Norwich bulletin., 1913-10-17
FINISHING co. PROFITS OF S66, ,447
For Last Six MonthsFo Same Period Last Year Loss Was $81o0oShown in Presidents Report Directors An nual Meeting Business For the Future Indicates Larger Earnings and Encouraging Prospects

year the result sRaB loss of $81, ,s7ssSS. thus showing Q difference in favor o< the new management of $14S, 99 and this in spite of adverse business con- dfuons which have caused decrease in yardage finished for the last six months compared to the same period last year of 12.6S9s016 yards.
 The figures showing the floating debt charge deducted, and without de- auction are as follows:
 Six months ending Sept 30, deduct ing the floating debt charge for 1913 profit of $6s, s,447.l14 for 1912. loss of sS1,973ss.
 Six months ending Sept 30 without deducting the floating debt charge for 1913, profit of $121, ,232S9; for 1912 loss of $39, 493.34.
 We have not at this time prepared a balance sheet indicating the posi- ton of the com pany's affairs, b4lt it Is our intention to do this showing it's true standing just as soon as the ap- pra1sals of the physical properties of the company now being made by the American Appraisal company are com- pleted,
 Some Extraordinary Expenses.
 President Thompson concluded his report as follows:
 While the above results have been brought about by economies of man. agement, nevertheless during the past six months certain extraordinary ex- penses have been incurred which have been charged off against our earnings. The closing down of the Passaic plant has caused an expense of about $25.- GOO. Our machinery repair account at Silver Springs plant has been m usually high, as the machinery in this plant had not been kept up to the proper standard for the economical finishing of the type of work handled f "a al vi ordinary expenses at Pawtucket inci- dent to the rearranging of machinery rendered necessary by the finishing of a different line of work. The expen- ditures at Silver Spring and Pawtuck ct mill will unQuestionably result in fu ture economies in handling our work. The closing down of the Passaic plant has resulted in concentrating the work formerly done there with that of ne other branches. As yet the company has not felt the full benefit of this change, owing to the expenses as above described and owing to the necessary delays in rearranging machinery, etc.
 Can Expect Larger Earnings.
 It is reasonable to expect larger as the busy season of our business runs from Oct 1 to April 1 and -vc are entering upon this period with considerably larger orders on hand about 80. 900 pieces-than we had at the correspoding time last year and at a slightly higher range of values. During the past year the company has finished 23S,48S,564 yards as compared with 270.16S,212 yards finished the pre- vious year, a decrease of 31,674, 64S yards. The gross income from pro- duction was s4,356, 6,674.19 as compared with $4,626, ,34I45. a decrease of $26a, 66726
 Refinance Bank Obligations.
 It will of course be necessary dur ing the coming year to refnance the company's bank obligatio Assun- ing that the company's business con- tinues to be as good as at present, the new security to be issued by this company to refund the present floating debt should be an inherently attractive investment to the stockholders. Substantial Value in Stock of the
 Company.
 The present management has right to ask for the cooperation of the stock holders in refnancing the companys obligations. It is your company, and the above report of the accountants indicates that your holdings of pre- ferred and common stock have sub stantial values; but these values can not be permanently maintained unless the floating debt is taken care of by the issue of some form of security. The obligation for the successful issue of this security rests in part with the