The evening times. [volume] (Washington, D.C.) 1895-1902, 1901-08-05
FOR A COTTON OIL TRUST.
Rum0Fs Of a Combine With 500.
100000 Capital.
The American Company Apparently
Moving in the Hntter-COncerns
That Are Likely to BE AbsOrbed-A
Cali for the Deposit of stock.

Moving in the Hafter-t OnccrnS
That Are Likely to BE Absorbed-A
Call for the Deposit of stock.
NEW YORK. Aug. 5-Devclopment Of
interest To- the South i'm particular and
other sections of the country in general
are expected I'm tho affairs of the Ameri-
can Cotton OH Company which may carry
with them either the sale Of that prop
erty to other important interests for the
purpose Of forming "a much larger corpo-
alton the .r,quis tion of other property by
the American company with the same end
i'm view. or a purely protective measure,
to preserve the company 10 its present
holders
For some time there have been rUmors
of the formation Of giant cotton oil and
. chemical corporation. which would include
the American Cotton Oil Company, the
Southern Cotton Oil Company. and the
Nirgiuia-Carolina Chemical Company. The
I capital has been placed at S100. 0Ce 600. and
as an act preliminary to some such un-
dertakiug the Southern Cotton Oil Com
pauy increased its capital stock from So
s11105 20 100000 The Virginia-CaroIiua
company some thine ago authorized the
, Increase Of its capital stock from $1,000
0O9 TO 524.0O1OJo The capitalization Of the
American Cotton OIL Company is 81. 49,.
200. divided into Slo.19S600 preferred and
$3'zs7,lpo common 1t also has 100000 Of
bonds.
Upon the part Of the American Cotton
/ Oil Company the report was denied. but
the Southern Cotton Oil Company and the
/ Nirsinia-CaroIina Chemical Company
/ have been progressing in their part Of the
/ undertaking. and il is not impossible that
the origiuJtors Of the hundred-miiIion-
dollar corporation have made some prog
rass with certain holders of the American
Company. II has always been understood
i'm Wall Street that the largest individual
interest I'm the company. aside from the
New York holdings. was held by n X.
/ Fairbanks & Co, Of Chicago
At present there is an air Of mystery
about the undertaking which has not
been relieved by the issuance OF circular
I letters to stockholders giving a sum
mary of certain provisions of a stock
/ holders agreement and nominating the
( First National Bank as a depository for
/ the stock The point which Interested all
4 Wall Street was provision I'm the agree
/ ment that the common stock shall not be
/ sold at less than cd and the preferred
/ al not less than IO5. At present the
{ common is selling AT q and the preferred
o.
/ The stocks showed marked activity yes
/ terday.
! The circular which conveyed the infor-
/ nation names as the stockholders COM
/ mittoc George Austin Morrison. Chair
/ man and President Of the Cotton Oil
{ Company. Harris c.. FahnCstock. Vice
/ President OF the First Natioral Bank;
/ Edward Winslow. Of WinsIow. I.auier, *
/ CO. and J. Kennedy Tod. Of j. Kennedy
/ Tod & Co. Robert +. Munro. vice prcsi-
/ dent Of the company, is secretary Of the
committee
The purposes Of thu call for the deposit
/ of stock are thus stated in the circular:
I The American Company may acquire.
lease. or otherwise deal with property Of
another corporation or other corporations
or parties
"A consolidation, sale. or other dispo-
sitioH OF the property TN whole or IN
/ PARCELS OF the American Company may
Doe made with Or TO another corporation
or other corporations or parties.
THE deposited stock may be sold in
bulk, and not otherwise at not less than
Jos for the preferred and CD FOR the COM
mon. or If any proposition of any char
acter shall Doe made to tine committee To-
| sp-ctiuE the deposited stocks OF. any OF
the property Of the American Company
! which the committee shall deem adviS-
I able 20 submit for the consideration and
action Of the certificate holders they shall
/ call such certificate holders together in
meeting. by notice published and mailed
{ as provided in the agreement and II any
such proposition shall be accepted by the
affirmative vote Of 90 per centum in
I amount Of the owners Of the then out
| standing certificates Of deposit for each
class Of such stock affected thereby oil
Of the owners Of certificates Of deposit
I for such particular class shall be bound
| thereby; provided, also. that no PROPOSE
ton for the sale OF less than all the de-
[ posted stock Of both classes shall ever
/ De- entertained or adopted"
None OF the members Of the committee
and none Of the counsel could be found,
and interests identified with the First Ma
tonlI Bank and with the company de-
cliucd % enter into any particulars as 20
( the plans in view. one gentleman said,
however: we are simply taking precau-
lions. so that if anyone sells out we won't
be left out ia the cold" Whether there
/ was any intention Of anyone selling out.
| however. or whether a precautionary
| measure only was being taken could not
De ascertaiued-
| The American Cotton Oil Company was
! formerly the American Cotton OH Trust
and was reorgauizcd under its new name
October y. iS,s. u has had a varied his
I tory II has paid dividends of per cent
on the preferred stock since 1892. Among
industrial corporations il Is distinguished
by the fact that II makes fun and com
plete statements of its operations, which
is very unusual for an industrial enter
prise
! its officers are President. George Aus
ten Morrison, and vice president, r. r.
Munro. These with the following. are d.
/ rectors: r. Jrquhart William Barbour.
J. Kennedy Tod. Charles F. Clark. J. r.
! Maxwell. r r. Wilson. Edward d.
! Adams, Charles Lauier. Harris q. Fab
! uestOck. Joseph Larocque. Bradish John
/ son. William Nelson Cromwell. ana J. Il.
! Chamberlain.