Ogden Standard-Examiner | 1922-10-14 | Page 4 | Sugar Too High, Refiner Thinks

SUGAR TOO HIGH, REFINER THINKS Drop Predicted as Heavy Cuban Crop Enters Market. NEW YORK. Oct. 14. Claus A. Sprecklea, president of tho Federal Sugar Refining company, who declared declar-ed on hla arrival from abroad thr . I days ago that the piios ol wugn waa too high, emphasized bis remarks Kri- day b yannoundng that he would at one shut down tho Federal company's plant at Yonkora. "Sugar must fall in price." iild Mr. 8prckJes. "Conditions In Cuba, re- icelved in report b) Ml assert that ; there Is so much heAvy cane growing that they erpect to begin grinding the I now crop about on month to six ;.-ks earlier than usual, that Is. they will begin about December 1. instead of January l. "Cable from France fhow that ithelr cro pis unprei e.. nt-i in the I purity of the be ets and a higher percentage per-centage of sugar contained than has i been recorded for many years. "Bet sugar producers In Europe wili have a surplus ' ! tons, and I cannot see that there will ' b any exports to Europe for Ihe next j tlx monthi "Sugar baa been advanced I" price three -quart era of a cent in lh last two to three weeks. "Thla Is an advance that bears the earmarks of puro speculation and not because of a legitimate condition. "I cannot but expect when this new crop begins to come In. or In anticipation antici-pation of It within ih next 30 daya sugar must take a drop."