Pittsburg dispatch. [volume] (Pittsburg [Pa.]) 1880-1923, 1892-12-14
A CORNER In WHISKY.
Every Gallon in the Union Will Be in
the Trusts Hands Before
CONGRESS- CAN INCREASE TAXES.
The Real Reason for the Purchase of Three
Rivals Now Plain.
PRODUCTS BOUGHT UP MONTHS AHEAD

NEW YORK, Dec 13-The quarterly
meeting of the directors of the Distilling
and Cattle Feeding Company is now in
progress in this city. At to-day's session
1t was voted to declare 4 per cent dIvi-
dend for the last quarter, payable January
5, and it was announced that the price OF
whisky had been advanced the past week 10
cents per gallon. The following statement
was given out:
TIE directors Of the Distilling and Cattle
Feeding Company announce to the stock
holders the Purchase by tee company OF the
Star ard Crescent disti!Inrics at Pekin, Ill;
the Nebraska CITY 9istiiiery, OF Nebraska
City, Neb., and :hs Central Distillery, OF St
Louis, aggregatinE a capacity OF about 1900
bushels per day. In view of the fact that
these purchases were contrary to the
adopted policy OF the company, it is due to
you to give the reasons for our departure
therefrom.
Early In the season your board became
satisfied that the situation of Government
finances would render inevitable an agita-
tion in Congress during the present session
1oS an Increased tax on spirits, and, in view
thereof, we decided that the purchase OF the
dfstiiIe-ies named would greatly inure to
the profit and benefit of the company. This
strong reason for the departure from the
settled policy is not one that is likely to
occur again very soon, and it is not neces-
sary for the company to increase its prop
eTty holdings, nor Is 1t the desire OF the
board to do so.
Reduced Dividends Paid for Them ALL
The extraordinary demand for goods
which we are now experiencing, and which
bids fair to continue, in our opinion furnishes
& complete justification to the board for its
action in this instance, in reversing the es-
tablished policy OF the company in respect
to the purchase Of outside distilleries. The
reduction of dividends put the company in
financial condition to make these purchases
without the issuance of new stock or the
creation OF bonds This temporary reduc-
tion was, undoubtedly, a disappointment to
many, but we are satisfied that all will COM
mend the course OF the board now, In view
o: the results obtained. The profltS OF the
company viii, in the opinion OF the board,
enable it, not only speedily to restore its
surplus after paying therefrom for those dis
tille-ieS, but too add very greatly thereto.
The annual statement OF the business Of
the company, to be made at tle annual
meeting, Will give in detail the results OF our
management Of the company As far as re.
lates to the question OF an increase OF tax,we
have had and shall have nothing TO say, as it
is q matter which hinges entirely upon the
necessities or the Government, and neither
our protest nor our approval would have
any effect.
This statement is signed by ]. f. Green
hut, President
The Trusts Grip on the Market.
According to William Midday, editor of
q monthly paper devoted to the interests of
distillers and wholesale liquor dealers, the
trust has q strong grip on the market Said
he:
1t has the entire spirituous output OF the |
country bought up. 1t has in its possession |
10000 barrels of spirits, and there is no |
doubt that the output OF nearly all the dis |
tllleries in the country has been bought up /
ahead for several months. The idea with /
those engineering the deal is that more /
taxes will be put on whisky at this or the /
next session of Congress. There is another /
point where they are In control. The spirits /
they have bought up will not come on the |
market or some tlme-say two or three |
years. Now, the visible supply in bond at
the present time is Is 600 600 gallons. The econ
sumption is about 80 0eO, ,0OJ gallons annually,
anG as the trust owns a large per cent OF the /
visible supply, il cannot be but a short time /
until the surplus they don't own is con-
sumcd, and they will own every gallon in |
the country and absolutely control the
market