Macon beacon. [volume] (Macon, Miss.) 1859-1995, 1893-04-15
Az. SuGAR Is SWEET
II You Hold Trust Certificates That Pay
SWEAT Dividends.

II You Hold Trust Certificates That Pa
Sweet Dividends.
Wiliett & Gray's Sugar Trade Jour
nal of March 9 says:
'tAt a meeting of the board of direct
ors of the American Sugar Refining
Co, held March I, the following were
unanimously adopted:
"Whereas, The earnings Of the com
pany during the past quarter warrant
an increase Of dividend on the common
stock, and
"Whereas, Since the annual report o.
the treasurer to stockholders on De
cember /, 1892, received from the cor
porations whose stock is held by this
company (for the year ended March /,
1889 rendered unnecessary for working
capital the further retention of the sur
plus earnings of 1891 and 1892, as shown
by the annual report;
Resolved, That there be paid a quar-.
terly dividend of 8 per cent on the
common stock. apd ia addition there
be paid an extra dividend of 10 per
cent on the common stock from the
surplus earnings of 1891 and 1892, and
that a dividend of IL per cent be paid
on that portion of the preferred stock
of the company which is entitled to
quarterly dividends, all the above divi-
dends being payable on April 9 to
stockholders of record March Is, when
the transfer books will be closed, to re.
open on April 2,
"In addition to the above resolution
the statement is authorized that the
company on March 1, after providing
for all these dividends, has a surplus of
net earnings of s., 900, 900 in the treas
ury."
Notwithstanding that more than one
half of the SIS, 900, 900 stock (half com
and half preferred) is water, yet
the holders of common stock certifi-
will receive, on April 2, a divi-
dend of ID per cent. with the promise
of 9 per cent more before the close OF
the year, besides a share in the surplus
earnings (already $1,000, 0O0) that can,
and may, increase the dividends Is or
20 per cent more. Deducting that
part of the profits made in 1891 it is
evident that this giant trust cleared, |
in 1892, after investing tens of millions
Of dollars in refineries and properties, |
at three times their actual value, about
Bis, 900, 900, equal to about 33 per cent
the common and z per cent. on the
Nrnf Al r-tsnI Stnnly r- On AMT on tina |
whole stock. Taking out the water
earnings on the actual capital APP
Dear to be about 40 per cent But com
non stock which gets the greater part
If the profits is earning about about &C
YER cent. on the actual capital back
# it.
The holders of original trust certif-
ates can step into the office at the end
# each year and draw out two-thirds
IS much as they put in, without dimin-
shing the original investment. Isn't
t splendid! and all because Mckinley
ave the trust free raw sugar and a
uty Of Il cent per pound on refined
ugar. AS the trust reines over 3, 000,-
90, 900 pounds per year and collects the
I'LL half cent on every pound from the
lmerican people, this duty is worth
yer $l5, 600, 900 a year to it. This was
n entire gratuity from Mckinley. Big
ntiners have stated under cath that
lgar can be refined as cheaply here as
nywhere. The cost of refining is
bout 4 cent per pound. During 1892
ranulated sugar sold for about IN {
more per pound than raw-06 {
err cent. centrifugal.
If this is not legalized robbery, by ]
hat term shall it be known? 1t is no {
'onder that Mckinley finds hosts of i
lends in and out of the Home Market s
ub who are ready to contribute a few i
lousand dollars to help him out of his :
resent financial difficulty. They could
ford to buy Central park, build a
agnifcent palace in it, and denote it
| to their tariff benefactor. If Nc ,
inley made a bargain with the manu-
cturers Qike the Hawaiian sugar
irons have done in regard to sugar =
'unties with the Hawaiian planters) l.
at he should receive one half of all of T.
+e protection monopoly profits made =
,der his bill, he would now be the ;,
ealthiest man in the world and would J.
the first Millionaire. 1t was a shame J.
at he neglected the people and made y
S bill in the interest Of trusts; it will \
scandalous if he now accepts finan- !"
ii assistance from any manufacturer :.
representative of a monopoly bene- IL
ted by his tariff bill. o
BYRON w Horn "