The Providence news. (Providence [R.I.]) 1891-1906, 1898-03-10
Discussed al Meeting Of
Stockholders.
DIRECTORS WEREELECTED
Report Of StockhOl Iers' lnveSti-
eating Committee.
Mr.. PROCTOR ASKED QUESTIONS.

Az IL q CLOCK To-Day, lhrRo NUN Der Ol
the stockholders OF the American SCREW
Company met in the directors room OF
the Eddy street mills. mainly fer the
purpose CT listening 10 the report OF the
committee Of haIeholders appointed
February last. TO investigate the presi-
dents report and look into the causes of
the depression of business Of the COM
pany in New England.
The meeting was call ed to order by
Olnry Arnold. 2d, ard Amasa NJ Eaton
was elected chairman and Mr.. Arnold,
secretary
Mr.. Charles Alexander. charm an of
the shareholders committee, then pre-
seDted his report. which was substan-
italy as follows:
The report says that treating the Ameri-
onetheir combined statement gives this
following results: To-sl, quick assets,
III, SOC S7o.72: total liabilities. S1,049.
b4l.7O: surplus OF quick assets, fi53,
529 %; total plants, excluding patents
and glod will, 81. POI. 1913. 10. lGe plants
whicn have been maintained at a high
state of efficiency are without encum.
brnnce Of any sort. BESIDES large amounts
previously charged of for depreciation.
in 1885, -, co., 600 was charged of from
the book valuation of plants and patents.
Tho present valuations ale certainly very
conservative.
In reference to the reported loss Of $3.50,
600 on last years business the committee
desire TO say that IA cOnsideratls portion
OF that loss is made up Of items that do
not really belong 10 the results OF last
years business. ThPse are: s4l, 600 repre-
sented estimated loss on unsold good,
dec. 81, inventories at lowest prices
N "A ~ ma lnsG Va nf
probably be realized; so, OC0 represented
extraordinary repairs and new ma
chinery; GIG 600 represented amount
charged of from accounts receivable to
clear the books of doubtful accounts that
dft net Belong to last years business; |;
S32, 800 represented "a dividend paid Jan. I,
1857, on previous years business; Sil3 600
uay thus be fairly deducted from the loss
Of $3.50, Ol0 reported as Incurred on last
years business. which wouid leave the
loss legitimately belonging to the Lusi-
ness ot 1897, as SIP 0C0.
Your COMMITTEES are informed that
prices for the product of the company
have been considerably advauced and that
SALES thus far this year ere greatly In ex-
co : OF thoss for the CORE sI onding period
last year. In summing MP the situation
your committee feel that with friendly
relations maintained with other screw
manufacturers and arrangements made
for regulating production and securing
fair rr.ces, which conditions are appaf-
e5'ly within rea' h, prosperity will re-
turn to tfe company and reasonable gains
be reaiizi by the stockholders.
1he report then advocated the election
of a board Of five directors giving the
names, which are mentioned below. and
recommended that two additional be
elected. 1hs report is signed by Charles
Alexander, i. w. Vernon. benjamin. A.
jackson. Charles u. HUMPHREY ana Her
tert j Wells.
Ibe report was ordered received, adopt
cd, placed on Tile and ordered printed for
distribution To the stockholders. In ac-
oor,iance with tho recommendations of
the committee Messrs Edwin u. Angel,
Charles ID. Rogers James Iillingbast,
Charles B Humphrey and Henry &.
Bangs were elettsd directors OF the COM
yany for the ensuing year. the secretary
being instructed to cast one ballot.
stephen Arnold nominated for tho two
additional directors, according to tho re-
port. Messts. Charles Alexander and
Herbert j. Wells and they were elected.
Thomas II. Dixon moved that a vots of
thanks bs extendsd TO the committee for
its able work. and 10 WIS so yoted, after
which the committee was discharged.
Mr. Proctor wanted TO know what was
going TO bs done in relation to consolida-
tlon with the English co npany, and he
was informed that the matter had been
referred TO the new board of directors for
cor s,li,atiop. Mr.. Proctor wanted the
directors TO say at once whether the COM
pany was or was not making aov money
today.
Mr.. Alexander said that as soon rs pos
sibie the board Of directors would give
All information to the stockhol lsrs MIR.
Proctor said he thought Pre- sident Angel
ought to be able to te today, troadly,
whether the company Is making money.
Mr.. Anpell regretted that he was una
ble to do so St present but he could not
tell until an account of stock had been
taken. Competitors want 10 put prices
at !, very high point and he desired 10
keep pric, at low point, and keen all
the machinery moving. In 1850 they had
"A moI ofoly uf the business. but now the
conditions are very different. Up TO 1870
prices were not reduced fraction. Later
c,me combinations and fights. which
forcad into the business n very large COM
uetition, which exists today.
MT Budou1 ssked whether the Ameri-
can Screw Company was able to sell It's
nroduct In Providence, and he was in
formed by Mr. Angel that 1t sold q grent
deal.
Mr. Angel also said that, although he
had not received any financial statement
of The British Companv he would be will
inc 10 put great deal OF money into IL.
Irron motion e John W Vernon the