New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1890-10-31
SIGAR REFINERIES.


At last the public and the certihca'e ho'ue''
NJ the Sugar Reineries Company are permltteu "
see something in an official form about the con-
dition Of the company. The statement puohsheo
is addressed to Kidder, Peabody q CO., anu VEIL
fed by Deloitte, Dever, Grlfiiths q 20, ch'i-
tered accountants" of London. We don't know
that tho statement is improved one iota by having
haen submitted to chartered accountants OF
England instead Of being verified by American
experts who were on the spot and could nave
made pcrsonal examination of all the company
bool,s and accounts But we do not cavll. anu
we accept the statement as correct. But the pup
lie NAV think that it Is hardly necessary 10 go 10
England to find either honesty or capacity 10 en-
anime and report on the accounts OF an American
concern The statement shows cash assets OF S?o,-
537S36, against liabilities of SIS, S2-surplus,
Sll,743,65i The assets include S679,0Ss cash {;
due the company in acceptances and open accounts
presumably for sugar sold, $780, 40; su-
gar and syrup on hand in various conditions,
from raw to, refined, $s,s5l.151. This m makes oS
greater than all liabilities. The other items IN
Guided in the statement Of assets are supplies etc,
81 537l43; investments, 81 ,0O8,353 and uneN-
pired insurance premiums, $SO,449. All of these
last items. aggregating $3.6l6,045. are properly
part Of the plant. unless the company Is going
into liquidation. But without these there is q
OF the value Of The plant furnished Its value
depends upon its earning capacity and not upon
its original cost. There Y legend that Manhattan
Island once was so,d Tor Soo , be wno sIan
was only that $500, plus the actual cash tnat
had been expended in adding buildings and i'm
provements. would be laughed at. Yet II would be
about reasonable as the ordinary talk about
what properties can he duplicated at: AS a
matter of fact no property can be duplicated at
any cost; the situation is occupied. The state
company it has paid 81 200. 992 in dividends
and has accumulated o surplus Including its
supplies) Of .654 over its total liabilities
net earnings over 10 per cent per annum per the
statement. The plan of reorganization will be
found printed in our news columns.
WHAT WAS DONE IN STOCKS.
The following conversation took place at IL
o'clock this morning at table in DelmOnicos
Broad-St. house:
A-what makes the market this morning so much
stronger than It was last night
Bob. nothing but the covering OF shorts"; ycstcr-
davis sellers are running.
A.-But why are yesterdays sellers so anxious TO buy
to-day at higher priest
B.-Only because prices up little
A.-But what put prices up littlef
B.-Only the buying OF shorts"
The market to-day generally opened off 1-ial-?
per cent from last evenings closing figures, but
almost Immediately after the first sales an i'm
provement set in that continued till after midday
setback led by an attack on Illinois Central stock
alleged to he on the bad showing Of the company s
statement for September printed herewith. The
stock was ratified of II per cent to 81 l?, but
il closed 08 bid, with offerings not under 90.
The later movement was toward recovery
As the outstanding short" interest gradually is
being transferred to The room traders, it becomes
Stool Exchange. Operators who two months ago
were chary Of being short" more than 200 or 300
shares now ore swinging 1000 shares and more at
the heavy declines. They call it pressing their
luck The market closed dull and steady.
THE DAY IN THE BOND MARKET.
At the Stock Exchange 1877 900 Government
bonds sold at the bidding price-l24. But the
quotations were steady as follows: