The San Francisco call., 1910-01-25


officers at the time of the Segal loan, and still
is the opinion Of the counsel, who have re-
presented the company IN the litigation, that
the short time loan, which was made to SegaI
upon the security of controlling interest IN
one refinery, was not violation OF any law.
IL The suit brought by the Receiver of the
Pennsylvania Sugar Refining Company
against your company the United States
District Judge. who tried the case at first.
sustained the position of this company in this
respect. The Circuit Court of Appeals, how
ever, upon the averments made by the Penn
sylvania Sugar Refining Company In It's COM
plant. felt constrained to hold otherwise
In this decision and in the subsequent Ameri-
can Tobacco case. that COURT gave much
wider Interpretation to the Sherman Anti
Trust Law than any that had theretofore
been given. It's soundness is now under review
in the Supreme Court of the United States,
on an appeal in the Tobacco case and that
court will soon finally determine the question
On the trial OF the case against your company
following the reversal of Judge HoLr's deci-
sion by the Circuit Court Of Appeals, prop
osition made to settle the plaintiffs
claim for less than one-ffteenth of the entire
claim, and under the advice or the very
eminent counsel, who represented this COM
pany, it has given its assent TO such settle
ment, which has now been carried to final
consummation. The litigation is thsrefors
ended
VI. Condition of Re6neries.
The general physical condition of your re-
6neries is excellent.
The company's new refinery at Chalmette,
La. which has been IN progress OF construc-
tion for several years commenced its opera
tions last May and has a refining capacity Of
100000 pounds daily. 1t Is equipped with
the latest labor saving machinery and, as a
consequence, it is expected that sugar De
refined at this refinery more cheaply than at
any other in this country. Extensive i'm
provements are IN progress at the eompanys ;
Boston refinery, which Will lessen the risk
rpSult
NIT of more economy in operation. These i'm
provements in Boston have involved during
the current year the expenditure of about
100000. Additions to the facilities for stor-
ing and handling sugar have been made in
Jersey City. Radical improvements are also
in progress in this refinery, in connection
with the boiler house and power systems.
During the year the Philadelphia refinery has
benefited considerably from the improvements
made in 1908 at a cost of approximately
100000 A new electric power system aud
other electrical equipment have recently been
added, and these expenditures have aggre-
gated about 100000. Much work has also
been done in the HaveEeyers & Elder Rein
cry to produce more economical results. and
upon this work satisfactory progress can be
reported.
very valuable asset of the American
Sugar Refining Company is the Brooklyn
Gooperage Company; 1t has factories in
Orleans, and Port Chalmette. La, with re-
serve factories and reserve stock as precau-
tions against fire. 1t now owns in New York
State 10000 acres of timber land with stump
age rights on $1,000 more acres. In Penn
sylvania it controls timber on about 10000
acres. In Arkansas it owns 10000 acres and
in Missouri, 10000 acres. 1t owns and oper-
ates stave and heading mills and incident
ally operates 80 miles of railroads In order to
get its timber to the mills and thence to the
factories. The condition of this company is
most excellent and largely adds to the efficient
and economical handling Of sugar.
- - 81 =
state that the technical operations of the cane
refneries and the beet sugar factories are
showing better results than at any time in the
history of the company.
Your Directors fully recognize that the
continued and permanent success OF your
company must depend upon its ability to
make the best refined sugar as economically
as any of its competitors and to sell il to the
consumer upon fair and reasonable terms.
We have disposed of our interest in the
coffee business, as we'll as our interest in
some other agencies of distribution.
VII. Financial Condition.
Until full statement of our financial
condition can be prepared. the directors wish
to assure the stockholders that the year has
heen prosperous one. The dividends have
been fully earned.
The eompany's financial report for 1909.
giving the results of the years business and
a statement of assets and liabilities as of
December 31st, 1909, is being prepared and
VIII De sent " tue SlOcAnOloreS AZ the usual
time
The directors are greatly gratifed to have
received proxies for over $40 600 shares
which is the largest number the MANAGEMENT
has ever received in the history of the COM
pany.
VIII. List of Refneries.
The American Sugar Refining Company
operates the following cane re6neries
Standard Refinery, Boston;
Hayemeyers < Elder, New York
Matthiessen & Wiechers Jersey Citv.
Spreekes Refinery, Philadelphia;
Chalmette Refinery, New Orleans.
The company also owns and holds in re-
serve in readiness to start in case of the des-
truction Of any of the active reGneries by
fire. or in case of an excessive temporary
demand for refined sugar:
The Franklin Refinery, PHILADELPHIA.
The Louisiana Refinery. New Orleans:
The company also owns One-Quarter of the
capital stock of the National Sugar Refining
Company and one-half interest in the West
ern Sugar Refining Company of San Fran
cisco.
The beer sugar companies in which the
American Sugar Refining Company is inter-
ested are the following:
Alameda Sugar Co.. California;
Spreckels Sugar Co. California;
Utah-Idaho Sugar Co., Utah;
Amalgamated Sugar Co. Utah: \
Lewiston Sugar Co., Utah:
Great Western Sugar Co. Colorados)
Michigan Sugar Co.. Michigan;
Iowa Sugar Co. Iowa:
Carver County Sugar Co, Mnnesotass
Menominee River Sugar Co. Michigans*
Continental Sugar Co., Ohio.
( BY order Of the Board,
@. E. HuKE.
Secrstoru