The Holly chieftain., 1902-04-04
BEET SUGAR RECORD
PRODUCTION foLLy OovsLeo.

Work Of the American Beet Sugar
cempany-Hss inerssssd Its Field
Of Operation ard Paid Good DivI.
dsnd.
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
In his report that the company during
the past year had not only developed
and Increased it's field OF operations to
a great extent, leaving a large sum to
be divided among the stockholders, but
has now reached a point where 1t 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 33,51O, $50
pounds last year The gross earnings
are given as $3.521,O47.46 compared
with $1,931, ,7O7 last year; cost of oper-
ations, $2667 .029.1S; cost of mainte-
nance, $362, 71O.91, and surplus $491.-
3O7.37. From this $225, 1000 is deducted
for general expenses and interest, and
the amount available for dividends is
$286, ,307.37. The cost of maintenance
for 1902 was placed at S242.5 and
the surplus at $425, ,638. The dividends
Of the company are six per cent. on
the preferred issue of $5,0O0,0OO, of
which A,O00.O00 have been issued,
making the amount payable in divi-
dends $4,000, leaving balance of
about $4,000.
After reviewing the work done mt
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
satisfactory campaign in 1902" says
the report, than at any time in the
writer's experience, IL the price of
sugar be excepted. The abnormalIy
low price OF sugar in the worlds mar.
ket5 Is causing us, in common with ev-
cry producer here and elsewhere, a
reduction Of business profits below
wnat is reasonable. In 1900 We aver
aged 532 cents per pound for our out
put. For 1901 we will average not
over 4.4O 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
bounty as recently recommended and
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 a
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-
tion 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 the
cost Of granulated sugar made from
imported raws."
With one exception the old board of
directors was reelected. James A..
Murray was named in place of Dennl-
toun Wood, who died during the past
year. The other directors are w. Bay
ard Cutting. r. Fulton Cutting, Henry
T. Oxnard, James G. Oxnard, Dumont
Clark, George Foster Peabody, Edwin
NJ. Bulkley, Kalman Haas, James G..
Hamilton and Robert Oxnard.
G. A, r., Pension Committee.