St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1888-09-13
THE FAIRBANKS SCALE co.
creasing Business-A Good Dividend
Declared and Bright Prospects Ahead.

creasfng Rusiness-A Good Dividend
Declared and Bright Prospects Ahead.
The annual meeting of the E. 81 t.
Fairbanks & Co. scale company was
held at the offices of the corporation in
this place on Wednesday, Sept. IL,
when the following officers were elect
ed for the year ensuing:
Directors-Franklin Fairbanks, Hen
ry Fairbanks, Jonathan Ross, of st.
JOhnsbury, Samuel N. Brown and
Charles E. Thayer of Boston, j. G..
Gardiner and John j. HOwells of New
York.
President-Franklin Fairbanks.
Vice president-Samuel N. Brown.
Secretary-Henry Fairbanks.
Treasurer Carl NJ. Spencer.
These are the same officers as last
year with the substitution of Mr..
HOwells for r. ii. Stearns and the rails
ing of Mr.. Spencer from assistant
treasurer to treasurer.
The Proceedings i'm Detail.
On the calling of the meeting to Or
der the secretary read the minutes of
the last annual meeting, which were
approved, when in behalf of the direc-
tors Col. Franklin Fairbanks, presi-
dent of the corporation, made a report.
After speaking in fitting terms of the
loss by death of their president, Ex-
Gov. Horace Fairbanks, the report re-
viewed the business relations of the
corporation for the year 1887, and in
measure for the first eight months of
the present year. The results arrived
at showed an increasing volume of
business with greater net profits than
the preceding year. In 1886 the whole
number of scales made was 54,787,
while in 1887 they turned out 81 1924.
In the eight months already past of
the present year they had manufactur
ed Z ,53S more scales than in the cor
responding months of last year and if
business kept up the remaining months
of the year, the record would exceed
that of any previous year. The direc-
tors declared three per cent. semi
annual dividend payable Oct. L.
department Col. Fairbanks gave some
facts and figures of interest. The stock
used for the year 1887 included some
such large items as these 1900 tons
of pig iron, 683 tons bar iron, $500 tons
coal, 50 tons steel, 100 tons copper and
spelter, "a tons nuts, Is tons sheet
brass, is tons steel and malleable cast
ings, IL tons iron wire, "a tons hard
ware and strawboard, 13 tons pig lead,
1345 kegs nails, $500 gross screws,
$500 feet betting and 2,639, ,262 feet of
lumber. The freight for the year
amounted to 1894 carloads, or 10000
tons. A new brass foundery has been
built and occupied the first of Septem-
ber, and the company is now expert
menting with crude petroleum for fuel
in generating steam and expect to
make large saving over wood or coal.
Capt. Carl M. Spencer, assistant
treasurer, made detailed report which
showed the sales of scales in '07 at
over one million dollars, with a surplus
at the close of the year of 1857 900.
The committee appointed to revalue
the scale property and plant made a
report approving the present valuation
of shops, machinery, store and Office !;
also the aqueduct and gas plant. Some
of the lands of the corporation they
considered valued too highly as farm
ing lands now sell and advised to dis
pose as opportunity offered of outlying G
property except timber land and steam
mill.
The auditors made report through
B. E. Cole, and while expressing salts
faction at the Improvement in business
and the general way in which the bus
mess had been conducted, they consid-
cred the expenses of selling the scales,
the inventory of stock on hand, and
some items in the plant, as decidedly
too high. In their judgment the stock
in the three branch houses, Boston,
New York and Chicago, was over
valued 100000, and the entire assets
at least 100000. The auditors also
criticised the arrangement with the
Standard electric company.
The stockholders elected George
Leslie, cashier of the Bank of New
bury, and w. S. Streeter, cashier OF
the Merchants National bank of St
Johnsbury, as auditors for the coming
year.
When the matter of electing new
board of directors came up, Lawyer
Bush of New York nominated the board
above named. Mr.. Cole nominated the
same gentlemen with the exception o1
S. N. Brown and j. j. Howells, nam
ing in their places r. III. Stearns o
Boston, director of the past two years
and George B. Knapp also of Boston
E. Dickerman, Esq, of Newport, op
posed Messrs. Brown and HOWELL
nomination most vigorously, not oil
the ground of lack of ability, but sim
ply because Mr.. Brown, being one o
I the firm in the Boston house whicl
bought scales largely, and Mr.. Howell
being in the New York house, thes
two men if elected directors would b
in effect trading with themselves, an,
he knew of no man however able o
honest, fit to act in a dual capacity
MIR. Bush's ticket was nevertheless
s elected by large majority.
On motion of Henry Fairbanks