The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1890-07-09

The Sugar Trust Burst
BY The New York Court Of
Appeals
A Criminal Conspiracy Defeat.
cd on MI Points,
Break in Sugar Trust Certificates,
Break in Sugar Trust Certificates,
SAN FRANCISCO, June -

sweeping condemnation of the Sugar
Schedule of the Mckinley Bill, as
well as by the oclion of Congress on
the anli-Irsut bill IAN dhy Mr.. Claus
Spreckcls' declaration Of intention
ani remarks about The Trust prior
to his departure for Honolulu. Il
will be remembered that the Trust
gave out pointers that the Spreckels
Refnerics would join the combina-
ton, and ON the strength of that lie
and deliberate misstatement of
the California decision on the Re-
Ownership, its brokers had buIled
certificates and unloaded at high
figures. When the truth was dis
closed certificates fell e percent on
Wall street with heavy sales. The
San Francisco Chronicle which, has
been friendly to the Sugar combine,
published the following despatch,
descriptive of this event:
"New York, June 2l.-Iiolders
of Sugar Trust certificates were dis
mayed this morning when they read
the unanimous vote by which the
House adopted the report of the
Conference Committee on the Anti
rrut sBill,a long before the open-
ing business the Sugar post on the
floor of the Exchange was surround
ed by a large and excited crowd of
brokers discussing the event. They
soon realized the effect when the
chairman gavel fell and the entire
crowd began to offer certificates.
At the close of the business a de-
cline OF 7s percent was noted for
the day. Many spectators who
bought above 80 last week are EN-.
barrassed, and it is feared will have
to liquidate on Monday. Represent
atives OF the Sugar Trust are anx-
ously awaiting the decision of the
Court of Appeals on the legality of
| the Trust"
The SUGAR TRUST BURST.
These innocents had not long TO
wait, because the Court of Appeals
handed down a decision in the
North River Refinery case on the
gath, Diminishing the appeal with
costs and denying the motion for Q
partial stay of proceedings. The
decision was against the Sugar
Trust on all points, and although
Theodore Havemeyer, in spirit Of
bravado, said that the Sugar Trust
would not disband, but would be SC
altered as to bring the organization
within the letter and spirit of The
law, the opinion of leading jurists i:
decidedly against that view of thu
case.
Supreme Court Justice Barrett re
ferrng to the decision, said: "Thi
is matter in which I have takel
greater interest, 1 think, than il
any other which has cone befoI
me. This question Of trust is,
think, almost of as much conse
quence as slavery" On the stree
the sugar people and those interest
ed in the trust appeared TO be NOR
amused than disconnected by th
decision of the court. They say tn
Trust has not received its death
blow, but will still continue. Onl
the "method" of doing business wi
be affected. But they forget tha
Congress is legislating against a
Trusts, and that the people of til
United States have determined t
stamp them out of existence no mai
ter who may be hurt. And TIL
shameless abuse Of their position
the stock market, gambling wit
sugar trust certificates, has embi
, tered spectators against the Have
meyers and their associates, so ths
no class in the country stands up
defend them.
General Pryor, who represents I'll
Acknowledgement in the cast
brought against the trust, says Il
effect of the decision is to destro
! one member of the trust, the Mort
= River Sugar Refining Company, al
; now nothing remains but to sue eac
; member of the trust. The propose
transfer by the Sugar Trust Of Il
property to corporation under Il
laws of Connecticut or New Jers'
may not be easily accomplishe
The court has already granted {
injunction against the trust provi
5 ing against just such move. II
y next step will be taken by the A
:. torney. General. The action of d
n court in San Francisco in the ca
II of the American Sugar Refinery w
e give the Sugar Trust people the
IS some comfort, for it may he pr
e cedent in the present case. b
Is that decision only touches the a
Ic pointment OF receiver, on mott
l. 10y the Commonwealth, without a
ID of the stockholders joining in I
IS petition, and doubtless the Co
"a monwealth of New York, as rep
J. svnted by able counsel, will proyi
Y against such contingency!
I'd The New York World, the pal
rs having the largest circulation u
10 greatest influence in America, So
al editorlally: "The effect of I
action Is far-reaching; it dissol'
the trust, brands it as consplra
whose formation was a criminal
var at common law, and renders all p
ties to it liable to criminal prose