New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1913-09-12
FEDERAL SUGAR TO CO.
stock Exchange to Drop Issues
from Its Trading List.
M ANNUAL INCOME REPORT
pule of Board Ignored After
Repeated Demands-oppo-
sition Is Expected.

when the governors of the Stock EN-
.honge meet at the next regular meeting
=, September q. action will be taken to
s.,ike from the list the stock Of the Fed
sral Sugar Refining Company. Of which
claus A. 'Spreckels is president II was
,.arned Yesterday that the exchange Of
ecials had warned the company on sew
sral occasions during the last few months
,hat unless they complied with the listing
roouiremeuts the stock would have TO be
withdrawn.
One Of the requirements is that every
company which makes application TO
have its stock listed for trading shall
make public an annual income account
The rule follows:
The companies are required 10 publish
at least once a year and submit TO the
stockholders az least fifteen days in ad-
vance of the annual meeting of the cor
poration a statement of its physical and
financial condition. an income account
and a balance sheet showing assets and
liabilities at the end of the year; also
annually an income account and balance
sheet of all subsidiary companies.
when the Federal Sugar Refining Com
pany was requested by the Stock Ex-
change to submit its income account for
the last fiscal year, It refused. 1t was
further learned that no annual report had
been published since August, 1911. on
March % Mr.. Spreciels promised 20 make
public by April 10 an annual income ac-
count. Instead VI doing so, il is asserted
that he sent TO the stockholders Of his
company a circular which contained moth
ing regarding its real financial condition.
Mr.. spreckels appeared before the COM
nittee on stock list April 10 and urged
the substitution Of the circular for the
required annual statement. This the com
rittee refused to accept. On April Is Mr.
Spreckels threatened 20 withdraw the
stock Of the Federal company from trad
Ing on the exchange. saying that he
would produce I'm June the consent Of %
per cent Of tho stockholders for such
action. The exchange authorities assert
that this has not been done and that the
only. course left for them is to strike tho
stock from the list
II IS understood that Ir. Spreckels's
view Is that the stock Of his company
will not be withdrawn from trading on
the exchange because of the possible eff
fects. His views. it is stated, are that
such action would cause a big drop in the
value Of the stock, thus injuring the prop
erty Of the innocent stockholders. Like
practically all the securities listed on the
exchange. the stock Of the Federal Sugar
Refining Company is held by many banks
a. security for loans. For this reason 1t
is believed that they will oppose the with
drawal Of the stock from the exchange.
The Federal Sugar Refining Company is
cauitalized at 100000 of which s6,677,200
is common and S3.322, 500 is preferred. 1t
was listed on May II, 1910, and has been
one Of the fairly active securities. al
though not classed with such stocks as
Steel. Reading, Amalgamated Copper,
Union Pacific, Pennsylvania and others.
The last report covering the seventeen
months ended July 81, 1911, showed net
earnings Of $S35.l11. and surplus. after
preferred dividends and depreciation
charges. amounting 10 s5Ol,SO4. a dividend
Of per cent is paid on the preferred
stock and per cent on the common.
Last April the governors Of the eX-
change voted TO strike from the list the
stock Of the Goldheld Consolidated Mines
Company because the officials refused TO
maintain separate transfer and registry
offices in this city.