Monday, Apr. 20, 1931
Idea
Col. Edward N. Johnston and Robert C. Cutting, consulting engineers, last week brought suit for $500,000 against Refined Syrups, Inc., of which tall young Charles Shipman Payson, son-in-law of the late Payne Whitney, is a big stockholder. They told this story:
For many years Refined Syrups lost money. Its chief problem lay in the heavy duty of $40 a ton on the sugar-syrup which it imported from Cuba. Consultants Johnston and Cutting were called in. They found that if the solution were 48% sugar instead of 68% the duty would be 83^ a ton. But this solution would ferment within ten days. Hence they suggested that syrup ships halt at the three-mile limit while the syrup was being mixed with water to reduce its sugar content. They charged that the company had promised to let them patent the idea and then to buy it for at least $500,000, but waited not, paid not.
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