New Britain herald., 1925-02-17
N. B. MACHINE Co.
 REDUCING DEFICIT
Encouraging Report by Pres.
 PeaSe at Annual Meeting
DIRECTORS ARE REELECTED
Net Current Assets $29s,75e Greater on December 31, 1924, Than Year Ago-Progress Made on Claims With U. S. Government.

Wltn U. ,. GOVcTnmenC.
 The report of President 1T. H. Pease of the New Britain Machine Co.,. submitted at the annual meeting this afternoon shows that the net current assets of the company at the close of the year as of December 31. 1924, were $29S,759.66 greater than they were on December 31. 1923. The deficit account during the year was reduced by $258,545.45, this amount being the net earnings for 1924.
 It states that during the past year the claims of the company against the United States government were further examined and substantial progress has been made toward final settlement. The respective ledger accounts and reserves in the fnan- cial statement have been adjusted to reflect the present situation.
 Business Improving
 President Pease stated that the volume of business carried over from 1923 to the following year enabled the company to operate on satis- factory basis. during the first six months of 1924. Following this, the report states, there was a considera- ble falling off Tn sales which con- tinued until the month of December 1924. The bookings for the latter month and for the current period show considerable improvement, however.
 The statement of the auditors Ernst 6 Ernst, as contained in their certificate of examination of the books of the company, showed that there were accumulated unpaid divi- dends on the preferred stock on De- cember 31, 1924 in the sum of $513,- 990, covering the period from April 1, 1921 to December 31, 1924. No contingent liabilities were reported to the auditors, the statement reads, with the exception of a pledge of $23,40O to the New Britain General hospital made in February 21, 1921.
 Financial Statement.
 The financial statement of the treasurer, in part, follows:-
 The quick assets of the corpora tion, including cash, U. S. Treasury notes and deposit certificates. notes and accounts receivable total, &C., cording t3tthe financial statement, $1,977,363.40. Claims against the U. S. Government amount to $327,- 422.72 and other notes and &C., counts receivable bring this item up to $4O4,559.4S. The permanent as- sets, buildings, machinery and so forth are figured at $975,519.S9. Deferred charges are $15,649.63. The grand total of assets is $3,373,- 092.40.
 The current liabilities are $37,- 573.S5. Purchase money obliga- tions add $42,S00.00; reserves for contingencies and government &C., counts $41O.O62.57. The capital &C., count, including $1,713,30O.O0 of preferred per cent cumulative stock, $3,692,25O and there is a deficit of sSO9,594.02 to bring the liability side of the account to the same total.
 The income account shows net profit on sales of $293,41297 and a net profit on operations for the year of s25S,545.45 after deprecia- tion and so forth. The deficit &C., count has been reduced this much. Jan. 1, 1924. the total deficit was s1,O6S,139.46, Jan. 1, 1925, it was $S0s,59402.
 Have Plan to Eliminate Deficit
 Day, Berry and Reynolds, attor- neys for a committee of preferred stockholders, and Robinson, Robin son and Cole, attorneys for the com mon stockholders announce, in con- nection with the meeting, that they have under consideration plan to eliminate the deficit which would allow the paying of dividends and this plan will later be placed before the stockholders for a vote, the board of directors first approving.
 The present board of directors was reelected as follows:-L. P. Broad hurst, E. M. Day, H. H. Goss, E. A. Moore, J. H. Otterson, H. H. Pease, P. K. Rogers, w. S. Rowland and P. B. Stanley.