Norwich bulletin., 1912-03-26


 pany of Maine, corporation with a
 capital stock of $1,OOO, 900, which owns the patents on the Thernlos bottle and
 also all the stock of the New York company.
 l 6ixth--The American Thermos Bot tie company must continue to distrib- ute it's payrolls in the city for a period l of ten years, and at even its present rate 1t will pay double the amount
 named in the original proposition made
 to the Norwich board of trade. It Is difficult to imagine any con tingency whereby the Norwich con- tributors will lose in this industrial plan. Their interests have been safe
 guarded so that they will either own
 the building or receive the benefits of ] the large payrolls distributed by the American Thermos Bottle company. 1 While 1t is an assured fact that the 1 TherInoS plant will be removed to Nor
 wich, 1t is condition of their re-
 maAning here that the Norwich con-
 tributors carry out their part of the | agreement and spend S60,0O for the factory which is to be erected. Conse- quently it is necessary for each and 1 every subscriber to pay in full the amount of his subscription. The sum subscribed above the requirements is not large, and will be required for de- veloping the lots, laying out streets and other expenses that will be of nu-
 tual benefit to all. That he subscrip- tions were made in good faith is am ply shown by the treasurers report,
 for the responses to the call for the first installment were beyond all ex-
 pectations.
 All subscribers to the fund signed cards pledgdng the amounts named 1 thereon, the same to be paid to the
 treasurer of the industrial company, when the same has been organized and 1 the treasurer duly elected. By vote of 1 tn team captains at a meeting held 1 February 1Tth it was decided to return pledge cards and cancel pledge papers aS soon as subscriptions were paid in cash or stock subscription. Paper of the Norwich Industrial Improvement ] corporation had been signed for an
 amount equal to the original subscrip- tion. This method has therefore been followed.
 ] It is gratifying that the subscgib- CTS te the Thermos fund have graSped l the opportunity to take stock in the Norwich Industrial Improvement cor poration. This company will own 20
 acres of land which Is expected to en- kance in value quite rapidly. Your directors feel that this property should
 be managed so as to give the largest
 return to the stockholders. The cor
 poration will also own the factory un- | til the conditions of the contract have
 been fully complied with by the Amer jean Thernos Bottle company, and the
 rights thus accrudng to our stockhold CTS give a large speculative value to
 our shares. Regarding the disposition to be made of the real estate that we hold in undisputed ownership, we feel
 that this should not be parted with ex- cept for a cash consideration, unless
 the stockholders should give their con- sent to some other plan of industrial 1 development Stockholders certifi
 cates have been mailed to all who have
 paid their subscriptions i'll full.
 The president of the American Ther-
 mos Bottle company, William B. Walk
 CT, selected Cudworth & Woodwork and Chandler & Palmer to act as architects and engineers of the new building. Suggested plans for the game have been forwarded to New York for Mir Walkers approval. and | it is expected that the actual building
 operations will be underway next month.
 The work of the directors has been divided by the appointment of the fol- 1 lowing committees: Committee on contract; committee on purchase of real estate; committee to confer with owners of muSicians' lots; finance Icommittee; building committed; com mfttee on annual meeting; real estate committee. By a distribution of these 1 labors, a vast amount of work and planning has been accomplished with cut overtaxing anyone. The board as whole have proceeded tremendously, and have taken an interest and pleas ure in working out the intricate prob Iems of organization and administra tion of this corporation.
 The report of the president was approved and ordered placed on file, similar action having been taken on the secretary's and treasurers reports.
 Directors Chosen.
 The election of directors was the next meeting, and Charles s. HolbrooR, 1 John J. Corkery and Joseph D. Havi- i land were named as tellers. A ballot was presented bearing the names of 1 the directors whose term expired at | he meeting, with blanks for the writ i ing out of the entire list voted for, 1 there being eleven, the shareholder to sIgn his name and number of shares i at the bottom.
 T. c. Murphy withdrew his name because of pressure of business and | recommended w. w. Lang The count 1 CTS announced that the directors elect | ed were as follows:
 Allyn l.. Brown, Frederic W. Cary, ! James L. Case, Jeremiah J. Desmond, John Eccles, Gilbert L. Hewitt, Will ! jam F. Hill, Walter W. Lang, Shepard 1 B. Palmer, James B. Shannon, Leon- ard 0. Smith.
 c. 1. Smith proposed a vote of thanks to those who had done so much to- wards making the affair so success full and who had given so much time
 for the good of Norwich, and 1t was voted.
 What Will Be Done With Land.
 President Haviland of the board of
 trade inquired as to the use the di- l rectors intended to put the extra land | to, on the Mason plot. He wanted to
 know if it was intended to sell the | land or to give 1t away If another i industry wanted 10 build there. He 1 thought 1t might be for sale at 1 reasonable figure if 1t was not in. 1 tended to give it away. He men l toned that It was hoped to locate | several other industries here, and rep 1 resentatlves of one Of them will be I here this wesk, 1t Is expected, to 100; 1 over sltess ana Ee desired some eKs pression. that statement could be made regarding that property. President Cary of tho corporation, speaking for tho other dirsctJrs, said that they considered that they had the property in their hands virtually in trust to be developed for the benefit of the stockholders. If they want to give 1t away, the directors would be glad to carry out their wish, and if sold nc fancy prices would be de-
 lnanded, ActIen be required by the stockholders in either action. John McWIlhams considered that the proper attitude for the directors to take. If the shareholders can be shown that a company will come here 1 worthy of the property he believed