The Waterbury Democrat. [volume] (Waterbury, Conn.) 1917-1946, 1943-04-05

are now directly or indirectly
bought by the government. Dur
ing the early part OF the year q
considerable volume was sold for
civilian use but practically oil
such sales ceased by June LIST,
though volume as q whole has
continued to increase. Among our
principal items for war are artil-
lery fuses, cartridge cases, prim-
ers and boosters and In addition
we have made such varied items
as aircraft radio parts, lock nuts,
fasteners and bolts, military and
other buttons and fasteners,
small arms cartridge cups and
many other articles. The output
of our brass mills has been by
far the greatest In our history.
The A. Schrader'S Son Division
has continued to make its Gus
tomary line of tire valves and
gauges which are standard with
the government, and has made
large numbers Of complete diving
suits and pumps for the Navy,
and great quantities of valves for
life vests, RATS and for oxygen
equipment for aeroplanes; also
fuses and other articles. The vol
ume of sales of this division has
greatly increased and the opera
lions in Canada and England
have been in heavy volume. The
Hamilton Beach Division ceased
making its regular line of electri-
cal appliances during May, but
after about three months of prep
aration, started the production OF
highly accurate and delicate aer-
oplane instruments in which 1t
has been very successful and has
its normal force now working with
increases contemplated. The Oak
Vile Company Division produced
war supplies In volume and had
a successful year and. with new
items added, is fully occupied.
During the year the Bureau OF
Internal Revenue reviewed our
depreciation rates for plant and
equipment, and rduced them. For
that reason and the capitalization
by that Bureau of some items,
there was added to our net plant
assets the sum of $798,237 applic-
able to years prior to 1912. The
books were adjusted accordingly
and the amount was credited to
Contingency Reserve. Against this
reserve was charged the ADJUST
ment of prior year taxes. Depre-
citation for 1912 has been calcu-
lated at the revised basis. account
ing for the lower amount as COM
pared with the previous year.
Amortization of war facilities was
taken to the full extent allowable
for Federal income tax purposes
without an additional provision
was made In 1871.
met current assets, after inven-
tory reserves, were reduced $3,-
5i2,778 during the past year. De-
bentures. due In 1850. totalling
So, 500, 900 were retired by a small
purchase by the regular sinking
fund call on July LIST. and by a
special call, not applicable to fu-
ture sinking fund operations, Of
s., OO0,OO In December which was
made to take advantage Of lower
taxes payable II the postwar credit
were used for reduction of debt. All
the reduction In tax payments for
1912 available was $4,000, and It
was so used.
The Company has received
Necessity Certificates for the esti-
mated expenditures Of about S.
100000 on buildings and mach
inery for war work. Upon these,
$500, $40 was spent up to Decem-
Der 81. 1912. Due to the policy Of
the Government with respect to
taxes and price adjustments, II
became apparent early In the year
that no longer could We afford to
finance at our own expense much
greater capital expenditure for
war work. and thereafter the
Government, needing increased
facilities. arranged 70 place In our
plants without cast to us and
without expense for rent. equip
ment 10 a value Of about $780,
900. Very little Of II was IN opera
ton In 1912. but a large part is
now In use.
"On july 9th. 1912. the Under
Secretary Of War informed ms
that the Army and Navy are con-
ferring on your organization the
Army Navy Production Award for
high achievement In the produce
ton Of war equipment" and stated
The men and women Of the SEQ