The San Francisco call., 1905-01-18
PACKERS VOTE
| TO SELL BONDS
Authorize an Issue That
Amounts to $2,000,000
to Meet New Conditions
ALSO INCREASE STOCK
Add $2,500,000 to Total
capitalization, Raising the
Figures to 81, 100000
ALSO INCREASE STOCK

The stockholders of the Alaska Pack
ers' Association voted yesterday to in
crease the capital stock of the corpo-
ration from $4,000. 900 to $7,500,0Oo An
issue of bonds amounting to $2,OOO,OO0
was also authorized. At the close or
the meeting 1t was announced that the
bonds had all been sold and that more
than S1,000,000 of the new stock had
been subscribed for.
Henry F. Fortmann was elected
president; D. Drysdale and A. 3. Brad
ford, vice presidents; c. w. Dorr, Sec
retary and general counsel, and Isaac
Liebes, treasurer. The following were
elected directors: Henry F. Fortmann.
W. B. Bradford, d. Drysdale, Isaac
debes. Francis Cutting, r. B. Ander-
son, William H. Crocker, r. L. Lip
man. William l. Gerstle, Louis Sloss,
M. H. Hecht. An annual report was
fled by Secretary Dorr, in which ths
general situation was described as fol-
lows:
The year 1904 will long be remembered a.
the most trying and unremunerative season IN
the history Of the association. 1t opened with
large unsold stocks of canned salmon in pack
ers' hands, Of which the association held az
least its full share. This came about as the
culminaton of number of unfortunate cir
81 s',d r nonsias N arTe,s 81 h-o,,ghoSt ths
world. Among the chief causes which con-
tribut>d to this unhappy situation may b
mentioned unnatural and purely speculative
promoters boom In the salmon business; an
enormous overproduction of canned salmon dur
when the coast output was abnormally In
creased from 5000. 900 cases 20 5000. 600; and
the attitude of certain salmon packers who
were either going through bankruptcy or for
other causes became persistent price cutters.
BY reason Of an an iaop @ ice jam n
costly than that Of any previous year. The
burden of carrying previous packs into tha
NeA0A Ion Af ii
has been enormous. but By means disas-
trous to the association. But for the fact that
very large sums had recently been expended
for betternents and improvements to the plants
and heet even this burden would have rested
opportuns time, It has produced serious hard
ships to those charged with the preseryauon
OF the property of the association and the
management of its affairs.
1t is however exceedingly gratifying to note
at this juncture that the clouds seem to be
rapidly breaking and in due course OF tins
the association may be expected to regain its
old-time vigor and strength and resume It's
the foremost industrial corporations OF the
Pacific Coast.
Subsequent to the proceedings Presi-
dent Fortmann said that the bond is
sue, which will extend over a period OF
fifteen years, will furnish money to
carry on the business that has been
built UP. Formerly the salmon was
sold as soon as it was packed to
some large dealer, who resold 1t to the
trade. The trade conditions have
changed. Jobbers at New Orleans or
other points do not desire to buy from
New York, but to deal with the pack
ers. Stocks have to be carried.
A large fleet Of vessels has been Gre
ated that has cost as much as one
third of the old capitalization. The
company decided that 1t was wiser to
provide the proper amount OF money to
meet the new conditions and accord
ingly bonds were voted by the stock
holders. During the past year the gross
profit was $109, 1873. The reserve funds
amount to $2,104, 103. The association
now owns eighty-one vessels. During
the past year ten consecutive divi-
dends of 81 a share were paid, and two
monthly dividends Of rs cents a share.
aggregating $552,000.