Clinch Valley news. [volume] (Jeffersonville, Va.) 18??-2019, 1911-09-29
HOW SUGAR TRUST
MADE 6 MILLIONS

Those Tazewell people who have
been forced to pay the enormous price
for sugar, will be interested in the
following despatch:
New York, Sept 9-All grades of
refined sugar were advanced ten cents
hundred pounds today.
This follows closely on the heels OF
three other advances since Wednesday
aRgregating as cents hundred for
three days. The price quoted to Job
bers last by the sugar trust is So. 98-
1-2. The price to retailers is $7.O5.
The American Sugar Refining Co.
known as the sugar trust, has made
added profits of approximately$6, 600.
900 since July when its IL direc-
tors began to steadily increase the
price of sugar. Since that time 10
vances have been made, arggregating
$3.50 hundred pounds over the
price of So 18 1-2 hundred on July
6. 1t is coincidence that the sugar
trust has recently copmleted payments
to the United States government of
approximately $3.993, 486 in fines
| and restitution for the "drawback"
funds and for acknowledged cheating
of the government by means ofscrook-
ed scales on shipping docks. The trust
also was put to considerable expense
in defending criminal action filed by
the government against it's officials on
fraud charges. The added profits re-
| ceived from the consumers of suagr in
the last two months will more than
make up these items.
The increased profits of the trust
do not include the profits of the var
ious independent refiners whose price
has kept pace with trust prices.
When the trust made an increase in
price the independents invariably fol-
lowed the lead and quoted the same
advanced prices to jobbers.
The reason made public by the trust
from its Wall street Offices for the
arbitrary advance in the selling price
of suagr is that there i a shortage
of l, 300, 600 tons in the beet crop i'm
Germany, and that the prospect of the
Cuban crop is below the average.
The sugar now being sold by the trust
is cane sugar manufactured from cane
bought by the trust several months A.
ag at low prices. The beet sugar will
not reach the market until the middle
OF October, according to broker for
the trust, who receives the sugar quo
tatlons daily from the directors con-
ference room at lit Wall street. and
prepares a daily bulletin of trust pri-
ces for jobbers.
| Sugar sold prior to July 6, when
the price was So Is 1-2 hundred
was made from this years cane crop.
The sugar now being sold by the trust
is being made from the same crop at
no additional expense, according to
this broker.
But the American Sugar Refining
company must figure ahead on the
price it expects to have to pay for
beets to supply the demand for sugar
III October after the cane supply is
gone, said the broker. ga large
part of the beets necessary to supply
the demand must come from Germany
The crop there is short. and the pric-
es have advanced on the raw material
% cents since August 1899. Sugar
could now be sold for much lower
price If 1t was assured that the com
ing beet crop would be as large as
usual. This apparently shows that
the sugar trust is making immense
profits on the present supply of sugar
on the theory that it may have to paw
a higher price for the beet crop to
supply the demand in October The
advanced price, therefore, is all extra
profit to the trust. as long as the
present cane sugar supply lasts