The sun. [volume] (New York [N.Y.]) 1916-1920, 1919-02-16
DISTILLERS SHOWS
RECORD EARNINGS
Company's Profits Equal to
$30.95 a Share After
All Taxes.
ASSETS TOTAL S20.138.a18
Reflects Increases in Liquor
Business on Account of
Prohibition.
ASSETS TOTAL S2O.138.s1s

Probably nowhere Is reflected the b,
increase in the liquor business during ,bo
past twelve months. as a result OF tho
prohibition agitation. as much as in =.
earnings statement Of the Distillers So.
curittes Corporation for 1915 The r..
port, just made public. shows net profit,
after all deductions for interest. taNcs
insurance, maintenance, repairs, dep-eci
alton, cost of administration and interee,
on subsidiary companies bonds, Of slp.
O56,5SS, which is equivalent to $685. n
share on s32.5o0, 900 outstanding cani,a,
stock. Net profits of s4,79o,432 or sl4a
share were earned In the preceding
year. and -s3.327.os or s1O.5o a shsr,
during the fiscal year ended June 20
1916.
During the first half Of the wear
earnings were exceedingly high in com
parison with previous years, the ropor,
for the first slx months showing net
profits OF nearly $50 a share on III.
capital stock. In the latter half Of the
twelve months period. however, that bic
showing was curtalled someu hat. prol,
ably because of heavily increasing cos,
of operations and Federal restriction,
imposed on manufacture OF spirltuou,
| liquors.
The balance sheet OF December 81
1918. shows the company to have been
in remarkably strong position at tho
close of the year. The current assets
recorded on that sheet totalleds20.13S.2lN
against current liabilities OF s30721O5
| leaving working capital of sl7.o661l3
During the year the management caused
| to be written off s7,92S,5O3 from It's
property account, and the surplus was
reduced by the same amount.
Either by purchase or through con.
version of preferred stock of the Dis
filling Company Of America. s23o2, 900
par value OF Distillers Securities Corpor-
alton bonds were acquired and cancelled,
which leaves Of the original $4,000, coo
issue s5,7j7.Sji bonds outstanding, with
1891. 100 bonds of the American Spirits
| Manufacturing Company.
| The plan for the formation OF new
| company to take over the Distillers prun.
critics was preached by Secretary NJ A
| HolzinRe in a memorandum accom-.
| panying the earnings statement In
| view OF the effect and uncertainties
| that result from the prohibition amend
ment TO the Federal Constitution he
, says. THE directors concluded that It $
for the best interests of the company
and its stockholders TO enlarge the scope
of its business. Accordingly number
| of plants OF the company are being
| adapted to the manufacture OF cereal
food products. feed stuffs. yeast. &C,
In keeping with this policy the board
will submit to the stockholders for their
| approval appropriate changes in the
charter powers OF the company and also
| a change in the name of the COMPANY
to that of United States Food ProduHs
Corporation"
Following the annual meeting ~ lie
stockholders In Jersey City on March
10. a special meeting will be called for
voting on the proposed change Of bust
Mss. 4 feature Of the formation of N.
new company is the plan for re;ircmcGt
of 1874 shares of sl.534.l00 par value
which the stockholders will be asked n
authorize at the meeintg. \ vote Of
two-thirds Of the STOCKHOLDERS is n"'c.
sary to effect the change, but there q
little possibility of any opposition to th'
plan developing as the proposal Is on'
which will be of much benefit To- pre,'l
shareholders.