New-York tribune., 1910-01-13
s0GAR REPORT OUT
DEFENCE OF THE
cORPORATION.
D;,sctors Demy Completely IN
Weighing Frauds-OH-
GERS Re-eIected


.,,s ,suort OF the board OF oll lecoolS u
American sugar Aelilill4s -
-. rr,blic 81 the annual Hlee'i-is "a &c
--.,,,olsers II JERSEY City yesueruSs' eiieie
denial that the COMPANY
-.-cnolv. IN addition 70 a oeclaI'i1-on e--a1
- er+eu1pr was made % Silis.o 1--s o--e
nc .sa-,-so- Tor the uncer"elghlng
TON '-o-- - the board die not believe
.-,~ executive officer or Gree. .-Nu <.,ly
tr,ovledge OF the crimes
5ools 81 williarasn2E%- - The ON oon
--sra is sS6 votes out OF I-ls SOo'V'
Ihe.e - +rs Capitalization OF the COM
- rhe ricket sent out tor approVai
p1-s s,-..-s--ber The directors elected were,
-. ves-s ". z Thomas, h Z Niese,
- arlytns and Edwin 3 Marston,
-. ,,-sss5ent OF the Farmers Loan ana
- ,-o-,asr,7. for r7vo years. Samuel G
I-ooker and Samuel carr.
-f- Thomas. vho is president OF the ccn1-
= sn5 Nr. Niese were reelected Mr..
s~.-s-,- NJ Atkins and Mr. Carr, repre-
-,,s rhe New England interests. and Ar-
--o,l,e- are new directors. Before the cleo
80 he bylaws were amended TO provide
-, slsvsn directors. instead OF nine. and
g. +-s change of the date OF the annual
-,.s-ire from the second Wednesday in
$3.50 "a tbs second Wednesday in
xT.r-b After the stockholders meeting
- 5i-ecrors reelected the former officers.
7bs change Of tine for the annual meet
80, !, was explained. was due 20 the in
.L'rtv 10 prepare the annual financial re-
,o-- IN tine for the early date after the
snd Of the year. The report viii be sent
70 TIE stockholders as soon as II IS ready,
zo-,e tine II February. the directors saying
thai pending this they wished TO assure the
former that the wear had been q prosperous
one and the dividends had been fully
earned
CHANGES N BYLAWS
The meeting was attended by about
twenty stockholders, among them some OF
the directors. NJ. Thomas presided, and at
his right. At q separate table IN the small
room in The Jersey City branch Of the CON-
paoy. the MatChiessen & Wiechers refinery.
sat Charles r Eeike. the secretary. AT NJ.
Thou1as's left sal James II Beck. the new
general counsel for the company. .
Before Lhs election NJ. Beck read changes
~ The bylaws These we're the increase Of
the number OF directors in the board. the
change OF the date OF the annual meeting,
seven directors and q prohibition relating
20 specularlng II the stock OF subsidiary
companies in which The American had an
interest The latter is required by the
stock Exchange OF al companies whose
stocks are listed. There was no opposition
% The changes.
Z 2. CIosson, OF Parsons. CIosson 3, Nc
Tvatne. who were general counsel for the
company after the resignation OF John Z
Parsons and before the appointment OF Mr..
Beck. offered Two resolutions which were
adopted. -hs 6rsC approving the actions OF
ne directors FOR TIE last year and the sec
ond tn5ors-ng the application Of the reserve
q The earnings 70 the working capital. Il
vas remarked Al the meeting thai this
wss The 6rst gathering n years az which
H Parsons had mol been present
Ths tel1ers. Henry \ Church, OF Boston,
and " z Foster, Of this city. were oc-
cz1ed tor nearly the whole hour required
oy the bylaws for the polls 70 remain open
n counting the great bundles OF proxies
which were cas- 1or the ticket The 648, 1856
represented al the votes cast al the meet
tag- Neither Richard Olney nor Stephen
:. Palmer. on the proxy committee, was
present and GLDer CIapp. Of Boston, acted
alone I was said that the financial state
1aent would be ready IN February
Every person al the meeting listened
szge--y 70 The reading OF the report OF the
directors, oUl paid especial attention 70 the
references 70 The monopoly disclaimer and
re section with The caption Litigation
Against the Company" The former fol
lows
ne american Sugar Reaning Company
ms no 1=r-ernenL- direct OF implied, in re-
gard 10 l-e 1xlng OF prices or the reglIa-
non O the production Of refined sugar The
-rcLsL-y n general contends with q com
peI-I-on OF the kee-esL and aercesr char
zc-s-- rs corporate status has hao the
c--ec- sanction OF he highest tribunal in
.ae and, the Supreme Court Of the United
STATES.
Tia report declared that no extended or
sdecuaue reference could De made al that
T1D2e % rne litigation against the compauv
ard some q is employees. as judicial tnves-
--ga-on was SIN under way. Reference
Tsz made 70 the statement given our lasr
-lr-- containing The reasons why The com
1a-- -1d settled the claim made bv the
zo-e-n-le-r because OF fraudulent under
"eis1l-g a. one n me renneries. and then
SAYS
your board has endeavored n every way
p -1----LzLe --5 nTzsLlgaLOnS OF The gov
4 n
l----e- L--5 crlcsEs OF this cornpanv with
--9 knowledge and approval Of the board
-@t- plt - The possession Of the special
Z ---a-- -cr ne gov ernE1znC al books doc
----7---1 -e-IeTs and minutes OF Whatever
SIC --2r such SPECIAL counsel desired. and
-sF4 given them The Frees5 ard fullest ac-
20 me 1r1ceS Of Eour company and
= -fessr ana fullest opportunity 70 inter
gaze any and al employees
80 sr-escpr whatever has bean made n
-Hl@-1 any one, sad vOUr board has ne rea-
- 70 oe--eEe and does nor believe Ila1 arv
-1ec-t-Fs of1cGr Or director OF this com
~. nad any Know edge OF or parricipation
pr MS fraudulent underweighine
THE sEGAL LOAN CASE
Another case thar OF the receiver Of the
Pennsylvania Sugar Refining Company.
Efo"1ng out ot rhe segsl loan, the direc-
'osS say. has been The subject Of much in
s-eoraJe and unjust comment but as il
vas made the subject OF legal proceedings
y ne government against the company
az adequate statement OF The facts. IL
vas declared, might be uisconstrued and
1eEe1cre was omitted.