Norwich bulletin., 1909-04-15
Subscriptions For Davenport Co.
New Plan for Continuing Industry Approved and Sum of
$4,000 Pledged at Neutrality-suspicious. to be Held

placed in the business. He understood
that there would be $4,000 of the old
bonds exchanged for the new ones and
over $4,000 owed creditors would be
taken in preferred stock. while the
probability that much more If not all
will do likewise when the plan is made
known to them.
Mr.. Tracy declared that if the three
suggestions of the committee can be
carried out the problem is solved. H.
H. Gallup said that his first wish is to
retain the business in Norwich, but
something must be done at once, for
plans have been made so that the guns
will be made elsewhere in another
state If the necessary help cannot be
secured here. He believed this plan
the best of any suggested so far. He
indicated that the banks were willing
to take preferred stock for their claims
and one of the largest merchandise
creditors has agreed to do as the banks
do. There is a good amount of orders
ready to be filed and good prospects
ahead and in the next few years the
company should employ as many as it
ever did, having averaged over $40, 900
year for wages. He urged that some
start be made towards subscriptions
then, as he desired to have the plant
running by Monday and immediate
action Is necessary.
H. f. Dawley stated that his COM
pany held note against the company
which would be taken in preferred
stock. which was heard with applause
Dr. Cassidy thought the committee
should find out how all the creditors
and bondholders view the plan and
report, but he was told by Charles
Bard, Mr.. Gallup and others that the
action Of the citizens towards sub
scribing would influence the creditors.
John A. Moran called to mind the
employees are suffering as much as
anyone now, and he referred to the
efforts to get the Reliance company
here, which Is paying in wages yearly
$150,000 and a few days ago received
an order for $4,000 worth of goods.
This valuable concern was secured. he
said, because one citizen had the back
bone to furnish the necessary backing
There is no good reason to postpone
action, and those able should come for
ward and help out.
E. A. Tracy intimated that there were
many willing to help who were not
present, and ]. l.. Case told of the COM
n1tttee's work towards securing cred
itors to take preferred stock. He said
he had assurance for about $4,000 of
the stock already.
F. W. Cary thought the stockholders
committee should look up the creditors
and get their views, and report not
later than Saturday but Mr.. Gallup
urged the necessity of immediate &C
ton, in order to save their orders and
get the benefit of the trade. Mr. Jer-
ONE had offered to take bonds of the
company to keep it going, and Mr.. CAL
lup himself agreed to take a block Of
the bonds. At the suggestion of Mr..
Bard there were several who agreed to
take small amounts in bonds.
Regarding Gardiner Hall, Mr.. Gallup
stated that he had done more than any
two or three of the others in the COM
pany, having about $4,000 in the BUSH
ness now. and he had told Mr.. Gallup
recently that he can be depended upon
to do the right thing but he feels Nor
witch people should be interested
DR.. Cassidy moved that the stock
holders committee look up the credit
ors and get their decision on the plan,
and report to the special committee,
and another meeting be held not later
than Saturday, and It was voted.
A motion to adjourn was lost, and
M. M. Whittemore addressed the meet
ing and told Of his faith and interest
in the company. He thought the Nor
witch people should wake UP. The old
stockholders have cut in half their
stock to present a pure, solvent con-
Germ There is no risk and time is i'm
portanl row.
Several had pledged small amounts.
and after slips of paper had been
passed around it was announced that
$500 had been pledged at the meeting.
and others would be received at any
time. The adjournment followed this
announcement, but 1t was felt that
considerable Roadway had been gained
and the indications pointed to the car
rying out Of the plan and the starting
up of the factory Soon.