Norwich bulletin., 1922-05-22
DANIELsON

The following communication was re- l ceived Sunday morning by local stock 1 holders of the Connecticut Mills Co.,: To the holders of First and Second Preferred Stock of the Connecticut Mills Company:
 Dear Sirs: At the time of the gen. eral collapse in the tire industry whieh occurred about a year ago, the indsbt- edness of your company exceeded S7,- 900 ,0O0 and an immediate arrangement with the company's creditors was es- sential for the preservation of its bus mess and property. An agreement was made with the creditors committee, on May 2, 1921, by which the debts to as- senting creditors were extended until May 2. 1922, and the virtual control of the company's business was handed over to a creditors committee.
 When the preferred stockholders pro tective committee was organized these debts had been largely reduced, but the balance still remaining amounting at the time to approximately s3,O00,O00 was to become due within a few weeks The condition of the company was such that these debts probably could have been paid in full at or about their maturity, and many of the creditors, seeing an opportunity to get their money back, were anxious that this be done. The payment of these debts at that time would at best have left the company without adequate working capital or in- ventory. It would have had it's mills but no means of carrying on its busi- ness.
 In these circumstances, this commit tee has succeeded in obtaining an ex- tension of the creditors agreement until August Is, 1922 The business of the company, however, is greatly hampered as the creditors committee which still controls the situation, will not peremit the company to make commitments nec- essary to tho continuance of the busi- ness.
 It is essential if the company is to continue in business CD that 1t should secure immediately new money for use as working capital to the extend of ever 1000, ,O00, and (2) that it should se- cure a competent management which will reasonably insure future success and so make the new financing possible. Negotiations to this end are in prog ress and your committee believes that 1t can accomplish these results if it has the support of at least 75 per cent. of the preferred stock. If such consent Is not forthcoming the hands of this com inittee are tied If the requirements stat ed above are not met. the stockholders of the company can look forward to a liquidation of the company in the mid dle of August with probably the conse- quent serious impairment of their in. vestment.
 Deposits of preferred shares to datt under the protective agreement have -.A- -.1- holders who are interested in preserv Ing their present investment in th' company should take steps to deposi their shares at once. Deposits should be made with The Merchants Bank Q Boston. 2S State St., Boston, Mass, oi with the Hartford Connecticut Trus Company in Hartford, Connecticut.
 Moorfield Storey. Chairman, (Storey rhorndike, Palmer & Dodge); " Irvinl Bullard. (Vive President, The Mer chants National Bank of Boston, vii liam M. Butler, (Mill President) Lau renee P. Dodge, (Blake Bros. & Co) Preston Rice, (White, .Weld & Com pany) i; Charles Walcott, (lIill Treasur er) J. Lothrop Motley, Secretary, 73 Exchange Building Boston, Mass. Storey, Thorndike. Palmer & Dodge Counsel
 Two cars were ditched and smashe lt Elmville Saturday night, and tn State police are Investigating the af lair. The cars were the property c Lestere Slater of the town of Killingl and man named Brown, who is sai 10 live over the Rhode Island border lust beyond Sterling. No one was ser ousIy injured in the accident, which i Said to have been due to the wild driv ng of one of the Saturday night spec merchants and his forcing of one of tn sars that figured in the crash out of tn highway.
 Many cars were stopped about tn wreck when a Danielson public servic car came breezing down through tn parked machinee at what the state DC lice on duty there regarded as a recH tess pace. This driver will be ordere into the town court this Monday morr ing.
 If there Is any one thing as to autt mobile traffic that the public here an hereabouts desires of the state and k cal police 1t is the rounding up of spec drivers. They are a menace to all WI travel the highways as much as themselves and to those who ride wit them. The public is demanding sever penalties-the revocation of their dri- Ing licenses preferably-and such actic before they leave a trail of death their wake. There is no room on u highways of the state for even a fe drivers. among the thousands who dri1 carefully, who race machinese and he the roads to the peril of all who cl counter them
 Saturday morning the funerel of Mir Delina Mathieu, wife of Charles Mathit vas held from their home on the We Side. with a solemn high mass of r Euiem at St. James church Rev. VI tor Faure. M. S., was celebrant of u mass with Rev Walter J Greene deacon and Rev C. A. Schelley as su deacon. Burial was in Holy Cross cer stery. Six sons of the deceased we bearers Louis L Kennedy was
 sharge of the funeral arrangements.
 Rev. Walter B. Williams. of We, teld Congregational church, conduct
 nneral services for John F. Benne
 Fho died at his home in Brooklyn
 he result of beirg stung by bees. Bu