Gilpin observer., 1902-04-03
BEET SUGAR RECORD
PRODUCTION FULLY DovsLED.

Work OF the American Beet Sugar
Company-Has Increased Its Field
Of Operation and Paid Good Divi.
dend.
New York, April 2.-At the annual
meeting of the American Beet Sugar
company at Jersey City yesterday, w.
Bayard Cutting. chairman of the board
of directors of the company, showed
in his report that the company during
the past year had not only developed
and increased its field of operations to
a great extent, leaving a large sum to
be divided among the stockholders. but
has now reached point where it need
fear no competition possible to estab-
lish in the United States.
AS shown by the report. the total
amount Of sugar produced by the COM
pany during the past year was 1882
500 pounds, as against 33,510.560
are given as 1881 ,O47.46, compared
with $1,931.707 last year; cost of oper-
ations, $2667 .O29. .1S: cost of mainte-
nance, $362. 1901, and surplus $491.-
3O7.37. From this $225,OOO is deducted
for general expenses and interest, and
the amount available for dividends is
$266, 6,3O7.37. The cost of maintenance
for 1902 was placed at S242.53O. and
the surplus at $425. 1896. The dividends
of the company are six per cent. on
the preferred issue of S5,OOOOOO, of
which $4,0O0,OOO have been issued,
making the amount payable in divi-
dends $24O,OOO, leaving balance Of
about $4,000.
After reviewing the work done at
the various plants of the company in
western states, Mr.. Cutting speaks in
terms most optimistic of the prospects
for the future of the business.
Everything looks more favorable for
a satisfactory campaign in 1902" says
the report, than at any time in the
writer's experience, If the price Of
sugar be excepted. The abnormally
low price of sugar in the worlds mar.
ketS Is causing us, in common with ev-
cry producer here and elsewhere, a
reduction of business profits below
what is reasonable. In 1900 We aver
aged 5.32 cents per pound for our out
put. For 1901 we will average not
over 4.40 cents.'
But even the low price Of sugar does
not appear to impress Mr.. Cutting as
encouragement at this time, for he
predicts that abolition of the sugar
pouhts ICtCitlN
adopted by the Brussels conference
will certainly tend toward higher
prices for sugar throughout the world
as operating to reduce the production
of beet sugar in the European coun-
tries that now produce twO-thirds OF
the worlds consumption"
Concerning the possibilities Of the
future, the report says:
Your chairman does not venture to
prophesy as to sugar prices. He be
lieves them to be. in certain parts OF
the country, below the cost of produc.
ton as indicated by the market price
of raw sugar, expense of refining and
transportation charges. He believes
that your plants can manufacture the
refined product more cheaply than any
other beet sugar factories in the Uni
ted States. and therefore below tho
cost Of granulated sugar made from
! imported raws.'
1 With one exception the old board ol
! directors was reelected. James A
Murray was named in place of Denni
toun Wood. who died during the pas
year. The other directors are w. Bay
1 ard Cutting. X. Fulton Cutting. Henry
Il. Oxnard. James G. Oxnard, Dumont
Clark, George Foster Peabody Edwin
NJ. Bulkley, Kalman Haas. James G
Hamilton and Robert OXnard.