The Providence news. (Providence [R.I.]) 1891-1906, 1892-02-09
AMERICAN SCREW co.
The Corporation Has avery Success
fuI Business Year.
THE PROFITS S496,57l.l4,
The Financial Resources -, ,0G:, s1s.a1-
The Coming Year Promises to be Full
of Good Returns-The Annual Election
of Onicers.

The annual meeting Of the American
Screw Company was held at the Eddy
street Office this morning. There was
large attendance. The chairman was the
Rev. Augustus Woodbury., and Olney Ar
mold, I'd, acted as secretary. The treas
urer's report shows "a fattering condition
OF the finances of the company. The net
profits for the year ending Dec. 81, 1891,
were s406,57l14 The capital stock is
S3. .25O. 900: the accumulated profits were
$254, ,3O56l, and the financial resources
were 80 962, 1881.
The auditors report was presented,
showing that that the accounts of the
treasurer were correct TO penny
The report of the president and direc-
tors was one which afforded much gratii-
cation to the stockholders in its general
bearing.
The year 1891 did not afford us much
business as the early sales promised, for
under the active compilation of -neM-
screw makers prices gradually declined as
the year advanced. Dealers were conser-
vative in their purchases and the stock in
hand by manufacturers and merchants
were smaller than for many years past.
70 avoid overstocking this company re
duced the output.
The company could easily increase the
production of wood screws without IL
creasing the general expense. This
branch of the business. however, has for a
long time been subject TO over-production,
or in need of larger markets. hence, con-
siderable machinery has been idle.
The sales of wood screws were in al
vance of those of the preceding year, but
at smaller profits.
A plant has been established at Leeds,
England, and equipped with machinery
formerly employed at the New England
mill. 4 favorable opportunity is now
presented for disposing OF portion OF the
unemployed cutting machinery 10 Ger
man screw company for controlling IN
terest in its stock. The company can, with
special machinery of its own design, adj
vantageously provide for the foreign man
ufacture of the Bay State products in con
nection with wood screw making.
The company is assured that at any
time il can dispose of the foreign plants
upon favorable terms when their earning
capacity is developed.
The completion OF the forging machinery
has been delayed until the termination of
the Wood Screw Association next July.
In n modified form the association may be
continued indefinitely. This is desirable,
as an unlimited competition would be
disasterous.
The outlook for the present year is
spromising one. The large demand for
goods generally anticipated as the result
of bounteous crops with which the farm
ers have been fUvOret, viii eXtUHu gOUt
influence.
Reference was made to the important
decisions of Judge Romer, in the High
Court of Justice in England, by which
the Rogers forging paten Is were sustained
i'm England as original aud free from in
fringements.
The election of directors which followed
resulted as follows: James :. Phette-
place. Bailey W. Evans, Beriah Wall,
Charles ID. Rogers and Edwin c. An
gell. After the meeting of the stock
holders had adjourned, the board of di-
rectors elected the following officers
President, Edwin G Angel; vice-presi-
dent. &. Thurston: agent, James A.
Nealey; treasurer, q. w Thurston; secre-
tary. Olney Arnold ID: assistant secre-
tary, w. &. Cranston.