The New York Times/1918/11/11/Malting Output Drops
MALTING OUTPUT DROPS.
Company Produces 5,200,000 Bushels, Against 9,500,000 Last Year.
The annual report of the American Malting Company for the year ended Aug. 31., 1918, made public yesterday, reveals that during the last fiscal year the operations of the company were carried on under adverse conditions, due to the war.
Russell H. Landale, Vice President of the company, informs the stockholders that early in December railroad embargoes checked the receipts of grain and the delivery of malt; next, the Fuel Administration curtailed the fuel and power requirements of the plants, while the Food Administration further restricted malting operations. Finally the Government issued orders prohibiting the manufacture of malt for brewing purposes, "thus terminating the chief business of your company until the foregoing orders are rescinded."
Under these conditions, Mr. Landale said, the output for the year was only 5,200,000 bushels, as compared with approximately 9,500,000 bushels in normal times. At present the company is engaged in the storage of grain for the Government and private owners at its elevators in Buffalo, Chicago, and Milwaukee. In view of the uncertainty of prohibition legislation and Government restrictions, it will be left to the Board of Directors to be elected at the annual meeting on Nov. 14 to decide whether to continue limited operations or that the company be dissolved.
Total profits for the year aggregated $398,182, of which $135,757 was net. From the total earnings of $398,182 the Directors set aside for depreciation $237,423, and for income tax $25,000. Bonds, with a par value of $180,000, were canceled during the year, leaving the company a bonded indebtedness of $720,000.