New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1900-01-11
LITTLE CHANCE OF DIVIDENDS.
ANNUAL MEETING OF THE STOCKHOLDERS
OF THE AMERICAN SUGAR RE-
Filming COMPANY = MR. HAVE
MEYERS STATEMENT.

The annual meeting of the stockholders Of the
American Sugar Refining Company was held yes
terday. in the office of the Jersey City refinery.
The stockholders well represented. bal
lots were cast 516.5lS shares. OF which 5l2,lS
shares were voted by proxy. H. o. Havemeyer,
Arthur Bonner and John Mayer were reelected to
the Board of Directors without opposition. 1t
developed the meeting that there little
probability of dividends being declared in the near
futl re, the surplus is to be reserved as work
ing capital President Havemeyer approved this
policy in his address, delivered yesterday, and
asserted that he would oppose declaration of
dividend. The stockholders are content, as they
adopted resolutions approving the existing policy.
President Havemeyer said
In September 1898. you know. your Board OF
Directors determined upon a change OF policy in
view of circumstances then existing, which led
necessarily to diminution of our profits Very
wisely, 1 think. at our annual meeting in jan
uary 1899. unanimously you approved of this
change of policy
tinued and still exist, and your Board has ever
since maintained. and unless instructed by you to
the contrary will probably continue to pursue, TINS
policy. by them initiated and by you unanimously
reeoTs will do IN f matter Of of
dividends in the future. Such declarations can be
Situation Which will then exist. / am very sure
that whe the dTy Of u6en hem hey
will take careful consideration the fact Of the
policy which has been pursued
/ do not believe you would desire them m to de-
cial strength of the company or render II
less able In the future than it always has been IN
the past to look ahead without fearing the results
of any policy which may be deemed advantageous
Speaking for myself, say with as much force OF
statement as possible that 1 would oppose any
such declaration of dividends
The stockholders assented to continuation of
the policy as the following resolutions were
adopted:
Resolved. That the action of the directors, at a
meeting held January g. 1900. which reads as fol-
lows: Resolved. That the accumulated profits less
the dividends. which have been declared up TO this
time including the dividend Of January 2 1900
be reserved working capital, less such amount
as the directors shall At from time to time. to
declare dividends be and the same is, ap-
proved and confirmed by the stockholders
Resolved, That the stockholders hereby ratty
and approve the action of its directors in the
conduct of the officers and their action generally
down to this time
When the report of President Havemeyer's state
ment reached the Stock Exchange. the trading
element and marginal holders OF Sugar stock i'm,
nedately decided that the remarks foreshadoWeu
the suspension of dividends. There was rush TO
sell and the stock broke sharply reaching ~ e.
an extreme decline of thirteen points from the hlgh
figure of the day. Brokers who usually act FOR
Sugar interests bought Sugar stock on the de-
taI rally the stock closing at 127s, net loss Tor
the day of S24 per cent. The stock suffered a
similar movement following the annual meeting a
wear ago Powerful manipulation has been the
leading feature in the history of Sugar stock spec
ulatiOn.