The sun. [volume] (New York [N.Y.]) 1833-1916, 1893-11-03
THE COTTON OIL INDUSTRY.
The A. e. o. Company Reports the Results
of Its Operations Last Ysar.


The A. q. o. Company Reports the Re.u,ts
OF Its Operations Last Year
At the annual meeting OF tho stockholders OF
the American Cotton OIL Company yesterday.
al OF the directors who served last year were
reelected. except that John II. Maxon OF ST.
Louis was chosen to Ill the vacancy caused
BY the death OF Jules AldiGe OF New 0rleane.
Mr. Maxon is Vice-Presidont OF ". X. Fairbank
Co. The Board organized by electinR
Thomas Il. CLANCY President In place OF Mr..
John II Bartlett. who retired because his per-
sonal business engagements require all his
time and attention. Mr. CLANCY was formerly
Nioe-President OF the company. Mr. Robert
+. Munro was elected Second Vice President.
aud retains the Office OF Secretary. The other
officers who served last year we're reelected.
In his report to the stockholders Mr.. Edward
D. Adams. Chairman OF the Board OF Direc-
tors. states that tho capital account OF the
company has been reduced during the year by
the retirement OF s224.ooo, par value. OF de-
benture bonds which were purchased last May
in accordance with the plan for retiring the
bonds approved by the stockholders at their
last annual meeting. The bonds were bought
at lower prices than they could have been
called. In addition the company saved the in
terest on the bonds from the date Of purchase
to the end OF the fiscal year. Aug. 81. In other
respects tho capital account OF the company
remains unchanged.
In pursuance Of tho policy adopted at the
last annual meeting, that the properties
owned by the company should be maintained
In the highest state OF efficiency for econom-
ical operation. S953,S2S has been expended
for new construction and charged to per-
manent investment account aud $527. $50 has
been expended for maintaining and improv-
ing various properties. All Of this last
amount has been charged to the operating ex-
penses OF the various concerns and deducted
from the gross earnings in arriving at the net
profits for the year. These disbursem ents
have increased the capacity OF the company
and also contributed to facility and economy
In operating,
The amount expended for new construction.
less Sl10.51O received from sales OF real estate
and machinery and s23.1s depreciation OF
property. leaves SS2o.135 to be added to the
appraised valuation Of the company's plant at
item upto sio.Ss7.66t In Is, that Sains.
tlon each concern vas appraised at It's value
dently Of The eompany BY Tie Of
net earnings IN the proPSrty Its cash Xalua itnn,
49, per cent. OF the total capital account to
90 per cent, and there has, q course, been 3
sapa OF
ending Aas 81 were si.s1oS4o. as against
decrease is due almost entirely to the contrac-
ton OF business and the dopression In prices
Besides. in making UT, the accounts the stock
% e"a at hf Sro
!se% Ges
pros ne u aSnns en fer
the previous fiscal year Dividends on the
posa sbos S oo ea ap eahRs ps
sFDSs Of So Of ssnst ZIG s9t 81
The current liabilities q the company are
SI AZ $50 consisting Of bills u pHEa6e $Sl0
accrued upon the preferred stock. sl76753.
fand ss7isS5 I Bills and ACCOUNTS reeeiyable
4s sPa dta Of SsGdu't' on hand
einneries., BESIDES, the capacity Of the works
ness was s2$.2t5SS0: and t5e losses incurred
Glarter Of one per cent OWNS, to the growth
OF the company,s business with Europe It has has
utinE it's product on the Continent. and has
4.5y6 to9s capacity for copdSctInR n export
stsa T tn ne hEhest
hoyd will be named AS1 and XII be-
dam has been chosen as the Headquarters Of
the company in Europe because OF Its favor
able location as a distributing centre. the
liberality OF the municipality in encouraging
featuring food products: 1t is the principa!
market In Europe for artificial butter and food
oils Exports OF cotton oil to Europe last year
The report is the most com plete and detailed
made by any Of the so. called Industrial COM
panies and in it Mr., Adams dwelIs upon the
difference between transporati9n and indus
odical reports. The first consumes Its supplies
in its operations. while the last prepares and
manipuates them for sale. The revenues OF
transportation company can be readily deter
mined as fast as It's services are performed.
for they a:e not affected by subsequent change
OF tariff: On tho other hand. manufactur-
Guires q considerable stock Of goods ,t on
subject to fluctuations. so thnt until the bust
ness year y closed results cannot ne dennifSSiy
to publish definite statements OF earnings ~
months that will be properly understood with
out referring to the amount OF stock on hand
every merchant and MANUFACTURING knows that
such publicity would iniure his business and
decrease his profits by disclosing to its COM
with raw materials his probable requirements
both OF sale and purchase.
During the year the number OF stock holders
Of the company increased from $50 to i:i6o
eghty-three bank accounts In eighteen States
during the panic and that its losses on &C;
count Of bank suspensions will not exceed
Al ehs Iepo o
dustry.
THE VIKING SNIP.
r, st.-t. For m Lung Journey ON INLAND