New Britain herald., 1930-02-24

faCture and sale of lacquers and | other similar coatings, in addition to its regular chemical products A modern laboratory has been built and equipped to facilitate the neccs- sary research work.
 Welfare of Employes "Markod attention has been given to the welfare of our working force, both at New Britain and at our other plants, a special effort being directed toward the prevention of accidents with the result that dur ing this year our accident record is better than usual and compares fav- orably with other manufacturers in similar lines. A new plan of group insurance has been approved and adopted. A mutual benefit associa- ton has been established at the American Tube and Stamping plant. Working conditions for our office i force have been improved by the new office in Bridgeport, rearrange- ment and improvement of lighting in i the Eagle Square plant at South l Shaftsbury, a new small office in 1 the Stanley Steel company of Canada and sound proofng and modern lighting systems at the main office in New Britain.
 "Thc satisfactory results of budgeting system in all our plants l for the past few years have led us to establish a small department or l laboratory for sales research to which will he referred both new and old problems relating to the sale of our products, in which we arc at | tempting to adapt the same methods as to sales which arc in force in our chemical and physical laboratories. | We have enlarged our physical i laboratories and the results in re- | fining methods of manufacture and | improved quality Of our products, | especially in the steel business, are satisfactory.
 I've have continued the long 1 praCtiCod policy of the company of | trying to develop our own men for 1 the different divisions Of our busi- ness and give them a chance for ad- yancement as the opportunity offers i through the widening of our activity.
 Prom the standpoint Of the stoCkholdcr, the year is notable for the 25 per cent stock dividend au- thorzed by the stockholders at a recent meeting, now issued and out standing. During the past three or fnIlr 11oc 1n large expenditures out of the sur plus for the building of the Farm l lngton river power plant, and for the l purchase and improvement of the American Tube and Stamping plant in Bridgeport. It is the belief of the management that these have i been wise expenditures for the de- velopment and protection of the company and should bring a req sonable return on the capital in- vested. It has seemed only fair to our stockholders that these expendi- lures should be expressed in an in crease of our capital stock and your directors therefore recommended and the stockholders approved of and authorized a stock dividend Of 5 per cent bringing the common stock of the company 10 13 million dollars"
 Financial Statement
 The financial statement of the com pauy follows;
 Consolidated Statement of the stanley
 Works and Affiliated Companies
 December 3i, 1929
 Assets
 Cash ....................s 1,GjO,O6 9J Notes and accounts receivable
 Less reserve for bad
 debts ...-.,......-..... c462,5l6.58 Iuventories-Les reserves .. 6,264.S97.Ot Investments ............. 5,61S,SSo.32 Plant and other property | Less reserves ..-....... 10,8JS,15S.73 Patents. trade marks and
 licenses purchased in 1929 552,713.35 Deferred charges to expense 112,26419 Total :27.479.59L74
 Liabilities
 Accounts payable ........s 555,6i6.oS 193O ................... 325.oOo.oO t5eo bonds of the American
 Tube Stamping Co. due lS%2 ......-.......-.... 4oVrUuu.uu Taxes, contingencies and
 miscellaneous reserves .. 962,6c71o Minority interest in affiliated
 companies ......... 2O0,547Ss Capital stock, preferred ... $500, ,000.00 Capital stock, common .... F, 900, ,0O0.00 Surplus, December q, 1929 8.4S5,770.75 Total s27,479.591.74 Note: The above is consolidated statement of the Stanley Works and it's affiliated companies with the exception of the investment in the Stanley Works .I | nF NVbirb ia included in the in | Vestment account
 Statement of Consolidated Income
 and Surplus
 Surplus January 1, 1929 SIG, 0,GSS,7Si.11 Add surplus adjustments for
 prior years ..,...-.,... l5,'96.i9
 slO,4O2, ,5S2. 30 Earnings after federal taxes
 and reserve adjustments. 2,99750S45 less deprcciation on plant Q. 791.S19.9S
 c2O6,l6S.45 Total s12,6OS,770.75 Less dividends declared dur
 ing the year On preferred stock ..s,... 21o,ooo,oO | On common stock ......- 1,Sl5,OO0.VU Stock dividend ot c5 on
 common stock ..,.,.r. 2bOO,OVOVV Total 4123,O00.O0 Surplus December 7l, 1929 s,4S6.77O7o PIainville Driver Fined
 For Fleeing After Crash
 Special to the Hcrald)
 Southington, Feb. 24.-John Pet l c ,t