The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1889-10-19

down mere 10 LAKE lDOney, ana
fancy they have made good pile,
first in booming the certificates and
then in engineering the break on
which they sold short"
The absence of sworn statements
regarding the financial status of the
Trust has begUtten want OF CONT
dence, and it is believed powerful
p )ols heve been formed in New
York, Boston and Albany to break
the Trast. The Havemeyers declare
that the financial position Of the
Trust is as strong as ever it was,
but holders of certificates doubt
these assurances, and are clamoring
for financial statement under oath.
The Trust manipulators, however,
are too shrewd to show their hands
in this way, and will continue to
work the market TO receup them
selves from innocent investors for
the losses they have made in sugar.
They also deny having sold certii
Gates. The Wall Street Daily News,
October I'd, puts this point briefly
and pithily. 1t says that when the
Sugar Trust was formed the Whole
of the certificates were held by own
ers of the rehneries that joined the
combination. "If it is such good
investment will Mr.. Havemeycr ex-
plain to the dear public, who have
lost heavily through dealing in
concern of which he is the head,
how it is that hundreds of thousands
of his certificates got on the market
at all. Which of the insiders have
become Disguised with the combina.
ton and unloaded? Mr.. Havemeyer
claims that he has not, but it is his
duty to say who has sold out. If
the insiders have not sold, has more
stock been quietly issued? As chief
engineer Of the Sugar Trust, Mr..
Elayemeyer has much to explain.
Either one or more of the insiders
has become disguised and ualoaded,
or more certificates have been is.
sued" This puts Messrs. Have
meyer, Searlc and associates in q
very delicate position, from which
there is no escape except by full
and unreserved confession, taking
the public into their confidence.
But they fail to do 80. Searie
processes innocent ignorance; and
Theodore Havemeyer has nothing
to say beyond expressing his sym
pathy for swindled public. 1t is
evident that sugar trust certificates
are to be manipulated hereafter for
purposes Of profit by the inside oper-
ators of the Sugar Trust, while their
dupes and victims lose money on the
various deals and in the trading and
refining operations of the combine.
How far the Islands holder Of
Sugar Trust certificates may be az
fected by the Notwithstanding
operations of the inside clique is
known only 10 themselves. 1t is not
very desirable kind Of security,
however, nor does ii seem likely that
these certificates ever will have a
fixed value. When they became re-
iners as we'll as planters the sugar
men of the Islands took great risks,
and these were vastly increased
when their trustees exchanged Ame-
rican Refinery stock for certificates
in Tom Tiddler's trust. II they
we're living in this country and
could take advantage Of the gam
bling operations of the Trust, they
might be able to protect themselves,
but ultimate and irretrievable loss
must be the issue to all those who
hold the certificates las an invest
ment despite present dividends.
The doubt raised as to the promis-
cuous issue of certificates by the
I Wall Street Daily News, is one of
the most damaging, as it is one of
the most alarming incidents In the
not very creditable career of the
Trust.
Under the head "More Certain
than Law" the Wall Street Daily
News has the following editorial
comments in its issue of Sept. 30th !:
1.-The laws delay is proverbial, as
also its uncertainty. The suits
against the Sugar Trust have been
pending for SO long that confidence
in the courts has been almost lost.
Fortunately for the public there is
another quicker and more certain
remedy at hand. Within eighteen
months from now the reflneries that
do not belong to the Trust will be
able to supply the whole of the
sugar requiredfor the United States.
Each one being independent, and
having no old worn out concerns to
care for, will be able to manufacture
sugars and make profit at less cost
than the Trust combination. What
will become OF the combination
President Havemeyer and Secretary
Searles will have to sound the big
drum and try to make the dropsy
stockholders roll up with their dol
lars"
Irving A. Evans & Co.'S Bos-
ton Trade Circular has the following
on the sugar deal and the past and
present situation, which Island in
vestors in Sugar Trust certificates
may also ponder on;
1T is probable that Boston owns