New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1884-11-23
TOPICS IN LEADING CITIES
SAN FRANCISCO.
THE SPRfCKLES-DE YOUNG AFFAIR
ANOTHER FAILURE-FINE ARTS.

fBY TEJyaRAPH 70 rug uBuNyl
SAN FRANcIsco, Nov. 22.-The election excite
mcnt had no more than fairly subsidized when the
city was stirred afresh by the attempt OF Adop'
Is. Spreck'cs. son of the Sandwich Island sugar
king. 70 shoot down NJ. n. De Young. Editor of The
Chronicle. There was no special occasion 1or inc
deed. ms the latest article which The Chronicle pub
Iisbed about the Hawaiian Commercial Company,
which is controlled by tho Sprccklcs family. was
not so bitter as many which it has printed in tho
mast This latest article. which is ascribed by
Spreckles rs the cause of his attcmp. tn commit
MURDER simply gave facts in regard to the co'lapso
ofthc company, facts which have been known IN
financial circles for weeks.
The history Of the company which has led to tho
present condition may bo stated IN % few words
Old Claus Sprccklcs's ambition ran away with ms
common sense and business shrewdness' tie
Thought he had bonanza in the sugar business on
this coast because he paid no duty on crude sugar.
and raised his cane in tho Sandwich Islands by
cheap contract labor--Portugucse from the Madeira
Islands, AID Tahitans and other savages from tho
South Seas. lie put mp an Immense new sugar re-
fncry in this city, and Stoke II with the costest
machinery. The enterprise did not pay. One
sugar refinery has remained idle there Tor over ycr
When he found there was 40 money III the
bus,ness he tried to gavanizo II into life by form
Commercial. Good dividends were paid and most
latcrIng reports were circulated in regard to me
prospects of the company. Everything ian along
swjmmingly for q time on the surface, but 1t has
since leaked ont that quarterly dividends even then
were paid by drawing money from the bank. STOCK
Al forced up last fall from $40 to 800 per share
end at the latter figure large number OF personal
friends and employees of Claus Spreckles were taken
into the concern. Last years sugar crop on the
Islands was very bad, so that TINS
loss with continued Ovcrdrafts at the bank
to pay dividends led Claus Sprcckles late IN the
fall to borrow S1. 100000 of tho Anglo-Caliiornia
banks givnga mortgage on all assets OF the com
pany here aud on the islands This cleared away
ures,ing embarr issmants but dividends ceased and
the value of stocks tell oven moro rapidly than 1t
had rsen Last month 1t reached bed rock and the
same stock which was sold by Spreckles for 800
was quoted AZ two hits n share with no takers
The end Of the matter will probably be that the
company will be declared insoycnt, aud the prop
erly will fall again into the han of Spfeckles
There il talk among some stockholders of criminal
mosecuiio ion of the direclpr for declaring diyl-
bends on borrowed moneys. but it will probably
end In talk.
Youngest son, who snOt Do Young N that his
~ her shifts NIL responsibility for the nriS o' lhHl
yrnr upon his sans. uld Claus has boon ~ Europe
for "A ycnr aud has last returned. Hence the Sons
regard any Hirictiros on tle Company NJ niihohs
upon them. The feeling hero ~ that i'c attempted
a1sisrlnn'lon was wholly without lnSlilcn'i"' =
The fhOpich has never mndo any attack 90 the
private character of these men, but has SIMPLY nN'
u ard tho dangerous elements ol tho mon"polN
which they controlled. aud by whic to-ln, tho'
maintain the price Of sugar Two cent hiuhrr per
Mound thnn N IN quoted IN New-lotk or thicnK,,
although thcy ought to be abb" to scl II that nnch
lower.
Another collapse Of much the same character "a
that of Sprrcklcss company hns come out wiihii
tbo week II IN that of the Maltnlaih Manu- actir-
ilg Company n Joint stock concern, which wa
started bv u man named MattIaih who claimed To
have u valuable patent for max ing barrel-stayeS
al tow rates \ saw-mill was built NJ seattle
Washington Territory. and "A contract made WIN
Sprrcklrs for all sugar barro winch lie woulh
need. " here were millions in II, according 10
reports Of brokers in Pinc-sl., aud stock 5oli ior
over & 90 prr share and dividends of seventy -iyc
cents n slnrc per month were paid. But the mil at
less 40 that the whole concern went to pieces, ana
stock to-day, though listed ut ~ 30, would not
bring fifty cents share.
The Cotton suit still drass its slow length along;
the opening counsel for plant II having consiinoh
the greater part of the week in elaborate hrsu-
nrnt.
The sncrrss Of the Rosenthal exhibition of pc
tnrrs baa lel 10 che suggestion that the city Ought
to haze n permanent public exhibition OF pictures
aud in n ilr collection of Mrs. judge trocker, now
M Sacramento should he purchased ~ nucleus,
since il contains inrge number Of iinc PORTRAITS ~
iepitscn tive taliTuruins of early days, as wen
~ I'D selection Of modern American ANA En-
rUpcan art.