The herald and news. [volume] (Newberry S.C.) 1903-1937, 1911-06-30
STOCKHOLDERS MEETING.

the stockholders of said company is
hereby called to be held at Whitmire,
South Carolina, on the 22nd day of
July, 1911, at 10 o'clock in the FORE
noon, to consider and act upon the
following resolutions of said board of
directors of said company, providing
for an increase of the capital. stock of
said company by the issue of five
hundred shares of common stock of
the par value of one hundred dollars
a share, and of forty-fve hundred
shares of preferred stock Of the par
value of one hundred dollars share,
with the preferences, liabilities and
conditions set out in said resolutions,
viz:
Whereas it is deemed advantageous
to enlarge the plant of the Glenn
Lowry Manufacturing company by ad-
ding thereto thirty thousand spindles
and the usual accompaniment of looms
with such additional building and 9TH
er equipment as may be necessary;
and, whereas, it is desirable that such
addition to the plant should be fully
paid for when completed as is the case
with the present plant; therefore
1. Be it resolved by the board of di-
rectors of the Glenn-Lowry Manufac-
turing company that the capital stock
of the Glenn-Lowry Manufacturing
company be increased so that
said capital stock shall consist of
twelve thousand five hundred shares
Of the par value of one hundred dol
lars a share; said capital stock to
consit of two classes, viz: five thou
sand shares shall be known as CON-
mon Stock, and the remaining seven
thousand five hundred shares shall be
known as Preferred Stock.
2. Be it further resolved that the
Preferred Stock shall have prefer
ence over Common Stock, both as to
assets in case of final liquidation and
as to cumulatives dividends out of the
net earnings to the exetent Of per
cent. per annum, payable semi-annu-
ally: the Common Stock to be entitled
to a like dividend. payable semi-annu-
ally, but not cumulative, out of the
net earnings remaining after payment
Of dividends On the Preferred Stock
the dates for the payment OF dividens
to be the first day of January and the
first day Of July of each year.
3. Be it further resolved that the
;wo thousand shares of Preferred
Stock first issued shall be redeemable
1T the option of the company at anyl
time by lot after the first day of
January, 1910; that the one thousand
shares of Preferred Stock next issued
shall be -edeemable in like manner at
any time after the drsr day Of Janu-
ary, 1915: and that the forty-fve hun
lred shares of Preferred Stock to be
issued under these resolutions shall
De redeemable in like manner at any
lime after the first day of January,
1920. All surplus profits, after pay
ng the said dividends, shall be app-o-
)riated sls follows: On and latter the
1rst day of January, 1910, so per cent.
hereof 10 the purchase Of Preferred
Stock selected by lot, and the remain
ng 40 per cent. to go to the surplus
:und; the Preferred Stock so purchas-
ed to be held by the treasurer of the |
company until all Of the said Prefer
red Stock has been so purchased, and
then issued as Common Stock, pro
rata: Provided, however, that the two
thousand shares Of Preferred Stock
first issued shall be first redeemed
and re-issued as Common Stock to the
holders Of Common Stock pro rata
Provided, further, that the one thou
sand shares of Preferred Stock next
issued shall be redeemed and re-is-
sued as Common Stock to the holders
Of Common Stock pro rata before the
forty-five hundred shares of Preferred
Stock to be issued under these resolu-
lions are redeemed and re-issued as
aforesaid.
4. Be it further resolved, that no
shall be placed On the plant
Or plants of the company until all of
said Preferred Stock Of all classes
shall have been retired and taken up.
5. Be it further resolved that the
resolutions be submitted to
the stockholders of the Glenn-Lowry
Manufacturing cOmDany to be cOnSid-