New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1895-04-05

THE SUGAR TRUST AFTER \ NEW SOURCE
OF REVENUE
RIDICULOUS PRETENCEs OF THE STATEMENT
FILED IN NEUTRALITY-SUSPICIOUS. THINGS
TIE PEOPLE WOULD LIKE To KNOW
Bl-T on WHICH THE BALANCE
SHEET FAILS TO EN-
TIGHTEN THEM.


The American Sugar Refining Company has de-
cided to dis:n spirits well as refined sugar. anu
this announcements with the so-calied report OF the
Trusts condition, afforded considcrap'e loou I''
talk in Wall Street yesterday. The managers OF 'n'
Trust announce that they are not golhs mo '"'
whiskey business to compete with the Nhlske!
Trust but mercy to utilize the sugar syrupS "hich
on account of French discrimination cannot be eN-
ported with profit. The Trus; expects TO make pc
culiar kind OF whiSkey and wine Tor use III tiS'"".
and other foreign countries ana II Inc iha'"s''S
statements are TO be taken with gram OF Sd'''
American wine ana Mhiskey drinkers VIII be ue-
rrved Of the new and peculiar product the sugar
Trust contenlp.ates ds,illing. Mr.. Scaries' me
treasurer OF the Sugar Trust made statement
yesterday which in part. as follows
The American Sugar Refining Company has MADE
fiIer% since France has decided on discriminating
duty against American syrupS. particularly INC
t "Mt' lncb syru,,s b. the American Sugar Rein
ing Company Improbable IN ord'r 10 uiiIl@e w
p,r retneries in the Eastern District Of brooklyn
turned into a dstii!ery H. dong !his there Is u"
Wbiskov rus; Ne will d.tIl alcohol OF peculiar
l,irI very much used in England. and high wines.
ana expect TO export the enure proiucl 10 nI 1
Britain aud France l'he disitery VI. probably De-
gin operations in Se1trnber or OctIhff.
This announcement. however. did not cr'Ate IS
much talk in Wall Street as the statement h.od b.
the Trust as directed by law Win the secretary %
State OF massachusetts,. in regard TO its c|iiiloH
In view of the enormous profits which We Amer
lean Sugar Refining Company has made as shown
bv the balance sheet Of the concern for 1874. the
frantic efforts which the sugar rnagnatos have from
time 10 time made to apprize the public OF the con-
dition of tho suga- industry now appear rldicu-
lous The fact OF the matter is that the trust mas
made such enormous proft5 that II mas Deem
ashamed make report to N" STOCKHOLDERS 10
say that Trust IS ashamed OF It's pHohtS Is pro''
statement, and Il would be more correct TO say
ashamed or the way the profits We're made, FOR
there is a good deal OF doub, about tho way these
profits were developed. This doubt comes fIom the
persistent refusal OF the Trust 70 make pubic de-
tai,od repor, OF its operations and unit. some
itemizAd statement OF the concerns operations .
made there will be a doub, about its profits
on Wednesday the Trust fled with the Secretary
Of State of Massachusetts a balance sheet OF its
condition on December 81. 1924 1t is so brief ana
gives so little information that nothing can be
learned from IT, except tn" fact that there Is an
apparent abundance OF money In the company
treasury and no end Of holdings which can read
ily be turned into available assets. Although the
American Sugar Refining Company's stock is
popular speciality on the Stock Exchange, the
company itself is not popular In Wall Street, ana
its brazen methods of manipulating the market; iis
deals with the Democratic Administration. and
other offences too numerous 10 account FOR, have
On, il in bad odor with the leading concerns in the
Street
There has been no end OF comment over IA" re-
Inarkable statement fled by the company in Massa-
chusetts. ana there is desire on the part OF all
the holders OF the securities to get at the insa"
fgures Of the Trusts operations. In the bdlauce
sheet there nothing TO show the opera OF IN"
company nor the finances OF a number Of iarGr r.
nneres controlled by It, not included in its capital
ization In the assets are included <i@l!H.Np' Tor
real estate and machinery; $i9i-s.UJ' for cash qua
debts receivable. $26 205yD IN investments IA o,her
companies. ana NO7i2456 in sugar on h!nH. TIE
statement Of ito liabilities consists OF Jus; ihr""
items They X1S9%5,oJ) capital. 2L3i"' debts
and g. 7g 464 reserves. These figures xiv" Sc0l ll'
OF the of the company, but the pupHC ana
the stockholders would Ike something 'lee. IhrN
would like know something about the debts re-
ceyable and owing. and the large item OF invest
rnents Of s2G POI $50 The statement * remarkable
The stockholders OF the Trust would Ike 10 have
explained to what accoun: the large campaign
Offering Of 1892 charged. what effect tho
alleged hard times in the sugar trade had upon
the companys finances and how much money was
saved by shutting down rehncrlcs and other
economies prac;ised. They would Ike 20 see rom
what account the dividends have been paid for the
magnatos hFve repeatedly said that they were not
from the earnings. and II. as the mafnat"s say.
thev are not making money. how long the fund
will last maintain dividends at the present rate.
The balance sheets submitted by tn" Sugar Trust
for the last three years ridiculous prctehc"s.
The three la statements OF assets ana Liabilities
show little change and are sufficient evil
dences of the methods which hav" been practiscd
by the company Not the falntest Idea can be- oh
tanned from the statements OF the cOmp1nys condi-
worthless The concern announced unoiiicially
Yesterday that the statement suited ihe managers
ana the public would get litlc additional informa-