The sun. [volume] (New York [N.Y.]) 1833-1916, 1914-03-12
AMERICAN SUGAR HIT
BY The TARIFF IN 1918
Profits slump From 4,432,262
in 1912 to $826,139
Last Year.
DEFICIT OF S3,196,195
Dividends and Other Payments
Cut Surplus From $21 49,
go to $18,229,425.

To Just what extent the prolonged
tariff discussion at Washington and the
consequent wide fluctuations In the sugar
markets, together with tho strong COM
petition among the various refners, af-
fected the American Sugar Refining
Company Is shown in that concerns
annual report for the year ended De-
cember 81, 1918. In ths year 1912 that
company's profit from operations was
$4,432,2e2. while for the year Just past
It was only ss26.13s.
The annual report shows total credits
for the year OF s4.is4,sss. compared with
S7,<Ss.iS0. but the greater part Of the
credits for 1913 were the result OF tho
interest and dividends due on investments
which totalled s2.274,s3l As a result
OF this falling on In earnings from opera
lions the report shows deficit Of
S3.I96.l95.
In order to meet dividend payments,
depreciation on plant and equipment and
sundry items this amount was deducted
from the surplus Of former years. leaving
the total proht and loss surplus on
December 81. 1918. at Sts.22s.<25. against
S2i.425.e20 on December 81. 1912.
The total net profits Of the company
and It's subsidiaries for the year were
Sl.is4.sss. as compared with S7.<sS.i3o
in 1912, and from this there were total
deductions of ls.2s4.>s4. This would
have left a deficit for the year of $+.0ss.-
AIS but for the fact that the company
claims a credit OF :9o3.4T5. the amount
of appropriations for improvements OF
plants expended on new construction dur
ing the year and onset In depreciation
on plant and equipment. This LEFT the
company with a deficit for the year OF
S3,l96.195. The company's assets also
show a decrease
Commenting on the report to the stock
holders, J. Il. Freeman, secretary. says:
Owing to the prolonged tariff discus
sion az Washington the year 1913 was ono
OF uncertainty and wide fluctuations In the
sugar markets. The uncertainty regard
ang rates. as well as dates when change
Of duties would take effect. restricted
business In refined and brought prices to
unusually law levels, such shrinkages In
values affecting rerners' stocks OF both
raw and refined sugar
The competition between refiners and
Between the refners and beet sugar pro-
ducers has been exceptionally severe. and
Sefners- margin between raw and refined
averaged lower than for any year. with
one exception. during the last fourteen
years. The year opened with a price for
graduated sugar OF $50 cents per pound
and closed with a price OF 3.92 cents per
pound. drop Of about seven-eighths Of q
cent n pound. While raws declined from
3.13 to 3.23. there was q FAR greater de-
cline in the. price of refined than in the
price OF raws. which were selling At The
end OF the year ~ below their average
cost In all producing countries. This de-
cline. largely owing to the uncertainties OF
the tarir and the acute competition be-
tween refiners. resulted In an Improbable
year 10 the refining and other sugar in
terests
''In addition 10 the tariff conditions az
fecting the sugar market in the United
States, the Cuban crop Of l9l2-Isl3 In
creased over the crop OF the preceding
year by $4,000 tons, the Increase for the
worlds production for tn. same year
being 2.256, 900 tons For the year 1919
1914 the estimated worlds production Is
nearly 100000 tons. an increase over
last year OF about 100000 tons. This has
also had Its influence In bringing about
q decline in prices not only in the United
States but throughout the world
The average market difference In quo
tAtions between raw and refned sugars
for the year 1913 Is ne cents per hundred
pounds. as against $40 cents per hundred
pounds for the year 1912. resulting In a
decreased profit 10 this company AS COM
pared with the preceding year OF about
10 cents per hundred pounds OF sugar. or
approximately sS,o00.O00 on the companys
total output"