The Daily bulletin., 1890-06-23
AMERICAN REFINERY
The Supreme Court Removes
the Receiver.
Great Excitement in Tho Sugar Market.
The Senate Enhance C0:Nm!iioe Com
side ing the Tariff GiI..
san lInANcIsco. June II.

SAN FRANCISCO, June Ii.
The sailing of the City OF Pcking
thi. afternoon affords an opportun-
ity to write to Honolulu. Since my
last letter there has been quite an
excitement in the local sugar mar
ket. The newspapers got ont sem
saticnal articles Of sugar famine,
and it was stated that the cannery
business would be ruined because
the Supreme Court kept 10000 bar
iels refined sugar locked up in the
American refinery. The Gamers
were interviewed and said there was
no scarcity, that they had all the
sugar they wanted on contracts with
the California refinery, and that
there wos no danger Of their busi-
ness suffering. There was a tempo
rary shortage In arrivals, however,
when these articles appeared on the
9Th aud 9TH instant, aud the Su-
prcma Court banded in its decision
on the Rgceiyership question of the
American Refinery early on Monday
morning, June 9th, making the writ
Of prohibition imperative and re-
moving the Receiver. The decision
WAS confined TO this question alone,
the Court expressly stating that it
did not touch either The contempt
case or the decision Of Judge Wal
lace torfeiting the charter Of the
American Refinery. The contempt
case would be dealt with in a separ-
ate ruling, and the main issue would
be decided on appeal. Meantime
the forfeiture decree stands in full
force and effect. The point of the
receivcrship ruling is that receiver
FOR n solvent corporation can only he
appointed on application of stock
holders; in this case they opposed
the application.
On the decision becoming known
there was great excitement on the
street among the American Rein.
ery's brokers who had been at dis.
advantage since Feb. 18th, when the
ield of supply passed exclusively into
the hands Of the California refinery
whose business they had systematic
ally tried to injure, and who there
fore could expect 10 favo.s. The
American people te!eeraphed as fal
East rs the Missouri river-"Decis.
ion in cur favor; graduated g."
and read the despatch to their loca
clients. As matter Of course they
were busy filling orders, but as the
California Refinery met the drop il
did not cause any friction in thai
quarter.
IL is calculated that the American
Refinery wrote off about SAC, 900 b,
the drop in price made by thei
despatch on their refined stool
alone. AS about 10000 bag
OF sugar arrived for the Anne
rican Refinery on Saturday an,
Sunday, the 9TH and 8th instant, i
follows that the profits on reiinln;
will not be so great as they nigh
have been. Liberal supplies ais
arrived for the California Refner
from the Islands and the Britis
steamer Sussex arrived on the 81
from Java for the California wit
5000 tons sugar. Three othe
ships are to follow with sugar fror
Java.
New York telegraph reporte
sugar Yesterday: Raw, easier
fair refining AZ; centrifugals, 8
test, 5 $40; refined trm and iair
active.
The Senate Finance Committe
is considering the Tariff Bill. Th
schedules on tobacco and sugar ar
to be acted upon to-day. Fear
are expressed that the free suga
schedule will stand.
The Ventura arrived from An
werp on the 9th having on board I'll
plant for the beet sugar factory
be erected by the Occidental Bee
Sugar Co. 1t will go into ware
house for the present.
There has been great gamhln
) speculation In Sugar Trust certil
Gates on Wall street, aud about
dozen broker firms have failed
consequence, II. Havemeyer
severely scored for wrecking pr'
perty he was bound in honor
protect.
The Pacific Linseed Works c
Third street were burned last nigh
Loss about Sl50,000.
Colonel Spreckels and family q
rived from the East per special c.
on the 18th instant.
The Union Iron Works were Il
lowest tenderers for the two new wa
ships. If built at San Francis
= s5,00O,0 will be spent in 60
struction.
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