New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1909-01-22
TO LIST SUGAR STOCK
American Refining Company Makes
1nnTication to Stock Erckange.

.,,e-5can Sugar Refining Company, which
= ago took the first step in the direction OF
-. when IL issued itE FIRST annual report,
pU.-say took second and longer step, in apply
f,- the transfer Of its SIS 10000 common and
.s no ono preferred stock from the unlisted TO the
- 6eDartment Of che New York Stock Ex
change
go large corporations have within the last
= months made similar application. among them
= American Locomotive Company. the National
- Company. the American Snuff Company and
ts P1tterick Company. their action having been
:, ,,-e with the expressed sentiment OF the Stock
--banee management. whose intention 10 restrict
.-.duallv the unlisted department was announced
nc tine ago and based upon the criticism
5aelv made OF that department admission TO
,sic,, has required much less riu statement of
-.sorroes. liabilities and earnings than is required
,-orn 3 corporation applying 10 have its stocks
,,sced on the regular list
The notification of annual report last year is
,,,serstood 10 have been due 10 the initiative OF
.ts new president. ". B. Thomas who Is commit
,ed 70 g policy OF reasonable publicity as TO the
,,.-srons and financial condition of the company
A ssiance sheet had previously been published on
+he demand OF the State Of Massachusetts but IL
vas not Of much value in disclosing the real posi-
ZION Of the company. and last years report al
though q great advance. left uncovered many
roints on which investors would naturally desire
infsrnation-
The present application the Stock Exchange
wben published the granting Of the request for
.he placing Of the stocks on the regular list
vii undoubtedly give clearer view of the COM
aeny's position than has ever seen the light I'm
the past
The late H. O.. Havemeyer, while president of
ne company. stoEtiy and frankly opposed TO
the policy Of publicity. His position was thus
eiated b. him at an annual meeting few years
age
We have az the present time about 1900 stock
aoIders. Any information about the company 5
affairs which they a body ask for the directors
viii al all times be prepared to furnish Up 10
ths present time the stockholders have determined
that special information snail be given 10 in
: ofyidusi stockholders. The directors have con-
toned 10 this. They Eill continue TO do so unless
Instructed differently by the stockholders. In my
.sport year 80 I made the point that a business
Evaporation is aggregation OF individuals and
that there were obvious objections give to COM
petitors information about corporate affairs. that
10 say, the affairs OF 8 union OF individuals
which a partnership individual was not COM
pslled 10 make public in respect 10 its his own
affairs
i For many years the common stock Of the Amer
lean Sugar Refining Company was among the most
highly speculative issues traded in the Stock
Exchange. and the squeeze Of the shorts" IN
March, 1929. when the price advanced in a single
day from III to 10. is among the episodes still
remembered IN the Street OF late years Sugar
has taken more conservative position IN the
trading. and its daily fluctuations are now seldom
large
Among the stocks still in the unlisted depart
ment which are expected within another year to
De placed on the regular list" the alternative
is understood being their reIegation to the curb
are those OF the Amalganaated Copper Company
the American Smelling and Refining Company the
National Biscuit Company. the Republic Iron and
seel Company the American wooIIen Company
and the Distiliers' Securities Corporation.