New-York tribune., 1910-01-13
ANNUAL REPORT
The AMERICAN SUGAR REFINING COMPANY

apply, and il was therefore at all times as
sUmed by this company and its directors and
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, thar
the short time loan, which was made TO SegaI
upon the security of controlling interest IN
one refinery, was not violation OF any law
In the suit brought by the Receiver OF the
Pennsylvania Sugar Refining Company
against your company the United States
District Judge. who tried the case ar first.
sustained the position of this company in this
respect. The Circuit Court of Appeals, how
ever, upon the ayerments made by the Penn
sylvania Sugar Refining Company in its COM
plant, felt constrained TO hold otherwise
In this decision and IN the subsequent Ameri-
can Tobacco case, that court gave a much
wider Interpretation 70 the Sherman Anti
Trust Law than any that had theretofor.
been given. Its snundness 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 prou-
ositiOn was made 70 settle the plaintiffs
claim for less than one-hfteenth OF the entir.
claim. and under the advice of the very
eminent counsel, who represented this com
pany, it has given It's assent to such settle
ment. which has now been carried TO final
consummation- The litigation is therefore
ended.
vi. Condition OF Refneries-
The general physical condition Of your re-
hlerleS Is excellent.
The cOmpanys new refinery at Chalmet1..
La, which has been in progress of eonstruc-
ton for several years. commenced its opera
tiOns last May and has a refining capacity OF
3OO0OOO pounds daily. 1t is equipped with
the latest labor saving machinery and, as q
consequences, it is expected that sugar can De
refined ar this refinery more cheaply than at
any other IN this country. Extensive i'm
prOvementS are IN progress at the company'S <
Boston refinery. which viii lessen the risk
from hre, result IN greater capacity and per-
init OF more economy in operation. These i'm
provements in Boston have involved during
the current year the expenditure OF abour
SiOOOOO. Additions 10 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 and
other electrical equipment have recently been
added. and these expenditures have aggre-
gated about SlOO,O0 Much work has also
been done in the Havereyers < Elder Rein
cry to produce more economical results and
upon this work satisfactory progress can be
reported.
very valuable asset of the American
sugar fNeUulnE company Is the Brooklyn
Cooperage Company. 1t has factories IN
Boston, New York. Philadelphia New
Orleans. and Port ChaImette La with re-
serve factories and reserve stock as precau-
tons against IRE. 1t now owns in New York
State 40 600 acres of timber land with stump
age rights on 6OO0O more acres In Penn
Sylvania it controls timber on about 10000
acres. In Arkansas II owns 10000 acres and
IN Missouri. 10000 acres. IT owns and Oper-
ates stave and heading mills and incident
ally operates SO miles of railroads in order To-
factories. The condition OF this company IL
most excellent and largely adds 10 the efficient
and economical handling of sugar.
1t gives your Board great satisfaction To
state that the technical operations of the cane
rehneries and the beet sugar factories arc
showing better results than al any time in the
history of the company.
Your Directors fully recognize thar the
continued and permanent success OF your
company must depend upon its ability 10
make the best refined sugar as economically
any of its competitors. and 10 sell iJ To the
consumer upon fair and reasonable terms
We have disposed of our interest in the
coffee business, as well 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
been a prosperous one. The dividends have
been fully earned.
The companys financial report for 1909
giving the results of the years business and
n statement of assets and liabilities as of
December S1St, 1909. Is being prepared and
will be sent 70 the stockholders at the usual
time.
IL Il