The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1890-06-23
OUR SAN FRANCISCO LETTER
Per City OF Picking, San Francisco,
June IL, 1890.

Oui CpStidl
Sugar and Trade.
New York June 18th Cuban CEN
trifugals sc degrees 6 9-16c., gran
ulated &c
The local market has been sub
ject to great variations on account
of the decision of the Supreme
Court opening the American re-
finery. On the morning of the 9th
inst, granulated was marked up to
74c. for granulated under the in
creasing demand from the can
neries and the small stock avail
able for refining. The moment the
American was open all grades were
down 5c. granulated now being
held at &c. The arrival of the
great fleet from Hawaii on the 9Th,
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
93c. gallon.
The Senate Finance committee
has completed it's consideration OF
the Mckinley tariff bill except as
to sugar. The bill will be reported
in 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 115, 900 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 100000. but as a
matter of fact Keene made no such
amount. He Yves acting SIMPLY as
agent of the Havemyers, who made
the largest profits by Keen's dex-
ferrous work. It is asserted that
the Havemyers rushed sugar up
and down and made money both
ways. They held originally s10,-
100000 of stock, one-ffth of the
whole amount. So long as they
held this stock the shares ruled
firm and at last rose from 68 tc 125.
The rising market was judiciously
fed with Havemyer's stock, Harry
Havemyer getting rid of over
$4,000, 900 worth around par.
Most of the other refneries held
on to the stock, ignorant of the fact
that the Havemyers' stock had
been unloaded. 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 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 dozen failures
during the month of brokers who
endeavored to catch the fuctua-
tons of sugar on the exchange.
On the 10th inst. charter was
granted to the Spreckels Sugar Re-
filming Co., of Philadelphia. Capital
100000. The directors are:
Claus Spreckels of San Francisco,
G. A. Spreckels and Louis Spreck-
els of Philadelphia. This gave rise
to the publication in the New York
World of a story to the effect that
Spreckels had been won over by
the trust. G. A. Spreckels en-
phatically 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. II. 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
box, grapes from Honolulu at
30 to 80 cents per pound, and pine
apples at 81 to $3.50 per dozen
The exports from San Francisco
during May were as follows: to
Hawaii S345, 200, Australia S142,-
800. New Zealand S19,5OO, Navi-
gator Islands 5000, and Marshall
Islands $1,000.
The American Refinery Opened.
On the 9th the Supreme Court
rendered its decision in banco in
the case of Theodore A. Have
meyer and others against the Su-
perior Court of the city and county
of San Francisco known as the
great sugar case. The practical
effect of the decision is to release
the refinery from the control of the
receiver and all orders of the Su-
perior Court made subsequent to
the final judgment. The American
refinery was immediately opened
by the old owners Havemeyer and
Elder and some sugar vessels which
were unloading their cargoes at