New Britain herald., 1916-12-07

PRES. DODGE OUT OF
 REM|NGT0N-U. M.C0.
Committee of Bankers and BuSi- ness Men to Operate Concern

New York, Dec. 7.-The Reming- ton Arms-Union Metallic Cartridge company, with it's many millions of , dollars worth of war orders yet to be filled, will be operated at the direc- tion of a committee of bankers and business men for some time. The committee, it was learned yesterday, consists of James H. Perkins, vice president of the National City Bank; G. M. r. Murphy, vice president of the Guaranty Trust company; Henry s. Kimball, former president of the American Zinc, Lead, and Smeltlng company; Samuel E. Pryor, vice presi- dent of the Remington-Union Metallic company, and w. E. s. Griswold. MT. Pryor has been elected chairman of the committee.
 Marcellus Hartley Dodge, who owns all but a few shares of the company s $50, 100000 capital, has retired from the presidency, and has been succeed ed by MT. Kimball
 Information regarding these devel- opment became public yesterday, al- though the committee was formed some time ago and has been looking after the financial details of the cor poration's business for a number of weeks. In order to strengthen the financial structure, c. B. Hawley, for mer head of the Laconia Car company, has been appointed treasurer of the Remington organization.
 The bankers have. undertaken their work on the committee, it was learned, because their institutions are exten- s1vely interested in the Remington company through loans. Last Feb ruary the corporation put out $15,- 900, ,OOO three-year 5. per cent. notes in order to raise additional working capital, and later found it necessary to borrow substantial sums for the same purpose. It was estimated in the financial district in midsummer that more than $1O,OOO,O0O was borrowed from the banks.
 In August last a program for re- financing the company was mentioned in official quarters, the result chiefly of slow deliveries of rifles contracted for by the British, French and sRus- sian governments, and consequent slow receipt of payment for the arms. No further news of internal develop ments appeared after that, except the general information that production had been speeded up and expenses largely reduced. The company, it was said recently strengthened it's financial position in the last few months by the sale of machinery which had been bought and stored early in the war, when MT. Dodge and his associates believed it wise to plan ahead for the filling of more war contracts than they then had in hand
 The company was relieved of a burden a month ago when, with the MidvaIe Steel and Ordnance company and the Winchester Repeating Arms company, it arranged with the British government to manufacture the re- mainder of the rifles under contract with that government on a cost basis. Bankers in touch with the Remington situation said yesterday that work on the contracts was going ahead in sat- isfactory fashion.
 The Remington Arms company and the Union Metallic Cartridge com pany were brought into one organiza- ton last year At the time the notes were issued it was announced that to- tai assets were 64,0OO,oO0, of which $32,000,000 was in cash or assets which could be quickly liquidated