The Topeka state journal. [volume] (Topeka, Kansas) 1892-1980, 1894-12-08
HAVEMEYER'S TRICK.
How He and His COadjutOrs
Worked Wall Street.
Made Millions While Declaring
Sugar Industry Bankrupt.
ARE ALWAYS WINNERS
Havemeyers Have Manipulated
Stocks for Immense Gains.
Pretending All the While III
Treatment by Congress.
ARE ALWAYS WINNERS

New YORK. Dec. S.-The most heart
less trick yet played on the people Of
this country has reached climax on the
stock exchange. H .. Havemeyer, the
president Of the sugar trust, and his
friends have finished their game and
pocketed their immense gains, thought
to reach into the millions. For weeks
Dir. Havemeyer proclaimed that the
sugar Industry was practically on
the edge OF bankruptcy; tnat it
WAS rapidly succumbIng to the ilI-treat-
ment he alleged it had received from
congress. and finally he made his bold
stroke OF pretending to discharge all
hands from the sugar refineries OF the
trust and talked Of closing those vast
hives up for an indefinite period
The price of 70 or IS was whispered as
the proper figure to which sugar should
slump, and it starred towards that point
AT z rapid gait There was a strong Op-
position, however, and it reached
a low turning point at 81 and
then for several days there were
cleverly scattered points about a reduc-
tion of quarterly dividend, which was
due about this time. The managers tnen
got together to decide On the dividend.
While they talked and talked the floor of
the exchange bore evidence to the fact
that big following Of brokers had been
let into the secret of just what the sugar
managers we're going to do There was
some talk of opposition to the Havemeyer
plan, but none Of the managers would
talk.
The fact is that after the full day had
been used by Havemeyer through his
we'll posted brokers. and sugar had
elm bed to SO On transactions of about
Ito, 600 shares, or nearly half the entire
common capitalization Of the trust, came
the voice from the board-rOOm that the
dividend should remain as at present, z
per cent per annum on the preferred and
- per cent on the common.
The gigantic turn had been made. and
the country now sees 4 12 per cent stock
selling at less than 60 while an s per
cent stock, such a. the New York, New
Haven and Hartford, is quoted at 1873
Havemeyer and his CO monopolists have
been working the market as well 1t is
said that they hold a majority of the
common stock. This big batch doled out
to the street at 115 or better and gath
cred in at s. or better would yield . net
profit Of $50 per share or scoop Of
about $6COOO0O
a monopoly which admits of specu-
Iative profit of millions in few months
in these times. even with legislative as
sistance. is very fine field 10 work.
A profit of $5O,0O0,OOO would not be out
of the way representing what sugar
has brought to the Havemeyer people.
Contempt Case Against Havemeyer.
WAsHINGToN. Dec. S-The cases Of
President Havemeyer and Secretary
Searles, of the American Sugar Refining
company. Broker Seymour of Seymour
Bros. 4 Oung, and Cores spOudents E. J.
Edwards and John 5. Shriver. indicted
for refusing to testify before the
sugar trust investigation committee were
called ia the district supreme court to-
day The arguments in the cases of all
but the newspaper men we're postponed
until Decem Der p.