The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1888-11-14
AGAINST TRUSTS.
Tammany Society Opposed to their
Formation and Existence.
Committee Report Submitted.

Al q meeting OF the lammany
Society last evening twelve new
members were elected, including
Joseph Franklin, an ex-Assembly-
man and Republican member of
the Legislature four years ago. G.
A. Buckley was added to the Com
mittee on Trusts. Members of the
society volunteered to guard the
polls on the night of the election and
the subsequent night. Speeches
were made by Joseph Naphthaly,
A. j. Clunie, Joseph Franklin and
others. Mr.. Franklin assigned as
his reasons for leaving the Repub-
lican party and joining the Demo-
cratic, the action of Grover Cleve-
land in signing the Chinese Exclu-
sion bill, and the failure of the Re-
public Administrator to provide
any remedy for the evils of Mongo-
lian immigration. The Committee
on Trusts submitted their report,
which was unanimously adopted.
The committee were authorized TO
employ counsel and to commence
action through the Attorney-Gen-
eral of the State forthwith. The
report of the committee was as fol-
lows:
To the President, Officers and Mem
bers of Tammany Society, San
Francisco, Gentlemen:
The undersigned, appointed at a
meeting of Tammany Society on
September 26th last as committee
to investigate the workings of the
Sugar Trust in this State, to ascer-
tam the name of any Californian
corporation belonging to said Trust.
and the advisability of the Society
| taking action to counteract the inju-
rious effects of planting the trust
system on this Coast, beg leave to
submit the following report:
The following extract taken from
the report of the Investigating Com
mittee of the State of New York,
gives the history of the formation of
the Trust, or, as it calls itself, "T'he
Sugar Retineries Company" its OBJ
| jects and the manner of its work
ings:
"The combination known as the
Sugar Trust, with capital repre-
sented by stock certificates amount
ing to $45, 100000 came into exis-
tence by virtue of an agreement
dated on or about October "a, 1887,
by and between the stockholders of
eight sugar retineries, corporations
of this and other States on the East
ern coast of the United States Gone,
| however, was located in St. Louis),
by which they agreed to surrender
the stock of their several corpora
tions to certain persons as Trustees,
called the Sugar Refineries Com
pany, and who were to hold the
same for the benefit of all; and in
exchange for such stock so surrend-
cred the several stockholders so sur
rendering receiving stock certificates
in the Sugar Refineries Company in
amount at least four times the nom
inal value of the stock surrendered.
The stock of the several corpora
tions in the hands of the trustees
called the Sugar Refineres Com
pany, gave them the absolute con-
troll of all the refineries in the COM
bination, and enabled the trust to
run all the retineries exclusively for
the profit of all, and without any
competition between them. BY
such surrender the several corpora
tions became the mere satellites of
the trust (being the Sugar Refner-
les Company, and all their affairs
are dominated from the central
body. A system of reports contain
ing statements of raw material pur-
chased, refined sugar ON hand the
daily output of each refinery, to-
gether with the funds in the treas
ury, is established between the
trust and its vassal corporations.
The Sugar Refineries Company re-
commended when refinery shall
shut down and when it shall run,
but, at work or idle, it receives its
share of the general earnings. The
trust exercises absolute control OF
all the industry, and in its discre.
tion takes in new corporations
which surrender their stock at 6
valuation agreed upon, and in turr
receive certificates of stock in Tht
Sugar Refneries Company, fol
which reception of new corporations
the original trust agreement made
full provision. 1t is obvious that il
effect this combination, represent
ing as it does eighty-tive per cent
of the sugar refining capacity of tht
Atlantic coast, and all the sugar re
tineries in the State, can greatly af
feet, and for time at least control
at once the price of the raw mate,
rial, and of the refined product, anG
this without regard to the interest
of the consumer. 1t ap,
pears that the price of sugar has
largely advanced since the trusts
formation, and no satisfactory ex.
planation was given of the cause OF
such advance, aside from the com.
bination complained of, of eighty
five per cent. of the sugar refiners
of the Atlantic coast to put ur
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