Norwich bulletin., 1914-10-16
FINISHING co. PROFITS $232,844
Plants Running On More Satisfactory Basis Than For Years Says President Thompson in Annual RePort-Fmished Over Eight Million Yards Less But Income From Produc ton Was Nearly $9,00O More Than Year Aso-Com- pany Emerging Safely From Tryng Period.

A highly, satisfactory condition for the. stockholders was shown in the at- fairs of the United States Finishing company at the annual meeting of the stockholders which was held here on Thursday afternoon at o'clock at tne a Norwich Savings society. In the re- port of President Henry B. Thompson of New York it was shown that the earnings of the company for the fiscal year ending June 30, 1914, had been s232,s44.44, as compared with a loss of $6s, ,536.6S for the previous year :. President Thompson supplemented his formal report by answering some inauiries which were made at the meeting and among other things said that the plants of the company are In better physical condition than they have been in any time for the past five years at least.
 Directors Elected.
 The following board of directors was elected: Edward A.. Greene. presi- dent Citizens Title Insurance and Mortgage company, Passaic, N y; Herbert F. Howell. vice president Ma tfonaI Bank of Commerce, New York; Francis J. -Leavens. president Dime Savings bank, Norwich; Jesse II Metcalf president Wanskuck company Providence, R. T.; George s. Mumford president Commonwealth Trust cont pany, Boston; Joseph M. Proskauer, .of E1kus, Gleason & Proskauer, New York; Henry B.. Thompson. president the United States Finishing company New York; Herbert J. Wells. president Rhode Island Hospital Trust company, Providence, R. l.
 Assistant Secretary Albert S. Bard of New York kept the records of the meeting.
 Among these directors elected Mir Leayens, Mr. Metca1f and MT. Thomp son represent the stockholders com mittee, MT. Howell, MT. Mumford and Mr. Wells represent the bank credit ors' committee, and Mir. Proskauer rep resents certain large debenture holders
 A meeting of the directors for the election of officers IS to be held later in New. York.
 President Thompson's Report.
 President Henry B. Thompson made the following annual report to tile stockholders for the fiscal year end- ing June 30, 1914:
 Tn my last annual report, after re- viewing the financial difficulties of the company, I asked the co-operation o1 the. company's stockholders in re- financing the company. This cooper ation Nhave received in fair, measure in the form of subscriptions to the de- lnenture issue made in response to our circular letter tosthe stockholders un- der date. of May z, 1914. These. sub scriptions yielded to the company $5S0. 6S0 in cash.
 On July 21 we made an offer to the bank creditors committee to pay at the expiration of our present exten- sion, Sept. 1s, B 1-3 per cent. in cash to the holders of the coTnpany's s, paper and to give for the balance promissory notes maturing 20 per cent. in sone year, 25 per cent. in two years, and 5t per cent. in three years, with interest at, 6 per cent. This was accepted by all of our bank creditors, and on Sept 12 payment was made to the notehold- CTS on the above terms.
 I can fairly congratulate the stock holders upon the success of this plan which means that the pressure o1 financial stringency is removed and that the company Is enabled to con- duct it's business unhampered by the lack of funds to meet maturing obliga- tions. At the same time, this relieves the company of all danger of re- ceivership and renders unnecessary any plan of stock reorganization.
 A balance sheet certified ato by Messrs. Barrow, Wade, Guthie 6 com. pany is annexed to this report. Stock. holders will note that under the head. ing of capital stock liabilities there ha: been deducted from the amount of the common stock of the company, name ly, $3,000,000; the sum of $650,0 ,000 leaving the liability for common stool outstanding s2,350,000, instead of $3, 100000. This represents common stock which the present management found to- be held by certain of tn, company'S subsidiaries and stocl which was surrendered to the com pany on the adjustment of variou 5 claims asserted by the present man agement. The return of this stock t. the treasury of the company. of cours materially improves the status of tn remaining stockholders. A resolutio; authorizing the company to hold, thi stock in it's treasury will be presente, at the annual. meeting.
 Up to the outbreak of the presen European war the outlook for the fisca year. ending June 30, 1915, was ex ceedingly bright. Judged by the.num Der of patterns engraved and by tn number of strike-offs printed tn amount of printing in sight. this sen son was far in excess of any amour we have hitherto had for the past fou years. All the companY's plants, ex cepting the Passiac plant, which ha been closed. are running on a nor economical and satisfactory basis tha the company has, maintained for
 number of years past. The effect c the war upon business conditions i. however, problematicsj, and it may b that the company will fall short dur Ing the current year of the profit which 1t had a right to anticipate; bu Rsioe rom the war conditions an