St. Paul daily globe. [volume] (Saint Paul, Minn.) 1884-1896, 1890-02-19
SIX MILLION DOLLARS
The Amount Made by the
Hayemeyeps in Six
Months.
The Fall in Sugar Is the Most
Gigantic Turn on
Record.
Shares Sold Out at $3.50 and
Bought Back at
$50.
General Causes Of the Decline
and Reasons for the
Recovery.
New York Herald, Feb. 16.


Sugar Trust certificates.
From $40 per share to S126 to $50 to
$40 and all within less than a year.
What are the forces by which these
astonishing fluctuations have been
produced? Who were the buyers and
who the sellers at the top and at the
bottom of this remarkable range of
prices? In short. what has been going
on inside the sugar trust during the
past twelve months?
These are questions asked a hundred
times day by people in and out of Wall
street, and during the past week, in
winch the revived speculation in sugar
mas dwarfed everything else on the
stock exchange, they have been asked a
thousand times a day.
a general answer to them will be
found in the following paragraphs, but
much remains obscure. When the in
side history of the sugar trust is brought
to light-aS it surely will be one of these
days-a most surprising chapter will be
added to the annals of Speculation. The
purlieus of politics, the judicial bench
and the star chambers of Wall street
operators all will find place in it.
As the Messrs. Havemeyer received
about S16,000.000 of the S50, 200, 900 of GER
tificates issued by the trust, and, more
over, held the highest positions in the
ments in Wall street have nat
urally been prime factor in the
speculation. Investors aud traders
and professional stock exchange
bulls and bears argued and rea-
soned and theorized for months as to
whether or not the Havemeyers con-
tlnued to hold their stock or whether
they had sold out at high prices. That
I'll. Il. Havemeyer had sold out became
pretty well known to those who believed
the story that on certain day when his
opinion was asked at meeting of trus-
tees he stopped pairing his nails long
enough to astOnish his hearers with the
remark that his opinion was of little
consequence, as he had very little re-
naming interest in the property. Then
he went to Europe.
As TO Theodore A. Havemeyer, presi-
dent of the trust, it is still generally be-
lieved that he retained the bulk of his
interest throughout all market fluctua-
lions. On the authority of gentleman
or the highest veracity and who is in
CONFIDENTIAL business relations with Mr..
Havemeyer it may now be asserted that
the whole of the Havemeyers Sic. DOC. GOO
OF certificates were sold out last summer
from 500 up to 1925 per share, and they
did not begin buying them back until a
eWdayS ago. The buying and the selling
were brilliantly managed by famous
operator, and assuming that they have
regained the entire Sl6,OO0,0OO it would
seem that he has made for the Have
meyers one Of the most gigantic s'turps''
on record--a turn which shows them
profit of something like $4,000, 900.
After the Hayemeyers sold out"
said the gentlem an previously referred
to, 1.-THE price of the certificates fell to
about 800, which was fair figure in
view of the large earnings of the trust.
The decline from $50 down to S5O-at
which they sold last menth-was
brought about by the Grey litigation,
and the fear of the trustees that il
might end III a receivership for all the
trust properties, notwithstanding the
trust had no debts and at all times with
in the past five months has had as much
as Sl1,0O0,000 of cash and cash assets in
It's treasury. A receivership would
mean twenty lucrative positions for
certain people and no end of expense
OF its business"
Suit was being pressed in the name
of the receiver of the defunct North
River refinery to enjoin payment of
dividends and the appointment of re-
ceiver for the trust and the sale of it's
properties end the distribution of the
proceeds. While this was going on the
MeSsrs. Havemeyer were unwilling to
repurchase the certificates they had
sold, and they held off until the decision
of Judge O'Brien last Tuesday after
noon relieved them from the fear that
the payment of dividends would be en-
Joined. and gave assurance that the suit
of the North River refnery's receiver
would not be pressed to a receivership.
Then they began to buy back the Ger
tificates, and up to this time they have
replaced the greater part of those they
sold above par. This is the cause of the
sharp advance that has occurred i'm the
past four days, and explains why the
drive of the bears against the stock on
Wednesday morning was such a dismal
fo;