The Wheeling daily intelligencer. [volume] (Wheeling, W. Va.) 1865-1903, 1884-11-25
THE DE YOUNG AFFAIR.
why Young Sprsokits Shot Him The Sug,
- Monopoly Of san sfrancisco. q

i
- Monopoly of sau sfrancisco.
Dispdtch 10 Ne,s York Tribune, siE@'3 4,
Tho election excitement had no more
than fairly subsidized when San Francisco
was stirred airesll by the attempt Of
Adolph d. sprcckles, son Of the Sandwich
Island sugar king, TO shoot down N. II.
Do Young, Editor Of the Chronicle. There
was no special occasion for tho deed, as
Tho latest article which the Chronicle pub.
lished about tho Hawaiian Commercial
Company, which il controlled by the
spreek'es family, was not so bitter us
many which 1t lias printed IN tho past.
This latest article, which is nscribcd by
Spreckles us tho cause Of his attempt to
commit murder, simply gave facts in re-
gard to the collapse Of tho company, facts
which huve been known, In financial
circles for weeks. IN. 3, t5sS i2.fg
The history OF the company which has
led TO the present condition may be stated
IN few words Old Claus Spreckles's am
bition ran away with his common sense
and business slirewdness. He thought he
had a bonanza III the sugar business ON
this cO;st because he paid no duty OH
crude sugar, and raised his cane In the
Sandwich Islands by cheap contract labor
-Portuguese from the Madeira Islands,
and Tahitians and other savages from the
South Seas; He put up an immense new
sugar refinery In ibis city, and stocked ID
with the costlitst machinery. Tho enter.
prise did not pay. One, sugar refinery has
remained idle there for over a year. When
he found there was no money inlthe bust
ness he tried to galvanize 1t into life by
forming joint stock company called the
Hawaiian Commercial Good dividends
werepaid and most tlattcring reports we're
circulated in regard TO the prospects Of
The company. Everything ran along
swilnniingly Ior time OH the surface,
but it has leaked out that quarterly
dividends even then were paid by draw
Ing money from the bank. Stock
was forced up last fall from $40 10 SG5 per
share, and at the latter figure large Num-
Der OF personal friends and employees OF
Claus spreckles were taken into the con
cern. Last year 3 sugar crop OH the Islands
was very bad. so thu. this loss with cor
tinued overirafts at the bank to pay diyi-
dends, led Claus Spreckles late in the fall
to borrow Sl,0OO,000 Of the Anglo. Cali-
fornia banks; giving n mortgage on all
assets OF the company here and on the
islands. They cleared pressing embarrass.
mcnts, but dividends ceased, and the value
Of stocks fell even more rupi,!ly than il
had risen. Last monll, 1t reached bed
rock. and the samr stock which was sold
by Spreckles at S65 was quoted at two
bits II silure, with no takers, The end OF
the matter; will probably be Tint the city
will full again into the hands nj Spreckles.
There is talk among some stockholders OF
criminal prosecution ol the directors ior
DECLARING dividends on-horrowed moneys,
but il will probably end in talk.
= Tile special feature which exasperated
this youngest son, who shot Dc Young, is
that his latner shifts all responsibility ior
the acts OF last year upon his sons. Old
Claus has been in Europe for a ycar
and has just returned. Hence the sons
regard any structures on the company MS
attacks upon them. The feeling here is
that the attempted assassination was
wholly without justification. The Chron.
icle has never made my attack on the pri.
vate character Of these men, but has
simply exposed the dangerous element Of
the monopoly which they controlled, and
by which to-day they maintain the price
81 sugar two cents higher per pound than
it is quoted in New York or Chicago, al.
thougl, they ought 10 be able.to sell it that
much lower. r. = '-z77'5 . q. sTE 4