Stock Of both
classes shall have been retired and
taken up.
"5. BE it further resolved, that the
foregoing resolutions be submitted to
the stockholders of the Glenn-Lowry
Manufacturing Company to be con-
sldered and acted on by them at a
meeting Of said stockholders, which
is hereby called to be held at the
Company's Office at Whatmire, South
Carolina, on the twenty-third day Of
April, 1907, at noon.'
Respectfully,
VIM Golnmon