New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1912-11-17
INDIAN REFG PLAN READY INCREASE IN BUILDING IN z CITIES FOR OCTOBER
Management Costly and Capita
Inadequate.

The stockholders protective committee
of the Indian Refining Company, formed in
view Of the near approach of maturity Of
floating Indebtedness to the amount Of So
100000 has drafted a plan for readjust-
ment Of the company's finances, it is
learned, and will within a few days pre-
sent it to the shareholders
The difficulties into which the company
has fallen. it was said Yesterday have
been due TO uncConomicaI management
and to insufficient working capital Rich
mond> lowering several months ago re
tired a. president his successor being
Theodore L. Pomeroy, formerly the treas
urer. MI. lowering al the same time re-
sTrned from the board or directors and
with him Evans r. Dick and Hugo Blum
cnthal. r. n. Gibson. a practical oil man.
who had formerly been connected with
the company, but had severed his coun"c-
ton with il more than year ago.
was elected 10 fll one Of the three yacan-
rics in the board the other two places
beinc filled by the election Of temporary
directors
Since the retirement Of Mir lowering as
president. a member Of the protective
committee said yesterday. the affairs OF
the company have received the constant
attention Of the executive committee and
the earnings have been rapidly incrcas-
ing. II was found by the board also that
oil I'm, mo
effort 10 secure a foreign market for the
compauys products and that greater
amount Of capital was needed for such eN-
pansion than the company was in posi-
ton to furnish The policy was there
fore. adopted Of disposinc ~ the foreign
installations and investments
Radical economies have been effected
by the board since the changes i'm TIN"
directorate and executive staff were
made. and expenses nave been steadily
reduced Contracts made iu the latter
part Of 1911 for the sale OF oil at the
prices then current prevented the COM
pany for some time from deriving the
full benefit Of the new economies and Of
the Improvement in market conditions.
As these contracts expire, however, they
are being renewed at the higher prices
now prevailing.
In October. 1911. it is explained 10 the
stockholders in a circular just issued by
the company. the bank loans and ma
turing commercial paper aggregated more
than S2.Do 90. 10 care for which the com
pany made an agreement with trust
company under which the latter provided
3. 600 600 on the notes of the company
payable October l. 1912. This loan has
been extended to December !, by which
date, the statement says, a new financial
plan for raising the money must be per
fected
The balance sheet as Of August 81 last,
which il rs said gives the security holders
the first comprehensive statement Of the
company's position which they have had
shows total profit and loss deficit OF
s.. 3J4. $3.50. subject 10 shrinkage OF deferred
and suspended assets The value OF the
oiI-producins properties. pipe lines, stor-
age tanks, etc, is stated as SlS22,9Jl al
though Mr. Gibson estimates the value q
the oil producing properties as more
than 81. 100000 in excess Of the amount AT
which they are valued in the balance
sheet. The total appraised value OF the
company's American physical properties
&c given as S,C3S,9n and the investments
in other companies are $500 making the
total capital assets Sjs9l,4il. Total current
assets which include 1901, 1892 accounts re-
coIvablc. less reserves, S2O,S6 bills receiv-
able. $40. 700 foreign office accounts less
reserves. and Sli32H cash, amount TO y
no a32 Among other assets are accounts
substantially assumed by Richmond Lev
ering. in process Of adjustment S'94''oo,
and suspended organization expenses anu
ynamortized noatation expenses >e50'''V'
the total deferred and suspended assets
being H.5lI,23l Including the proht ana
loss deficit already noted, total assets anu
deficit amount 10 81, 1853.
Vouchers and accounts payable aiiiou"'
70 s5lOS7o. bank loans S2,6O0Oo' oilIs pay
able sg74.92s. accrued interest @SOIS' anu anu
,npaid and unclaimed dividends SiS3'' th'
total current liabilities being SiS1,'o'. ii''
total deferred and suspended Iao"''',
are S5o.774, bringing the total liabil'tieS anu
canitaI stock TO SIS, 73l, 5j3.