New-York tribune., 1912-03-14
SUGAR C0MPANY'S YEAR
American Reports Big Net In
crease Over 1910.

The American Sugar Refining Company
earned in the year ended December 81. l9ll
$14,0S5,05i net from all sources. against S6,-
3s0,30l in the year before. In its annual re-
port II gives a story of last years abb
normal sugar market. with a showing as TO
the small margin. out OF which rehning
profits must come. saying in part:
In the early part of the year prices were
normal with no apparent scarcity In the
worlds sugar supply. Early in the sprins'
however, II became evident that the Cupsn
previously estimated. Accordingly, prices
of sugar rose about three -eights ot cent
per pound. Following this. in June anu
early in July, II became apparent that lois
continued heat and drouth would serious
ly impair the European beet sugar crop
particularly that of Germany and Austria
So serious was the damage 70 the crown croP III
these countries that the european PpoauC-
ton, instead Of attaining the s,loo,W IoIlS il3
produced in 1910. proved to ne put o,@vo,Vp'
tons. This shortage of l,A5,Gm tons,
coupled with the decrease in the Cupan
crop and consequent speculation on the
European sugar exchanges, resulted in an
unusually high price for raw sugar.
Your company producing no raw sugar,
and dependent as it is upon the sugar
growers of the world for its supplies. was
compelled to eecure them at constantly IN
creasing prices. Throughout the rise. now,
ever. this company followed Its estabhshed
DOllCN OF mdlntdlnlnS lDl us plpb'N'
reasonable margin and sold its refned
sugar at a price which left II simply 1ar
profit over the market price for raw ma
tersl.
10 the actual supply of sugar was so great
that Your company published statement
calling attention 10 the cane and neet sugar
crops of the United States, which Would
come into the market in October, and pre-
dicted relief from these sources Thee
predictions were verified, and with the
marketing of the domestic beet crop
together with the Louisiana cane crop IN
the fall months a steady decline in prices
set in, which continued to the END OF 'he
year
Regarding the pending suit against the
company by the government, the report
saws, after discussing the Supreme court
decisions in the American Tobacco ana
Standard Oil actions:
Measured by this rule of reason, your
company, in the opinion or It's counse! m ma
view the outcome of the penang sult VIII
reasonable confidence, for your Conlpd1S .
does not control prices, nut Is supieCt ~
daily and severe competition. III does Ho'
monopoIize the interstate trafhc IN sugar,
of which il has considerably less than I'
ner cent. and its development has resuIteu'
not in a restraint OF the susaI nV,,pan
sion. and the company is neither IN Iesai
theory, nor in the ordinary ana practicd'
acceptance Of the term, a monopoly. ..
Carving along its policy OF conserving
and improving facilities for the economic naa e.
handiing of its business. the company nss q, >
made large appropriations for bringing ngflc' lcS
various plants into a high state OF peIltc-
lion i'm order to meet the constantly m
crna sing competition by a lower cost OF
production and improved methods Oh mar ar
keting its varied products. Inc lurus ~ ~
nejdn for extensive improvements IN me
current Cure T year will insure much better facili-
ties for conducting the compPanEs s,,rorco nuSio
ness The company M noe d itS r. nstab
iisbed q pension fund for employes, settnS
aside s3O6oOO for that purpose. me man. nm.
fenance of this fund will not require any
contributions from the employes. ,o,, co,,-
THE profit and loss account lot l'li' yum
pared with 1910, follows: