The Salt Lake herald. [volume] (Salt Lake City [Utah]) 1870-1909, 1891-08-28
THESUGAR QUESTION
The American Company Has Not
Reduced the Price.
sPRECKELS AND HATRMEYRRs
no'n interested in Keeping up Prices
Inc Business Has Been Very Profitable
for the Past Year.

Especial to THE HERALD-Examiner Dispatch. I
| NEW YORK, Aug. 27.-An announcements
yesterday afternoon that the American
Sugar Refining company, familiarIv known
as 'Ae sugar trust, had voluntarily reduced
the price of sugar of a cent Der pound.
was followed by a statement by Wallace
Wllett, OF Willett 81 Gray, sugar brokers
that the SpEeckels Sugar Refining eomnanv
o. Philadelphia has issued bonds IN tho
amount of 2,500,0OO 1t was further sand
mat the Spreckels company had been up-
aole 10 uoat these bonds without the aid of
iisVeDeyers, who were reported to have
loaned the Spreckels company a large sum
oL money, accepting bonds as collateral
security, etc. Mr. WilIett was inter
viewed by an Examiner reporter TODAY
ne ne Ss anu i nave no absolute knowledge Of
1he issue OF the bonds. That story is
merely street rumOr which has been chr
IehU lof some time past. 1t is impossible
/ 10 ascertain what the exact relations ne
tween Spreckels and the American Sugar
INennlng company really are, but there il
Lo question that working ARRANGEMENT
OS1"een the Two companies exists, and that
MI; Spreckels actually controls the buving
and selling OF sugar for the Spreckels com.
pdhy, though 1t IS probable the American
company ind the money with which to do
inc business. Mr.. Spreckels has not sold
out 10 the American COMPANY and
mas no intention of doing so. but
lhe working arrangement between the two
companies Is undoubtedly satisfactory r.
/ both; and no closer connection is inte1de5
or desired. The profits of sugar refining
are now large and there has not been a sin
gle gay during the past year in which there
were losses Oy any OF the companies in the
United States. This working ARRANGEMENT
| DetWeen those two companies now places
tnen on one side of competition for the
sale OF refined sugar while on the other
side are the Franklin refinery. e. G. KNIGHT
ana Banker, the Delaware and Beyere
companies, of Philadelphia, and Nash
| Spauldlng 81 Co, of Boston.
AS some OF these concerns are largely
interested in the stock of the American
company, actual competition in sugar re-
ming business dwlndles down to very
small compass. The working arrangement
IN question is not new thing. but dates
oack to the California connection"
PRESIDENT Havemeyer, of the American
Sugar refinery, at first declined to discuss
private business for publication On being
reminded that the subject was one OF great
pubic interest, Mr.. Hayemeyer, in re-
! Spouse to occasional queries said; ~
KNOW nothing about any bonds having been
Issued by the Spreckels company: that is
strictly their own private bust
ness, with which / have nothing to
do. Ii you wartinfOfmation on that point.
1 you'd better see Claus Speckels who is i'm
/ EUROPE or his son, Adoph Speckels who
| IS IN Philadelphia. As to the story that
the American Sugar Refining company is
In any way whatsoever interested in or il
acting In collision with any other concern.
tnere is not shadow of truth in it. There
Is very large amount of capital invested
IN sugar refining, and what Injuries one re-
hnery Injuries all, and any decline in prices
must DE felt by all. With so much at stake
1t isn't at all likely that sensible business
men are going to fly off at a tangent. and
cut their own Threats as idle rumor might
IKE TO have 1t appear. You may put me
down as making most emphatic denial Of
the whole story so far as it relates 10 the
American Sugar Refining companies"
Your correspondent learned also that
Adolph Spreckels was not in New York
yesterday as had been reported.