The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1922-06-28
PROTECTION. Or RoBBERY2

/ Advancing prices of sugar should
direct the attention of the consumers
to still greater increases now in pros
pect, thru the enactment OF the Ford
ney tariff bill.
The sugar schedule in the tariff bill
now under consideration by the
United States senate. increases by so
per cent the duty on sugar from Cuba.
American sugar consumers are de-
pendent on Cuba for at least half of
the sugar they need. The sugar tariff
does not protect. 1t does not shut out
a pound OF Cuban sugar from the
American market. 1t simply provides
a subsidy for domestic sugar prOduc-
ers at the expense of all sugar CON
sumers.
The profits made in recent years by
I beet sugar companies, amounting to
as much as Al per cent a year. show
no justification for increasing the
tariff on sugar as a measure for pro-
/ tecting an American industry.
The principal reason advanced by
the advocates of the increased sugar
tariff is to protect the domestic SUI
gar industry. Yet, on the tariff, of 81
per hundred pounds formerly in eff
feet. the domestic industry not only
prospered. but paid large dividends.
1t was adequately protected. In spite
of that fact. however, it is now pro-
posed to provide for domestic sugar
manufacturers a subsidy of 72,O0O,-
600 a year at the expense of all sugar
consumers.
Data compiled from Moody's
Analyses of Investments for 1921
show the profits made by some OF
the principal beet sugar companies
west OF the Mississippi river in recent
years. A digest of these data follows:
Company No. 1 owns and operates
six sugar factories in Colorado. Cali
fornia and Nebraska. Dividends at
the rate of per cent per annum have
been paid quarterly since October.
1899. on the preferred stock. On the
common stock, dividends at the rate
NOf per cent per annum were paid in
1915. In April, 1917. the rate was
increased to per cent per annum
and continued thereafter to January,
1921. In March. 1917. an extra divi-
dend of 2 per cent was paid
Company No. 2 owns and operates
fifteen beet sugar factories in Utah,
Idaho and Washington. Since 1914
dividends paid were as follows: 1914.
6 per cent; 1915, IL per cent; 1916.
IL per cent; 1917, 1918 and 1918, s
per cent each. payable quarterly;
January, 1920. 3 per cent; March, June
and September, 1920, per cent
None paid since June 1. 1921. Extra
dividend of 1 per cent each paid
March. 1917, January, 1918. and Jan
uary. 1919. A stock dividend of $50
per cent was paid in May. 1917.
Company No 3 owns and operates
sixteen beet sugar factories in Colo
RADIO. Nebraska, Montana and Wyom-
ing. Dividends of 7 per cent per an
mum on the preferred stock have been
paid regularly. On the common stock
the rate of per cent was increased to
per cent in July, 1916. In addition,
10 per cent extra was paid in May,
July and October, 1917, aud January,
April, July and October, 1913, 1919
and 1920, and January, 1921.
Company No. owns and operates
eight beet sugar factories in Utah and
OlhAuELuS at rate VI Q PGA
cent per annhm have been paid regu-
larly on the preferred stock. On the
common stock dividends were paid as
follows: 10 per cent for the fiscal
year 1915, IL per cent in 1917, IL per
cent in 1918. 3 per cent in 1919.
Company No. 5 owns extensive beet
sugar lands in California and oper-
ates one factory in California Divi-
dends paid as follows: In 1915. s per
cent; 1916. II per cent; 1917 and
1918. "a per cent; 1919 and 1920, 16.s
per cent; January, 1921. IS cents a
share.
It is apparent from these data that
the former tariff OF 81 per hundred
pounds on sugars from Cuba more
than adequately protected the domes-
tic sugar manufacturers and that the
proposed increase in the tariff is alto
gether unwarranted and unjustified.