New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1894-02-15
SUGAR MEETING \ FARCE.
NOT 4 SINGLE OFFICER OF THE cont
PANY TO MEET STOCKHOLDERS

REroRTERs ALMOST THE ONLY PERSONS WHO
ATTEND THE ADJOURNED ANNUAL NEETIXG
THEY VOTE THEMSELVES \ WEEKLY
SALARY or 500 EACH-poLIcY OF
THE COMPANY TO CANCEL IT'S
PROFITS PENDING TARIFF
LEGISLATION.
The annual meeting OF the American Sugar
Refining Company, which had been adjourned
from January 10 to yesterday, proved to be
burlesque and it threw keen light upon the
methods adopted by the company in trying to
stay the hands Of Congress in its dealing with
the sugar duties Wall Street Indignant at
the utter failure Of the managers Of the go
called trust" to attempt 10 provide a quorum
for the adjourned meeting. The opinion Of the
Street is unanimous that the Sugar magnates
are seeking to conceal the magnitude OF the
profits made last year, that they may be
able to plead poverty before Congress But 1t
Is protested that this action is unjust to stock
holders in good faith for while waiting for
definite shaping of the sugar schedules the stock
is now the foothold of spectators at the Stock
Exchange, and no one knows what the finances
of the company really are. The officers of the
company refuse to issue the annual report until
the annual meeting Of stockholders is held and
yet they apparently made 10 efforts to secure
quorum for the meeting
The purpose Of The insiders. brokers say, is
perfectly clear to Congressman. and yet the
pursuing of this policy Of conccalment causes
genuine security holders to suffer from ignorance
to the real worth and actual earnings OF their
property The unfortunate effect Of the failure
10 hold the adjourned meeting was reflected in
sharp plunge downward in the stock near the
clio of oh Eta n @
cited that the policy Of the managers Of the
Sugar Company may even go 50 far as to manip-
ulate books and accounts 50 as to show poorer
record for the year than the facts would warrant
THE REPORTERS \ MAJORITY.
No preparations whatever had been made in
Jersey City. where the Sugar Company meeting
is held according t. law. when half dozen re-
porters. holding stock proxies. went over yestef-
day to attend the meeting. The last meeting was
held in the cooperage room Of one OF the trusts
refineries in Jersey City. At that time some hun
dred chairs and campstoos had been provided.
together with desks and facilities for the officers
Yesterday the room contained one chair and a
closed rolltop desk Not an officer Of the COM
pany was present. -Four stockholders, exclusive
of the reporters, were in Attendance hunt
made through the refinery To find +. {.
Matthiessen one of the trustees who vas re-
ported to be around the premises. He was found
in the boiler-room experimenting the cleaning
Mr. Matthiessen laughed and declared that he
had forgotten all about the meeting.
Then the reporters began calling up over the
telephone the head office of the Sugar Company
at Wall and Front SITS. New-iOrk They asked
for the officers and insisted, as stockholders,
that the officers should come 70 the adjourned
meeting Word was telephOned back that John
f. Searles. jr., the treasurer. was out Of town
and that II. o. Havemeyer could not be found
The reporters then determined 10 60 through
the form of a meeting. Ii was learned that
forty-fve shares Of stock were represented 50
F. b. Phelps, representative Of Dow Jones d
Co.'S News Agency, elected chairman and
j. l.. Drummer, Of the Foreign and Domestic
News Agency. was made secretary The stock
holding reporters adopted resolution calling
upon the American Sugar Refining Company 10
recognize the interested efforts Of the press and
voting that to each reporter present be paid
500 week. The meeting then formally voted
to adjourn for another thirty days.
MR. PARsoNs's EXPLANATION.
visit was made to the Havemeyer offices in
Wall-st. to seek explanation of the failure
of the meeting AT Mr.. Searles's Office the state
nent was made that the treasurer OF
town. Mr.. Havemeyer could not be reached.
John f. Parsons, counsel for the company, how
ever made the following statement:
The facts in regard to the meeting are
these: At the last meeting there was only minor
fly Of the stock represented 1t was thought that
no harm could be done if this minority voted to ad-
journ for thirty days. II, however, did no good.
adjourn The Sugar Company is A' orsanzed under
the laws of New-Jersey, which provide that In the
do any business without authority conveyed by
a majority OF the stock. The Sugar Company has
no such bylaws; consequently il must be governed
by the statute. The result Is that all the work of
having an annual meeting must be gone again
The stockholders seem to be 5 well satisfied with
the present management that they Will not take
the trouble to send in proxies Consequently there
is some difficulty in getting the large stock repre-
sentation required.
On such basis as advanced by Mr.. Parsons
II becomes evident that if the Sugar magnatcs
DO not trouble themselves to hunt up proxies
ana arrange for successful meeting of stock
"a IN
until the next legally fixed date in 1885, unless
clear majority of the stockholders send their
proxies in and demand meeting. But it is not
believed, even on suppOsitiOn that the ''n-
siders' have been reducing their holdings that
a clear majority of the stock could be OBJ
tained among outsiders