The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1889-10-21
OUR SAN FRANCISCO LETTER.
Per 5. 5. Australia, San Francisco
October II, 1889.
CFrom our special correspondent)
Sugar.

to smash on the strength OF rumors
that the trust was losing $50 per ton
on all sugar refined owing to having
loaded up at large figures. The
Magdeburg ring has collapsed
throwing its sugar on the market.
The prices quoted in the east are
only nominal. No one knows what
will come when the Spreckels REIN
ery opens at Philadelphia, and the
market will remain unsteady until
that time. Sugar in London is weak
and unsteady.
A great raid on sugar trust stock
has been engineered during the past
fortnight. Bear ramors of every
sort were spread. The first smash
came on the oath inst. when it was
run down to S1O2s. An hour later
the bears had it at $97a when 1000
shares we're 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 $95 and they hammered 1t
down that day to $98 It afterward
recovered to 800. There was after
wards another decline to So| since
when there has been reaction.
A New York dispatch Of the 28th
says: The Sugar Trust is losing
heart as we'll as losing ground, and
Havemeyer- Searles combine is be-
coming desperate. Wall street read
ily discounted the stock jobbing ru-
NOR that an extra per cent. dlvl-
; 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,
nouncement of a q per cent. div
dend was made the soundn, IS OF Wal
street Judgment was recognized and
certificates took another tumble
Then followed the announcement
< that Spreckels had determined upol
Q establishing a refinery at New
Orleans, and tumble in prices a
London, which promises to be per
manent, added to the loss by fire o.
g a Trust refinery in Brooklyn and tn
/ incorporation of a new refinery com
PAW at Baltimore, Trust certificate
= fell SIS per share at run on the 10th
y and with yesterdays drop the ten
~ dency is still downwards and weak
3 ening. The Trust is loaded dow.
= to the guards with sugar bought a
;, top figures, and it is compelled t
: hold vast accumulation of refine
N in stock for want of purchasers
h Jobbers are only buying from han
- to mouth, and there is an evider
:, understanding in the trade to hol
=, orders for Spreckels until his ne
-. =. Philadelphia refinery commence
~ operations. Those who have give
W W the subject close attention say th
~, ~, movement is general throughout I'll
;. country, and that Trust sugar WI
- only be bought because a supp
= cannot be had from any other qua
ter. Inquiries from Spreckels repr
a sentatives bring out the statemel
o. that they will start this reinel
under the most promising auspice
having the advantage over the Iru
49, of buying sugar at low rates, VIII
Us the process Of refining by their IL
~ proved machinery is less expensi
t 10 than by the Trusts old fashion,
" plants. They have advance orde
* x, ahead of all possible output, al
NC new orders keep pouring III from
We No quarters. Spreckels has eman
40 40. pated the trade from the tyranny
81 the Trust, and given jobbers al
12 retailers a chance to make livll
ne profit. If the Trust could have
90 q way Havemeyer and his certitcat
20, ut would absorb all the profits in t
~ sugar business from the ships 81
40 to the retailers counter. 1t is HARD
nc nc possible now to sell Trust certificat
- IL They are looked at as very 81
no stock, and it will not surprise t
- street if the Trust itself is desolv
he he before the close Of the year.
- San Francisco News.
90 A man eating shark fourteen fl
to long was captured in the bay on
m 26t6 inst. near Angel Island.
es A State lottery is again propoe
al in Nevada.
j. Lamb Doty the United Sta
Consul at Tahiti who wanted
marry Tahitian princess but v
1rk thrown out, again denies the story
of his engagement. This is the fou
,rt denial he has made.
lch The contest for Blythes' millit
of drags along in the Probate Cot
$50 The contest is likely to last
is months yet.
ore San Francisco society has
alls vorce scandal. Carlos T. Mont
csc leagre and his wife are at outs.
un- is wealthy and alleges desertion,
the compatibility of temper and dru
ear enness. She alleges adultery {
To drunkenness.
f a At the meeting of the stockhold
en- of the Nevada Bank, the resi-
I've alton of James 6. Fair as Presid
the and Director, was received
en- accepted, J. L. Flood was elected
of fill the vacancy caused by Mr.. Ia
ter retirement from the Presidency, ;
, is r. II. Follis was elected to the