Reno Electric Stairways and Conveyors
Reno Electric Stairways and Conveyors Ltd of 54 New Broad Street, London
- 1902 The company was registered on 10 April, to acquire certain British patents. [1]
The SUBSCRIPTION LIST will CLOSE on THURSDAY, the 6th day March, for town, and the following day for country applications. RENO ELECTRIC STAIRWAYS AND CONVEYORS LIMITED. ... DIRECTORS.
J. A. H. Drought, Esq. (chairman), Chairman the United Plantation Company Limited, 2, teahouse Buildings. London, E.C.
Walter Leigh-Hunt, Esq., merchant, 3, Great Winchester-street, London, E.C.
William Henry Aston, Esq., engineer, 46, Eagle Wharf-road, London, N.
Richard Wainwright, Esq., merchant, 70, Finsbury Pavement, London, E.C.
John George Wainwright, Esq., merchant, 70, Finsbury Pavement, London. E.C.
BANKERS.
The London and County Banking Canpany Limited, London, E.C . and Branches.
SOLICITORS.
Francis and Johnson, 19, Great Winchester-street, London, EC. Auditors. Whamond, Williams, and Co., chartered accountants, Crown Buildings, Old Broad-street, London, E.C. (pro tem.). G. H. Hewlett, 3, Crown-court, Old Broad-street, London, E.C. Offices. 70, Finsbury-pavement, E.C.
The prospectus states, amongst other things, that minimum subscription on which the directors are authorised to to allotment is fixed by the articles association 25,000 shares.
That applicants for both preference and ordinary shares will receive priority of allotment in regard to the latter in the proportion of one ordinary for every preference share.
That the company has been formed to acquire the British patents of the Reno inclined elevator and the British and foreign patents obtained and applied for by W. H. Aston for spiral and moving ways, to take over existing concessions, contracts and machines owned and operated by the vendors, and for the other purposes mentioned in the memorandum of association.
With the object of demonstrating the utility and popularity of electric stairways, the vendors selected the Crystal Palace as one of the most suitable places for the purpose. The advantages the electric stairway over the ordinary stairway were so obvious that the management ordered an installation which has been in constant operation since August, 1900, with most satisfactory results.
Electric stairways were erected and are at present in operation at the following places :
Liverpool Overhead Railway.
The Alhambra, Blackpool; sold outright.
Earl's Court Exhibition; owned by the vendors.
Southend-en-Sea; owned the, vendors, with option to the Corporation Southend-on-Sea to purchase the stairway on favourable terms.
The capacity of the electric stairway is practically unlimited. The one in operation at the Crystal Palace has carried over 10,000 persons in one day, at a charge of one penny each, while the machine at Earl's Court Exhibition carried over 13,000 persons similar charge last Whitsuntide Bank Holiday in nine hours.
The convenient and rapid transfer by these electric stairways make them specially suitable for use where it is of importance that large numbers of persons should be speedily and easily conveyed to elevations, and it is believed that when their advantages become more generally known these stairways will be extensively used in railway stations, stores, public buildings, and hotels.
FREIGHT ELEVATORS.
The rapid loading and unloading of mail steamers has for years been a serious problem, the imperative necessity of getting steamers away quickly from landing stages being obvious. An electric conveyor has been delivered to the Dover Harbour Board, and its success has been far beyond expectation.
A specially designed conveyor has also been delivered the Buenos Ayres Great Southern Railway, and the vendors have thought it advisable to take out a patent in the Argentine Republic for this special type, as considerable orders from that country are anticipated.
The other important patent is the Aston Spiral Moving Ways, which have the enormous advantage over vertical lifts of giving continuous service and down. The great value of this ingenious application the stairway system, particularly to such places as underground railways — where it imperative to transfer a constant flow of passengers to and from different levels easily and rapidly — will be obvious. As moving way are always travelling in both directions the public have simply to step on, whether they desire elevation or descent, and the irritating delay in waiting, experienced in the case of ordinary lifts, is entirely avoided.
Apart from the purely commercial utility of the spiral moving ways, their erection in the shape of scenic spiral moving ways for amusement purposes is contemplated, the idea being to erect towers giving a continual moving way in spiral form past suitable alpine other scenery.
The stairways in operation at the Earl's Court Exhibition and Southend-on-Sea will be taken over by the Company, while, as already indicated, negotiations are in progress for obtaining concessions for the erection of others at various popular seaside resorts.
PROFITS The results at the Earl's Court Exhibition may be taken an illustration what the electric stairways are capable lof yielding. EARL'S COURT ELECTRIC STAIRWAY.—From May to 14th September, 1901, total passengers carried was 457,000, while ihe net profits were £1,047 2s. 4d. SOUTHEND ELECTRIO STAIRWAY.—AIthough this stairway opened the 3rd September, 1901. it carried up' to the 15th mber than 34,855 passengers, at estimated net piofit of £57 4s. 6d. for the 12 days. The vendors have obtained a concession to erect a scenic spiral at the Eatl's Court Exhibition on terms favourable to the company. That on a moderate estimate, net income £7,500 for the 13C2 should earned, apart from profits to be derived "from orders obtained for moving ways, freight conveyors, &c Estimated income, after deducting business expenses, running expenses, royalties, directors' remuneration, depreciation, kc. : Earl s Court Electric Stairway opeiition.. £1.000 Southend-on-Sea Electric fvtairway in operation 1.500 Three be erected anl operated the coming season Clayton-on-Sea, Ramsgate, and .. '. 2,500 Scenic Spiral, Earl's Court 2,500 £7,500 That after paying the dividend the preference shares, which would absorb £1-200. there should remain the above basis sum £6,300 available for divktend the ordinary shares. The purchase price for the patent rights, concessions, contracts, and electric stairways and machines now owned and operated the vendors, together with all designs, drawings, copyright of illustrations, and other descriptive matter already published, has been fixed the vendors at £63,500, payable to £37,500 fully-paid ordinary shares, to £13.500 cash, and as to £12,500 either in cash fully paid preference or ordinary shares, partly i n cash and partly in shares, the directors' option, and "in addition the allotment as fully paid one-tenth of any future issue of shares by the company. This will leave 15,000 shares available for provision of working capita]. That the following contracts have been entered into :— 1. Between the Reno Inolined Elevator Co. and Jesse Wilford tbe first part, and John George Wainwright of the second part- doted the 31st day October, 1901, for the sale to the said John George Wainwright of the Reno patents. 2. Between Jesse Reno and the Reno Inclined Elevator Co. and John George Wainwright, dated the day October. 1901, being assignment of the Reno patents. 3. Between the London Exhibitions Limited of the one part, and tl*e Reno Inclined Elevator Construction Syndicate the other part, dated the 10tl> day April. 1901 being the licence for the erection cf the electrio stairway at Earts Court. 4. Between the Mayor, Aldermen, and Burgesses the Borough Southend-on-Sea of the one port, and William Henry Aston the other part, dated 21st day June 1901. being the licence for the erection the electric stairway at Southend. 5. Between the London Exhibitions Limited the one part and John George Wainwright, William Henry Aston, Charles Tyler Aston, trading as the Reno Inclined Elevator Construction the other part, dated the day Febnmry. i 902, being the for tiie of spiral moving way at EarTs Court. * = Wainwright, William Henry Astcn. and Charles Tyler Aston of the one part, and the company of the ether part, dated the day February, 1902, being the contract for sale to the company. 7. Between John George Wainwrieht the first part. William Henry Aston the second part, and Charles Tvler Anton w' the third port, dated the 25th day February. 1902. regulating the mode in which the proceeds the present tale are to divided between the vendors. 8. Between John Geo. William Henry Aston, and Chas. Tyler Aston, and the dated the 25th February. 1902. being contract which Messrs. John Geo. Wainwright, ilUom Henry Aston, and Chas Tyler Aston have underwritten 15,000 the shares now offered for subscription in consideration a 10 per cent thereon payable them by the company. That ttie total preliminary expenses (exclusive of underwriting commission) down time when the company becomes entitled to buniness are payable tbe vendors, and are estimated £1,650. Copies of the memorandum snd articlee of association and of various contracts can seen the offices the solicitors to the company between the hours of 11 0 and 0 until the closing the lists. That applications for shares should be made on the form accompanying the prospectos and be forwarded to the company's bankers, together with remittance for the amount payable application. Prospectuses and forms of application can be obtained from the company', London and County Bonk limited, lotnbord-street, Lcndon, EC, and branches; Messrs. Francis and Johnson, 19, Great Winchester-street. London. EC. ; Messrs. Whamond, Williams, and Co., 3, Crown-court, Old Broad-street London EC; from the Secretary, the registered 'offices the company, 70, Finsbury-pavement. London EC 25th February, 1902. [2]