Norwich Bulletin Newspaper, May 15, 1914, Page 7

Mbnhc‘flm MO Coneemon?mantl’m& b et v s b A Fhoies St DGR e S Soutpand infldhnldm of Lhe United States Fin- |is urged Eunmpn l3M$IWG~th Eaming Basis. company. was issued by the | quota as possible of the new security. {away. In. telling o hr case oo holders' committee on Thursday, covering the condition of the the and proposing that the security hold- { 1914. 1,000,000 of six to nine year de- | th gm’lre bonds t:b be used in funding | th the company’s debt. Wth the statement the bondholders Thompson, ¢! and stockholders of Norwich and vi- !dcnt dx:?eh‘ T. 8. rm.mn. Co. cinity are invited to meet the president of the company, Henry B. Thompson, | McLean Co., Passaic, N. J. tions must' be received by | wrote: v took l‘i_yr’l ‘Wonderful to. subscribe for as large a Remedy and results fl;hl Go to Engler's drug pany. on or before. June 1 “For years I have suffered terribly about the wonderful for it, and after a .tukhddnfl‘ CQn\mMu rman, pres- n, president Andrew in the board room of the Norwich Jesse H, ' Metcalf, pr.sident Wan- R. L Savings society on Monday afternoom, | skuck Co., Pro gauv 18th, and those of New York, New | Francis_J. Leavens, president Dime ersey and vicinity are invited to meet Savings Bank, Norwich, Conh. Fresident Thompson at the company Edward A. Greene, president Citi- offices in New York on Thursday after- lnnx noon, May. 21. N, The statement calls attention to the Q,o,.‘, V. T lor, Cotton Goo fact that the net earnings of the com- | Fourth Ave, 10 ds, 254 pany in the thirteen months since The United “m Fln April 1, 1913, while the new manage- ment has been in charge, have been{ Balance Sheet, DE“'BWH. 1913. $193,299.75, as contrasted with a loss of $25,32 43 for the thirteen months Fixed Assets— previous. This has been during a pe- Real riod of generally bad conditions in the report says that the stogkholders’ com- mittee is of the opinion that the com- | COPP! pany should show annual earnings of Liquid Assets— et See the Splendid $350,000 over and: above interest ! Cash charges. The committee further ex-|Inventories presses its belief that the business of | Boo the company will be rehabilitated and good and col- put on a basis of permanent profit- earning. Statement Made, * A Spreads, value $2.00. . The following ia the stajement: Thxou.uqu.a Assets— You must more than read a description, you must e i i Ry . Ep '0 the Stockholders an ondholders e Sterlin; p of the. United States Finishing | Improvermens see and examine this Mattress to realize borw good it T st S Eed g~ g e Company : The time has come when, in order to preserve the business of this com- trade, but under normal conditions the P"P“:-r Machinery, Water 463, Notes Receivable 800, 00 1,159,944.3¢ Title Ins. & Mtge. Co,, Passaic, ng Company Estate, Buildings, ete, . .--$6,339,155.77 er Rollers . “’6".&97.87 558.09 o y Come in and see. Eany, it is necessary for the security | Insurance pald : » Complete line of O] lders to participate in the funding in of the company’s debt. Sundry accounts 57,846.86 340,397.43 To give a clear view of the situa- tion the following infirmation is sub- mittel Standing of the Company. The physical properties have been appraised by the American Appraisal company during the past year.- On the Capital Stock— basis of that appraisal, a balance sheet | Preferred ....$3,000,000.00 has been prepared as of December 31, { Common .... 3,000,000.00 $6,000,000.00 1913, and it is hereto annexed. It shows that the company’s net worth| Bonded Debt— over liabilities other than capital stock | First MortnSa is $4,241,167.22, that the preferred | Bo stock is intact, and that the common | Less: per share. The Floating Debt. When the present management of the company assumed control on the 1st day of April, 1913, the outstanding note indebtedness of the company, in- cluding that of the Queen Dyeing com- i Dveing & F. pany, The Sterling Improvement com- pany and The C. P. Darling company, which it controls, was $2,245,000. To- Floating Debt— day its not indebtedness is $1,721,- | Notes Payable $1,697,466.61 committee Wednesday to prepare a T programme for the celebration of Ben- 533.29. This debt, excepting notes of | able ....... * 219,549.00 efactors’ day. Chairman Artbur H. s and Pay % Brewer of the general committee pre- e X RS 87,170.18 sided, later relinquishing that duty to : e Chairman James C. Macpherson of the nds sub-committee. W, Tyler Olcott was secretary. Others presené weres Wi}- 2 liam C. Gilman, Leonard O. Smith, ...... 76,692.40 2,080,878.19 Miss Flla A. Fanning and Dr. Bdward P. Brewer. The fact was brought out that to Dr. Brewer is due the happy <choice of the apt name for the day to 466.61, showing a reduction of $523,- | Acco 2 The C. P, Darling company and The | Taxe: ol Sterling Improvement company for $24,000, falls due on the 13th day of | Intere September, 1914. All current obliga- Bo: tions have been paid when due, and| No the amount of same outstanding April 1, 1914 is approximately the same as at April 1. 1913. In addition to this during the last year the mortgage debt of the com- pany has been reduced by payments into the sinking fund of $88,950. Earnings of the Company. The general state of the trade in the Th years has been exceedingly bad. Not- Th and the temporary losses entailed by the reorganization of the company’s under its new management, which as- sumed control on April 1, 1913, during the thirteen months which have elapsed since that time, the sum of | with $193,299.76 (over and above all inter- | of the Passaie plant we have taken |Saturday, Founders’ day, when flags| liam A. Buckingham, 24, James S.|day morning. est charges, the amount of which was | the figures of the Mutual Fire Insur- | are to be displayved and there is to be & | Carew, William Fitch, William P, $347,806.52, and over and above re- |amce months. This large item of repairs book charged to expense account was nec- | gooq essary in order to maintain the plants of T in proper physical <ondition. is in The outlook for business during the by the balance sheet of that company. Investment — Queen Dye- ing Company .......... 750,000.00 stock has a book value of about $40} ing Fund .. 786,000.00 Co. Deficiency, beihg Impair- ment of Capital ...... accordance with the values of the ap- praisal made by the American Ap- > praisal compai in November, 1913, | Sunday morning. A plan was also P. Sturtevant, Hugh H. Osgood, advance .. 36,921.97 $9,186,045.41 Liabilities. nds .....$1,750,000.00 In Sink- 'ew treatments am belng cured. I am going to tell all my friends of your miraculous rem- lotters come from stomach “IT COSTS LESS HERE” ALWAYS SANITARY BEDDING We can save you dollars on Mattresses and Pillows. Before you spend a single dollar for Bedding come here and e et $7.48 STOVES, SCREENS, SCREEN DOORS, PORCH ROCKERS, BABY CARRIAGES, ETC. LAHN FURNITURE CO. 74 Main Street, Norwich, Conn. compan: 1 Su:cr‘l’;;thu: 2 will be nclcepu,d with stomach ul-&ubla 1 could find d no een accomplishing in cases they scri not excee: amoun and multiplies A en, e a . 0% busane 1o An Jnne erect, ‘and of 3100 and ‘maultiples | above, I heard of jour remedy; sent At Bo—36-inch Unbleached Sheeting, |At 12%4c—Pillow Cases, in all standard grade. N value 16c. . # : At 180—Pillow Cases, excellent quality, At m:‘T:: 11?: Uehleu:hod Sheeting, value 300 At 7%ec—36-inch Bleached Sheeting, At 39c—One case of Seamed Shee! Vvalue 10c. size 72 x 90. . 934c—36-inch Unbleached Sh , | At 59c—Full size Sheets, seam!l . .“vu.ln: {?c%c. 21 e Satnine. good weight and finish, value 75c At 69c—Hemstitched Sheets, full be At ”‘:ET::-;:::‘C. Bleached Sheeting, size, dard g, vaine 8¢, 5 At 79c—Seamless Sheets, ‘ood quality, value 95c. At 90—50 dozen Piliow Cases, stand- | At 98c—Excellent quality ard size. Sheets, value §1.19. Bed Spreads ot od Marsile, At 59c—Hemmed Crochet Bed Spreads, | At $1.48—Hemmed Marseilles Beéd regular price 7%c. At Si.zl—liemmad hfroehot {lfloo da|At OZID—Hemmv:‘l m;du- Bed T o At $1.68—Hemmed Crochet B e d|At $295Hemmed Marseilles B e d] Spreads, regular price $2.00. Spreads, value $4.00, Fringed and Scall Marseilles Bed Spreads—at $2.95, v-.hu $4.00—at | $3.49, value $5.00—at value $6.00. Towels—Toweling—Table Linens 100 dozen Huck and Turkish Tow- 60-inch Mercerized Table Damask, els—8pecial price each.......... — 4¢|fine patterns—Special ‘Better grade Towels at these 64 and 70-inch fine Satin Mercer— special prices—at 12%o, 9 and 64¢c ized Table et — PROGRAMME ACCEPTED Willlam A. Buckingham, John F. Sla- | [mill stained, value 25c — Special _ |* e Serenh i ¥ eombe FOR BENEFACTORS' DAY. | ie% Mre. Harrlet P. Williams, Henry |fprice -...... S e 18¢|70-inch strictly All Linen Trish Consolidated = B. Norton, Russell Hubbard, Charles Bleached Turkish Towels, slightly Table Damask, value 8 ge ..... $1,65¢,000.00 Sterling 6th in l._Jmon Square. Bonds .. 250,000.00 2,864,000.00 unts Pay- 'est tes $10,944,878.19 8 .41 e tollowmg statement is made bp be observed. in | homes, monuments, et al. Exercises Saturday Afternoon June | OS600d, Mrs. Augusta E. Greene, Lo- mill stained, value 37%c—Special . Price @ yard e e Thursday morning at 10.30 there was | OUiS. James L. Greene, Amos W. Pren- | IOne case of Cotton Twilled Crash Table Damask, value $1. oo—-sndnl a meeting in the directors’ room of the Norwich Savings society of the sub- committee appointed by the general tentative programme was out- lined, after it had been decided to hold the exercises in Davis theatre on the ow, Wade, Guthrie & Co., char- | afternoon of June 7th, the Sunday fol- finishing business during the past two ltered accountants: lowing Founders’ day, Saturday, June e foregoing balance sh 6th. Speakers were suggested to ac- withstanding these adverse conditions | prepared on the fo]lowmgeeb}a’;:s o | S Swiade s temevasitome 0 "Vob Roapl= Fixed Capital items consisting of land, buildings, machinery, water management, the company has earned | g4 theguu-xous pl?.nf.s .re"‘.?i'fiia"“ It was arranged 1o have each church | pell, Edward N. Gibbs, John Mitcheli, | The glee club of the Friendly Sons of take care of its ownh benefactions on George S. Palmer, Moses Pierce, Aibert | St. Patrick of New York, numbering The new mail boxes for Groton ars Bleached Turkish Towels, alI‘htly value 65c—at renzo Blackstone, Caleb B. Rogers, John Breed, William W. Coit, Joseph | JPrie® -.c..ocooveoveoneonanrennns 71-inch extra heavy Irish tice, David Smith, niel Tyler, Sam- 8 ice a yard........... . 3c|price a yard........... ecerecsseas uel 'C. Morgan, Timothy P. Norton, REWL Brice & yard Lauci W. Carroll, Henry Bill, Israel Bltter grade Toweling at ‘e, value 10c | Best quality Turkey Red 'l‘l.blo ‘M. Buckingham, L:tuye(te S. Foster, || —at 9%c, value 12%c—at 12%0c, value | Damask, in checks, Charles J. Stedman, John A. Rock-|fisc. value 50c—Special price a yud 37% well, J. Hunt Adams, Leonard Ballou, < Christopher C. Brand, Ebenezer Learn- ed, Jedediah Spalding, Erastus Wil- g ctmestmney | THE PORTEOUS & MITCHELL GO L] Wiliam M. Converse, Elisha Edwardx Charies Johnson, Stephen W. Meech, George #F. Stedman, Charles Trmc). = = Henry Thomas, Jeremiah S. Webb; An- | ;. Friday afternoon, where exercises Miss Frink Read at Recital. s S will be held at the tomb of George le" Myra Frink read The G‘:,”“ on. Saturday morning at 10 upper by Tennyson at a reci thn‘:“; nunvem .:-xu vlace, fol- | 19th century literature given recently gk i e o v 4 at the Schoo! of Expression, Boston. lowed by a monster military pende. 2Miss Frink is a falented reader and al- President Wilson,” Secretary Bryall | ways gives pleasure to her audiences. and the secretaries of the army and | g0 d this beautiful p rith. fine navy will attend the unvelling exer- feeling and 1 Saative mlnsl‘ht. She cises. The closing event will be &), g5 ecarnest and talented student and. Note: Many of the founders of the Academy were also later donors, but, for reasons of convenience, their names are printed once only, in the first list. Later Donors to the Free Academy. William A. Slater, Henry B. Norton, ial’ the Free Academy and schools. William W, Backus, Mrs. Jobn F. Sia- | banquet siven at the wWillamd Botel | receives her teachers diploma from Otis library, parks, United Workers, ter, Franklin \lchols, Alumni assocla- Saturday evening, at which prominent | 4o Schoo) of Expression this week. tion, Gardiner Greene, Edward Chap- | officials of the government will speak. 200, will give a concert. The Connec- | to be set up in a few days. There are the exception that in the case | outlined for a public observance of | Thomas D. Sulen, Charles Bard, Wil- | ticut delegates will arrive home Bun-lto be nine boxes to be set up aleng the routes of the carriera b companies’ valuation made in |band concert and other musical fea- Greone Jr.,, Danijel F. Gulliver, M. D. pairs charged to expense in the amount | yanuary, 1914. The copper rollers are | tures in Union square during the af-| Amasa C. Hall, Jeremiah Halsey, of $295.545.33) as compared with a 10ss | valued ~ at twenty cents (20c) per | ternoon. of $25.322.43 for the previous thirteen | pound, the inventories at cost, and the The merobers of the committees! son, Charles H. Kenyon, Edward A. accounts at what is considered a | have taken up their responsibilities | Palmer, John A. Rockwell, M. D., Ben- and collectible value. The debit { With the greatest enthusiasm. Chair- W, Tompkins, John P. Barstow, he Sterling Improvement company Bdward B. Huntington, Frank John- man Brewer—who had given up an im- | iChar'es D. Bronnln(, Mrs. Daniel W. accordance with the value shown | Portant busitess appointment to be| C. Charles C. Haskell, George R. present—called attention to the fact| Lewi= A Hyde, Gertrude R. coming year is much brighter. This | Amounts previously carried in the | that such a public acknowledgment to Gilbert Osgood, Hezekiah F. company has earned in a single year | company’s books as assets, including | the benefactors of a city by all its Freé¢ T. Sayles, Edward R. &s much as $687,218.21, and the average net earnings per annum for the SiX |nave been written off to the extent of 825.63, and with normal trade condi- | theg, e adjustmens and eliminations, | With the generosity, the far- the old val f ple was unique, certain to have a Thompton E. Winslow Williams, Mrs. e o e Aty SRGtt mpon the Les oo ‘B.Williams, Wareham Wililams, hted- | T. Wait, Julius Webb, Mrs. Franklin years ending June 30, 1911, were $490,- | gn aggregate of $3,229.042.44. With | rising generation by &Cqumnggns’ ali| Samuel Mowry, Levi T. Meech, John tions it is the opinion of the Stock- |the above balance sheet, in our o ness, in some cases the real effo: . . pinion, J holders' committee that the company |shows the true standing of The United should show annual earnings of $350,- | Stat 000 over and above interest charges, ber Necessity and Advisability of Action by Security Holders, es Finishin, * Decem- 3; 1913, s o B ™ | vancement and advantages. ————— William C. Gilman, who has already | Pratt, Alilen Tenny. given valuable aid in furnishing a . list of early benefactors and suggest- | AnNfual Subscribers to the Income of New London County League. made George Coit, Charies L. Hub- by the men and women of the past in olomon Luc-.s, Gurdon P. Cot- contributing to the town’s welfare, ad- | trell, Enoch F. Chapman, Mrs. Bdwin C. Johnson. Charles B. Platt, George The stockholders’ committee believes | _Articles of association flled by the | ing others who have providea for fu- the Free Academy. that the security holders have an as- | New London County Improvement | ture beneficence, furnished the follow- The Misses Norton, G. S. Palmer, W, get worth preserving and that the bus- | league, with the state secretary sign- | ing rare list of original donors to the| N. Blackstone, F. S, Camp, Mrs. E iress of the company will be rehabili- tated and put on a basis of permanent profit earnin@. - The bank creditors have up to this time shown great for- bearance and a desire to co-operate with the security holders to sa\e their property. The bank creditors’ commntee. how- er, now insists that the banks should no lon‘gjer be called upon to carry the e debt. claims that the ultimate profit to be derived from preserving the com- pany will go to the stockholders and to the security of the bondholders; and that therefore the security holders must now purchase some form of se- curity which will enable a substantial payment to be made to the banks. Your committee therefore asks from stockholders and bondholders subserip- tions to an issue not exceeding one million dollars of six to nine year de- benture’ bonds payable in four equal instalments at the end of six, seven, eight and nine years, and bearing in- terest at the Tate of 6 per cent. per annum, payable quarterly, These debentures are offered at 90 and with each debenture will be given @ bonus of 25 per cent. of the com- mon stock of the company from the amount of such common stock now in the treasury of the company (serip to be issued for fractional shares). The subscription blank herewith en- closed provides that the . subscription shall become effective only when and if in the judgment of the stockholders’ ccmmittee, as expressed by a vote of three-fourths of the members of such committee, a sufficient amount is sub- scribed for to assure the ability ol tho company to extend the balance of loans with the banks for such time xu will enable the com; y to pay them out of earnings. The debentures will contain a clause to the effect that no dividends shall be paid until the en- tire amount of the present bank in- debtedness and of these debentures has been paid, and the debentures 11 be redeemable at par by. tha company on any, interest day, . Rcommendation of the Committes. ‘While .the com; fitee assumes no personal responsibf in making this recommendation, it confident that security holdérs " suibscribing to this new issue will acquire a safe and prof- itable investment while at the same time protecting their present invest- ment in the company. 1t is vital that this appeal meet with & liberal respcnse. and every stock- Smith and Elmer C. Jewett. The street department men are at work cleaning up Sachem street, pre- Jparatory to oiling. ed by Clarence D. Whitman, Charles I | Free Academy. After an hour and a (hnpnell C. B Farnsworth, M. D. E' half of thoughtful work the committee Gibbs, th isses Gilman and arriving at San Franciscoatthe epening c. CLEVELAND, JAN. 31 rivios. acih: Enpaniion committee Thursday afternoon, When a Bit “Off Color’— When food doesn’t taste good, and you realize something’s wrong, but you don’t know ‘just what it is—the way back to comfort is by changing of diet. Try a ration of the simple, wholesome food— Grape- Nuls and Cream —make your breakfast and lunch principally of this delicious, partially predigested cereal (made of whole wheat and malted barley), then follow it up for a few days. You'll soon know— “There’s a Reason” for Grape-Nuts —sold by Grocers everywhere. adjourned, to report to the general Lane J. Halsey, .. Hubbard nal Donors to Free Academy. am P. Greene,William, Williams, Johnson, R. P. Keep, Mrs. C. v - yon, B, P, ‘t.e.;mea, 'F. J. Leave : DUMTION Each Cruise 135 DAYS—Con 39“ Up itchell, Mr: . Nichols, mw , F. L. Osgood, H. H. Osgood, s Pierce, Porteous & Mitchell, . L. Pratt, D. D, A, W. Prentice, Reid & Hughes, T. D, Sayles, W. A. Slater. Donor to United Workers. Attention -was directe@g Thursday to the fact that Edward Chappell had donated the handsome sum of $10,000 to the United Workers. Franklin Street Park. Mayor Murphy was informed Thurs- day by Dr. Lester E. Walker that his g-;fl dfather, Horace Walker, had given klin street park to the city. Programme Adopted. a”l'a Tn T“E sE‘s“onE 10 e S bron T the Ty e I OR THE COUNTRY? tooms, James C. Macpherson presided as chairman and W. Tyler Olcott was clerk. The programme that had bsen drawn up in_the morning meeting was sub- mitted and adopted. It was conslidered advisable to in- crease the officers by the naming of a treasurer and to have one or two more committees to attend to some of the detalls. J. C. Averill was elected In order to insure the appearance of your treasurer and these committees were tatien, Siliiam & Slmia Do " name and telephone number in the next Brewer, Dr. Dwight Tracy and Miss book place your order now. HOW ABOUT YOUR TELEPHONE ? - Ella A. Fanning. Music, L. O. Smith and- F, H. Pullen. Speakers, H. A. Tirrell and F. L. Woodard. - The meeting adjourned after a ses- sion of about an hour. Further meet- ings will be held as the plans for the celebration _progress, cou NTV PRESI DENY FINNEGAN wili Represent A. O, H. of County at Unveiling of Barry' Statue. During the heat of the summer months a TELEPHONE is one of the absolute necessities in your vacation home, ; The Connecticut legation repre- ’ senting the A. O. H. and kindred MAY 31 Americanized historical associations leave New York this morning to at-| tend the ceremonies of the umveiling of I the statue erected by the nation to Commodore ‘John Barry at Washing- ton. County President James J. Finnegan of this city will represent N don county A. O. H.. The delegates will motor to Mt. Ver- THE SOUTHERN NEW ENGLAND TELEPHONE CO.