The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-05-13
SUGAR men HOPE
FOR TARIFF RELIEF
President Duval Voices Belief
That Government Will
Come to Rescue.
BEET INDUSTRY HARD HIT
Thinks Abolition Of Duty Will
Be Rescinded After
Investigation.

President II. Riemnn Duval Of the
American Rect Sugar Company. which
has probably been one Of the hardest hit
big corporations by the changes In the
tariff. holds out high hopes in his annual
report of the Democratic Administration
coming TO the rescue OF the afflicted beet
sugar industry with higher tariffs before
1t is too late. 1t has been the belief OF
Wall Street that II has been this hope Of
the big beet sugar men. lately inspired
that has restrained them for the. time be-
ing from serious consideration OF liquida-
ton Of their properties and winding up
their affairs.
This is President Duvars word Of hope
and encouragement to stockholders In the
American Beet Sugar Company:
THE new tariff has reduced the duty
on foreign sugar. effective March 1, 1914.
IS per cent. and on May l, 1915. all duty
Is to be abolished. IL is reasonable to
believe that this act will be rescinded
when by thorough investigation of the
worlds sugar production the President
and Congress will understand the uneco-
nomicai effect of destroying a domestic
food industry which supplies over 40 per
cent. OF the consumption Of the country.
The domestic and insular production be-
:ng destroyed. this country will become
dependent entirely upon foreign produc-
ton, the price Of which in past years II
mas TcuuCtu Dy an amount kTedteT IMAM
the full tariff heretofore collected.
THE Bureau of Corporations Is now.
with the cordial cooperation OF the Of
ffcers and employees Of the beet sugar
companies making a careful Investigation
of the industry. The Governments Of
continental Europe impose a high tariff
on the importation OF sugar for the pro-
lection OF their beet farmers
The financial operations for the year
ended March 81. while showing the effect
OF the tariff and increased world produc-
ton, were not so unfavorable as expected.
The gross sales for the year were $S.0S3,-
sos. an increase OF sl.s65,950 over the
year before. Expenses increased s2.l2+.-
1873
Balance available for dividends was
S6%410i. a decrease OF S23S.95O. This
enabled the company to pay its dividend
on the preferred stock, with "A balance
available for the common equivalent TO
2.39 per cent. against ass per cent. the
year before. No dividend was paid on the
common stock. an appropriation OF $780,
$50 for depreciation and additions being
made In its place.
President Duval shows in the efficiency
Of his company how little the tariff was
needed "to sharpen the wits OF American
manufacturers" He says
THE general engineer and factory SUI
perintendent have recently visited Europe
10 study its modern beet sugar factories.
During the first three months OF this cam
paign celebrated Belgian expert was
employed at Oxnard. Chino and Rocky
Ford to inspect and instruct. He pro-
nounces oxnard. Chino. Rocky Ford and
Las Aninlas up TO the highest European
standard There is employed at a sugar
bureau in Paris an expert To currently
inform the officers OF the company Of all
new successful inventions.
The company has reserve for working