New-York tribune., 1908-03-24
SJJGAR TRUST FIGURES
FIRST ANNUAL REPORT.
Policy of Secrecy Largely Aban-
doned-Speckets Victory?

prechetS PacfOry?
The nrxt annual report issued by the man
~.,en: Of the American Sugar Refining Company
- she stockholders made public yesterday al
.soneh for several years an annual return of the
s,,I,s of operation has been made 20 the State Of
..assachusetts. Al the last annual meeting I. was
-,ounced that report was TO be prepared. after
-.-s A Spreckeis, of the large stockholders
no Is also president of the competing Federal
s.rs- Refining Company. had urged that course.
rsere is excellent ground for the statement. how
er that tie decision TO adopt the policy of issu-
,e yearly reports had been reached before that
,s.sius and that the change from the Havemeyer
,orcv OF secrecy mainly due 10 the influence
.,6 advocacy OF President w. B. Thomas. who sue
oseded TO the Office upon the death of Mr.. Have
meyer.
The report shows net earnings for the year ended
r,eceulber IS last of ss.74e.2s2 surplus for the
,rsr OF s2.s4e.S62 and total surplus of s26.57e-
srs The following official statement the stock
holders outlining the extent OF the information
,s,ned n the accompanying balance sheet and profit
end loss account a6 setting forth the views OF the
directors the subject of publicity. issued:
The directors have had prepared and herewith
Company IN accordance with the action taken
the s1ggeseh q h ,e saseeIt s al 1he loSt an
shows cash assets and cash surplus for the busi-
re stockholders but the directors wish TO impress
upon them the Importance to the business OF hav-
fnr large reserve. consisting OF cash and cash
ssssts The success of the company depends ma
ieTlslly upon its being prepared at ali times meet
ssch emeTgencies as are presented by the nature
ef the business and the large transactions involved
srpus a. there is belongs TO the Etockholders The
a @ m eaPsn co ne Gn to anan hni " dSidend5 N 9 hG at
sesdy rather than at a huctueting rate:
closed report is that they shall obtain such in
@ @ t Is u2fT RfieTed sg neE oF es tSe Se
board all act upon the policy OF the company
ee feT Shall be only that for which the stockhoIders
a large may ask and that all stockholders shall
alike. The directors recognize the
prety o. giving 20 she stockholders information
~ EfGa IeS & Is S ,,;l S6at ~ tines informston
IS desired by those who wish to use II against the
o1-es that reasonable discretion should be left
70 the directors which they will endeaVor TO eXer-
Il is quite possible that the present agitation in
ctT a !" n~ Which may AN Fz seeY " exactly @ What in
Formation Thaa pc 10 ssoeshoiesaS e eS
be given Il is needless 10 say that the directors
70 furnish such additional information for which
With The exception Of docks and warehouses in
c the DopTg gs Of the & SoRaby nsr fs of COMMON h0R
and preferred stockholders is 1s.5l5
The profit and loss account as OF December 2s,
Ne, earnings of year ended December Is. -, .,
seTen per cent dividend paid on capital .oo o.o ~
stock. including that Of January 1905 2s99So 90
s.-pI,s ~ 81 44e. .861 90
ing &c copsTy and its oonstituen. Companies as Of
December IS last follows:
ASSETS
Rehneries plant account-Sugar rein
sriss Il BT0ok!!a &sTsey l;;ey SI5y i. BeS59n
warehouses an Chicago and ST Louis
in stock and cash less reduo s.s 60, ss5 a.
] oP for in,ssee oPa91s property %
The several cooper shcps in BrooklyR
and elsewhere. stave mills: stock ot
fSeT ererTs sIso timber lands 6s451es
Breoslyn TranspoT'aJionr A. oti ooTnpans aTa
Jersey ciIy. equipments and other a-on5as
7,o5Hlsr s1. D,s'lzl.e y, t1nesI,-n ~ 6sa 4s5 81
FTsTe9gc5 2g71q5ze4- estate . oNlsu -" 10000 90
HslseIlfs s5ssisc,t sDl'e's suFPi'eS - 17s45ss
RsT sugar Gnciuding sugar to arrive),
Boass Tsa sasa5 81 S sa anu l7s32 sss ss
Cash ----------- SEE 20 -
5ss9s sosen's and ellis :
Inrescrnents in beet sugar and other cor No. ,o .,
poraticTs cost in cash or !ess--.-- --'ee'o"- =
~..., s13S. .44e. $50 O3
LIABILITIES.
Accounts ard bills parable
der letters Of credit for e. sa- $50 81
raw sugar 70 aTTiveD- s''S-''-o'"' %
5arua-T : 1905. and old, -ooo
@ .:..,'.. .,....,. 'G2:s 2:s $3 $:3 :;
Firs Insurance reserve fund---------- ''4oS''oo -
Preserrea rtocl--...-..- s45. .ooo. .ooo 90
Common 45.ooeoooo U" on mn nm m
surras. ss contingent reserve e.9so,sas sqT Sgs,;
ness under action OF - e557s.a3s %
meeting -'- -
sf83 4a9. .5s2 o3
r7s,,s = enrelels said the report did not please
n, e+ ali II was not nearly complete enough ne
said and did not really tell anything abont 'he
eompanys condition
y understand" said Mr.. Spreckels that the re-
ports which are 10 be sent the stockholders VII
not he mailed until later in the week The report