New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1902-04-02
PROFITS ON BEET SUGAR.
SHOWING MADE BY THE AMERICAN
COMPANY.
LESS FOR THE OUTPUT IN 1901 THAN IN 1909
HIGHER PRICES FOR SUGAR PROPHE-
Sled AS i RESULT OF BRUS-
Sells CONFERENCE.

The annual meeting of the stockholders of the
American Beet Sugar Company held yes
terday in Jersey City. The company has cap
tal of S500o.0o0 preferred stock. and S1I.0oo.-
600 common stock The following directors were
| elected: w Bayard Cutting. R. Fulton Cutting.
Henry T. Oxnard James G. OXnard Dumont
Clarke George Foster Peabody Edwin NJ.
Bulkley Kalman Haas. James g. Hamilton,
Robert Oxnard and James \. Murray. the only
change in the board being the election of Mr..
Murray TO fill the vacancy caused by the death
of Dennstoun Wood.
The following financial statement was pre-
sented summarizing the results Of the opera
tion of the company for the year ended De
, cember 81.
Sugar produced ss1 s Inc
TS5.i TSs Sds5 S5s ., operation sssosS
c'; eF"si 8; 't9' S $50 Inc
Prom, II campaign. stei.so7 s4@5oac Inc. se;.s7l
Estimates for the fiscal year ending June 30:
CAMPAIGN ss:a 5; ss Bs :ss
M IS: ,tssa: 2ssasg. sas int :S Inc Inc S
balance ...........; s2eeaos S2e5 90 Dec, s2ea@7
Surplus ............. S2s.ios 500 $50 Dec s29.32I
w. Bayard Cutting chairman Of the board OF
directors Of the company in his annual report
TO the stockholders called attention the out
to the fact that large sums had been ex-
pended during the year for alterations and i'm
provemcnts to the companys plants the latest
manufacturing facilities having been introduced
The drouth ir Southern California he said, had
nterfered with the beet industry, but in Colo
rado the conditions were encouraging, aud in
Nebraska they were more favorable than they
had been. Continuing. Mr.. Cutting said;
Everything looks more favorable for a salts
factory campaign for 1902 than any time in
the writer's experience if the price of sugar
be excepted The ahnormally low price of sugar
in the world markets is causing us. in common
with every sugar producer here and elsewhere
a reduction of business profits below what is
reasonable.
In 1900 we aggregated 5.32 cents a pound
for our output. which much smaller than
the output of 1901. For 1901 will average.
after all sugar is sold. not over l. ~ cents
The difference between these figures would have
amounted on our output for 1901 to about
$3.50 900 or about "a. per cent of the common
stock Your chairman does not venture 10
prophesy as to sugar prices He believes them
to he. iE certain parts of the country, belo"
the cost of production indicated by the mar
ket price of raw sugar the expense of refining
and the transportation charges He believes
that your plants manufacture the refined
product more cheaply than any other beet sugar
factories in the United States and, therefore.
below the cost Of cranulated sugar made from
imported raws.
The abolition of the sugar bounties recently
recommended and adopted by the Brussels Con-
ference w5d certainly tend toward higher prices
for sugars throughout the world. operating to
reduce the production of beet sugar in the Euro
mean countries that now produce two-thirds of
the worlds consumption. The experts OF Eu-
rope are quoted as stating that the reduction in
beat pIanted acreage in Europe will amount to
1oI. per cent of this years crop. an amount
estimated at about eight hundred thousand tons
nrobablv as well able as he to indulge in proph-
ecy as to this branch OF the business On the
agricultural and operating side. the officers OF
vour company Il able to make a pleasant
showing for the next campaign Ihe sugar mar
l,et is NOT within their control When they have
nrenared themselves to meet the market with a
cost product lower than that of any competitor.
tbey, have done all in their power-all that you
nv any reasonable person should expect"