The news & observer. [volume] (Raleigh, N.C.) 1894-current, 1897-06-15
SUGAR TRUST FACio
THE POOR PEOPLE PAY TIE
TRusTS's BIG PROFITS.
The New Sugar Schedule is Well IN
derstoou in Wall Street whether II
is Understood in Senate or Not.
New York Journal.)

three or four times over
'"There may be doubt in the Senate as
to what the new schedule does for sugar,
cried Senator Vest, in the Senate, on
Thursday "But there is no doubt in
Wall street The schedule deludes the
public in the interest of the Sugar
Trust"
Wall street proved yesterday that it
perfectly understands what the new
schedule does for sugar. Wall street
knows good thing when he sees it.
Sugar stock opened at 1913 yesterday, and
there was a rush to buy. There are some
mighty shrewd men in Wall street. They
heard of the additional rise in the price
of sugar, and they said:
"Havemeyer has the Senate in his vest
pocket. He knows the sugar schedule ii
suit him. Let us buy his Stock
And they did until the price of the
stock quickly rose to 1854. Now, it may
be that the Trust grew ashamed of its
own audacity, and did not wish to see the
price of sugar stock rise yesterday of
all days. At any rate the Trusts stock
brokers, Moore & Schley, sold thousands
of shares of sugar stock and the sale
drove the price down to 1924. But the
price did not stay there long. Wall street
was too sure the purchase of sugar was
a good thing the market was too strong.
Moore & Schley recognized that, and at
1924 they quit selling, and began to buy.
SO sugar closed at 125B.
1t was as if they said: moral effect be
blessed: We'll make some money out of
this RISE
1t is interesting to note that Chapman,
who was released from the United States
Jail in Washington yesterday, where he
was imprisoned for contempt of the au-
gust Senate, remained in Washington.
} Also that Chapman is one of the firm of
Moore g. Schley, or is employed by the
firm So that, while Moore & Schley
manipulated the stock market here,
Chapman, out of jail. may have kept
tally on the Senate's vote on the sugar
schedule.
1t is also interesting to note that while
the Trusts profits on sugar can be &C.
curately determined, the good Lord alone
knows what it's members make out of
sugar stock. But they must be careful.
Everybody in Wall street seemed to know
yesterday what the Senate was going to
do. Mr.. Havemeyer and his associates
should keep that knowledge to them
selves
The Journal told on Wednesday last
how the Sugar Trust had been rushing
raw sugar into the country ever since
April l last, to make absolutely sure
they would have an enormous stock on
Inland should its own arrangements about
the sugar schedule fail, should the Sen
ate escape from it's control.
According to the figures of Willett u
Gray's sugar circular, the amount of raw
sugar in this country now, mainly at
the ports of New York, Philadelphia,
Boston and Baltimore, is 645, 15S tons, as
compared with 26S,932 tons the same date
last year.
Practically all of this sugar belongs to
the Trust 1t was rushed here in heavy
lshiploads from Java, the East Indies, and
from European ports.
Had q just tariff bill been promptly
passed, had this raw sugar been imported
lin due course of the Trusts business, to
meet its needs. the United States Treas
ury would be richer at least So ,00O,0O0.
In a word, tariff on sugar is proposed
to increase Uncle Sans income. The
Sugar Trust imports all the sugar it can
Law its hands on before the Tariff bill can
be passed that Uncle Sans income may
not be increased.
But more, and here the Trusts control
of the Senate was proved again.
The Dingley bill as it passed the House
contained a retroactive clause imposing
the new tariff rates on articles brought
in after the bill was passed by the House
and before its adoption by the Senate.
The Sugar Trust was then rushing in
its sugar To carry out the retroactive
measure would prevent their scheme to
; euchre Uncle Sam out of the higher
tariff
Thereupon the Senate, ever led by the
sugar magnates, promptly obeyed the be-
hests of the Trust and vetoed the retro
active proposition.
In the meantime the importations of
sugar by the Trust averaged 10000 tons
a day. The highest figure was reached
on May 81, when a trife oyer 10000
tons was brought in at the four principal
points mentioned.
) This fact will give an idea of the
Trusts money power.
: To escape the possibility of paying
more the Trust on April 30 last paid
100000 duties at the Custom House.
One check was for $3.50, 725.16. The
total custom receipts for the day were
50, 40S, 1919.
Now the Trust is satisfied But who
shall say it is satisfied; it is happy. This
happiness was thus reflected in one OF
the Wall street news summaries yester-
4 day morning, before the event in the
Senate:
'"rhere is now no doubt, according t.
the best judges, that Congress will adopt
a sugar schedule affordng reasonable
protection to refiners. What is Of more
permanent interest to the investment ele
ment of this stock is that, owing to the
probable duration Of any tariff bill which
may be passed, the refining industry will
enjoy freedom from tariff agitation
and political and demagogic harassins
that it has not had since the various
separate refneries were combined for thu
purpose of economy in production ant