Norwich bulletin., 1909-04-10
CITIZENS MEETING ON
 DAVENPORT ARMS CO
Corditiors of the Company Explained With View to Raising S10o,0o0 New Capital-Committee of Five Ap- pointed

There was a citizens meeting n the town hall on Friday evening, called for the purpose of acquainting them with the situation at the Davenport Fire arms company and with the idea of securing $100,000 of preferred stock subscriptions. The factory has been practically closed for several weeks and a committee from the company and one from the Board of Trade have been at work with the view to getting the plant in operation again, and 1t was their plan which the citizens were called to- gether to hear.
 William B. Young called the meeting to order and Mayor Lippitt was chosen chairman and called upon the commit tee for a presentation of the facts, which was made by James l.. Case, who explained that the company had re- duced its capital stock from $200, 900 to $100,000 and then authorized the issuance of $100,00O seven per cent. preferred stock. Three new directors have been elected, but no officers have been chosen. He explained that the amount was necessary to save the com pany and read a balance sheet showing the liabilities and assets. Banks end ere ditors have agreed to take notes for their claims, while there are bond pay ments due.
 Mr. Musgrave, an expert accountant
 who has been over the books, stated that there were live and quick assets more than enough to take care of the floating liabilities and after charging
 off the $100,000 there is an equity
 there. MT. Case explained the cost of manufacture of ITO guns, which is about one-third the capacity of the factory q day, and gave the profit on
 that as $116 day.
 Mayor Lippitt urged the necessity ai a strenuous effort to retain this con-
 cern and said 1t should be the object ot the Board of Trade and>citizens to keeI here valuable concern of which sorne-
 thing is known. The history of the
 city is remarkable when it is conslu- cred that some of the best manufac- 1 tories of Springfield and Worcester ha( | their start here and were allowed to gC away. He referred to the large amount of wages the company paid yearIy anC asked Mir. Gallup to present them. H. Ii. Gallup referred to the build. | ing of the elevator building in 1868 al
 a cost of S110,000 and later its aban- starting there but doing nothing unti ! 1891, when the Norwich Belt Manu- featuring company took hold of it. IT the same year W. H. Davenpor brought cut new shotgun and com pany with $12,00O capital was organ. ized to make it and the top or of tnt building leased. It spread until tn, Arms company wanted the whole building and the Ansel Clark building pany moved. Since then the Arm. company has taken the Manuli-, | building and the Ansel Cleak buildinl and its wharf privileges to take cart of it's rapidly growing business. as f seemed proper to expand and develop
 In the six months Of 1891 the com Pary paid in wages S6.S91. and the fol 1 low ing amounts have been spent veg. | ly since: 1892, $24,2s5: 1893, $19.5S2; 1894 $15,173: 1895, S17,143 1896, S23. sS8; 1897, $30,SS4 1898. s42,S40: 1899 s65,2 ,2S4; 1900, $109.sS7; 1901, s146.219
 1902, $145.9S5; 1903. $1S6. 72s; 1904 1 s1E3 947. 1905. $1S9,G47: 1906, S114.e2e ! 1907 S156.6A2; 1908, $73,124.
 In tEe eight years from 1900 s1.146.. 349 was distributed in wages. an aver age of S143.293 a5 year, while the tota amount distributed in wagas in the + years is S1,464, ,39936.
 In 1904 there came a break in the
 price of guns and the profits were verN
 small. while in 1907 they were sigh.ly
 restored. but the panic followed. but
 now the market is about back to it. normal basis. There are quite a nun; ! Der of guns on hand now. The panic
 was the reason for the present condi- tion. The company is solvent, but mol in a position to do business. The com pany has a line of goods equal if not superior to any in the country and they
 can be marketed as fast as made, MT Gallup being enthusiastic over the fu- ture.
 There were several who spoke ou the
 matter os the stock issue, among whom
 were E. A. Tracy, who recognized ths [ ecessity of retaining the company bnt thought those who put their money fin
 should have some assurance that it
 would be used for furtherinR the busl ness and not to pay off the existing debts. He thought the creditors might
 take their claims in second preferred
 stock. He urged the necessity of keep- ing the company going. pr. Patrick