Instructions: Given a text, write a compressed version of it in a single sentence.
Input: The El Paso, Texas, maker of Western boots and leather accessories said the preferred stock would accrue dividends at a 12 % rate, but wouldn't be paid for the first two years.
Output:
The El Paso Texas of Western boots said the stock would accrue dividends a rate of 12%, but wouldn't be paid for the first 2 years.