New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1891-11-07
finannal.
RESOLUTIONS UNANIMOUSLY ADOPTED AT THE
ANNUAL MEETING OF STOCKHOLDERS
OF THE
AMERICAN COTTON OIL COMPANY,
HELD on THE sTH DAY or NOv- 1915

WHEREAS, The Board Of Directors ofthe American
Cotton Oil Company adopted on the Ath instant tue
fsIewtns resolutions, - Wits
Eesoutons adopted By the Board Of Direefn Of me AmeI'
can Cotton on Company. ADOPTED at The meeting he@
yor. 4, ls9li
The report Of the Chairman OF this Board. M
EDWARD D. ADAMS ard the remarkable fccora "
presents. calls for acknowledgment oy |s Oonp'
OF ia obligations 70 its Chsirman and Tor recognition
the abilities that have made such results posSo
In this Company's history the year 1850 was one OIL
gloom Although brought safely through legal eompiea
tons and practically transformed from, Trust into Cor
porstion, IL lad yet face thu equally grave anu mn
perstve necessity Of financial reconstruction ana Internal
reorganization. Its position perifous; ds'rust pre-
vailed without leadership It's enemies were COUNT
ing the days Of It's life.
The fiscal year 1891 closes amid general graruations
Reoganired rebuilt and Strengthened, without doiaf OF
noatins debt and with ample working capital II mas oe
splendid and stable business Organization ehiasod
in SCOPE and higa financial and commercial rank
Such complete and significant reversal OF conditions Is
without p1railc Ia experience and we deem IL but
common justice TO make this acknowledgment.
over year the discouraged st0 khoders ater eeht
months Of hestaney and donbt united in calling upon MI
Adams to undertake the work Of internal reorganization
and 70 lend to the Company his name and influence TO
this request added that OF the Reorganization Commit
tee.
Eseemng such call honor but taking up the bur-
den with conception that it would become so exactlng
devotion to the by night as well as By day. with
out rest or change for over year and a. TIE sacrifice
too of health and personal concerns When however,
committed to the work and thus become responsible
the financial end commercial interests Involved M de-
,.rd hi. ao,errato, % hrns the comrnny through and
was too ovaI 70 n,rmt nr,ona 20 draw h
from the task % lessen his devotion.
The record OF his administration shows adjustment OF
Offices fearless reduction Of salaries and rigid
economics.
1t shows more systematic business methods
gec intelligent for the marketing Of the prod
uct. and their world. wide Introduction.
That an intelligent plan OF consolidating properties ana
simplifying management has been pursued that the
have been closed up and more drectness operation
secured.
That ell adverse legislation and all hostile litigation has
been absolutely every single instance defeated
That the European and south and Central American
,ket. hayr beep moro ARMY established while the do
nestle interests have been strengthened and cnergzed
Tb,, the eornany h.s been paced In a frm position In
m. b,nknq and business world and its accounts and pat
,m,o. are now esteemed and sought for
Tia. every element O, d.cord and dsrust has been
o,ed and ALI part1 OF the organization have brought
into barmonous and cordial fellow ship that esprtt dc
. has bsco dcveloped that binds the thousands Of work
Ia h,na,.ds q, oecI.l. into mere effective co opera.
,,o,
.ms o,liny cantaI several million dollars in amount.
g., =. .o,idod. tho noatno Deb; extincuished; the
- -. :, = so,,d hasis 600 900 600 OF nroducts
,.d o,a ga actually Maid for and sufficient
TO-, ,ad. 90 nav s,x inns over the interest on tho
a,,u,a tonas and after psynent OF interest 20 dis
.hr n, I, were deemed wse) per cent upon tie
go .,d a. unon the Cannon Stock
We recognize that t Is only through exercise OF the
,., ,n. and saaaey possessed BY Mr. Adams that such
end. could be attained and only by his rcss and nspr
o.. ,ar.rx that such Eminent results could be achieved.
Although daily serving for fifteen months in the most
..ndn, nos,on. which the corporation could confer
NM, b,ta. NJ Chairman O, this Board Chairman OF the
rIn.nco Committed and president OF several Of the
important cohsa'ue"' Nop ~