Salt Lake Telegram | 1932-01-13 | Page 15 | Sugar Company Takes Its Loss

SUGAR COMPANY TAKES IS LOSS LOSSI I Announces One Dollar Divi Divi From Fourth Quarter Income I NEW V YORK YORK Jan Ja 13 JP The V-The Th Te American Sugar Refining company dividend of ot 1 today declared a The me Te company terly previously paid 12 i In I a statement accompanying the te dividend announcement announcement it i was wa estimated estimated et esti esti- m mated ted the 1931 deficit aggregated after payment of interest charges dividends and depreciation I Earl Ear D. D Babst chairman chir of ot t the I board said the te sugar industry ot industry both both I raw and refined refined continues continues seriously affected by governmental acts act hero and in Cuba Of immediate concern concer continued Mr M. M Babst Babst is I the te opening up by bythe bythe the recent tariff tl of ot the te domestic market to t. t foreign refiners ei rs and d t the federal federa suit under uder the Sherman ac act against the entire entre refining indus Industry The former forer naturally results result in i small smaller sU Te er volume increased costs cos and ad less lessened Jes ened employment while the te latter lter ene challenges the efforts of the te industry to t apply proper regulation sell as a ait a alternative to unfair competition Mr M. M Babst added that the te company earned its it way including depre depreciation ia- ia tion ton for the first nine ne months month o of 1931 but in the last lat quarter qu the sit sit was wa reversed While Vie the Cuban Cuba properties hi h r said continue to t show no return on oa sad investments they do about meet expenses pocket out expense The chairman concluded that the tha company Te is in a strong financial po position po- po pO slon and ad that its it properties both in inthe inthe i the United States and Cuba are ae being maintained and are highly efficient The entire ente personnel he said is i ico co cooperating cooperating co- co Te operating by accepting salary sa and ad wage adjustments to meet changing conditions The Tb Iron Age Ace composite price prIc for finished fin fin- fI- fI Te steel products remains unchanged thIs w week seel k at 20 2032 2052 2 c cents nt a pound A decline of 1 U a ton a on Alabama pie iron for tor ship ship shipment ment meat north a his has ha brought the composite price prica for that norh commodity down dw to 1463 from feces fro 1478 U. U the lowest since sice October 1915 Electric power rower output for the week ended ended ended end end- ed January 9 was wa kilowatt hours r Januar a decrease e of 55 per cent 1 front from r the corresponding g week k kf of last lut f year sear The decrease rJ wit was W about 1 per pee pr cent greater than shown show in the preceding weeks week's comparison oI with wih last lt year yer