American Fork citizen. [volume] (American Fork, Utah) 1912-1979, 1914-04-18

Lime rock tons. 2o,2i0, as against
1880.
Average cost vi beets uen,ered at
our factories, $3.50, as against yb.41.
1axes paiu, sd4,4So. as against $780,
49,.
taId Tor sugar bags and Irvine,
$isv.4o0, as against $lzo,40Y.
LABOR paiu TO factory employees,
s3so,UOU, as against $41b,U00.
.Sneteen and 3i-lUU per cent OF the
sugar saies were made in Idaho, Ne
,lua, oregon, utah and wyoming,
against 10 per cent In the same states
me previous year. 1he remainder Oh
the sugar, or SU.63 per cent, was soiu
IN the IoiowIng states. iowa, I'm
nVis, Kansas, minnesota, NEBRASKA,
.1Ionigan, south Dakota, oklahoma,
WISCONSIN,, Missouri aud Indiana.
IOWA, iiunois, Kansas and Minnesota
look olps per cent OF the SO.63 per
cent.
Mr.. Cutler also referred to the ques-
llon OF reduction in expenses, salaries,
&C. maintenance, as against the prev
iUus years, following the Instructions
vi tne directors to spend as little as
possible u.III the outcome Of the ex-
tre'Ieiy low prices could be deter
mlneu. lie referred further to he
question oil increased sales OF sugar
al tic stat, OF Idaho, Ne ada, I, q
eoi, and tah. where the company La.
take up -. a labor TO shon peop;,
ne necessity Oh using The homemade
article. This saved the freight that
mas 10 be paid to the states where the
oserpius must md a market.
mr.. Cutter mentioned his recent trip
20 Cuba, where he found the sugar
industry also having hard times, there
being almost as much complaint as 10
The Tow prices as in the United States.
ne iurtner showed the condition OF
the sugar markets Of the world, partly
caused by the drought Of 1911 In
Europe. which caused a reduction In
the crop of the world Of nearly two
and a half million tons of sugar, and
u consequent increase In acreage ON
account OF the high price OF sugar;
this caused an over-production In 1912
which, together with the anticipated
reduction I'm the tariff on sugar In the
United States, and the consequent
throwing on the market of Porto
Rican, Cuban, Hawaiian and other
sugars before the decrease In the tar
If OF 20 per cent, effective on March
Shelmed the already overburdened
markets with sugars that could not be
consumed. Where the reduction In
| the tariff would only affect the price
of sugar In the United States about
34c per cwt. on refined sugar. a falling
of In the price Of sugar of 75c has
been effected In the year.
Mr.. Cutler said the low prices would
probably have the effect of causing
a reduction In acreage, both beet and
cane, the world over. Twelve sugar
factories out of seventy-eight I'm the
United States would not run In 1914
lie further illustrated that should free
trade obtain and continue, and the
present low prices of sugar continue,
II Will be impossible for the beet sugar
Industry to exist, but he said that a
reduction In acreage and an adjust
ment OF general conditions would
probably cause In the near future a
slight Improvement In the prices.
Mr.. Cutler stated that every effort
is being made to reduce expenses
wherever possible, to meet present
conditions. He assured the stockhold-
ers that even should the factories have
to close down and go out of business,
the company had a large amount of
liquid assets approximately 81 a
share) which could be realized on mot
counting machinery and buildings
through the sale OF sugar, lands,
canals, etc. though It would take sew
eral years before they would realize
fully from such assets, as some of
the lands were slow selling and sold
on the installment plan
Answering questions regarding fu-
lure dividends, Mr. Cutler said the
sentiment Of the board was that the
stockholders were certainly entitled
10 receive whatever the earnings OF
the company were, but Il had been
deemed prudent to declare dividends
quarterly In future.
The old board of directors was
elected as follows: Joseph +. Smith,
Thomas X. Cutler, W. S. Mccormick.
John G. Cutler. Heber j. Grant, Fran
els NJ, Lyman. George Romney, G. w.
Nibley and L. r. Eccles