The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-07-25
WEDNESDAY, JULY, %, 1888.
SUGAR MATTERS.

workings behind the scenes which
have been the chief cause Of the re-
cent rise in value of sugar The OBJ
ject of the great American Sugar
Trust was to raise the price OF re-
fined sugar and at the same time
lower that of the raw material, the
result to be an enormous profit to
the members of the Trust. The
latest developments are that both
raws and refined sugars have ad-
vanced in price and that the money
has been made, not by the Trust but
by the outsiders, Col. Spreckels and
his assistants.
The Trust had been purchasing
raw sugar in New York only from
hand to mouth and forcing down
the price, so much so that cargoes
of sugar arriving at New York had
gone elsewhere seeking q market.
The Trust then began 10 try and
boycott the brokers, telling them
that if they sold sugar to or for out
side retineries they would not be al
lowed TO handle Trust sugars. Col.
Spreckels who is still in the East
busy about his new refinery, seems
to have foreseen that there would be
an advance in the prices of sugar,
and with the assistance OF the brok-
ers he gradually acquired all the
stocks in New York. These are now
worth at least } cent per pound
more than he gave for them. The
Trust is left without sufficient sup
ply to fill its orders and has had to
send to London for cargoes which it's
original action had caused to be sent
away from New York. AS soon as
this became known prices advanced
in London and there is every pros
pect of a further rise there, and Of
course IN New York also. The Trust
has had to purchase from Spreckels,
who is said to have already cleared
100000 out of his sales to them.
He declares that before they have
done with him he will make them
pay the whole five millions which
his new refinery at Philadelphia is
to cost before the place itself is in
working order. All the brokers
have run with Spreckels, and if
there is any boycott" as threaten
ed it is not they who experience its
effects.
When the steamer left refined su-
gar was up to 8 cents per pound
in San Francisco. This advance
appears to have caught the Ameri-
can Refinery mapping. That insti-
tuition under its new management
altered the alle formerly existing in
the trade that the price of sugar
charged to customers should be
that current on the day of de-
livery. Mr.. Welch agreed to de-
liver sugars at the price of the day
on which the order was given with
out regard to market futuations
either way. Nearly month ago
the California Refinery put up its
price for refined sugars slightly
above the quotations OF the Ameri.
can, with the consequence that the
latter was swamped with orders and
has now in hand enough to take q
month to fill. Meanwhile the price
has. advanced to s cents, whilst the
American Refinery has to deliver
at Ga cents. This it cannot do
promptly enough to supply the daily
requirements OF the trade in San
Francisco, so the groeers are COM
PEELED to go to the California Re-
finery for the balance of what they
need. At the same time it appears
probable that the sugar which the
American Refinery has on hand OF
to come forward is not sufficient tC
enable it to fiji the orders it has ac
cepted. Not long ago it sent l2,0O(
TONS to New York and cargo O.
raw sugar to New Orleans. At pre-
sent prices it will have to pay
cents for raw sugar, SO that on filling
orders at Ga cents there must be al
actual loss. The control of the
market for the next six months il