The times dispatch. [volume] (Richmond, Va.) 1903-1914, 1903-08-19
But Va. Carolina Makes
Strong Statement.
.-------v ~ --I
NEW YORK BANKS
ARE THROWN OPEN.
Arrangements Are Made lac !! BY
]. Pierpont Morgan.
THE BOARD OF
DIRECTORS STRONGER
Messrs. stotlesbury and Meldrum Take I
the Places Of Messrs. Chi isholm and
Dancey-A Finance Committee
Is Created General l'ppres. S8i
sion That Value Of Stocks y AS5F.
Will Steadily Increase. .s35

sSg sion nat value OF STOCKS Ea
{. Will Steadily Increase.
Tho Board Of Directors Of tho virginia- s.
Carolina; Chemical Company held the req N
ular quarterly meeting in this city yes p
terday, issued an important statement.
announcing powerful financial 'arranse- \
ment with syndicate organized by5J F. .,3i
Morgan & Co., whereby the company
may provide itself with sufficient addi-
tional cash capital to carry Its business
over to the fall months. This statement
was ordered printed Immediately. and sent
out to the stockholders everywhere.
Messrs. w. B. Chisholm, Of Charleston.
Sc and T. B. Dancey. OF Atlanta. re-
tired from the board, and Mr.. Edward . ~
stotesbury, member OF the firm Of Drexel.
Morgan & Co.. and Mr.. Norman g, d
Meldrum, president Of the Securities Com, 4,
-panyS Of New York, were chosen to suca
ceed them. Il b Ell a&
The company in announcing its newly
iconsummated financial arrangement "
closes its statement with the announce
3ment that &"In sthe meantime. until such 4,
perm anent arrangement, shall have been
completed, your directors have thought i &
best to suspend the payment Of the Edlvi-
dend upon the common stock
8 ;s A}Einance Committee. " 3#
& In connection with tho new FINANCIAL
arrangement, the expediency. OF which
lis ined ful the board Ferentedsa a I
sFifnar 81 mml ttee. consisting OF MI: 1,
stotesbury, the new direc tor; Il N re Samuel
Spencer, president OF the Southern Rail-
way, and Mr.. Henry Walters.
r The meeting of. directors began in the
forenoon and continuing until I 80 P. M, ia
when adjournment was had until iuncii.l
resuming after lunch and continuin until II;
after P. M. Absolutely no inforna- t
tion was given out until the meeting +.
adjourned, and the nthe printed states n
ment published below was, given Out.
There were present at the meeting all tho
directors except Messrs. u. B. Duke, presi-8
dent of the American TO baccos Con pa ny; SSf
saml Spencer, president Of the Southern. n,
Railway, and the two retiring directors,
In their stead Messrs. stotesbury and "
Meldrum, the new directors.wt ere III ~
tendance and participated in the deltbera-S
tions OF the meeting. s5gSS
The statement given" out. shows that the 4
business of'the comapny for the year ended
June Is, 1908, has increased twenty-stx
per cent. over the record Of the preceding
year, and an increase IN manufactures
Of 100000 tons OF fertilizers. The larKe i
increase In business naturally neces5l-
tated the use of moro capital between V
the period Of sales and deliveries. In the 4
unusual financial situation existing this
year the usual course Of dtscountiRg the Il
company's bills receivable, became im-.s
pracAieable, whereupon the company ne
gotiated strong financial arrangement,
whereby II might more easily carry it, Z
business over to the fall monthA -
syndicate was organized by ]. P. Morgan v
& CO., embracing the most powerful
bankers in the country. to advance to the
company during the next year ample \
money for all its needs. - 1.s II
The Finance Committee created In pur-S
suance OF this plan Is composed OF three
brilliant fnanciers connected " 18th the 4
most powerful financial institutions in.ths
United States. # ..s
There rwere present at the meeting \
President s. T.rMorgan. Secretary 9. p.
Crenshnw and Treasurer s. w. Travers:
A1essrs. y. B. Addison, 7. A. Car. A. 3.
Gllerson, Henry Walters. Fortesqus 1
Whlttle. and the two new directors.
Messrs. stotesbury and Meldrunn.
Statement In Full. u
Here is the statement in full. sent out
by the directors to the stockholders
throughout the country: fa 56
To the Stockholders OF the VirgInla-ca car-
olina Chemical Company: fS
Your Board of Directors desire to say
that for the year ending June Is. 1904.
the Virginia. Carolina Chemical Company
actually sold and delivered 9S2 600 tonsyol
fertilizer being an increase OF twenty
slx per cent, over It's business OF tho \
preceding year. In addition to this they
manufactured 100000 tons more OF com.
,pleted fertilizer. which they were unabls
to deliver because the railroads could
not furnish transportation. This larEs
Increase IN business necessarily involved
the use of more capital during the period
hetween the sale and delivery OF the fer-
tizer and the payment thereof by GUS y
toner's ny
This additional capital has heretofore
been easily obtained through the dis
counting OF the company,,s bllls'receivablc.
of which. on July Is, 1903, the company
had on hand over 36,000,OO0. averaging
accounts receivable convertible Into bills N
These bills have always been considered "
tho choicest paper issued In the South
md, as such, have been readily available
for currept funds. In the unusual mas
cial situation which existed this year this
course OF business became lmpractioa
and 1t was accordingly necessary that
your company should provide itself with 4
sufficient additional cash capital to carry
Its business over to the fs!l months. when
Its bills receivable are collected,
Morgan's Syndicate.
Your company therefore, applied to
Messrs5 ], p. Morgan and Company. Of
New York. who have. .'rgaa!zed q syn4l-