New Britain herald., 1930-02-24
REPORT FOR 1929
 BY STANLEY WORKS
Expansion in Electric Tool Line
 and Bridgeport Plant

Expansion of the Stanley Works during the year 1929 is described in the annual statement by President Clarence F. Bennett which stock holders received in the mail today. Mr. Bennett lays especial stress on the development of the Stanley Electric Tool Co.,, a new subsidiary, and the purchase of several com panies. the manufactures of whose plants have been added to the Stan ley electric line.
 Writing of business conditions in general, MT. Bennett says: AS a whole, the sales and earnings for the year have been normal despite the fact that building construction af 1ecting our market for hardware and carpenter tools was about 15 per cent less than the average of the previous four years. This has been offset by a good year in steel and some of our various lines of manu- facture."
 Development of the Bridgeport plant is referred to in the report as the major advance
 The financial statement shows that he surplus on December 31, 1922, was $S,4S5,770.75, mparcd with S1O,SSS,7S4.l1 on January l, 1929. During tho year dividends on con- mon stock amounted to $I3l3,OOO and on preferred stock to $2l0,000. \ 25 per cent stock dividend on common stock amounted to $2,6O0,- GOO.
 Mir Bennetts report follows;
 ITO the stockholders of the Stan- Icy Works:
 Your directors submit herein the financial statement for the year end ing December 31, 1899.
 "ln addition to the financial state ment, for your Information l am outlining herewith some of the major developments of the compony dur ing the year 1929. As a, whole the sales and earnings for the year have been normal despite the fact that building construction affecting our market for hardware and carpenter tools was about 15 per cent less than the average of the previous four years. This has been offset by good year in steel and some Of our other various lines of manufacture.
 "The year 1929 has been con- structive period for laying the foundation for expansion of our business in several directions. Per haps the most interesting develop mcnt has been the advance in our line of electric portable tools. Such tools have been in the course of de- velopment at the Stanley Rule and Level plant for some years past and we had already put on the market several sizes of portable drills and electric grinders. Through our own experimental department we have this year added electric screw drivers, nut runners and additional sizes of drills and grinders. During 1929 a number of electric tools have been added by the purchase of other companies already engaged in the business Notable among these IS the R. l.. Carter company with a factory at Phoenix, New York, manufacturing various portable electric wood working tools and some semi portable electric tools, particularly shapers, reuters, mortls- CTS and similar instruments, doing by electricity the same kind Of work which is done by hand planes, chisols, etc. The purchase Of the patents and assets of the Ajax Ham mer corporation has added an cX- cellent electric portable hammer which Is used by contractors, telo- phone companies, railroads, etc, for the purpose of chipping stone and making holes in stone and concrete for wiring, piping and other like purposes. The purchase of the assets of the Grove Manufacturing cor poration of Cincinnati. brings to us several sizes of electric stone saws, several sizes of portable electric wood saws with adequate power and excellent patented safety features, as we'll as line of pneumatic saws.