New-York tribune., 1921-03-10
Sugars Slump
Told in Report
OfRefininggCo
1870 Earnings of American
Co. Equal to SIP Share
on S9O,OOO,OOO Stock:
Operating Profits Drop
Wide Price Fluctuations
Quotations Cover a Range
OF More Than 20 Cents !:
De-Control Story Related

Algn prices and violent 1uctr,s t}ona
IN the sugar market were not b~ne-
hclai to the American Sugar Refining
Company. IN 1920 profit from onera-
clon amounted to $500. .43s only. COM
Pared with S10,2S3.0s2 in 1919. In
- sugar prices were as high as %
esi'S pound tor refined sugar whole
sale and as low as 7A cents NOT If
interest, income from investments and
excess reservations in former wears y
wnicn latter amounted to s2.4l7.OS6.
are included, the American Sugar Re-.
Nhing company earned $3.50 on its
STOCK, or, emitting the reserves car
rled over from the previous wear and
taxing only what was actually earned
IN IN the calendar year, earnings eoualled
| , St-1z share on the $90.00O.0 900 stock
IN 1919, when there were no previous
year ) excess reserves, the earnings
amounted to Sl6.94 a share on the
stock
The return to low prices left the
American Sugar Refining COMPANY
N position to resume profitable busi-
ness but necessitated CARRYING over
INTO this year $1,000 900 OF bank loans.
All OF which had been contracted in
!szV' Against this the company has
S4e 900 900 Of merchandise and supplies
and Sl2,547, 600 accounts receivable.
e are going to do our best to
maintain q record of twenty-nine
years, was the reply OF Earl D. Babst.
president Of the American Sugar Re-
aning Compo1y, at the annual meeting.
When stockholder inquired if the
present common dividend rate of 7
per cent VAS safe
Samuel Carr, Samuel McRoberts.
FhiAp stockton and Albert H. Wlggin
we're reelected directors of the com
paHy 10 serve for three years, and
NeWcomb Car ton and Charles T Adams
were reelected 70 serve one wear. There
were 60S,77l votes cast at the meeting
wnlch was 800 shares more than two
thirds Of the stock outstanding
Behind the changes in the balance
sheet IS the story of REIMBURSEMENT of
government control of the sugar mar
Ket. During the war period the
various Allied governments maintained
control OF the price OF sugar. In 1919
there was a discussion in Congress and
before the public, lasting throughout
the year, as to the methods Of giving
up government control of the sugar
price N this country. While this was
gong on represe natives of American
sugar companies went to London and
conferred with the British sugar re-
rners. II was while these discussions
were still going on that France. under
political pressure, abandoned govern
ment control. France vas cleaned out.
not only Of sugar, but of all sweets
except saccharine, and when price re-
strlctlons were removed French buyers
went into the worlds markets nre-
pared TO buy at a~y price Other
countries more or less quickly followed
the example Of France and abandoned
price control.
Cuba Crop Offered
In July, 1919, Cuba offered her en-
tirs crop to the United States Neither
the American Sugar Refining Cav
pany nor, in fact, any combination of
private capital felt free to take This
offer as long as the government, vii
controlling prices, took no responsible
ity for financing the crop.
The American Sugar Resninr Co..