Publication: Electrical World and Engineer
New York, NY, United States
NATIONAL ELECTRIC PORCELAIN COMPANY, of East Liverpool, Ohio, has had a business proposition submitted to it by the Commercial Club of Dayton, Ohio, for the removal of its factory and plant to the latter city. The company is capitalized at $100,000, of which $50,000 is common stock and $50,000 preferred. The parties controlling the business are to receive $30,000 of common stock and the balance of the common stock is not to be sold; $33,000 of the preferred stock, entitled to cumulative dividends at the rate of 7 per cent. per annum, payable semi-annually, will be offered to the citizens of Dayton and vicinity at the par value thereof, and $17,500 of common stock will be given as a bonus to the subscribers of the preferred stock. The balance of the preferred stock, $13,000, will not be sold until after the $35,000 of the same has been disposed of and then at the rate determined by the officers of the company, but in no event less than 75 per cent. of the par value thereof. No bonus of common stock will be given with the sale of the preferred stock, held in reserve by the company. The company reserves a right to redeem the preferred stock for five years by paying to the holders thereof the sum of the par value thereof with so per cent. additional and all accrued dividends. All subscriptions of the preferred stock will be paid to the Third National Bank of Dayton, Ohio, as trustee, to be used and paid out by such trustee upon proper vouchers in the construction of the buildings and machinery necessary to equip said factory. The secret process and formulas, owned and controlled by the managers of the said company, will be transferred to the said company with proper safeguards and the $30,000 of common stock, which is to go to the present managers of the company, will also be held by the trustee for the period of two years, as a guarantee to the company when located in or near Dayton, and the faithful performance of the contract which said managers will make with the new organization.
|Keywords:||National Electric Porcelain Company|
|Date completed:||August 29, 2007 by: Elton Gish;|