New-York tribune., 1919-02-16
Distillers' Plans
For Making Food
Products Outlined
Corporation Will Change
Name to Fit Character of
Its New Business-Record
Profits Earned Last Year

Because of the ratification of the
Prohbltlon amendment to the Federal
constitution and the plans of the COM
pany to broaden the scope of its ope~a-
tlons to include the manufacture of
food products and feedstuffs the name
of the Distillers' Securities Corporation
is to be changed to the United States
Food Products Corporation. Stock
holders are asked TO approve the pro-
posed changes at a special meeting in
Jersey City on March 10. when the
annual meeting is also scheduled to
take place.
The annual report of the company.
issued yesterday, shows record net
earnings of s1oo56,5SS, equivalent to
$31.12 a share on the S32 3O6. .6s1 capital
stock outstanding in 1918. compared
with Sl4.83 a share earned IN 1917, the
previous record year. in 1916 he sur
plus applicable to the stock was equal
to S4.l0 share, and in 1915 $10.59 q
share.
The plan of the company to enlarge
its business is outlined in a notice to
the stockholders. This asks that the
existing powers of the corporation be
increased by giving 1t the power "to
manufacture, buy, sell, deal in, dis
tribute, store. warehouse, import and
export cereal food products, feedstuffs,
oil, yeast, vinegar and food and feed
products of all kinds and products and
by-products of all kinds. of grain.
Deets, molasses and other materials of
ell kinds.
VIII Make Feedstuffs
TO own lease and operate central
denaturing plants and warehouses for
denaturlng alcohol and spirits; and to
carry on the general business Of manu-
1acturlng cereal food products, feed
stuHs' OIL, yeast, vinegar and food and
iced products of all kinds and products
and by-products of all kinds, of grain.
peets, molasses and other materials of
all KINDS; and owning, leasing and op-
era1lng central denaturing plants and
warehouses for denaturing alcohol and
spirits" 0''O' anu
Since its incorporation on September
49, 1872, the business of the company
ana It's subsidiaries has been confined
exclusively to the manufacture. distribu-
i Lloh ana sale of spirits, alcohol, bour-
pomna pom ana rye whIskey, and their COM
pounding and blending" Bv Presi-
Dental proclamation, on September 3
last, the company was ordered to ston
the production of distilled spirits for
beverage purposes. Previous to that
date 1t had been the largest sing1s
mnanufacturer Of whiskey in the United
States. "i'eu
Has s5,O52,os7 Cash
Last years surplus was arrived at
after providing for interest CHARGES
income and excess profits and all other
taxes, rentals, Insurance, majntenance
ana repairs, depreciation and ali costs
OF administration. The balance sheet
showed cash in banks of S5.O52 O67 Iih-
erty bonds and United States certiG-
Gates OF Indebtedness Of Ss.386. .5S6 and
accounts receivable of 81 O2i S99
Against these there were $500 68s of
accounts payable, 81 1,669119 unpaid Fed
erai' state and city taxes; SIS. .7o3 ac-
crued bond interest, and $s22 507 d;vi-
dends which were paid on January 18
During the year the company retired
9z,3Z2,OO0 of its bonds. leavinc the
AMOUNT outstanding as Of December Fl
at 50. 1854 out of All original issne IF
Sio,oo0,0O0. At the special meeting on
March 19 stockholders viii be asked to
approve the retirement of S1.534100 Of
the capital stock.