New-York tribune. [volume] (New York [N.Y.]) 1866-1924, 1897-03-28
WALL STREET AND EXCHANGES

doub, that while these laws may "o' .s.s,yely
directly violated they nave wv" oo,,ris
avaded The penalty for violation o, inc $50 :.
80, -, {. vary severe For the first offence
:. .,,snors;on for from to five years "
the second offence II Is expulsion Acoo'' -, 4,
vioators of these laws are extremely ,'r.,,
what they do A short time ago '',e - .,
C,o,o,,i,,eo reouired members Of the EXcn""s' ~
dIsnense with solicitors on the eiou'" - %,
r ,o,er,jIv paid according TO the a'h""" "
business they controlled anc that pres"i'iao'
divided their pay with their customers -,
r,,o.ad - ston another method of makihe co"''
sions TO specuators TO obtain business -,a',
=, ,h rxchanpe are TO be prohibited from "he'"e
IN execute orders in grain. cotton. etc'' "'"o
,,,igsiop mr. for a nominal commission an"
members are likewise TO be prohibited from o''
ing TO turn over orders in gram co''oi' 49, -,
houses dealing In those commoui'es ., a
furnish n reciprocal business In STOCKS '0"oi '
this subject will be taken by the Governing ooiN-
,r,.,aa ~ q meeting on April "A. when the follow
ing resolutions adopted by the Committee Oh Ooi"
missions will come up for approval
Resolved. That transacting or oneFihe u "a"S
act business in grain. produce cotton VI o.".,
commodities without commission or TOT nui,,i or
commission by any --ember of this Exchahsee , %
firm represented therein, for customer n,hnS
in securities dealt in at the Excnange' nmmissons
and IL violation Of the commission Jaw W.; ro,n-
Resolved That giving or 9nerhs 70 si( oy other
roca business in grain. produce co1,Un ~ ~ STOCK
commodities dependent upon the amount Oh S'o "r
Exchange business received. ~ me.nou n "a &c a
rangement for rebatement OF COMMISSIONS an"
violation Of the commission law.
Neatly all the stock brokers firms which do not
have their own representatives on the produce ahi
Cotton exchanges have arrangements Win gram
and cotton brokers' firms by which they exchange
business The better part of the grain orders, as
q fact are executed on the Chicago Board OF Trade
A New-York stock firm may have wire I'D
Chicago grain firms Office. 1t will handle the chi
cago firms stock business in New-fork ana inc
Chicago firm will handle the New-fork hrns gram
business I'm Chicago. The Stock Exchange authori-
t,es think II is inevitable that where these recp-
rocal arrangements exist there are, at least as
rule, violations OF the commission laws OF the FIX
change When brokers firm has customer
with whom it agrees 10 split commissions, II Il me
practice In order to cover up the dea. 10 charge
full commissions on the books ana 10 h ;i, me
customer the difference in cash. which likely, IS
drawn against the personal account oil InemDer
of the firm, 1t may be put down as an eApem Ty
charge of some kind OF course, there are many many
other ways of eyading the commission laws. Sinoe
business has been light on the EXcnnnsf .e ave-
naturally increased. There are some hfms unu.r
suspicion. but il is altogether another thhs 10
catch them.
wall Street was fooled last week by bogus
statement of the condition Of the American Sugar
Refining Company otherwise the Sugar trust Inc
trust has issued no report OF its operations to lis
stockholders and the public since the one II issued
for the year ending November 80. lsS2 Inc hs'aI
wear has since been changed so as TO end win inc
calendar year. December 81. Under the laws OF
Massachusetts every corporation doing business III
that state IS compelled to file with the Commission
ers of Corpora lions in that State balance-shcet
within a certain period after the close Of each year
The Sugar Trust has complied with this law but
nobody could make much out Of its balance-sheei
Still as this balance sheet contained the only IN
formation obtainable. it has been looked ior with
interest ON Tuesday last the following print
ed on the slips sent out by the Wall Street news
agencies 10 the brokers. banks and others
Assets 1886 1895 Changes.
machinery . s4293l. col si3lio7oe Dec. 500 los
eses % 81; 80; q; 2s4 ss Dee Dee Sss %.
i imInstm sIHfs' other
i" companes .'' ee9s5a75 e5oee 900 Inc. 12o9s75
Teancd ....." 7so57st l2'e2777 Dec 1896 81, ss s
totals slo5 ESQ 5o7 sii2 957o2i Dec s7l7e5i4
Capital stock .. s,3ecG@o s;3 GsG 600 Inc 5000
PeseTves ...... sei3.iN I31sl.25G Dec. 4.26si 'd
Total. sos oso 5o7 sil2 81. o2i Dec. s7.i7G5i4
Now it turns out that the statement was bogus
one and it is alleged that ii was put OUT Tor specu
lative purposes. The 1895 figures are correct. bu'
the figures given for 1885 in fact the 1899 figures
with few unimportan' changes. Sugar STOCK SOFA
on Tuesday before the statement appeared at llfA-
Anerwarl # declined TO ll2ia Yesterday II sold at
1903.
Dow Jones & Co make the following explanation:
ION Tuesday March 49, received from our Chi
cago correspondent a statement showing the cond-
tion of the American Sugar Company on Decembe, 81.
which; upon invests ttion. we found 10 nave been
was described as d private statement signed by
Directors Havemeyer. Parsons. Seares. Dick. etc.
this city asked US whence We Obtained IL, and
told them the facts. They did no; then even suggest
that the statement Incorrect
If is a singular coincidence that the announce
ment that Claus DoscheF is 10 bui.d 2 new inde-
bogus statement
While the war in the coffee trade between the
Sugar Trust and Arbucke Brothers goes OF II has
become in a measure one-sidcl. There was another
reduction Yesterday OF one-hat cent pound in the
price OF Lion" brand coffee put up 10y he Woolson
Spice Company Of Toledo. Ohio. which Is Owned by
the Sugar Trust. This reduction brough, the price
down TO lS cents with discount Of IL cents from
This price 20 jobbers. The Arbuckles had not me,
the previous reduction Of one-haf cent. so nat the
price OF their "Arosa brand is IA cents or one cent
above the Lion brand. The Arbuckles' discount
to jobbers is the same as the Woolson Companys.
JUSTICE BREWER TO LECTtR AT YALE
New-Haven Conn. March 27.-Jusc" David J.
Brewer Of the United States Supreme Court will
begin his lectures to the Yale Divinity School r'Ti
Friday afternoon. He will speak suggestions
to The Ministry from a Iaymans Point Of View.
Professor Arthur NJ. Wheeler head of the depart
ment OF history at Yale. will deliver II special lcct-
ure in college hall next Wednesday evening, He
will speak the Crean trouble. his general sub
ject being The Eastern Question"
A BICICLIST KILLED By 4 TRAIN.
Providence. r. l.. March 21.-Alexander Barbeau.
Of Hamilton, r. l.. while riding between the
tracks the Stonington division of the Con
soldated Railroad yesterday afternoon was over
taken and killed by the ew-London Express due
here at 30 y. IN. Barbeau. when run down was
"scorching" at top speed for the Potowomut high
way short distance beyond The engineer