Norwich bulletin., 1909-10-22
United States Finishing Company
Annual Meeting of Stockholders Held Here and Author ize Increase of Capital Stock to $6,000, ,000-Di- rectors and Officers EIected-Past Year Shows In creased Prosperity.

The annual meeting of stockholders of the United States Finishing com pany was held in the directors room of the Norwich Savings society in this city on Thursday afternoon at two o'clock. In addition to the usual bus mess of receiving the annual report and electing a board of directors, an amendment to the company's certiff- cate of incorporation, increasing the capitalization to S6,00O, 900, of which $3,000,0 ,000 shall be preferred stock Gall outstanding), and s3,000,000 common stock (S1.500000 now outstanding) was authorized by unanimous vote of over S5 per cent. of the entire capital stock of the company.
 The annual report was presented in printed form. and covers very full and complete information in detail, from which are gathered the following items of interest to the general public in respect to the affairs of this, Nor wich's largest corporations:
 During the year the company finish ed 323,902,633 yards of goods (equiva- lent to 134,035 miles), an increase of 69, 5e8,724 over the previous year. The gross receipts from sales of the year were $5,55S,727. This figure exceeds by $1,091002 the gross receipts in 190S whcih aggregated $4,467,725. The total net income amounted to $1,744, 149, compared with $1,269,S4S last year, an increase of $471,301, of about 37 per cent. The cost of production increased from $3,234,S25 in 1908 to $3,S59,753. After dedueting SSS0,231 for mainten- ance and general expenses, a balance of $S63,918 Is shown which represents the net earnings for the year, an in- crease of $375, ,517 over 1908 of about 76 per cent.
 During the year the preferred stock was increased from s2,60O,OOO to $S,- 100000 and the common stock from $1,00O, 900 to $1,500, 900. The amount available for dividends, after the in- terest payments on the bonded debt, was $6S7 ,21S, equivalent to 22 per cent earned on the preferred stock. The regular per cent. dividends were paid on this stock, the first quarterly installment being declared before the increase in the stock, but the remain der was paid on the full $S,000,0 900. A total of S20S,000 was disbursed, leav- ing $4S4,218 available for dividends on the common, equivalent to 32 per cent. earned on the $1500,000 of stock. For the first time dividends were paid on. this stock, 2 per cent. being declared in per cent. quarterly payments The years surplus after the payment of all dividends was $454,21S and after CHdEBluS pzlo,HH0 TUT OepTtcidtlOIls lle remainder was added to the general surplus which now totals $2.240,993. In 1908 the entire small surplus of $127,4O1 was set aside for deprecia- tion
 Since the close of the fiscal year the United States Finishing company has enlarged it's equipment by the &C., quisition of the Queen Dyeing com pany of Providence, a plant devoted exclusively to the finishing of black goods, the purchase price benig 3D. 100000.
 The death of J. Hunt Smith, vice president and secretary, on January Il, 1909, was announced with regret and a copy of the minute adopted by this board on March IS, 1909, concern ing the same, is as follows:
 In Memoriam.
 The directors of the United States