The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1889-10-22
OUR SAN FRANCISCO LETTER.
Per :. $. Australia. San Francisco,
October II. 1850.
cRno.n our special eosresponasn.l


The sugar market both in Sar
Francisco and the east is lower. The
latest quotations in New York fol
Cuban centrifugals 96 deg. test was
81 on October 10th. The Californis
Refinery quotes granulated at q
cents and other grades in proportion,
and the market Is weak. Three
eargoes from the Philippines, OF
which two were for Spreckels and
one for Hsvemeyer Il Elder, have
arrived since the last report. The
receipts of Hawaiian are very light.
The New Orleans papers claim to
have positive information that Claus
Spreckels viii build refinery there
as soon as the one in Philadelphia is
going on well. Mr.. Spreckels will
say nothing about it to San Fran
cisco reporters, 1t is known, how
ever, that he has been in correspon-
dence with q prominent real estate
firm there in regard TO buying a
tract with a frontage of 1,500 feet on
the Mississippi river.
The Sugar Refining Company of
Baltimore has been Incorporated.
VIM. 81. Spence, Frank Frick, Josh.
lowering, VIM. F Frick, and Rufus
Woods are the incorporators. The
capital stock is S1,000,00O. This will
be an antitrust concern.
The eastern market has gone all
10 smash on the strength of rumors
that the trust was losing $40 per ton
on all sugar refined owing to having
loaded up st large figures. The
Msgdeburg ring has collapsed,
throwing its sugar on the market.
The prices quoted in the east are
only nominal. No one knows what
viii come when the Spreckels refn-
cry opens at Philsdelphis, and the
market viii remain unsteady until
that time Sugar IN London IS weak
and unsteady.
4 great raid on sugar trust stock
has been engineered during the past
fortnight. Bear rdmors of every
sort were spread. The first smash
came on the oath inst when it was
run down to STOPS. An hour later
the bears had it at 1914 when 1000
shares were sold. The attack con-
tinued the following days. Upon ru-
mors that the stock was to be watered
the bears continued to batter down
the price. On the 9th the opening
price was S95 and they hammered it
down that day to SSS- 1t afterward
to $50 There was after
wards another decline to SS7 since
when there has been q reaction.
A New York dispstcb of the 18th
says The Sugar Trust is losing
heart as well as losing ground, and
Hsvemeyer- Searles combine is be
coming desperate. Wall street read
lily discounted the stock iobbing ru-
NOR that an extra 5 per cent. divl-
dend would be declared upon Sugar
Trust certificates, and for that
reason the inside were unable to IN
load on the public When the an
of 2 per cent. diTi-
iend was made the soundness OF Wall
street Judgment was recognized and
certificates took another tumble
Then followed the announcement
that Spreckels had determined upon
establishing z refinery at New
Orleans, and tumble IN prices at
London, which promises to be per
added to the loss by fire OF
: Trust refinery II Brooklyn and the
Incorporation of new refinery com
pany at Baltimore, Trust certificates
.el IS per share at q run on the 10Th, |
md with yesterdays drop the ten
iency Is still doEuEsrds and weak
sning- The Trust Is loaded down |
70 the guards with sugar bought at |
iop figures, and it Is compelled to |
hold vast accumulation OF refined |
4 stock for want of purchasers
Iobbers are only buying from hand |
% mouth, and there IS Al evident
understanding IN the trade 10 hold
riders for Spreekels until his new
Philadelphia refinery commences
operations Those who have given
he subject close attention say this
Is general throughout the
'ountry, and that Trust sugar VIII /
My be bought because z supply
snnOt be had from any other quar-
er- Inquiries from Spreckels repre-
eutstIves bring out the statement
hat they viii start this refinery
,nder the most promising auspices,
.aTing the advantage over the Trust
I buying sugar at low rates, while
he process Of refining by their in
irUTed machinery Is less expensive
han by the Trusts old fashioned
Ilants- They have advance orders
head Of al possible output, and
eE orders keep pouring N from al
uarters- SpreckeIs has emauc.
sted the trade from the tyranny OF
1e Trust, and given iO6bers and
etsIlers z chance 10 make 4 living
ruft- If the Trust could have its
az Haveneyer and his certificates
-Ould absorb al the profits IN the
1gsr business from the ships side
j the retailers coQrteE- Ii i hardly
0esIble now 10 sell Trust certificates.
hey ara locked at a. very sick
oek- and It viii not surprise the
rect If the Trust itself Is dissolved !
zfore the close Of the year
san Frz1<zse5 News In
4 man szfTr<y =Jzs~E- Eowr%eo- 80 :