Burlington weekly free press. [volume] (Burlington, Vt.) 1866-1928, 1902-03-13

President Frederick Aver says in part:
The plants of the American Wooden COM
pany comprise Clio acres Of land and the
mill buildings, principally of stone and
brick. contain 6,l23744 square feet of floor
space The equipment includes i96 CT
snin6les. 59S sets Of cords, ~ combs and
6497 looms.
In addition to the generous expenditure
for repairs, charged to current expense,
there has beer expended for material i'm
proyements and perm aren't additions.
ebout Sl7i00t0, This with the Sl.7jQ000
previously expended axes a total of
about SO 10000 in cash added to the value
of the plants since organization This, in
connection with the heavy expenditures for
repairs charged to current expense ami
the 100000 previously charged off for de-
probation iusures the stability of the
plant values
THE increase of productive power is re-
ficcted in the increased sales of last year.
although approximately one-thrd Of the
machinery was shut dor II from January
to June, due to general conditions prevail
ing in textilo industries. judging from the
orders air ady booked for the coming sea-
son this enlarged capacity will soon lie
inadequate to meet requirements. 1t is
believed that n manufacturing orsauiza-
ton can reach the greatest possible econ
omics of production only by the thorough
equipment and maintenance of its plants.
1t is the aim Of the management OF your
company TO pun sue this policy and by
these means to secure a r'aXinum OF out
put at a minimum cost. thus ensuriny the
future success Of the company.
THE woOllen business generally for the
Ieriod Of the year from January to Aug
ust l, 1901, was extremely unsatisfactory
and shared the adversely OF the textile
business that lreVailed in both cotton anC
wocllcn. 1t was the VOL st not only in the
history u the company but in the oxper'
fence of the managems mt. The situation
however changed front in August and
| from that time on has been remarl<abl,
good. The product of the mills for tn,
| first six months of the new year Is solt
up in a most satisfactory manner, and tn,
Quito ok iustities confidence that good bust
ness will continue throughout the yeai
1902.
'Dhe manage ment is cratfed to be aol'
to report that the heavy advance sale!
booked for the coming season were anti
cirated and have beer provided for by en-
gagemcnts Of wool at prices well below til,
present market
At the annual meeting of the stockhod
ers Of the American Woullcn company
held in Jersey City at noon Tuesday, tn,
following report was made by William Nj
! Wood, treasurer and general manager:
Earnings since organization March
q, 1899, to January 4, 1902 ........ 81, 500. 9S
Less I'D. dividends reid ard ac-
i Cfncd '''''. '.''.''... ..',..'...,.... 3,SlGJI
surplus ACKNOWLEDGEMENTS. 50, 7S3, 10
l VI" total amount of quick assets owe
all liabilities is sll 60o, 15G The coppan,
and the companies in which 1t is a primer
pal shareholder have no bend issue eX
! tcpt S295,O0O uumatured On two propcrtic
which existed at tho time of purchase.
In presenting his report Mr.. Wood state
that while the company has earned mt IN
average rate Of AZ per cent per annual o.
its common stock, the ma nagemcnt con
sd'Ted that instead of declaring dividend
on its common shares 1t was more to tn
permanent advantage of its conlmo
Shareholders t. neifcct it's facilities fo
economic production while increasing It
surplus. Therefore in order to keep it
plants and equipment VI &c the highcs
standards thus securing maxinim on;
put at a minimum cost, II ere has been cN
Pended on plants t3507,652 in addition I
the cost of repairs and maintcnanC
Charup1 aS