St. Johnsbury Caledonian. [volume] (St. Johnsbury, Vt.) 1867-1919, 1891-05-14
ANNUAL MEETING SCALE co.

ANNUAL MEETING SCALE co.
The annual meeting of E. & T.
Fairbanks & Co., was held at their
office yesterday morning. The fol-
lowing annual report was presented
by the directors:
Your directors, in presenting their fif-
teenth annual report, have nothing of
marked Importance to set forth. From
year to year, but few changes are made
except in the detail of affairs, and these
only when the management can by so
doing effect greater economy in cost of
production, and develop greater efficie1l-
cy in the general interests of the compa-
ny.
The business of the year 1890 was
measurably satisfactory. The production
ofthe factory was more than 10000 scales,
was larger in volume and value than for
any year since the corporation was or
ganized and the cost of manufacture was
less than in former years.
The competition with other manufac-
turers has reduced net results, but the in
crease of sales without increase of eX-
pense, has more than compensated for
the lower prices obtained.
Near the end of the year 1889, as was
reported last year, the corporation sus-
tanned a heavy loss in the burning of it's
store for the sale of general merchandise.
Temporary quarters were however i'm
mediately provided in the ruins of the old
store and elsewhere for the continuance of
the business.
During the year 1890, two commodious
buildings were erected-one near the site
of the old store, built of brick, two stories
high, for the grocery department, and
opened for business August 1st last.
The other on Main street, opposite the
First National Bank and Post Office, was
also built of brick, three stories high, for
the dry goods department, and was
opened for business on the 10th of Decen1-
Der last. In both of these stores very
satisfactory business is being done, and
your directors think the results indicate
the wisdom of separating these depart
ments and of locating the buildings in
their present situations.
Your directors felt justified in paying
an extra dividend of one per cent in Jam
uary, 1890, which with the regular divi-
dends of three per cent in May and Novem-
Der, make a total of seven per cent, or
one hundred and seventy-ive thousand
dollars for the year.
ther reducing valuations, good surplus
remains.
Again the corporation closes the year
without debt, and with ample funds in
bank for its current expenses.
We congratulate the stockholders upon
these results.
John c. Clark and William S.
Boynton were elected auditors for
the coming year. Mr.. Boynton sue
ceeds William S. Streeter of Minnea-
polls.
This resolution was adopted:
Whereas, the Hon. Jonathan Ross has
has felt it incumbent upon him to decline
a reelection as director of this corpora
ton, therefore,
Resolved that we hereby express our
regret at this decision, and we most cor
daily thank him for the faithful and able
services he has rendered us in the past.
For the board of directors 1929
votes were cast, and these gentlemen
were elected:
Franklin Fairbanks, ST. Johnsbury.
Samuel n. Brown, Boston.
Henry Fairbanks, St. Johnsbury.
John J. Howell, New York.
James G. Gardiner, New York
H. \. Turner, St. Johnsbury.
Charles H. Morse, Chicago.
The only change in the board is
that Charles H Morse succeeds
Judge Ross. The directors met at
the close of this election and organ
lied as follows:
President, Franklin Fairbanks.
ice-President, Samuel n. Brown.
Asst General Manager, H. n.
Turner.
Secretary, Henry Fairbanks.
Treasurer, c. M. Spencer.
This is the same organization as
last year.