The Jersey City news., 1892-01-13
Will MAKE FLOUR ALSO
New Enterprise of Jer-
sey C1tY's Big Sugar
House.
PROFITS OF THE OLD BUSINESS.
With an Outline of What is Being
Done in Regard to the
Proposed Mills.
PROFITS OF THE OLD BUSINESS.

The stockholders of the American
Sugar Refining Company held their an
nual meeting at the Sugar House in this
city this afternoon. There was large
attendance. Two directors to succeed
Theodore Havemeyer and J. B. Thomas
are now being balIoted for
The probabilities are that both
| will be reelected Que Of
the results of the meeting was the
| recommendation of an additional issue of
capital stock of $25. 600, 600 if two-thirds of
the stockholders shall assent thereto in
writing. The clear profits of the concern
last year amounted to So 600 900, out of
which So ,75o,0o0 were paid as dividends
during 81. There still remains In the
Treasury one aud a quarter millions of
dollars. Secretary Searles submitted the
following report:-
ITO the Stockholders of the American
Sugar Refining Co. in annual d Meettng.
Jersey City, January 13, 1872
GENT TLEMEN-ln accordance with the
requirements of the bylaws, the under
sigued respectfully submits herewith his
annual report rs Treasurer for the year
ending December 81. 1891.
"The American Sugar Refining Com
pany was organized to take over the en-
tire assets and business of the Companies
represented by the certificates OF the
sugar Refineries Company.
"fhe circular submitted to the certif1-
cate holders at the time of organization
provided for the issue of capital STOCK of
$50 100000. of which $25 600 0U0 were to be
common stock and S25, 900 preferred
stock. or the common stock $1,000 was
subscribed in cash at the orgauizntinn of
the company. The remaining S24, ,989 600
of common stock and the entire amount
i. e. S25 100000 of preferred stock were is
sued to pay for the assets of the Sugar
Retneries Company.
The circular above referred to con
tsined the following statement:-'Upon
completion of the plan of reorganization
and after the distribution of 5 per cent.
in cash Ito the holders Of certificates OF
the Sugar Ref1neries Company, it is esti.
mated that the American Sugar Refining
Company will commence operations with
cash assets aud investments exceeding
SO, 600 COZ, with the power to raise upon
mortgage Sl0,000,00o additional If re-
CURED
1.-The value of cash assets and invest
ments actually taken over ny he Atneri-
can Sugar Refining Company, nj after
dedu ting the expenses of REORGANIZATION
was IS 739 600, which together with the
$1l 900 casn capital paid in made the
amount of cash assets and investments
represented by the CAPITAL stock S. 750 000
The remainder of the stock, $41 ,250 000
representing the real estate anu plant
transferred to the company. The liQu-
dation of the cash assets and iD-
vestments above referred to has realized
surplus of S. $50. $780, and OF the amount
issued for the plant after providing for
II the outstanding certificates of the
Sugar Refineries Company there came
back to the Treasurer Available for the
&c Ia Hul
shares Of common stock aud 1895 shares
of preferred d stock with the accumulated
dividends Sj4,5
"There have been issued, in accordance
with the authority conferred by the stock
holders, $40 100000 six per cent. bonds,
none of which, however, have been dis
D, sed of up to this time. OF these bonds
1850 have been lodged, in accordance
with the terms of the reorganlz ton
agreement, with the receivers peudiug
the completion of the dissolution proceed
iugs of the olG corporations in Kings
county. The deer. OF the Court dis
solving these corporate rs has been
granted, and the bonds will soon be re-
turned to the treasury or the company.
by reason of the magnitude of the
business and the Iemoteness of some OF
the refine les belonging to rhe company
it has been found impossible to secur.
absolutely accurate reports up to Dece m
Der 81. The books of the company. how
ever. snow net ca nings for the year not
less than s., ,073, ,0O2 II, from which amount
two semi.annual dividends have
been paid to tue stockholders, each
of AZ on the common and 81
on the preferred sock, amounting in ALI
to IS, 100000. leaving surplus of net
earnings of 81 1923, ,0O2. II reserved for con
tingencies.
"Aunexed hereto is statement of
assets and liabilities of the comtany on
December 81, 1891, all of which is respect
fully submitted"
BIG FLOUR MILL TALKED OF.
Outside the meeting there was little
talk overheard concerning The effort of a
company at the head of which is +. ..
Matthiessen of the old firm of Matthlessen
& Wichers. to nlant great hour factory
on the site of the old Cleveland seed
warehouse, Morris street. between
Warren and Washington streets
For several weeks the old four
story brick building recently
vacated by the Cleveland Seed Company
has been internally undergoing Il trans
mogfiguration, to use Jenny Twitcher's
figure of speech, keassine milling ma
chinery has been put in, together with a
| G. c. motor Cor dynamo machine OF sixty
| five horse powe) aud the company has
contracted with the Jersey City Electric
Light Company to furnish the power.
The machinery Is of an improved
order. 1t is new process, so
to speak, and the difference between the
old aud the new process is said to be
mainly concerning the operations of the
same. The present venture is, | under
stand, to demonstrate the superiority of
the new process. The company expects
TO turn out between eight aud nine hum
dreds barrels of -four daily.
PAV0NlA YACHTSMEN.