USA > Connecticut > New Haven County > Waterbury > History of Waterbury and the Naugatuck Valley, Connecticut, Volume I > Part 26
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On October 1, 1913, the compensation commissioners of the state assumed office and put into operation the new workmen's compensation law. The board now comprises : Frederic M. Williams, Fifth District (Waterbury), chairman ; George B. Chandler, First District; James J. Donahue, Second District; George E. Beers, Third District; Edward T. Buckingham, Fourth District.
According to the law certain legal compensation is due an injured workman for all loss of time after ten days from date of accident, and for the loss of the use of certain parts of the body, as eye, finger, arm or leg.
Accidents which keep an employe from work for one day or more are reported to the compensation commissioner for the district. If the accident is so serious that the waiting period of ten days elapses, the employe is entitled to compensation under the state law, provided the injury has not been due to serious negligence or wilful misconduct. Except in cases of this latter sort, an agreement may then be entered into between the company and the employe, according to pro- visions of the law, without any formal claim being put in. The agreement must be filed with the commissioner. In the failure of such an agreement, the matter is taken up with the commissioner sitting as a court. Sympathy, patience and common sense are requisites in settling satisfactorily the questions that arise out of these compensation cases, and in the larger factories of Waterbury the force in charge of this service is selected and carefully trained.
The following figures for the entire state summarize the work of the com- mission from its inception to January 1, 1917 :
Accidents reported
1914 18,054
1915 37,070
1916 46,935
Voluntary agreements
3,444
7,048
9,756
Cost to self insurers :
For compensation
$ 49,685.58
$101,812.10 $ 202,483.48
For medical service.
36,866.15
67,899.57
177,328.24
Cost to insurance companies for compen- sation and medical service.
396,684.30
605,455.66
939,620.63
Total for compensation and medical
service $483,236.03 $775,167.33 $1.319,432.35
The number of voluntary agreements is growing yearly. In most cases this signifies that the terms of the act were amicably complied with by the parties without delay. Such settlements are usually effected through an "adjuster" or claim agent. In the case of self-insurers this is some official of the company or responsible employe, and in the case of insurance companies some young attorney or other competent person who has worked into the post from a clerical position. If the accident occurs in the plant of a self-insurer it is promptly made known through the first aid department, and when the waiting period has elapsed an agreement on the form provided by the commissioners is put before the employe for execution. If the injured employe is working in the plant of an insured employer, the insurer is notified of the injury on the form provided by the insurer. If the injury is one promising to call for weekly compensation, the adjuster makes due investigation and, if the claim is found valid, it is settled in like manner. In most cases settlement is effected without delay or misunder- standing. Sometimes the employe questions the accuracy of the computation of average weekly earnings and asks to have it verified. In other instances the
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WATERBURY AND THE NAUGATUCK VALLEY
employe delays until he can consult some friend. Not infrequently he or his friend consults the commissioner before signing the agreement. As soon as the agreement is executed, it is forwarded to the commissioner for his approval, as it does not become effective until so approved and duly filed with the clerk of the Superior Court for the county.
FACTORY CONSTRUCTION FROM JANUARY, 1900, TO NOVEMBER 30, 1916
The following record of factory construction in Waterbury is from the records compiled annually since 1900 by the State Bureau of Labor. The record is here classified by concerns, the names of which are given as they existed in the years in which the buildings were constructed. Thus much of the great building work done by the American Brass Company appears largely under the names of its branches. A few of the corporations and firms have changed names and personnel, but the record of construction remains as the best evidence of success and of progress.
INTERNATIONAL SILVER COMPANY FACTORY J
Total
1907- 8-2 buildings
$4,250
1909-10-2 buildings 2,500 $6,750
PLUME & ATWOOD MANUFACTURING COMPANY
1907- 8-1 building $16,700
1911-12-2 buildings 21,000
1913-14 -- 2 buildings 3,700
1915-16-I building
30,000 $71,400
SHOE HARDWARE COMPANY
1900 -I building $25,000
1907- 8-2 buildings 26,500
1909-10-I building 8,000
19II-12-2 buildings
55,000
$114,500
WATERBURY CASTINGS COMPANY
1907- 8-3 buildings $23,000
1915-16-I building 3,000 $26,000
B. H. FRY & CO.
1904 -I building
$2,000
F. H. KALBFLEISCH & CO.
1904 -I building $15.000
1905 -I building 2,000
1907- 8 1 building 5,000
1909-10-2 buildings 5,500
1913-14-I building 7,500
1915-16-1 building
9,500 $44,500
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WATERBURY AND THE NAUGATUCK VALLEY
MANUFACTURERS FOUNDRY COMPANY
1904 -2 buildings $19,500
1906 -2 buildings 5,000
1907- 8-4 buildings 26,000
1909-10 -- I building 7,500
19II-12-I building 500
1913-14-4 buildings
13,000
1915-16-I building
3,000 $74,500
E. J. MANVILLE MACIIINE COMPANY
1904 -5 buildings
$62,000
1909-10-3 buildings
2,500
1913-14-I building
20,000
$84,500
ROWBOTTOM MACHINE COMPANY
1904 -- I building
$4,500
1906 -2 buildings
4,200
19II-12-I building
1,500
1915-16-1 building
16,000
$26,200
AMERICAN PIN COMPANY
190I -I building
$25,000 0
1902 -I building 27,000
1903 -I building 15,000
1904 -I building 12,000
1905 -I building
21,000
1906 -2 buildings
62,000
1908 -I building
5,000
1909-10-2 buildings
1,000
1913-14 --- 4 buildings
76,500
1915-16-1 building
27,000
$271,500
BERBECKER & ROWLAND MFG. COMPANY
190I -I building
$10,000
1905 -2 buildings 7,000
1907- 8-2 buildings 8,500
1909-10-2 buildings 18,000
19II-12-4 buildings
11,300
1913-14-2 buildings
15,000
$69,800
WATERBURY FARREL FOUNDRY & MACHINE COMPANY
I90I -I building $50,000
1902 -I building 70,000
1904 -- I building 8,000
1905 -2 buildings 38.500
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WATERBURY AND THE NAUGATUCK VALLEY
1906 -2 buildings 20,000
1907- 8-1 building 16,000
19II-12-I building 10,000
1913-14-I building 22,000
1915-16-3 buildings 105,000 $339,500
WATERBURY BATTERY COMPANY
1904 -I building $5,500
1909-10-I building
12,500
1913-14-{ building
2,600
$20,600
WATERBURY BRASS COMPANY
1903 -3 buildings $90,000
1904 -I building 75,000
1905 -2 buildings 16,800
1907- 8-8 buildings 121,500
1900-10-3 buildings 5,000
1911-12-5 buildings
77,000
1913-14 -- 2 buildings
4,500
1915-16-14 buildings
200,000
$589,800
WATERBURY CUTLERY COMPANY
1903 -I building $1,000
WATERBURY MACHINE COMPANY
1903 -2 buildings
$7,000
1907- 8-2 buildings
7,000
1909-10-I building
15,000
$29,000
AMERICAN MILLS COMPANY
1904 -1 building $4,000
1907- 8-1 building
500
1909-10-2 buildings
47,500
$52,000
WATERBURY CLOCK COMPANY
1900 -3 buildings $41,000
1903 -I building 5,820
1904 -5 buildings 87,500
1906 --- 2 buildings 4,000
1907- 8-1 building
35,000
1913-14-I building
55,000
1915-16-I building
14,000 $242,320
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WATERBURY AND THE NAUGATUCK VALLEY
WATERBURY MFG. CO.
1900 -2 buildings
$3,000
I904 -I building 55,000
1905 -I building 7,000
1909-10-4 buildings
. 104,000
1915-16-7 buildings
393,000
$562,000
BENEDICT & BURNHAM MFG. CO.
1900 -I building
$15,000
1902 -- 4 buildings 40,000
1904 -- I building 10,000
1905 -I building 2,500
1907- 8-I building
10,000
IQII-12-I building
70,000
1913-14 -- I building
65,000
1915-16-21 buildings
525,000
$737,500
O'NEIL & WARNER
1900 -2 buildings $2,000
PLATT BROTIIERS & COMPANY
1900 -I building $1,000
1903 -I building
25,000
1907- 8-1 building
1,600
$27,600
STEELE & JOIINSON MFG. COMPANY
1900 -- 2 buildings $5,000
1907- 8-3 buildings
20,200
1909-10-1 building
25,000
1911-12-2 buildings
16,500
$66,700
CHASE ROLLING MILL COMPANY
1902 -2 buildings
$42,000
1903 -I building 3,000
1906 -3 buildings 5,200
1907- 8-9 buildings 46,500
IC09-10-6 buildings
46,500
1913-14-2 buildings
4,500
1915-16-21 buildings
750,000
$897.700
WATERVILLE CORPORATION (CHASE METAL WORKS)
IQII-12-2 buildings $73,500 1913-11-8 buildings . 149,000 $222,500
Vol. I-13
194
WATERBURY AND THE NAUGATUCK VALLEY
NEW ENGLAND WATCH COMPANY
I902 -3 buildings
$8,000
SCOVILL MFG. COMPANY
I90I -5 buildings $ 128,000
1904 -I building 27,000
1905 -- 5 buildings 119,200
1906 -I building 2,000
48,000
1909-10-13 buildings
103,550
19II-12-I building
2,500
1913-14-7 buildings
69,000
1915-16-24 buildings
1,025,000 $1,544,250
A. H. WELLS & COMPANY
1904 -I building
$8,000
1907- 8-2 buildings
7,500
1909-10-I building
9,000
1911-12-2 buildings
11,500
1913-14-I building
1,700
1915-16-2 buildings
35,000
$72,700
THE BRISTOL COMPANY
1905 -I building
$10,000
1907- 8-1 building 30,000
1909-10-I building 18,500
19II-12-2 buildings
5,300
1913-14-I building
31,000
1915-16-I building
50,000
$144,800
HOLMES, BOOTH & HAYDENS COMPANY
I905 -I building
$6,000
MATTATUCK MFG. COMPANY
1905 -I building
$ 500
1907- 8-2 buildings 7,750
1909-10-4 buildings
2,500
19II-12-I building
1,500
1913-14-I building
2,500
$14,750
RANDOLPH & CLOWES COMPANY
I905 -I building $4,500
1906 -2 buildings
7,700
1907- 8-2 buildings 20,000
1909-10-I building
2,000
$34,200
1907- 8-6 buildings
195
WATERBURY AND THE NAUGATUCK VALLEY
J. E. SMITH & CO.
1905 -I building $20,000
WATERBURY BUTTON COMPANY
1905 -2 buildings $15,500
1906 -- I building 3,000
1909-10-I building 18,000
1915-16-1 building
60,000
$96,500
WATERBURY CRUCIBLE COMPANY
1905 -1 building $6,000
WATERBURY PAPER BOX MFG. COMPANY
1905 -I building
$28,000
1913-14-I building 10,500 $38,500
HEMINWAY & BARLETT SILK COMPANY M. HEMINWAY & SONS SILK COMPANY
1905 -2 buildings $7,000
19II-12-2 buildings
8,500
1913-14-4 buildings 74,000
1915-16-I building
5,000
$94,500
THE OAKVILLE COMPANY
1905 -2 buildings
$20,200
1907- 8-2 buildings 40,000
1909-JO-I building 50,000
III-12-2 buildings
4,500 $114,700
AMERICAN RING COMPANY
1906 -1 building
$17,500
1909-10-I building
750
$18,250
FRENCH MFG. COMPANY
1906 -2 buildings
$5,000
1907- 8-1 building
800
1909-10-I building 6,000
19II-12-2 buildings 8,500
31,000
$51,300
THOMAS F. JACKSON
.
1906 -I building $15,000
1913-14-2 buildings
196
WATERBURY AND THE NAUGATUCK VALLEY
ROGERS & BROS.
1906 -- I building $4,000
SMITH & GRIGGS COMPANY
1906 -- 2 buildings $10,000
WATERBURY MACHINE COMPANY
1907- 8-2 buildings $7,000
1909-10-I building 15,000 $22,000
WATERBURY ROLLING MILLS COMPANY
1907- 8-4 buildings $20,000
1909-10-3 buildings
22,500
1915-16-2 buildings 20,000 $62,500
BAIRD MACHINE COMPANY
1907- 8-1 building $4,500
AMERICAN FASTENER COMPANY
1915-16-I building $8,500
EASTERN BRASS & INGOT COMPANY
1915-16-I building $60,000
PILLING BRASS COMPANY
1913-14-I building $7,000
1915-16-I building 7,957 $14,957
WATERBURY BRASS GOODS CORPORATION
1909-10-3 buildings $5.500
IQII-12-2 buildings 12,500 $18,000
GEORGE HARTLEY
1915-16-1 building $2,000
NOERA MFG. COMPANY
IQII-12-I building $2,500
1915-16-I building 4,000 $6,500
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WATERBURY AND THE NAUGATUCK VALLEY
STANDARD ENGINEERING COMPANY
1915-16-1 building $7,500
WATERBURY BRASS & BRONZE COMPANY
1915-16-I building $10,000
WATERBURY TOOL COMPANY
1915-16-1 building $56,000
METAL SPECIALTY MFG. COMPANY
1915-16-I building $25,000
NATIONAL COMPANY
1913-14 -- I building $8,500
1915-16-2 buildings 30,000 $38,500
ANDREW C. CAMPBELL, INC.
1913-14-I building $16,000
1915-16-I building 8,000 $24,000
BLAKE & JOHNSON COMPANY
1909-10-2 buildings $150,000
1913-14-I building 4,500
1915-16-1 building 5,000 $159,500
AMERICAN BRASS COMPANY
1913-14-5 buildings $155,000
GENERAL MFG. COMPANY
1911-12-I building $ 750
1913-14-I building 8,000 $8,750
WATERBURY BUCKLE COMPANY
1913-14-I building $28,000
WEBSTER & BRIGGMAN
1913-14-1 building $5,000
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WATERBURY AND THE NAUGATUCK VALLEY
JAMES F. GAFFNEY
1909-10-1 building $8,000
MATTHEWS & WILLARD MFG. COMPANY
1909-10-1 building $500
GEORGE PANNETON
1900-10-1 building $10,000
G. G. RIGGS
1909-10-1 building $13,500
WATERBURY LUMBER & COAL COMPANY
1909 -I building $15,000
ROBERT WILMOT
1911-12-I building $1,500
WATERBURY FOUNDRY COMPANY
19II-12-I building $700
WATERBURY WELDING COMPANY
19II-12-I building $800
CHAPTER XVI
THE LARGER BRASS COMPANIES
THIE CHARTER OF 1893-NEW CONSOLIDATION PERFECTED-ITS FIRST BOARD OF DIRECTORS-CHANGES TO AN OPERATING COMPANY-PURCHASES THE BUFFALO PLANT-ITS BUILDINGS IN WATERBURY, TORRINGTON, ANSONIA, KENOSHA AND BUFFALO-NEW CONSTRUCTION-EARNINGS OF THE COMPANY-ITS BALANCE SHEET FOR 1916-THE EMPLOYMENT BUREAU-ITS HOUSING PLANS-TESTI- MONIAL TO ITS PRESIDENT, CHARLES F. BROOKER-SKETCH OF HIS CAREER-THE SCOVILL COMPANY-ITS PHYSICAL GROWTH-ITS NEW BUILDINGS-ENORMOUS EARNINGS-OFFICERS OF THE PAST QUARTER CENTURY-EMPLOYMENT BUREAU -ITS HOSPITALS.
After 1870 the organization of existing corporations in the brass industry into one or possibly two combinations was a source of constant and most careful con- sideration. Pools to regulate and apportion production were formed from time to time but broke up regularly. So in 1891 and in 1892 the heads of several of the largest concerns doing business in the Naugatuck Valley met and discussed values, economies, and finally agreed upon a tentative plan of combining interests.
On June 7, 1893, a special charter was obtained for a combination of the Coe Brass Manufacturing Company, of Torrington, the Scovill Manufacturing Com- pany, the Benedict & Burnham Manufacturing Company, the Waterbury Brass Company, Holmes, Booth & Haydens and the Plume & Atwood Manufacturing Company. This included, therefore, all of the Waterbury rolling mills except Randolph & Clowes, and excluded in Ansonia the Ansonia Brass & Copper Com- pany. The steps in this proposed consolidation were by no means harmonious and the Scovill Manufacturing Co. elected to preserve its identity.
It was not until December 14, 1899, that the American Brass Company was formed by the Coe Brass Company, the Waterbury Brass Company, and the An- sonia Brass & Copper Company. This had been preceded in 1896 by the transfer of the Wallace plant in Ansonia to the Coe Brass Company. It will be seen that the earlier tentative combination had been given up, the differences in views and to some extent in physical interests, being practically irreconcilable.
Its first officers were: Charles F. Brooker, president ; A. A. Cowles, first vice president ; James S. Elton, second vice president; John P. Elton, secretary and treasurer. Its capital was $10,000,000.
The first board of directors was as follows: Charles F. Brooker, Ansonia; Alfred A. Cowles, New York ; James S. Elton, Waterbury ; D. Willis James, New York; Chandler N. Wayland, New York; Elisha Turner, Torrington; William E. Dodge, New York ; James A. Doughty, Torrington ; John P. Elton, Waterbury.
In 1901 the stockholders of the Holmes Booth & Haydens Company changed their holdings at 25 per cent premium for stock of the American Brass Company. the American Brass Company thus becoming the owner of the Holmes Booth & Haydens Company.
199
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WATERBURY AND THE NAUGATUCK VALLEY
On November 1, 1905, the entire property of the Holmes Booth & Haydens Company of whatever nature was sold to the Benedict & Burnham Mfg. Company for 10,000 shares, par value $25 each of Benedict & Burnham Mfg. Company stock at a ratio of five to one, or $1,250,000. The Holmes Booth & Haydens office was then given up.
In 1904 the officers of the Holmes Booth & Haydens Company were: T. B. Kent, president and treasurer ; E. L. Frisbie, Jr., vice president ; A. M. Dickinson, assistant treasurer; G. H. Benham, secretary.
The officers of the Benedict & Burnham Mfg. Company at the time of the consolidation were: President and treasurer, Edward L. Frisbie, Jr .; assistant treasurer, G. W. Burnham; secretary, A. M. Dickinson.
The officers of the Waterbury Brass Co. at the time of the consolidation were : President, James S. Elton ; vice president, Charles F. Brooker; treasurer, John P. Elton ; secretary, G. C. Hill.
In 1909 Win. G. Lathrop in his valuable book, "The Brass Industry," said of the new company : "The American Brass Company is today the largest and most important brass making and handling company in the world. It makes more than two-thirds of all the brass used in the United States, besides which it handles much copper and various alloys, such as German silver and many mixtures, the composition of which is regarded as a trade secret. It uses approximately one- third of all the copper consumed in the United States, and is the largest single user of copper in the world. About one-half of its output proceeds from Ansonia, one-third from Waterbury, and the remainder from Torrington. With the excep- tion of a few specialties which it controls by patent or otherwise, it has abandoned manufacturing. The tendency is towards specialization of output, each plant being used more largely for such product as it can most advantageously produce."
On January 1, 1912, the American Brass Company became an operating com- pany, instead of a holding company. Its subsidiaries of the period, the Ansonia Brass & Copper Company, the Benedict & Burnham Manufacturing Co., and the Waterbury Brass Company, became branches known by the name of the old cor- poration. Each branch from this time on had its own accounts, but checks were drawn to and by the American Brass Company. Besides the corporations that were thus extinguished, the American Brass Company controlled the Chicago Brass Company, of Kenosha, Wis., the Waterbury Brass Goods Corporation, and the Ansonia Land & Water Power Company. Under the new order of things, these became the property of the American Brass Company through stock ownership.
The new company was now the strongest single factor in the brass industry in America and further strengthened itself by the purchase of the Chicago Brass Company.
This left the following big firms in this vicinity outside the combination : The Chase Rolling Mill (then being organized), the Scovill Manufacturing Com- pany, the Plume & Atwood Manufacturing Company, the Randolph & Clowes Company, the Bridgeport Brass Company, the Bristol Company and the Seymour Manufacturing Company.
The company had first been capitalized at $10,000,000, but this was twice increased before January 1, 1912, by $2,500,000, so that the capitalization at that time was $15,000,000.
Under the new arrangement the officers remained as follows: President, Charles F. Brooker ; vice presidents, Edward L. Frisbie, Jr., A. A. Cowles, James S. Elton ; treasurer, John P. Elton; secretary, Gordon W. Burnham. The other directors were: Thomas B. Kent, J. E. Wayland, E. Holbrook, Arthur C. James,
201
WATERBURY AND THE NAUGATUCK VALLEY
John J. Sinclair, Cleveland 1I. Dodge, James A. Doughty, Adelbert P. Hine, T. Brownell Burnham.
In June, 1917, announcement was made by William A. Morgan, president and general manager of the Buffalo Copper and Brass Rolling Mills, of Buffalo, N. Y., of the sale of the company's properties to the American Brass Company. At a meeting held July 6, 1917, this sale was officially ratified. The price paid was several millions. The plant is one of the largest in the country, employing over five thousand men.
In 1912 the general equipments of the company, which have been so vastly extended in the past three years, were about as follows:
In Ansonia : Casting shop, rolling mill, copper rolling mill, rod mill, bar and bolt mill, copper mill, wire rod mill, refining mill, coarse wire mill, cable screw building, wire-covering mill.
The Benedict & Burnham plant had a casting shop, tube-casting shop, sheet metal mill, brass wire mill, brass rod mill, seamless tube mill, brazed tube mill, rule mill, blanking mill, copper wire mill, copper rod mill, insulated wire mill, fastener building.
At the Chicago Brass Company in Kenosha it had a casting shop, sheet metal mill, seamless tube mill, brazed tube mill, press room.
At the Coe Brass Mfg. Company, Torrington, it had a casting shop, sheet metal mill, brass wire mill, brass rod mill, seamless tube mill, brazed tube mill, press room.
At the Coe plant in Ansonia it had a casting plant, sheet metal mill, drawn copper mill, East rod mill, West rod mill, coarse wire mill, fine wire mill, rivet and bur extension plant, Rockwell furnace plant, diamond die building and machine shop.
At the Waterbury Brass Company plant there were a casting shop, sheet brass mill, brass wire mill, brass rod mill, manufacturing department and two additional structures.
In all there were seventy mills.
At Torrington among the new structures built since 1914 are a rod mill, metal storage building and a power plant.
At the Waterbury Brass Branch a machine shop. in addition to the wire mill, a power plant, an addition to the casting shop, an addition to the rolling mill and a metal storage building have been put up since 1914.
At the Benedict & Burnham branch construction since 1914 was as follows : Seamless tube mill, manufacturing packing and shipping building, carpenter shop, an addition to the rolling mill.
In addition a general office building and a general machine shop have been built in Waterbury.
At Ansonia, the construction since 1914 was as follows: A forging shop, an addition to the extrusion department, an addition to the wire mill, a shipping and inanufacturing building, a casting shop. The old rolling mill was rebuilt and an addition to the metal storage building, and power plant, were put up at Ansonia.
In Kenosha, Wis., the company built an office building, a casting shop, a metal storage building, a lumber storage building, an addition to the power plant and addition to nearly all the other mills.
Some conception may be obtained of the amount invested in new buildings and plants in recent years from the figures of the annual reports. In 1910 and IQII, the company deducted $500,000 for depreciation for each of these years. In 1910 the value of the real estate, machinery, buildings, and actual physical holdings, outside of merchandise, amounted to $9.203,298. In 1911, with the large depreciation against it, this value was placed at $9.057.723.
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WATERBURY AND THE NAUGATUCK VALLEY
In 1912, with the usual charge for depreciation, the physical properties were valued at $11,322,162. The figures given in the annual report supplement this figure with the following: "Expended for permanent improvements, $760,926; less charged off for depreciation, total $11,533,088."
In 1914 the real estate, machinery, etc., had grown in value to $12,858,197.
In 1915 this was placed at $13,545,669, and in 1916 at $13,640,869. Allowing for the heavy depreciation it will be noted that extensions and betterments each year for the past five years have gone well over a million annually.
In 1917 the Buffalo plant was added, and this will, of course, appear in added valuation in the next annual report.
In the matter of earnings, the annual reports as printed in the Financial and Commercial Chronicle are enlightening on the progressiveness of the men back of this great industry.
In 1910 the earnings were $1,887,006; in 1911 these were $1,445,543; in 1912, they were $2,274,338; in 1913, they were $1,917,605; in 1914, $1,450,347; in 1915, $6, 128,453 ; in 1916, $10,991,670. The dividends paid were in 1910, $1,069,- 860, 7 per cent ; in 1911, $932,000, 6 per cent ; in 1912, $1,050,000, 7 per cent ; in 1913, $1,050,000, 7 per cent ; in 1914, $900,000, 6 per cent ; in 1915, $1,950,000, 13 per cent ; and in 1916, $3,750,000, 25 per cent. On Jan. 25, 1917, the American Brass Company declared an extra dividend of II per cent and the usual quarterly payment of 11/2 per cent on its stock. Similar dividends were declared quarterly until October, when the total dividend was reduced to 6 per cent quarterly to conserve the company's cash in view of the heavy war taxes impending.
The balance sheet for 1914, 1915 and 1916 follows :
ASSETS
1914
Real Estate, Machinery, etc.
$12,858,197
1915 $13,545,069
I916 $13,640,867
Cash
2,017,50I
2,662,776
6,213,914
Bills and Accts. Rec ..
3,336,518
6,126,557
9,423,610
Woodlands
I38,81I
I57,7II
184,638
Stocks and Bonds Owned.
1,644,250
1,311,116
1,343,02I
Patents
1,000
1,000
1,000
Merchandise
6,624,905
7,987,052
10,118,515
$26,621,182
$31,791,281
$40,925,568
LIABILITIES
1914
1915 $15,000,000
1916 $15,000,000
Current Accounts Payable.
2,021,63I
2,013,276
1,905,893
Reserved for Contingencies
1,000,000
2,000,000
4,000,000
Surplus
7,149,204
6,649,55I
9,028,005
Net Earnings for Year
1,450,347
6,128,454
10,991,670
$26,621,182
$31,791,281
$40,925,568
Capital Stock
.$15,000,000
The Iron Age, in commenting on the report for 1915, said: "The net divisible profits for 1915 represent an increase of 322 per cent over 1914. The best pre- vious year was 1912, when the profits amounted to $2,274,738."
203
WATERBURY AND THE NAUGATUCK VALLEY
-The American Brass Company has not confined its work to mere money mak- ing. Its "housing" work is fully covered in the chapter on that subject.
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