The Hawaiian gazette. [volume] (Honolulu [Oahu, Hawaii]) 1865-1918, 1890-06-24
OUR SAN FRANCISCO LETTER,
Per City OF feking. san Francisco.
June IA. 1890.

Per City OF Feking. san Francisco
June Ia, 1890.
; from Our Special Correspondent.l
, Sugar and Trade.
New York June l4th Cuban cen
trifugals 90 degrees 8 9-l6c,, gran
ulated 6Se
The local market has been sub
ject 10 great variations on account
of the decision of the Supreme
Court opening the American re,
hnery. On the morning of the 9th
inst, granulated was marked up TO
tic. for granulated under the in,
ereaSing demand from the can
neries and the small stock avail
able for refining. The moment the
American was open all grades were
down Sc granulated now being
held at 6ic. The arrival of the
great fleet from Hawaii on the Sth,
9Th and 10th supplemented by the
steamer Sussex from Java on the
10th with 1926 baskets for the
California refinery have made
stocks ample. Syrup has declined
9sc, gallon.
The Senate Finance committee
has completed its consideration of
the Mckinley tariff bill except IS
to sugar. The bill will be reported
in a few days at the farthest.
A New York dispatch of the 9th
says: Wall street was kept in a
turmoil through the last week by
wild fluctuations in sugar trust
stocks. On Friday transactions
amounted to $4,000 shares, equal
to one-third of the total dealings
upon the stock exchange for that
day. Jim keene, of San Francisco,
who is manipulating the deal for
the Havemyers, is popularity sup
posed TO have made anywhere from
81, 100000 TO s5,000,000, but as
matter of fact Keene made no such
amount. He w&s acting simply as
agent of the Havemyers, who made
the largest profits by Keen's dex-
ferrous work. II is asserted that
the Havemyers rushed sugar up
and down and made money both
ways. They held originally s1O,-
100000 of stock, one-fifth of the
whole amount. So long as they
held this stock the shares ruled
firm and at last rose from 6S tc 125.
The rising market was judiciously
fed with Hayemyer's stock, Harry
Havemyer getting rid of over
S., 900, 900 worth around par.
Most of the other reineries held
On TO the stock, ignorant of the fact
that the Havemyers' stock had
been unIoaded. Harry Havemyer
was scored on all sides for cutting
the throat of the property he was
bound in honor TO support. His
reply was that he had for years
been anxious to get out of business
altogether, and who could blame
him for getting out in his own style.
He held q remnant of stock for
trust management purposes. This
explanation did not satisfy bona
fide holders, who saw the property
running down in speculative value
at the rate of 100000 a day.
There have been a dozen failures
during the month of brokers who
endeavored to catch the huctua-
tons of sugar on the exchange.
On the 10th inst. a charter was
granted to the Spreckels Sugar Re-
filming Co., of Philadelphia. Capital
s5,O0O,OO0 The directors are:
Claus Spreckels of San Francisco,
C. A. Spreckels and Louis Spreck-
els of Philadelphia. This gave rise
to the publication in the New York
World of story to the effect that
Spreckels had been won ever by
the trust. c. A. Spreckels en-
phGtically denied the story. The
trustees of the sugar trust met the
same day. The proceedings were
harmonious. There probably will
be no change in the Presidency of |
the trust at present. 1t is also re-
ported the usual dividend will be
declared.
E. 81. Dyer one of the owners of |
the beet sugar factory at Alvarado |
is negotiating with the people of |
Salinas for the erection of beet |
sugar establishment there.
On the arrival of the Alameda |
apples from Australia sold for $3.50 |
a box, grapes from Honolulu at
80 to 80 cents per pound, and pine
apples at s4 to $3.50 per dozen
The exports from San Francisco
during May were as follows: to
Hawaii s345, 200, Australia s142,- |
800. New Zealand s18,50O, Navl- |
gator Islands $500, and Marshall
Islands s15, 100.
The American Refinery Opened.
On the 9th the Supreme Court
rendered its decision in banco in
III oaca ~ TLo1doro Ho-1 |