The Daily bulletin. [volume] (Honolulu [Hawaii]) 1882-1895, 1890-08-04
TIE SUGAR TRUST DEAD.
It Applies For A 0Td0g To Wind
Up BUSINESS.
Property TO be Sold and
ASSETS Distributed.
Claus Sp7eckeIs Ga Tsp.
Gold Comfor, ror Certificate Holders.
Claus eckeIs Ga Top,
Cold Com for FOR CertiGcatc Holders
SAN Francisco, July %.

I1aWallhl sugar COMMISSION 1amc,
and ulteriy the factotum and
mouthpiece of the Sugar Trust co..
spirNtUrs, had given out that the
Trust and the New York State At
torney. General having kissed and
made friends, the Trust would in
corporate under the State laws and
do q legitimate business. Doubt
VAS thrown ON the truth Of the ru-
NOR owing TO Searle's well known
reputation for sanctificd lying. And
the doubt has been verified by subse-
quent developments. The Sugar
Trust will not incorporate; it will
dissolve. The State having beaten
it at all points, Havemeycrs, Searle
& Co. see that the game is up and
intend TO save themselves and let
the holders of Trust certificates
p, cket their experience.
The confirmation by the Court of
Appeals of the injunction in the
North River Refinery suit, prevent
ing the Trust from removing any of
its property or assets ont of the
juri diction of the State Courts, set
tied the business. The Attorney
General had simply to begin sepor-
ate suit against the other retineries
controlled by the Trust to compass
the full scope of the original injunc.
ton, which was limited in it's appli-
cation by the Court of Appeals to
the single refinery selected as test
case. When the Trust mauipulators
realized the fact they abandoned the
idea of Incorporating under their
New Jersey or Connecticut charter,
the enactment Of which was bought
and paid for out of Trust funds.
They would have had nothing to in
corporate, because they woul,l have
been estopped from transferring
their property by the law officers of
the Commonwealths of New York
and Massachusetts where their
working refineries are chiefly stu
ated. Nothing therefore was left for
them 10 do but to concoct a plan by
which all tangible and realizable pro-
perry might be captured by the con-
spirators' leaving Observation-Disclosures
"in the soup" The following ex-
tract from despatch lets the light
in upon the proposed method:
"New York, July 23.-J. E.
Searles, Jr., treasurer of the trust,
said a suit had been brought in
Brooklyn to-day in the name of the
trustees, asking that they be author
lied to wind up the trust and dis
pose of the property in their hands
for the benefit of the certificate
holders, who are real owners of
stock.
"rhis action is taken by the trus-
tees because it is the only thing that
they can do" he said. "They dc
not propose in their official capacity
to accept any responsibility in the
matter of reorganization. They,
therefore, appointed committee
with power 10 cooperate with the
other stockholders for the purpose
of having as promptly as possible q
new organization formed to protect
their property"
Singulally enough the Associated
Press despatch described this suit
TO dissolve the Trust and distribute
its assets as an attempt"towards the
reorganization of the Sugar Trus,
in compliance with the laws of the
State (of New York;, as laid dowr
by the Court Of Appeals and the
San Francisco newspapers head The
item with display lines 10 q similar
effect. The steps taken, however
are not towards the reorganization
of the Trust but to secure decree
of dissolution. For all practica
purposes, therefore, the Snga
Trust is as dead as Julius Caesar
What shape it will take after it
resurrection it is not necessary t
discuss. 1t will not he trust, how
ever, and holders of Trust certiG
Gates will have no part in the glorie
OF the first resurrection. These ar
reserved for the eect-the Searles
and Havemeyers, Oxenards, Elders
Meyers, Shielks, and their associ
: ates forming the Trust ring.
, What will the certificate holder
, get, however? This is pcrtinen
, question and interests most of tn
planters and planters agents on th
islands, Mr.. Searle, jr., gives
pointer. The Trustees ask, throug
the intervention Of Mr.. Searle;
that they be authorized to wind u
the Trust and dispose of the proper
ty in their hands for the benefit {
the certificate holders. OF whs
/ does this property consist. Til
/ American Sugar Refinery, althoug
3 paid for by Sugar Trust certificates
t is claimed 10 he the private proper
} ty Of Havemeyers and Elder an
a therefore is not an asset of III
Trust. Three if not four other n
t aneries of the Trust have bee
: similarly Withdrawn, and it is doub
o full if three millions out of the orig
b nal fifteen million dollars, capt'
LIKED al fifty millions, will be aval
il able for distribution. Anythir
e above that sum may be regarded
n found money. Hence outside hol
J, ers of Sugar Trust certificates W
not be greatly enriched by Il