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THE LIBRARY

THE UNIVERSITY

OF CALIFORNIA

e-iTxi Cor

SUGAR

THE NATIONAL CITY COMPANY
NEW YORK

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Copyright, 1922

The National City Company

New York

N'3I

FOREWORD

The purpose of this booklet is to acquaint the gen-
eral public with the more important economic aspects
of a great basic industry.

The sugar industry may be divided into three prin-
cipal phases — agricultural operations, manufacture of
raw sugar, and refining. Only the first two phases are
given special treatment in the following pages as the
refining of raw sugar is, for the most part, a distinct
industry warranting separate presentation.

We are chiefly indebted to Willett & Gray's "Weekly
Statistical Sugar Trade Journal" for the sugar statistics
herein presented.

The accuracy of the statistics and statements con-
tained in this booklet is not guaranteed, but they have
been compiled from sources which zve regard as reliable.

1C6

THE LAND OF SUGAR

UBA is essentially ' : a marvelously

rich tropical island garden supplied by Nature
with all the ingredients needed to maintain its
fertility for many centuries to come."

— W. F. Johnson in "History of Cuba."

Sugar-- A Basic Industry f i

SUGAR is a commodity in universal demand because, directly and indi-
rectly, it is an indispensable modern food. Once a luxury available only
to the favored few, sugar today forms an important part of the every-
day diet of the masses. Its fundamental food value, however, is probably
not generally realized. Yet dieticians tell us that one pound of sugar con-
tains 1860 heat calories as compared with 1110 for roast beef, 1640 for wheat
flour, 635 for eggs, and 325 for whole milk.

It is well known that glucose, grape sugar, maple sugar,
substitute syrups, and honey serve to some degree as com-
petitors of sugar, but generally these sweetening materials sell
chiefly on their own special merits, rather than as substitutes for sugar.
Even saccharin cannot be regarded as a substitute, for it has no food value.
Probably more than 80% of the total quantity of sweetening materials con-
sumed annually in the United States consists of sugar or its derivatives.
On the whole, therefore, sugar is an essential commodity of e very-day use,
enjoying a position of substantial monopoly.

Competitive
Position of
Sugar

Stability Few industries have such a constantly expanding and

of Sugar stable demand for their product from the consuming public.

Demand ^e demand for sugar expands with the growth of population

and rising standards of living. The physical volume of sugar consumed is
apparently little influenced by the ups and downs of the business cycle.
Even in periods of abnormally high prices, we continue to buy sugar for our
imperative requirements, and our total consumption either remains station-
ary or declines only a little under such conditions. When prices are lower,
increased quantities are consumed. The sugar industry, unlike many other
industries, has a fundamental advantage in the growth, stability and recurrent
nature of the demand for its products.

TT . t . Between two-thirds and three-fourths of our annual sugar

Household

and Non- consumption is for direct household use. In recent years,
Household the non-household use of sugar has also become important.

T Tstf*

In 1917, it was estimated that manufacturing use of sugar
represented 966,000 tons, of which 350,000 tons were for confectionery,
135,000 tons for soft drinks, 100,000 tons for condensed milk, and 64,000 tons
for ice cream. Since 1917, however, with the advent of prohibition, there
has been a notable expansion in non-household use. For the present year,
it is said that 130,000 tons of sugar will be used in the manufacture of ice
cream alone, while soft drinks, confectionery, and bakery products will also
show a substantially increased consumption of sugar. One needs only to
consider the increased sale of confectionery, soft drinks and ice cream in recent
years to realize the present and potential importance of this demand to the
sugar industry.

Investment The broad basic character of the sugar industry has caused

in Sugar investors to place millions of capital in the production and re-

Industry fining of sugar. This is true not only for those areas in which
the United States is particularly interested, but also for other great producing
regions. It is said that more than $1,000,000,000 has been invested by Amer-
icans in the sugar industry of Cuba alone, while the beet sugar industry of
the United States represents an investment of perhaps $173,000,000, and our
cane industry $33,000,000. The cane sugar industry of Porto Rico repre-
sents an investment of nearly $60,000,000; Hawaii $209,000,000; and the
Philippines, $71,000,000. Only an industry of proven financial merit could
have recruited such tremendous sums for its exploitation and development.

6

The Sugar Beet

The commercial sugar of the world is obtained from the juice of the
sugar beet and the sugar cane. The sugar cane is by far the older source
of sugar, and its history may be traced down to remote periods of antiquity.
The extraction of sugar crystals from the juice of the beet is usually ascribed
to Marggraf, a Prussian chemist who completed his first successful experi-
ment in 1747. Supported by royal bounty, his successors improved the
processes of extraction, and in 1799 at Cunern in Silesia, the first beet sugar
factory in the world was constructed. The beet sugar industry was further
stimulated by Napoleon, who established technical schools in 1811, and ap-
propriated funds for the development of the industry. However, we are
here less concerned with the historical than the practical economic aspects
of the sugar industry.

Sugar "The sugar beet," says the United States Tariff Commission,

Content "is a highly specialized product of careful selection in breeding.

In the early years of the nineteenth century, when the beet-
sugar industry was established in France, the beets contained from 5 to 6
per cent sugar. American grown beets now average from 14 to 19 per cent.
Until very recently American farmers have been dependent upon imported
seed, chiefly from Germany and Russia." Successful production of sugar
beets requires an adequate supply of cheap and suitable seed and production
of seed requires a great deal of manual labor and expert scientific supervision.
In seed culture as well as beet sugar production, Germany still leads the world.

Beet The seeds of the sugar beet are planted in the spring of the

Cultivation year and the beets mature in the early fall. After the young
beets come through the soil, they must be carefully thinned, so
as to permit growth to the proper size. During the growing season, weeds
must be checked and the soil kept loose by cultivation. Beet culture is
attended with the usual agricultural risks, such as lack of sunshine, drought,
frost, and pests. Apparently the sugar beet must be raised in temperate
regions for culture in warmer climates is not feasible because of decreased
sugar yields. In the beet sugar industry, there is always the ever present
possibility of reduction of production due to the cultivation of more profitable
crops. Thus, if wheat prices are high and sugar prices are low, the wheat
areas will be extended and the sugar beet areas will be reduced. In order to
preserve the fertility of the soil in which sugar beets are grown, it is necessary
to practice rotation or to use large amounts of commercial fertilizers. In
some regions the beets are grown on irrigated lands.

7

The Sugar Cane

The sugar cane has been described as a "perennial
grass, the cultivation of which is confined to the warmer
regions of the earth." Disregarding the details of botan-
ical description, it will serve our purpose to note that the
stalk of the cane plant is roughly cylindrical, with joints
at intervals of four to ten inches. The diameter of the
stalk varies from one-half to three inches. Under some
conditions, the sugar cane may attain a height of thirty
feet, but one authority gives the average length of the
stalk of a well grown crop as about twelve feet, and the
average weight per stalk as between six and seven pounds.
The percentage of sugar content varies from nine to fif-
teen per cent of the weight of the cane, depending upon
the variety and the conditions of its growth. Usually,
in the initial years of growth, the sugar content is some-
what less than in the later vears.

Sugar cane is raised by planting cuttings from the top part
Cultivation °^ the cane stalk. Around each joint of the stalk are several
buds which, when the cutting is planted, throw out numerous
shoots or stalks of cane. Unlike the sugar beet, it is not always necessary
to replant the sugar cane each year as several crops are often cut from one
planting. The first crop is known as the "plant crop" and the succeeding
crop which rises from the stubble of the first planting is known as the
"ratoon crop." It may be followed by several ratoon crops. Some climatic
and soil conditions make necessary a highly scientific and intensive system
of cultivation, but there are other semi-tropical regions so bountifully
endowed with natural advantages that only slight attention is required for
successful cane culture.

Beet vs.
Cane

Due largely to a system of government bounties, there was
a time in the history of sugar production when approximately
65% of the world's output consisted of beet sugar. For many
years, however, beet sugar has been of declining importance as compared
with cane sugar. In the season 1899-1900 beet sugar represented 64.9% of
world production; but in 1913-14, only 47%. The output of cane sugar
has doubtless been partly stimulated by the decline of beet production during
the war, but even prior to the war the cane sugar industry was offering in-
creasing and effective competition in the sugar markets of the world.

8

Sugar Crops of the World

Sugar is produced in many countries. It is significant that with all of
the stimulus given to the sugar industry during the war, there has been no
world overproduction of the commodity. In the following table the pre-war
and recent crops of cane and beet sugar are presented:

Total Production

(Thousand Tons)
Season Cane Sugar Beet Sugar Total

1912-13 9,290 8,918 18,208

1913-14 9,802 8,634 18,436

1914-15 10,177 8,306 18,483

1919-20 11,914 3,255 15,169

1920-21 12,001 4,676 16,677

1921-22 12,457 4,986 17,443

Deficit in

World

Production

The estimated world production of cane and beet sugar for
the season of 1921-22 is approximately 1,000,000 tons under
the figure for the crop year 1914-15. World production and
consumption of sugar have not yet been restored to pre-war standards aside
from any allowance for increased demand due to the growth of population.
The war stimulus given to the cane industry has not resulted in any great
abnormal expansion in physical production. In fact, the statistics show
that it has had only a consistent and healthy growth in annual output through-
out the entire period.

Cane Sugar Leads in World Production

r-. oo cr> CD *—? evj

i~"» f~ * d> t— ^ *— *

SEASON

Beet Sugar on the Continent

The great center of beet sugar production is the continent of Europe,
particularly Germany. The estimated world output of beet sugar for the
season 1921-22 was nearly 4,000,000 tons under that for the season of 1912-13,
due chiefly to the apparent inability of the European industry to regain its
pre-war standing. It seems to be the consensus of opinion that it will be
many years before this restoration may be accomplished. In the following
table we have presented the estimates of Willett and Gray, sugar statisticians,
regarding European beet sugar production for the season 1913-14 and 1921-22
with the percentage relationship of the latter to the former crop.

European Beet Sugar Production

(Thousand Tons)

% 1921-22 crop
1913-14 1921-22 to 1913-14 crop

Germany ................. 2,618 1,330 54%

Czecho-Slovakia ........... /. ,.fi., 6601 4A07

Austria and Hungary ....... \l>°** 79 / */0

France ................... 717 278 39%

Belgium .................. 229 300 131%

Holland .................. 229 376 164%

Russia and Poland ......... 1,688 274 16%

Sweden .................. 137 227 165%

Denmark ................. 146 145 100%

Italy ..................... 305 200 66%

Spain .................... 169 135 80%

Sj The table indicates that Germany, Russia, and Poland and

Recovery Austria Hungary were the most important pre-war beet sugar
of Beet ^ producers. Germany's estimated 1921-22 production was only
54% of her pre-war output, and Russia and Poland together
produced only 16% of their former output. While Czecho-Slovakia has re-
vived her sugar industry with considerable energy, her total output was only
about 39% of the former output of Austria Hungary. Most of the produc-
tion in 1921-22 for Russia and Poland was for Poland alone, and to what
extent the Russian industry may recover is extremely problematical.

"There are certain factors wThich tend to retard the recovery

tj* c% r* |- f\ «• o

Retarding °^ Europe's industry," says Facts About Sugar, "and which
European may prevent it from regaining its former relative importance.

6? t Studies of crop statistics for the past seasons show that the

average yields have been constantly below those of the

years before the war, reflecting a depletion of soil fertility which cannot

be quickly restored in view of economic conditions. The urgent demand

10

for other food crops which command relatively higher prices tends to re-
strict the expansion of sugar acreage, particularly in view of the fact that
Europe cannot produce sugar as cheaply as Cuba and Java. Moreover,
government support is no longer extended to the European industry in the
same measure as formerly." It may be expected that the European industry
will continue to increase its output, but it seems apparent that for many
years to come, a large part of European consumption requirements must
be met from outside sources, such as Cuba and the other great cane growing
regions. Because of natural advantages of location, Cuban sugars must play
an important part in supplying the European market.

United States Greatest Sugar Market

The world's greatest individual market for sugar is the United States:
In pre-war years, we consumed approximately one-fifth of the total world
production of beet and cane sugar and in recent years our- consumption has
been about one-fourth. Neither high prices nor shortage have served to stop
the upward movement of the consumption curve. For instance, in 1919 a
year of high prices and shortage, the estimated quantity of sugar consumed
in the United States was 4,067,671 tons, an appreciable increase over any prior
year. There were also successive increases in 1920 and 1921, the estimated
consumption of the latter year being 4,107,328 tons. Part of this increase of
consumption in recent years has been due to the growth of the confectionery
and soft drink business following prohibition, but part of it is the normal
growth, characteristic of sugar consumption. It is estimated by Willett
and Gray that over the past ninety-nine years, the average annual rate of
increase in sugar consumption in the United States has been 5.216%. No
other nation consumes such enormous quantities of sugar.

Sources of ^he sugar supply of the United States is obtained from our

Our Sugar own beet sugar and cane sugar industries, and from Hawaii,
Supply -j^g Philippines, Porto Rico and Cuba. About one-half of our

sugar supply is obtained from Cuba. It is only under abnormal conditions of
prices in this market that cane and beet sugar from other parts of the world
find their way into the United States market in any considerable volume.
This is partly but not solely due to the special tariff concessions which we give
our possessions and Cuba.

The Beet Sugar Industry in the United States

The beet sugar industry has been long established in this country, the
first factory having been constructed at Northampton, Mass., in 1838. To-

11

day the industry is mainly concentrated in California, Utah, Colorado, and
Michigan. Even though favored by an early start, the industry has developed
slowly. In 1895 beet sugar represented about 1% of our annual consump-
tion. By 1911 the proportion had increased to 15.1%; and in 1921 it was
about 23% of our annual consumption. In the last ten years, the industry
has supplied on the average approximately 18% of our annual requirements.

For the five years preceding 1920 our production of beet sugar declined
each year, but high prices and added protection gave the industry a new
impetus in 1920 and the maximum crop of 969,000 tons was produced. In
1921 the output dropped to 911,000 tons and for the present season our
crop will be only about 650,000 tons. This is a liberal estimate as the United
States Department of Agriculture has estimated the present crop at 586,500
tons.

Handicaps Important economic and other causes have seriously re-

of Domestic stricted the expansion of the beet sugar industry in the United
Beet Industry states. It is true that certain companies are so situated with
respect to natural advantages and to consuming centers that they are able
to continue operations at a profit but a large part of the industry has a hazard-
ous and struggling existence. Production of sugar beets requires much
manual labor, which is often obtained with considerable difficulty. If the
American farmer finds that he can make an equal or greater profit with less
laborious effort, he quickly turns to other competing crops. Before the war
our industry was dependent upon Germany for its seed supply. We have made
some progress in recent years in raising suitable seeds but we apparently are
not able to produce as cheaply and with as great success as Germany. Ac-
cording to the U. S. Tariff Commission, about 20% of our production is de-
pendent upon the protective tariff. On the whole, Yankee ingenuity has found
that the domestic beet industry, in spite of the protective tariff, is less desirable
for exploitation in a large way than the cane sugar industry of Cuba.

Sugar in Our Eastern Possessions

The cane sugar industries of Hawaii, the Philippines, Porto Rico, Louisi-
ana and Texas supply an important part of our annual sugar consumption.
In the pre-war years of 1912-14, these areas supplied on the average approxi-
mately 31% of our annual consumption, but in the post-war years 1919-21,
the proportion declined to approximately 26%. In the following table, the
percentages supplied by Hawaii and the Philippines are shown for specified
years.

12

Per Cent United States Sugar Consumption Supplied by Hawaii

and Philippines

Year Hawaii Philippines

1912 15.0% 3.8%

1913 13.5% 1.2%

1914 13.6% 3.2%

1919 12.7% 1.8%

1920 9.6% 2.8%

1921 11.7% 3.2%

Hawaiian Hawaii has long been an important sugar producer, but the

Industry industry did not receive any great stimulus until 1876, when
Hawaiian sugar was admitted free of duty into the United
States. Since annexation in 1898 the industry has expanded rapidly, the
maximum production being 577,000 tons in 1914-15. For the present season
the crop will be approximately 490,000 tons.

Sugar production in Hawaii is carried on under a system of intensive
agriculture. "Nowhere else," says the United States Tariff Commission,
"is there so effective an application of highly specialized machinery to agri-
culture, such extensive use of commercial fertilizers, such a comprehensive
system of irrigation, such attention given to discovering and applying of the
principles of scientific agriculture." Under this system Hawaii has obtained
the largest sugar output per acre, but much of this production is at high
unit costs and dependent upon the tariff bounty. It is said by competent
authority that production in Hawaii has about reached the economic limit
because nearly all of the suitable land has been planted. A few large com-
panies control the sugar situation and have been responsible for the develop-
ment of scientific cane culture.

Philippine Sugar was produced in the Philippines by rather primitive

Industry methods for many decades prior to the Spanish- American War.
The modern development of the industry has been retarded by
unsettled political conditions and a somewhat less favored tariff treatment
than has been accorded to Hawaii. Since 1913, however, we have admitted
Philippine sugar free of duty and there has been a considerable expansion in
output. Over the last eleven years the maximum production of the Philip-
pines was 332,000 tons in 1915-16. The output for the present season is esti-
mated at 276,000 tons.

The Philippine sugar industry is now being modernized and, at some
future time, it is possible that the Philippines may become a large and impor-

13

tant sugar producer. One of the special difficulties in the islands, however,
is the lack of a trained labor supply. The natural market outlet for Philip-
pine sugar, because of the distance from the United States, is China. Under
normal conditions of prices it seems very probable that Philippine sugars
will not offer effective competition in the United States market, but will
continue to compete with those of Java, Formosa, and other eastern producers
for the large and constantly growing Chinese trade.

Louisiana and Porto Rico

Neither Louisiana, Texas nor Porto Rico individually furnish a very
large proportion of the total quantity of sugar consumed annually in the
United States. We present the figures for the pre-war years 1912-14 and the
post-war years 1919-21 for these regions in the following table:

Per Gent United States Sugar Consumption Supplied by Louisiana and

Texas and Porto Rico

Year Louisiana and Texas Porto Rico

1912 7.3% 8.2%

1913 5.6% 8.8%

1914 3.8% 7.3%

1919 3.8% 7.1%

1920 2.0% 8.2%

1921 6.6% 9.1%

The The suSar industry of Louisiana dates back to 1751, but

Louisiana despite this long history it now occupies a position of declining
Industry importance. Even with high tariff protection, the Louisiana
industry has a somewhat precarious existence. Unlike the great low cost
cane-producing regions there are wide differences in climatic and soil condi-
tions in Louisiana, as well as in manufacturing processes. Perhaps the chief
difficulty is the shortness of the growing season and the cool winters. In
Cuba several crops of cane can be cut from one planting; in Louisiana there
is one plant and one stubble crop and then replanting. A system of crop
rotation with cow peas must be followed for the best results. For these and
other reasons Louisiana is a high cost producer. During the past eleven
years the maximum production of Louisiana and Texas was 322,000 tons in
1911-12, and production fell to only 108,000 tons in 1919-20. For the present
season, the estimated crop is 293,000 tons. The competitive influence of
Louisiana sugar in the American market is of minor significance.

14

The Porto Sugar has been raised in Porto Rico since the early years of

Rican the sixteenth century, but there was no notable development

Industry Q£ ^Q industry until after American occupation. During the
past eleven years the maximum output was 449,000 tons in 1916-17, and the
minimum output was 308,000 tons in 1914-15. For the present crop year it is
estimated that the total production will be approximately 385,000 tons.

While some Porto Rican sugar is produced at relatively low cost, the
major portion is produced at a cost considerably in excess of that prevailing
in Cuba and certain portions of the West Indies. Climatic and soil conditions
vary widely. On the south side a large part of the product must be raised
under irrigation, while on the north side the character of the soil and the
excessive rainfall necessitates large expenditures for tiling and other drain-
age. Much of the Porto Rican land has been devoted constantly to sugar for
centuries and successful production now requires extensive use of commercial
fertilizers which adds much to costs. Porto Rico is thickly populated and
the available tillable land is so limited that it apparently is not possible to
undertake an extensive system of crop rotation in place of the application
of fertilizers. In various official investigations the inefficiency of Porto Rican
labor as contrasted with that of the other regions has received extensive
comment. Much of the Porto Rican production is possible only because of
the tariff bounty.

Gathering cane on a Cuban sugar plantation
15

The Preferred Position of Cuban Sugar

Cuban sugar, holds a preferred position in the United States market.
Over the past ten years, Cuba has supplied an average of nearly 50% of
our annual consumption requirements. The average percentages of our an-
nual consumption supplied by Cuban, domestic, and insular producers in the
pre-war period 1911-13 and the post-war period 1919-21 have been as follows:

Periods

1911-13
1919-21

Domestic

22.7%
22.7%

Insular

26.1%
22.0%

Cuban

47.6%
49.5%

It is apparent that even aside from political considerations arising out of
our relationship to Cuba, the American public has a very vital interest in the
financing of Cuba's major industry. Indeed a large part of the splendid
expansion of the Cuban industry has been due to the skill and enterprise
of American capital. Why Cuba has become the world's foremost low cost
producer and why the Cuban sugar industry offers excellent opportunity for
sound and conservative investment will be more apparent in the subsequent
paragraphs which discuss briefly the more salient features of the industry.

Total United States Sugar Consumption and Amount Supplied by Cuba

4,500,000
4,000,000

3,500,000
(/>

| 3,000,000

g 2,500,000

~" 2,000,000

1,500,000

1,000,000

500,000

1910 1911 1912 1913 1914 1915 1916 1917 1918 1919 1920 1921

YEAR

16

Climate Cuba's supremacy as a low cost sugar producer is largely

of Cuba due to especially favorable climatic and soil conditions, to-

gether with proximity to the greatest sugar markets of the
world. The sugar cane is a plant requiring warm temperatures and much
moisture during the maturing months, if the most successful results are to
be attained. "The climate of Cuba," says an official study of the cane sugar
industry, "is tropical and distinctly insular in characteristics of humidity,
equability and high mean temperature. There are two distinct seasons,
a dry season from November to April, and a hotter wet season from
May to October. The average mean temperature of the island is about
77° F. Temperatures below 50° or above 90° are rare. The highest record
is 100.6° and the lowest is 49.6°. The average temperature of the hottest
months (July and August) is about 82° and the coldest months (December
and January) about 71°. The mean relative humidity averages about 75
per cent and remains fairly uniform at all times of the year."

Rainfall Unlike other important cane producing regions, rainfall in

in Cuba Cuba, though abundant, is quite uniformly distributed through-

out the island. Moreover, the major portion of the rainfall oc-
curs during the hot summer months when it is most needed by the growing
cane. "As a rule," says one authority, "the rainfall is least on the seacoast
and greatest in the interior and there is little difference in rainfall between
the eastern and western parts of the island. On the north coast the records
kept give an average of 50 inches annually; on the south coast 45 inches;
and in the interior, five miles from the shore, 60 inches." This adequate and
well distributed rainfall makes unnecessary any extensive use of irrigation
methods in Cuba. It is an important factor which tends to keep average
costs lower than those of other cane growing regions.

Fertility of The cane sous of Cuba are in general remarkably fertile,

Cane Soils even in areas where cane culture has been carried on for gen-

f g~^ -t

erations. The geological explanation of this marvelous fertility
is that the soil of Cuba is formed of the luxurious marine and animal vegetable
growth of previous geological ages. Originally, what is now Cuba was part
of the ocean bottom and over this area through the ages, great quantities
of decomposed organic matter were deposited. In the later geological epochs,
the island was pushed up out of the sea by some great volcanic disturbances
and thus this great depth of rich organic sediment was brought to the sur-
face. Nearly two-thirds of the island is covered with soils which have been
derived from organic limestone of this character, although the red and black
colors of the soils suggest little of their history.

17

A typical Cuban plantation showing

The following comment of J. T. Crawley, a cane soil authority, on the
fertility of Cuban soils is also of interest :

"The best sugar cane soils, both of Hawaii and Cuba are those in which
there is a large percentage of lime. In Cuba, the lands are largely derived
from limestone and therefore, this element rarely has to be supplied. Indeed
I am persuaded that the great and lasting fertility of Cuban cane soil is due,
in a large measure, to the lime content and to the fact that the cane trash
is rarely burned off. The latter adds the organic matter necessary and in the
presence of carbonate of lime, the nitrogenous material is changed to soluble
nitrate which is so much needed by the plant." This natural fertility
of the Cuban cane soil, combined with the plan of leaving the cane trimmings
in the field makes it unnecessary for the industry to expend large sums for
expensive commercial fertilizers in order to produce satisfactory crops. In
other regions, such as Hawaii, Louisiana, and Porto Rico, much of the pro-
duction requires their use and hence is more costly than that of Cuba.

Ratoon
Crops of
Cane

The lasting fertility of Cuban soils makes it possible to grow
many ratoon crops of cane without the expense of replanting,
and this is in part responsible for Cuba's preeminence as a low
cost sugar producer. There is considerable variation in the number of ra-
toon crops harvested on different plantations, but seven or eight crops are
common. In the more favored parts of the island, on the better plantations,
the number of ratoon crops may run as high as from twelve to fifteen. Some-
times twenty or more ratoon crops are cut from a single planting. In Java,
the great majority of the crop is planted annually, while in Louisiana there

18

cane fields separated by fire rows

is one plant crop and only one ratoon crop. In Mauritius it is not common
to grow more than three ratoon crops and in Hawaii, only two ratoon crops
are grown.

Agricultural Operations in Cuba

Planting of When jungle lands on the eastern end of the island are

Cane in cleared for cane plantations, the planting is a simple matter.

In preparing virgin forest lands, no plowing is done; the trees
are cut down and allowed to dry. The valuable timber is removed; the
remainder is burned, or that part of it which is dry enough to burn; the stumps
and unburned part of the trees are allowed to lie on the ground. When the
land has been cleared in this manner the planting consists of making holes in
the ground with a wooden pole shod with iron or with an iron bar. Cuttings
are dropped into the holes and covered with earth. The cane thus planted
grows from 12 to 14 months before being harvested. Notwithstanding the
little care given in the planting, the cane once started, yields a profitable
crop which is followed by ratoon crops for six to eight years or more writh
practically no cultivation. When the cane ceases to produce a paying crop
of ratoons, or about eight years after the first planting on the average, the
decayed stumps and parts of trees left on the ground are gathered together
and burned. The land then receives its first plowing, and is planted to cane
as in other countries. It is then allowed to ratoon for another eight or ten years
before it becomes necessary to replant. On the older western cane lands, the
initial preparation of the soil for the crop is of course more thorough than
on the newer plantations in the eastern end of the island.

19

. The sugar cane is planted in rows, and as it has a thick

of Cane foliage, the ground is soon thoroughly shaded. This shade

keeps down the weeds and aids in retaining moisture. On the
newer lands, particularly, there is little expense for weeding because the dense
jungle has not been favorable to the propagation of weeds, but in some parts
of the island, notably on the older plantations, their elimination is accom-
plished at considerable expense. If the weeds become serious, they are cut
down with the hoe or machete. This must be done in the early months
before the foliage becomes too dense.

The cane begins to ripen in December and the harvesting
of Cane season extends through the month of June. Some centrals how-

ever grind much later. The sugar cane is cut close to the ground
with a harvesting knife called a machete. It is stripped of its leaves, and its
tops, and then cut into convenient lengths of three or four feet. These cut
canes are conveyed from the fields to the loading stations in ox-carts. Indeed
the ox-cart has proven to be the most economical and efficient method of
transporting cane in the field. It is interesting to note the survival of this
primitive form of transportation in an industry which is famous for its
splendid automatic mechanical devices.

Cane on the way to be made into sugar
20

Transpor- Each plantation has its system of railways leading to per-

tation manent loading stations. Cane is conveyed from these stations

System ^Q ^e S11gar factory in modern cane cars, usually built of steel

and having a capacity of from twenty to twenty-five tons. The modern
and most generally accepted type of cane car is arranged with sides to swing
out, being hinged at the top and held at the bottom or platform of the car by
special clips which are easily released, from the end of the car, When the cane
is delivered to the weighing stations at the factory, the actual manufacturing
of raw sugar begins.

Agricultural Systems in Cuba

The cane crops of Cuba are grown under two distinct systems of agri-
culture: (1) the administration system; (2) the colono system. Under the
administration system, the planting, cultivation, and harvesting is carried on
by the sugar company directly. Only a small part of the Cuban crop is ad-
ministration cane, but in Hawaii, practically all of the cane is grown under
this system. It has some advantage in making possible the best develop-
ment of scientific and highly specialized cane culture, where such intensive
agriculture is necessary.

Under the colono system the cane is planted, cultivated and
Colono J .

Cane harvested by independent tarmers, known as colonos. It is

said that about 80% of the sugar crop of Cuba is made from
colono cane. This system has been aptly described in a government study
entitled "The Cane Sugar Industry" as follows:

"There are several kinds or types of colonos. The independent colono
grows cane on his own land. Others grow cane on the company lands, the
use of which is given to them without any rental charge or for a nominal sum.
Still other colonos grow cane on lands leased to them by third parties. Colo-
nos may finance their own planting, in part or entirely, or they may secure
advances of money from the company or from third parties. The method of
paying for cane from colonos almost universally used in Cuba is to give the
colono either a certain percentage of sugar on the weight of the cane deliv-
ered or its money equivalent. Usually liquidation is made twice monthly
at the average price of sugar in Habana or other port for the current period.
From 4J^ to 7% tons of sugar, or its money equivalent, are paid to the colono
for every 100 tons of cane he delivers. In the more fertile or virgin soils in
the Provinces of Oriente and Camaguey, where less cultivation and prac-
tically no fertilizing are necessary, the prices range from 4J/£ to Sf/2 tons of
sugar per 100 tons of cane, while it reaches the maximum of 7J/£ and in some
cases 8 tons of sugar per 100 tons of cane on the older sugar lands in the

21

Provinces of Santa Clara, Matanzas and Habana, where the colono has to
employ more labor in the cultivation, fertilizing and sometimes the irrigation
of cane, and also because two or more factories compete for this cane in
these older sugar Provinces where the factories are close together."

Colono vs. In considering the relative advantages and disadvantages

Administra- of the colono and administration systems of cane culture, there
is really only one consideration of importance from a financial
standpoint and that is the question of cost. On the whole the Cuban indus-
try has found that under prevailing conditions the colono system has impor-
tant advantages. Many of the sugar companies, however, raise some admin-
istration as well as colono cane, their policies being dictated by conditions
and costs.

From Juice to Crystal

Raw sugar manufacture is carried on in a factory which, with all of its
appurtenances, is known as a "central." A modern sugar mill on the better
plantations in Cuba represents a large investment because of the elaborate
mechanical equipment required. When the cut canes reach the sugar mill
they are conveyed automatically to a stand or set of corrugated rolls and
are given a preliminary crushing which breaks down and shreds the cane
stalks. The juice in the cane is then squeezed out by running the shredded
cane through several successive stands of the rollers. There are three rollers
to each stand — two large parallel rollers in the same horizontal plane and
immediately above them a smaller roller parallel to the larger ones. Between
the large rollers is a trough in which the juice is caught as the cane is crushed
and from which it is pumped to the purifying tanks while the bagasse or fibre
part of the cane is automatically conveyed to the boiler room of the factory
for use as fuel.

The juice is now ready for purification and is treated with lime and heated.
The heat causes the heavier and muddy impurities to sink to the bottom
of the purifying tank and the lighter impurities to appear on the top as scum.
Between the upper and lower layers of impurities is the clear cane juice.
This clarified juice is drawn from the tank to be evaporated and the scum
and other impurities are pumped to the filter presses where additional juice
is recovered and added to the clarified juice already extracted.

At this stage the juice is a thin mixture containing about 85% water and
the next step in the process is the evaporation of this water and the reduc-
tion of the juice to the syrup point. This is accomplished in an apparatus
known as the multiple evaporator. The syrup is then ready for boiling in
the vacuum pan, a cylindrical vessel with a dome-like top and a conical
bottom. The vacuum pan makes it possible to boil syrup in a vacuum at

22

low temperatures and this process is carried on until minute grains or crystals
of sugar are formed. The sugar boiler adds new juice from time to time in the
boiling process and the crystals are gradually built up to proper size. The
crystals which are in a mixture with the residue liquor or molasses, are then
ready for removal from the vacuum pan. While the mixture is warm, it
is conveyed to the centrifugal machine which is essentially a brass cylinder
with small perforations and is surrounded by an outer casing. The cylinders
of the machines are revolved at high rates of speed and the molasses is ex-
pelled from the mixtures by centrifugal force through the perforations in the
cylinders into the outer casings from which it is removed for further use or
sale. If the sugar crystals are still too moist after being treated in this ma-
chine, they are dried by hot air currents before being bagged. As the sugar
polarizes at about 96°, raw sugar manufactured in this manner is known as
"96° centrifugal."

The centrifugal machines do not remove all of the molasses and other
impurities from the sugar crystals, and hence they have a brownish appearance.
This necessitates further refining before the sugar is ready for use. Cuban
sugar is not refined to any considerable extent on the island, but is sold
in the raw state to the refiners of the United States and other countries.

Growth of Production in Cuba

Sugar cane was introduced into Cuba in the early part of the 16th Cen-
tury, but it was not until after the Spanish- American War that conditions
became favorable to the expansion of the industry on a large scale. The
Spanish administration of Cuba had been notoriously incompetent and the
repressive features of Spanish colonial administration had fomented insurrec-
tion and rebellion. In spite of numerous handicaps, however, sugar production
in Cuba reached slightly more than 1,000,000 tons in 1894 and 1895, In the

latter year the rebellion began which brought on the
Spanish-American War and finally led to the indepen-
dence of Cuba. During this period of warfare many sugar
mills, much growing cane and other properties were de-
stroyed and the output of the industry dropped to the
low level of about 212,000 tons. After the Spanish-
American War the industry revived as rapidly as condi-
tions would permit and by 1903-04 production was ap-
proximately 1,040,000 tons. The industry was given
new life by the influx of American capital into the island
and in succeeding years the crop increased rapidly. For
the season 1911-12, the total yield was 1,912,000 tons.

23

4,000,000

3,750,000

3,500,000

3.250,000

3,000,000

2,750,000

2,500,000

| 2,250,000

; 2,000,000

i 1,750,000

1,500,000

1,250,000

1,200.000

750,000

500,000

250,000

N

The crops for the pre-war seasons 1912-15 and post-war seasons 1919-22,
have been as follows :

Cuban Sugar Crops

(Thousand Tons)
Season Crop Season Crop

1912-13 2,429 1919-20 3,730

1913-14 2,598 1920-21 3,936

1914-15 2,593 1921-22 (Estimate) 4,000

Today Cuba is the world's greatest sugar producer. The estimated
crop for the present season will be approximately 1,500,000 tons greater
than that of British India and more than double that of Java, the next largest
producer. The present crop is nearly three times the German beet sugar
crop of the season 1921-22. This pre-eminence of Cuba as a producer of nearly
one-fourth of the world's sugar, has been in part due to the natural advantages
of climate, soil and location, but full credit must also be given to the individ-
uals— both Cuban and American — whose business sagacity and genius have
directed this wonderful development.

Normally more than three-fourths of the exports of sugar
from Cuba are to the United States. In pre-war years only a
small fraction of the Cuban crop found its way to other countries,
but the necessities of European consumers on account of the decline of the beet
industry have led to increased exports in recent years to the United Kingdom
and other European countries. The United States is a great natural
market for Cuban sugars and Cuba has the further advantage of prefer-
ential tariff treatment.

Cuba and the Tariff

Under the terms of the reciprocity treaty between the United States and
Cuba, approved by Congress December 17, 1903, imports of Cuban products
into the United States are assessed tariff duties 20% less than those imposed
upon like products of other foreign countries. The treaty also provides for a
reciprocal reduction of 20% to 40% on products of the United States imported
into Cuba. Cuban sugar has therefore a 20% tariff preference in the United
States market as compared with other foreign sugars, and products of the
United States have a similar preference in Cuban markets as compared with
like products of other nations. Since the present duty on 96° raw sugar is
2.206 cents per pound, Cuban sugar pays a duty under this reciprocity pro-
vision of 1.7648 cents per pound or .4412 cents less than sugars from foreign
countries. Whether our tariff is revised downward or upward, as long as
this treaty remains in force, Cuba will have this 20% advantage as compared
with other foreign countries.

24

Advantage of But ^ must not be thought that this tariff concession given
Reciprocity to Cuban products by the . United States is without compen-
to U. S. satory advantages. The reciprocity provision has given the

American farmer and manufacturer a large and growing market in Cuba for
their products. The importance of this market is partially shown by the
dollar value of our imports from and exports to Cuba in recent years.

Years Exports to Cuba Imports from Cuba

1919 $278,391,222 $418,610,263

1920 515,208,731 721,693,880

1921 187,726,179 230,374,341

Our Political The people of the United States have a very direct and im-
Relationship portant interest in the prosperity of Cuba's sugar industry and
there seems to be little likelihood that our tariff laws will ever
be so changed as to seriously injure the chief industry of the island. It has
been said that the stability of the Cuban government is conditioned upon her
economic prosperity and that by virtue of the existing political relationship,
we cannot avoid our obligation to facilitate particularly this prosperity. Our
whole public policy toward Cuba has been built upon this principle. Prior
to the enactment of the reciprocity treaty Elihu Root, then Secretary of War,
said, "Aside from the moral obligation to which we committed ourselves
when we drove Spain out of Cuba, and aside from the ordinary consideration
of commercial advantage involved in a reciprocity treaty there are the
weightiest reasons for an American public policy rounding in the same direc-
tion, for the peace of Cuba is necessary to the peace of the United States;
the independence of Cuba is necessary to the safety of the United States.
The same consideration which led to the war with Spain now requires that a
commercial agreement be made under which Cuba can live." The late
President Roosevelt in his first administration declared that our assistance
in maintaining the commercial prosperity of Cuba was "demanded not only
in our interests but by our honor." It would seem that the United States is
morally bound to frame its tariff legislation with this fundamental principle
in mind.

The Story of Three Eventful Years

The sugar industry has recently emerged from what has been perhaps
the most severe commercial depression in its history. Its troubles, however,
have been similar to those experienced by many other industries in 1920 and
1921, but in the case of the sugar industry they were greatly aggravated by
continuation of government control and uncertainty regarding the date of its
termination. Probably the sugar industry will never again face a combination
of circumstances similar to those which prevailed in 1919, 1920 and 1921,

25

because these conditions were largely the aftermath of government control.
A brief review of the sugar market for these three years will serve to make
plain the chief causes of the industry's recent troubles.

R . f The year 1919 opened with the sugar situation in the United

Sugar States closely controlled by the United States Sugar Equali-

Market zation Board. The 1918-19 crop of Cuban sugars had been

in 1919

purchased and the price was fixed at 7.28 cents per pound duty

paid in New York. In January, the British Royal Commission made ar-
rangements with American refiners for refining on toll 300,000 tons of raw
sugar, but it was several weeks before the Commission could secure shipping
facilities to move the refined product. In February stocks of both raw and
refined sugar began to accumulate and this accumulation was further stim-
ulated by the harbor strike in New York in March. To relieve the situa-
tion the Board announced that considerable quantities of sugar had been
contracted for by foreign buyers and that, in view of the general conditions,
it would be wise for the public to accumulate stocks of sugar. Country-wide
publicity was given to this announcement and after the long period of severe
restrictions, it was only natural that consumers should hurriedly attempt to
increase their stocks. In the months following this announcement, domestic
consumption was at a high rate and the export movement also attained con-
siderable volume. The shortage of sugar in this market became so serious
that exports were restricted in order to supply the domestic demand. Had
imports and prices not been under control of the Board at this juncture, it
seems probable that considerable quantities of foreign sugar would have
been marketed here and future troubles largely avoided.

As control of the sugar market was expected to terminate in December,
there was active bidding for the new Cuban crop by both domestic and
foreign buyers and prices moved upward. In the fall of the year, the At-
torney General approved a maximum price of 18 cents for Louisiana plan-
tation granulated and the market was further stimulated. It was officially
announced that after December 1st, no licenses would be required for importa-
tion of sugars from Cuba. On account of advancing prices and the increasing
shortage of supplies, Congress was urged to take the necessary action to
protect the consumer. The result was that the McNary Bill was passed
which empowered the administration to control the situation by such plans of
purchase and distribution as were deemed necessary in the public interest.
The administration, however, did not act under this law, but deemed it
advisable to depend only upon the anti-profiteering and general license
provisions of the Lever Act. For most practical purposes the Sugar Equaliza-
tion Board ceased to function December 31, 1919, and during that month
raw sugar prices rose from 7.28 cents to 12.79 cents per pound. The way
had been paved for the runaway market of 1920.

26

Grinding
the sugar
cane

Review of the During the spring of 1920, there continued to be a shortage
Sugar Market of sugar and it was not until August that a real open market
was established. The idea of shortage prevailed throughout the
world, and domestic and foreign consumers competed with each other in se-
curing their necessary supplies. Another factor in the situation was the
successive reductions in the early estimates of the Cuban crop. Prices rose
rapidly and in May the high level of 23.57 cents per pound was reached. There
was no government control of the industry, but the Department of Justice
instituted numerous suits under the anti-profiteering provisions of the Lever
Act to prevent profiteering, hoarding and speculation, which was rampant
at this particular time. It should be remembered, however, that speculation
in this period was not confined to the sugar market. The abnormally high
prices prevailing attracted foreign supplies from more than 50 countries and
sugar was even imported from the interior of China. It became apparent
during the second half of the year that the abnormally high prices could not
be maintained and many speculators began to make realization sales. Mean-
while, the country was entering into the first stages of the recent business
depression. Sugar prices began to fall and the decline continued for several
months until by October 1st, the price of 96° centrifugal raw sugar with
duty paid had reached 9 cents per pound. The sudden and drastic decline
in sugar prices produced a crisis in Cuba and on October llth, it became

27

necessary to declare a moratorium. In the following months prices continued
to fall and the moratorium was extended.

Review of
the Sugar
Market
in 1921

The year 1921 was unprofitable for the Cuban sugar industry
for sugar prices continued to decline and stocks accumulated
in large volume. In February of 1921, the Cuban Sugar
Finance Commission was created to take control of the sale
and shipment of the 1920-21 sugar crop. Prices, however, continued in an
irregular downward movement and liquidation of stocks was very slowly
accomplished. By the end of December the price of 96° centrifugal raw sugar
at New York with duty paid had declined to 3.42 cents. The advantages which
had been claimed for centralized control of the marketing of the 1920-21 crop
by the Commission were not fully realized and to the relief of nearly every
one concerned it was terminated December 31st. At this time there was on
hand in Cuba a stock of approximately 1,225,000 tons of sugar and a new
crop of considerable size was the immediate prospect. The sugar industry
closed the year in a state of acute depression. It was prophesied that it
would be at least two years before it could recover its normal position.

Modern methods and equipment are used in this Cuban sugar factory

28

The Return to Normalcy

The events of the past six months have proved that these prophecies
were unduly pessimistic. Seldom has a great industry recovered from an
acute depression with such rapidity as the sugar industry in recent months.
This recovery has evidenced itself in increased prices, in the liquidation of
stocks, in increased exportation of refined sugar from the United States and
in a phenomenal increase in our domestic demand for sugar. The extent of
this recovery in each of these respects may be briefly stated.

The average price of 96° centrifugal raw sugar c. & f. in the
f period of 1909-13 was 2.704 cents. At the close of 1921 this
grade of sugar was quoted at 1.84 cents c. & f. or considerably
below the pre-war average. The improvement in prices, however, began in
January, and in succeeding months average prices moved steadily upward
and on October 16, raw sugar c. & f. was sold at 3.75 cents. This price is sub-
stantially above the average prevailing price in the pre-war period. In the
following table we present the average prices per pound for raw and refined
sugar in the pre-war and post-war years.

Average Prices Raw Sugar Average Prices Refined Sugar

C.&F. No Duty Paid Wholesale

(1909-13) Average 2.704^ 4.880*5

1919 Average 6.354 9.003

1920 Average 11.337 11.390

1921 Average 3.459 6.207

1922

Jan 2.05 4.95

Feb 2.14 5.06

Mar 2.31 5.28

Apr 2.44 5.38

May 2.44 5.43

June 2.98 5.93^

July 3.54 6.63

Aug 3.56 6.94

Sept 3.17 6.47

Oct. 1-17 3.60 6.62

Liquidation The Cuban sugar industry closed the year 1921 with stocks of

of Sugar raw sugar of the 1920-21 crop equal to approximately 1,225,000

tons. This was a tremendous carry-over, for normally Cuban
stocks of raws are small at the close of the year. During the past six months
this stock has been rapidly liquidated and on September 30 there were only
7,918 tons of this old sugar on hand. Not only have these stocks been
liquidated, but to September 30 the industry had produced 3,971,694 tons
of 1921-22 crop sugars, of which it exported to this same date 3,421,703 tons or
approximately 86%. There remain on hand in Cuba after making allow-
ance for domestic consumption, only 430,409 tons of new and old sugars.
It is apparent that the Cuban industry will close the year in a very secure
position with only small stocks on hand.

29

Revival of Part of the substantial improvement in the sugar situation

Sugar in recent months has been due to the revival of our export trade

Exports -n refined sugar. In the pre-war years 1911-13, our maximum

sugar exports were only slightly in excess of 35,000 tons, but beginning in
1914, they expanded rapidly and the peak figure of 703,863 tons was reached
in 1916. During 1917-18, exports of refined sugar fell off but in 1919 they
increased to 658,664 tons. In spite of the world wide business depression
of 1920 and 1921 and the depreciation of foreign exchange, our exports were
around 415,000 tons of refined sugar in each of these two years. There has
been an improvement of business conditions abroad and the exchange situa-
tion is now materially better for the more important consumers. Up to
October 4 of the present year, it is estimated that we have exported 805,000
tons of refined sugar or more than our exports in any previous single year.
Exports since January 1st of the present year have been nearly three times
those of the similar period in 1921. Not only have we exported unprecedented
quantities of refined sugar during the first nine months of the year, but ex-
ports of raw sugar from Cuba to England and the continent of Europe have
been more than 1,000,000 tons. Considering merely the present crop of
Cuban sugar, exports of raw sugar to Europe have been over three times
what they were for a similar period last year. Foreign as well as domestic
consumption of sugar has shown a substantial increase in recent months.

Increased Foreign demand has been of importance as a factor in the

Domestic improved sugar situation, but it has been the greatly increased

Consumption domestic consumption of sugar which has been chiefly respon-
sible for the rapid recovery of the sugar industry to normal conditions of
supply and demand. According to Willett & Gray, the United States con-
sumed 2,781,218 tons of sugar in the six months ended June 30, 1922. This
is at the rate of about 5,500,000 tons per annum as compared with a con-
sumption of 4,107,328 tons last year. While consumption in the latter part
of the year is usually somewhat less than in the first six months, there is
every reason to believe that this year will be a record year in the volume of
sugar consumed in the United States. In this connection, Willett & Gray
observe that the present rate of consumption is almost that which would
normally be expected if it had increased at the same average annual rate
as over the past 99 years — namely, 5.216%. This tremendous increase
in consumption of sugar demonstrates the inherent stability of the industry
when freed from arbitrary restrictions and control.

30

The Supremacy of Climate and Soil

Cuba holds a stategic position in the world's sugar industry because its
natural and other advantages have combined to make it the most important
low cost producer. In the production of sugar the cost of cane or beets is
the most important single item of total costs. While it is difficult, if not
impossible, to secure up-to-date representative itemized costs for the sugar
industry in various producing regions, the following tabulation based on pre-
war experience, gives a clear idea of the relative importance of various items
of costs and the position of Cuba:

Average Pre-War Costs Per Ton
of Beet and Cane Sugar Produced in Various Regions

Cost of Cane Factory

or Beets Costs

Domestic Beet $50.17 $23.17

Cuba 20.20 7.89

Hawaii 35.68 5.85

Louisiana 66.91 20.44

Porto Rico . 41.02 10.00

Marketing
Costs

$7.52
5.24

13.84
2.81
4.27

Depreci-
ation

$5.10
1.42
2.78
3.08
2.73

Total
Costs

$85.96
34.75
58.15
93.24
58.02

The table indicates that the cost of domestic beets per ton of sugar produced
is nearly two and one-half times the cost of cane in Cuba, while Louisiana cane
costs are slightly more than three times, Porto Rico two times and Hawaii
about one and three-fourths times those of Cuba. Costs today have risen
in all areas as compared with pre-war experience but Cuba undoubtedly
still retains its relative advantage.

Cost and Freight Prices
96° Cuba Centrifugals

Cuba's Why Cuba holds an impregnable

Impregnable position in the sugar industry is
also clearly shown by the per pound
costs of Cuban and competing sugars which have
been compiled at various times by official in-
vestigators. Perhaps the most thorough inves-
tigations which have been made in recent years
regarding sugar costs are those of the United
States Tariff Commission made for purposes
of aiding Congress in framing tariff legislation.
As not all sugar producers turn out refined
sugar, the Commission found it necessary to reduce
all costs to a raw sugar basis, for fair comparison.

31

YEAR
1909
1910
1911
1912
1913
1914
1915
1916
1917
1918
1919
1920
1921

Jan.
Feb.

March
April
May
June
July
Aug.

.Sept.

AVERAGE PRICE PER LB.

— 2.646C
•"—2.828,!!
^" 3.090«i
— • 2.8040

— 2.1500
^—2.7450

• 3.6261
•4.7670
•5.2080
• 5.0140
• 6.3540

• 3.4590

'11.3370

These comparative costs as compiled by the Commission are presented
in the following table :

Per Pound Costs Reduced to Raw Basis

(Cents per Pound)
Region Pre-war 1916-17 1917-18 1918-19

Cuba* 1.700 2.904 3.931 4.104

Domestic Beet 3.492 3.287 4.199 6.002

Hawaii 2.898 3.853 5.339 5.196

Louisiana 4.101 3.963 5.692 9.304

Porto Rico 2.828 4.229 4.568 5.802

It is apparent therefore, that in both the pre-war and post-war periods,
average Cuban costs are materially below those of other producing regions.
In making this statement, however, it should be understood that the costs
quoted are only average costs and that in all areas there are certain individual
producers whose costs may be above or below the average quoted. The
sugar business, however, is a highly competitive business and it is only the
low cost producers which can most successfully withstand the rigors of this
competition.

Significant Features of a Basic Industry

Sugar is an indispensable modern food. The demand for sugar is re-
markably stable, being little influenced by depressions and expanding with
the growth of population and rising standards of living. Between two-thirds
and three-fourths of our annual consumption is in direct household use but
since prohibition, non-household use is becoming increasingly important.
The American people have invested more than $1,000,000,000 in the sugar
industry of Cuba, a sum greatly in excess of our sugar investments in other
individual regions.

The commercial sugars of the world are obtained from the juice of the
sugar beet and the sugar cane. The beet is a crop of the temperate zone
while cane is grown in semi-tropical and tropical regions. The beet must
be planted annually and requires much manual labor. The cane as grown
in Cuba ordinarily requires little attention during the months of growth and
from twelve to fifteen ratoon crops may be grown from one planting. The
beet industry suffers severely from the competition of other crops but in
Cuba the cane industry has little competition of this character. The beet
industry was built up by a system of government bounties and high tariff
preferential, but even prior to the world war it was losing its relative im-
portance, due to the economic advantages of raising sugar cane in Cuba and

* Duties on 96° Cuban centrifugals have been as follows:

Dec. 27, 1903 to Mar. i, 1914 i.348oc.

Mar. i, 1914 to May 27, 1921 i.oo48c

May 27, 1921 to Sept. 21, 1922 i.6oooc.

Sept. 21, 1922 1.76480.

32

other semi-tropical and tropical regions. The European beet industry today
has not yet regained its pre-war standing and it seems to be the consensus
of opinion that it will be many years before the industry will fully recover.
It is this great decrease in European beet sugar production on account of
the war which accounts for the fact that world production of sugar in the
present season will be nearly 1,000,000 tons under the figure for the crop
year 1914-15. While beet sugar production has declined, cane sugar pro-
duction has shown only a normal and healthy growth.

The world's greatest individual market for sugar is the United States.
We secure our supply from our own beet and cane sugar industries and
from Hawaii, the Philippines, Porto Rico and Cuba. The production of beet
and cane sugar in the United States and of cane sugar in our insular possessions
is in a large measure dependent upon the tariff bounty, and other economic
factors operate to restrict any large increase in production in these areas.
For many years we have been dependent upon Cuba for about half of our
annual sugar requirements.

Cuba is the world's foremost low cost sugar producer because of unusually
favorable climatic and soil conditions. Sugar cane has been produced in Cuba
for centuries but not until after the Spanish American War did conditions
become favorable for a considerable expansion of the industry. For the
present season it is estimated that Cuba will produce 4,000,000 tons as com-
pared with 2,429,000 in the season 1912-13. Cuban sugar enjoys preferential
tariff treatment in the United States market, being imported at a reduction of
20% from the regular duties. Our political relationship with Cuba, if not
our economic relationship, requires that American public policies continue
to be so directed as not to menace the prosperity of Cuba's major industry.

The sugar depression through which we have passed was in part due to the
speculative fever which prevailed in nearly all lines of enterprise, but the chief
causes of the troubles of the industry were the uncertainty regarding
termination of government control and certain policies inaugurated during its
continuance. The sugar industry of Cuba closed the year 1921 with an
unprecedented stock of approximately 1,225,000 tons of sugar on hand.
Prices were low and the industry was in a state of acute depression.

Freed from government interference and arbitrary restrictions the Cuban
sugar industry has in the last six months returned to normal conditions.
This return to normalcy has manifested itself in increased prices, in the
liquidation of stocks, in a phenomenal increase in our domestic demand,
and in an increased exportation of refined sugar from the United States.
The sugar industry of Cuba is fundamentally sound. Low production costs
have given it an impregnable position among the world's producers.

33

III?

Illllllll

•Jiiiiiiira

A typical Cuban "Central" or sugar

The Manufacture of Raw
Cane Sugar

The growing of sugar cane and the manufacture of raw sugar under
modern methods are pretty much the same in all parts of the tropical
world. There are differences in detail which are made necessary on account
of local conditions, principally cost of labor, fertility of soil, rainfall, etc.
In Hawaii it has been found of great advantage to support an experi-
mental station where the various varieties of cane best suited to the lands are
developed. Cuba has not yet been forced to reach this high point of develop-
ment, but very rapid strides have been made in the past fifteen years. The
island has such vast expanses of land in its virgin state, that it has not been
found necessary to use the intensive cultivation and fertilization of other
countries.

While the manufacture of raw cane sugar in the various countries is similar
in a general way, the factories differ in design and method of operation-
designs accepted as the best in the Hawaiian Islands would not meet with
approval in Cuba nor would those designed for Cuba be accepted in the
Hawaiian Islands or any of the Far Eastern countries. In subsequent
paragraphs, the factory and methods employed in Cuba in manufacturing 96°
raw sugar will be briefly described with a minimum use of technical terms
for the information of the layman who wants a knowledge of the process only
in a general way.

34

factory showing loaded cane cars

To understand clearly the process of making sugar, it is
MaPS f n t essential to keep in mind the following steps in manufacture :

1. Weighing and keeping of complete records.
The extraction of the juice from the cane.
The purification or clarification of the juice.
The evaporation of about 75% of the water, reducing the juice to a

syrup.

The concentration and crystallization of the syrup.
The drying of the crystals or grains in preparation for the market.
The bagging of the raw sugar and stacking in the warehouse

2.
3.
4.

5.
6.

7.

Weighing and Unloading

The cane is received at the scales, and a complete record is
Weighing kept of the weights of the cane and the field on which it is grown,
as well as the fanner or colono who has raised it. Storage yards
are provided close to the factory so that sufficient cane may be stored to
keep the factory in operation during the night, as it is customary to operate
24 hours per day, closing down only on Sunday or a part of Sunday, for the
purpose of making slight repairs and cleaning machinery.

Unloading
the Cane

After passing the cane scales, the cars are placed alongside
the cane carrier which feeds the mills. The system of unloading
the cars of cane to the carrier differs in various centrals, de-
pending upon local conditions. The commonly used method in Cuba has

35

many advantages, as the cane is usually conveyed in large cars. The carrier
is provided with an endless moving platform placed about 10 feet below the
surface of the ground. It is wide and long enough to receive all of the cane
from a 20 or 2 5 -ton car. This moving platform is sometimes placed horizon-
tally or on a slight incline. If there are two tandem milling plants installed
in the factory, or if it is expected that there will be two, the moving table is
usually placed at right angles to the cane carrier and elevator for convenience
in arranging the railway tracks. The car is placed on a tipping table, to which
it is held by clamps and is tipped to an angle sufficient to allow the cane to
discharge onto the moving table. After the car is emptied the table resumes
its horizontal position, the empty car is removed to the storage tracks, and
another loaded car is placed on the tipping table. The handling of cars from
the scales to the tipping table and from there to the storage yard is usu-
ally done by means of an electric or steam winch. The moving table is driven
by a steam engine or an electric motor and is so controlled that an even feed
of cane is deposited on the cane carrier.

. The cane carrier is of approximately the same width as the

or Elevator length of the rolls employed in the crushing of the cane. It is
formed by two or three strands of chain supported by rollers.
Wooden slats are bolted to the chains at right angles to the direction of travel.
The construction is somewhat similar to the moving table just referred to,
but the carrier need not be so substantially built.

Extraction of Juice

The modern milling or crushing plant which extracts the
Crushers juice from the cane usually consists of one or two crushers, each
having two rollers with interlocking or corrugated teeth or with
deep grooves on the circumference of each roll. These rollers are set close
together and held in place by hydraulic jacks. The cane passing through is
broken and crushed into pieces and matted into an even layer.

36

Juice Scales

Liming Tank Ut-

Lime
KfetogT.

FROM CANE TO CRYSTAL

Diagramatic Presentation

of the

^Process of "Manufacturing
Raw Cane Sugar

Vacuum Pans |— «-

—\
1

z

2

s

;

t t

C

Brow

Rollers

From the crusher or crushers the mat of cane is passed to
the milling plant proper, which usually consists of a train of
from four to six 3 -roller mills set in tandem. The rollers of each
mill are set in a triangular position with one top roller and two bottom rollers.
A heavy bar called the returner bar is placed between the two bottom rollers
for the purpose of leading the cane which passes between the top roller and
first bottom roller to the opening between the top roller and discharge roller.
The usual size of the rollers is from 34 to 36 inches in diameter and from 6 to 7
feet in length. They are held together by heavy housings fitted with hy-
draulic rams exerting a pressure of from 400 to 600 tons on the top roller.
These rollers are driven by engines or electric motors through a train of double
reduction gearing, the shafts being directly connected to the top rollers of
each 3 -roller mill. The gearing is so arranged that the peripheral speed of the
rollers is gradually increased from the first to the last mill. The average
speed of the rollers is about 3 revolutions per minute. A slow speed is nec-
essary to allow the cane to be under pressure a sufficient length of time to
properly extract the juice.

The process of extraction may be compared in a simple way

Masceration to that of cleansing a sponge by immersing it in water and

expelling the water under pressure, immersing it a second time

in water and expelling it under pressure as before. By repeating this process

several | times the sponge will soon be cleansed. It is so with the extraction of

sugar or sucrose from the cane fibre. It has
been found to be of advantage to apply a
certain amount of fresh warm water between
the last and next to the last mills. This applica-
tion of water is known as masceration. The
crushed cane as it comes from the crusher is
passed through the first 3 -roller mill and as it is
discharged from the rollers it receives a spray
of water or dilute cane juice. An automatic
conveyor receives the cane from the first mill
and feeds it to the second mill, where it receives
a second crushing ; also a second spray of water
or dilute juice. Thus it passes from mill to mill
until practically all of the juice has been
extracted from the cane fibre. The juice
coming from (the last mill of the train
contains comparatively little sugar, and

Crushing the cane

38

Milling
Plant

by returning this juice to the cane before it passes into the second mill the
amount of fresh water required in the maceration process is reduced. It must
be remembered that all the water added to the juice must again be evaporated,
and as steam is required for evaporation, it is important to use as little water as
possible consistent with the percentage of sugar extracted.

The juice from the various mills is caught in a shallow metal pan and led
to a trough where it is passed over a fine screen to remove all of the small
pieces of cane fibre. tiaocioft Ubnucy

In well-designed modern mills, with cane carrying not over
Bagasse \2% fibre, more than 98% of the sugar in the cane is extracted

and the remainder is left in the fibre of the cane. This fibre or
woody part of the cane is known as bagasse and is comparatively dry when it
leaves the last set of rollers. In the best milling work the moisture has been
reduced as low as 36% of the weight of bagasse. As the fibre comes from the
last mill it is conveyed directly to the furnaces underneath the boilers and in a
modern raw sugar factory with cane containing HJ/2% fibre, no other fuel
than bagasse is required for generating all of the necessary steam to operate
the factory. The boiler plant is usually of large capacity and automatic
conveyors are employed for the purpose of firing or stoking the boilers. The
ashes from the burned bagasse are returned to the fields as fertilizer.

39

Liming and
Heating

Clarification

The juice as it comes from the mills contains impurities, such
as dirt, small pieces of cane fibre and other foreign matter in
addition to gum, salts, wax and albumen. It is necessary to
remove most of these impurities. There are several methods now in use and
the chemist in charge of the factory decides to a certain extent the treatment.
So long as the juice is confined in the cane it does not readily ferment, except
when the cane is burned before cutting. In such cases it must be worked up
into sugar as soon as possible. When the juice is extracted, it rapidly under-
goes a change and no time is lost in arresting this action. It is pumped into
the liming tanks where it is treated with a solution of milk of lime in order
to neutralize the acidity. It is then pumped into closed heaters which are
usually of a cylindrical shape about 4 feet in diameter and 20 feet long, resting
horizontally on frames about 2 feet above the floor. These heaters are fitted
with copper tubes expanded into cast iron heads and are arranged so that
the juice passes through the tubes; steam is admitted to the space between
the tubes and the outer shell. The heaters are set up to permit operation in
series or in parallel. When in series, the low temperature vapors form the

Juice scales, liming
tanks, settling tanks
and crystallizers

Heads of four

cane juice

heaters

40

Filter
Presses

heating medium in the first cell and live steam in the second cell. The juice
passing from the tubes of the first cell to the tubes of the second is gradually
heated to a temperature of about 210° F.

The heat causes the lime to combine rapidly with the im-
Settling purities in the juice, which is discharged into open settling tanks

where the insoluble solids settle to the bottom, carrying with
them vegetable and other matter held in suspension. The lighter substances
rise to the surface of the tanks forming a scum. The length of time allowed
for settling of the juice in each tank is fixed by the chemist in charge and is
usually in the neighborhood of one-half hour. The settling tanks are arranged
in rows. As the juice comes from the heater, each tank is filled successively
so that by the time the last of the series is being filled, the first tank has had
an opportunity to settle, the clear juice has been drawn off, the mud and scum
have been washed from the tank and it is ready for refilling. After settling,
the clear juice is decanted from the tanks to the evaporator supply tank. In
some factories it is passed through a mechanical filter which removes an
additional amount of impurities. The mud and scum are drained into other
tanks where lime is added. The mass is then stirred and pumped into cachaza
tanks where it is again allowed to settle, the clear juice being decanted in the
same manner as from the settling tanks. The final mud and other impurities
are then pumped to filter presses where an additional amount of clear liquor
containing a small portion of sugar is separated. fkncmft UK

There are a number of different types of filter presses/ out
Presses those generally in use at the present time rest horizontally on

the floor and are made up of layers of cast iron corrugated plates
covered with cotton filter cloth laid between the plates and hollow frames.
When the press is dressed complete with filter cloths over the corrugated

41

plates alternating with hollow frames, a pressure is put on the plates and frames
holding them in place. They are so arranged that the mud can be forced
into the hollow frames allowing the juice to filter through the canvas to the
corrugated plates where it is caught and drained to a receiving trough below.
In passing through the presses under heavy pressure the sediment, scum and
other impurities are caught on the canvas cloths. A certain amount of hot
water is forced through the presses which takes with it a portion of the sugar
remaining in the scum and mud. When the press is completely filled and the
sugar recovered, the mud is then released from the press by opening the frames
and removing the cloths. This mud is valuable as fertilizer and is conveyed
to the fields. The clear juice from the settling tanks, the cachaza tanks and
filter presses is collected in the evaporator supply tank ready to be reduced
to a syrup.

Evaporation

Water boils under atmospheric pressure at sea level at a
Effects temperature of 212° F., and sugar juice a few degrees higher,

according to the density. If this temperature is applied to
the cane juice for a great length of time, it will have a tendency to burn
and destroy the sugar, but higher temperatures can be applied to the cane
juice for a short time without deterioration. The usual clarified cane juice
contains in the neighborhood of 85% water and 15% of solid matter. About
75% of the water is removed in an apparatus known as an evaporator.
The evaporator usually consists of four cells called a quadruple effect
evaporator, or it may have five or in some cases six cells, known as
quintuple or sextuple effects.

The usual type of construction is a vertical cell with the lower section
forming a calandria with copper tubes inserted vertically into tube sheets,
the juice passing through the tubes and the steam or vapors being held between
the outer shell and the tube sheets. The juice enters the first cell and partially
covers the heating tubes. Steam at about five pounds pressure is admitted
to the calandria, causing the juice to boil and circulate through the tubes. The
vapor liberated from the first boiling is conductedthrough vapor pipes directly
into the heating calandria of the second cell and the juice from the first cell
passes into the juice side of the second cell and from the second to the third
and the third to the fourth. Vapors from the last cell are conducted directly
to a condenser. As there is little pressure above the liquid in the first cell,
it boils at about 215° to 220° F. A vacuum of approximately 5 inches is
maintained in the second cell and the temperature at which the liquid will
boil is reduced to about 203°, so that the vapor from the first cell is hot enough
to boil the juice in the second cell. As the vapor from the second cell passes

42

to the heating calandria of the third cell under a vacuum of approximately
15 inches the vapors are hot enough to boil the juice in the third cell and
the vapors from this cell passing to the fourth cell calandria under a vacuum
of approximately 26 inches, bring the final boiling down to a temperature
of about 150°. Therefore, we have had four successive boilings of juice, re-
ducing the temperature in each cell without adding any additional live steam.
Vacuum gauges are fitted to each cell of the evaporator so that the operator
may at all times know the vacuum carried. Test tubes are also fitted to the
syrup side of the evaporator to permit the operator at any time to test the
density. In maintaining a vacuum on this apparatus a vacuum pump is
required in addition to a supply of cold water. The vapors passing to the
condenser come in contact with the cold water and are condensed, the air and
non-condensable gases being drawn off through the vacuum pump.

Vacuum
Pans

Concentration and Crystallization

The evaporator discharges the syrup into a syrup tank from
which it is pumped to the highest floor of the factory building
or what is known as the vacuum pan floor. A series of tanks are

Vacuum Pans — w here sugar crystals are formed
43

arranged to receive the syrup. Vacuum pans similar in construction to a
single cell of the evaporator, with dome-like tops and conical bottoms, with
heating surface arranged as a calandria, with top and bottom tube sheets
connected by copper tubes or with a series of copper heating coils, are used for
boiling syrups to a crystal. Leading from the top of the pan is a large vapor
pipe connected with a condenser. On the conical bottom is a large valve which
may be opened when the boiling is finished and the massecuite, or mixture
of crystals and molasses, is dropped into a receiving tank.

The general principle involved in the boiling of sugar is the
Crystal- f

lization separation or crystallization of the sucrose contained in a solution

from the impurities, and this is accomplished by evaporation.
A portion of syrup is drawn into the vacuum pan as a charge, steam is turned
into the heating calandria and boiling begins. After the sugar is once formed
into fine crystals, these crystals attract the sucrose in the solution and continue
to grow in size rather than form additional crystals. By properly timed
admission of fresh concentrated juice, the crystals are provided with additional
sucrose, and thus the building up continues until the crystal has reached the
size desired by the sugar boiler. The crystal is pure sugar. The impurities
remain in the mother liquor and are carried off as molasses. It is not possible
to boil all of the syrup and molasses down to a crystal and at the same time
separate the pure sucrose from the impurities; therefore, enough moisture
must be left in the massecuite to permit separation of the crystals in the
drying process.

The Drying of the Sugar Crystals

When the sugar boiler decides that the massecuite has been
Mixers boiled to a proper density the whole contents of the vacuum

pan are dropped into a receiving tank called a mixer. This mixer
usually is held just beneath the crystallizer floor and is of V-shape. To the
bottom of this mixer are attached machines used for separating the crystals
from the molasses. The mixer is equipped with paddles which are revolved so
as to keep the massecuite warm and prevent it from hardening before it
has been dried in the centrifugals.

From the mixer the massecuite runs through gates into

Machines centrifugal machines for the purpose of drying. The centrifugal

basket is of tub shape suspended in the center by a spindle which

is held at the top in a bearing attached to the bottom of the mixing tank

44

Two Batteries of
Centrifugal
Machines Show-
ing Mixers Above

supports. The outer part of the basket is perforated and lined with a fine
screen. There is a steel curb placed around the outside of the basket to
collect the molasses. A charge of massecuite weighing several hundred
pounds is led into the centrifugal basket through the gates in the bottom
of the mixer and the basket, which is propelled by a belt or a motor directly
connected to the spindle, is then started and turns at a speed of about 1000
to 1200 revolutions per minute. The molasses percolates through the
wall of sugar and fine screen and is thrown off by centrifugal force. After the
basket has been revolved for a few minutes, all of the molasses has been
separated from the sugar crystals. It is then brought to rest and the sugar
crystals discharged through the bottom of the centrifugal into a conveyor
placed horizontally below the floor.

Bagging and Storing

This conveyor takes the sugar to an elevator which deposits it into a
bagging bin having a conical or V-shaped bottom.

45

The sugar bags are held beneath the bottom of the bin on specially ar-
ranged trucks and by opening a gate the bag is rilled with sugar. In some
of the later designed factories automatic weighing scales are placed beneath
the bagging bins and the sugar is automatically weighed and discharged into
the bags. The bags are then stacked by automatic machinery until shipped
to the United States or other countries for refining.

Molasses

The molasses which is separated from the first boiling of
By-Product suSar ^s agam treated with heat and is pumped to supply tanks
on the vacuum pan floor. A part of it is drawn into the vacuum
pan with the first syrups in boiling a strike of sugar. The balance of the
molasses not taken in with the first syrup in the first boiling receives a second
boiling in a vacuum pan similar to the No. 1 sugar but this No. 2 mas-
secuite is discharged into large cylindrical tanks called crystallizers. These
tanks have heavy steel shafts passing through them from end to end, to which
are fastened scrolls or paddles and are driven by worm gearing from the out-
side. A strike of No. 2 massecuite received from the vacuum pan into
a crystallizer is kept in motion for several days; the shaft and paddles in the
crystallizer revolving at about one revolution in three minutes. As the mas-
secuite cools sugar crystals are formed and by continuous stirring are moved
about so that they come in contact with small particles of sucrose and continue
to grow in size until they have absorbed the greater part of the crystallizable
sugar. The massecuite is then dropped into a centrifugal mixer and is dried
similarly to the No. 1 sugar. The residual molasses is pumped to a tank
outside of the factory and is sold to. distilleries for making alcohol or other
spirits. When there is no market for alcohol, molasses is used in making
of cattle food or is sometimes burned under the boilers with the bagasse.
The final molasses contains potash and is sometimes burned in special fur-
naces for the purpose of recovering potash to be used as fertilizer.

Chemical Control

Every mill is provided with an extensive laboratory where
Science in skilled chemists are constantly engaged in sampling and analyz-
ing the cane, raw juice, syrups, sugars and molasses. This is

46

one of the most important features in the production of raw sugar. There is
a superintendent of manufacture who has charge of the Chemical Depart-
ment and he is held responsible for the recovery of sugar from the cane. From
the beginning to the end of the process of manufacture, the Chemical Depart-
ment is continually on the alert, sampling and testing and analyzing to see
that the loss of sucrose in the final molasses which goes to the distillery, in
the bagasse which goes to the furnaces and is burned, and in the press cake
which goes to the field as fertilizer, is reduced to the minimum. In the best
factories the total loss in manufacture is below 2%.

It will be readily seen that in the best and latest design of raw cane sugar
factories all parts of the cane are utilized, the principal by-product being the
final molasses.

Sugar crystals — bagged and ready for shipment to refineries.

47

PRINCIPAL CORRESPONDENT OFFICES

ALBANY

Ten Eyck Building
Telephone 6090 Main

ATLANTA

66 North Broad Street
Telephone 7541 Ivy

ATLANTIC CITY
Chalfonte Block
Telephone Atlantic City 749

BALTIMORE

Charles & Fayette Streets
Telephone 7471 Plaza

BOSTON

10 State Street
Telephone 8100 Main

BUFFALO

Ellicott Square Building
Tel. (Bell) 2472 Seneca

CHICAGO

137 So. La Salle Street
Telephone 7200 Randolph

CINCINNATI

4th National Bank Building
Telephone 422 Main

CLEVELAND

Guardian Building

Telephone (Bell) 763 Ontario

DAVENPORT

Putnam Building
Telephone 7935 Main

DENVER

718 Seventeenth Street
Telephone 1475 Main

DETROIT

743 Griswold Street
Telephone 2632 Cherry

HARTFORD

Conn. Mutual Building;
Telephone 2-3175

INDIANAPOLIS

Fletcher Sav. & Tr. Building
Telephone Circle 7800

KANSAS CITY

1017 Baltimore Avenue
Telephone 2706 Main

Los ANGELES

513 West 6th Street
Telephone 10203

LOUISVILLE, KY.

Marion E. Taylor Building
Telephone Main and City 3384

MEMPHIS

Bank of Com. & Tr. Co., Bldg.
Telephone (Postal) 119
(Cumberland) 1083 and 1241

MILWAUKEE

First Wis. Nat'l Bk. Building
Telephone 2590 Broadway

MINNEAPOLIS

Builders' Exchange Building
Telephone 8060 Atlantic

NEWARK

Kinney Building
Telephone 1943 Market

NEW ORLEANS

301 Baronne Street
Telephone 6863 Main

OMAHA

First National Bank Building
Telephone 3316 Jackson

PASADENA

Citizens Savings Bank Bldg.
Telephone 385 Colorado

PHILADELPHIA

1417 Chestnut Street
Telephone 5400 Locust

PITTSBURGH

Farmers' Bank Building
Telephone 5926 Grant

PORTLAND. ME.

Union Mutual Building
Telephone 6905 Main

PORTLAND. ORE.

Yeon Building
Telephone 6072 Main

PROVIDENCE

12 Westminster Street
Telephone 3262 Union

ROCHESTER

Wilder Building
Telephone 4464-5-6

SAN DIEGO

Union Building
Telephone 264 Main

SAN FRANCISCO

424 California Street
Telephone 921 Kearny

SEATTLE

Hoge Building
Telephone 2254 Elliott

ST. Louis

415 Olive Street
Telephone 7140 Olive

SAINT PAUL

State Savings Bank Building
Telephone 248 Cedar

WASHINGTON

741-15th Street, N. W.
Telephone 3176 Main

WlLKES-BARRE

Miners' Bank Building

Tel. (Bell) 2120 Wilkes-Barre

MONTREAL, CANADA

74 Notre Dame Street West
Telephone 6493 Main

TORONTO, CANADA

10 King Street East
Telephone 6120 Main

LONDON, E. C. 2, ENG.

No. 34 Bishopsgate
Telephone London Wall 1737

GENEVA, SWITZERLAND

1 rue de la Tour de 1'Ile
Telephone 51 89

TOKIO, JAPAN

Tokio Kaijo Building
Telephone 1615 Marunouchi

MAIN OFFICE: National City Bank Building, New York
UPTOWN OFFICE: National City Building (42nd St. at Madison Ave.)

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