The copper country evening news. [volume] (Calumet, Mich.) 18??-1907, 1897-05-29
SUGAR IN THE SENATE.
The "Tip" That Came From
Wall Street.
Willy WAY OF THE TRUST PEOPLE.

warded-Territorial and state Systems of
Government Compared.
WASHINGTON, May Especial THE
sugar schedule attracts more attention
than any other feature of the tariff bill
now under consideration in the senate. In
his opening speech a few days ago Sen
ator Aldrch, the member of the finance
committee who is credited with the draft
ing of the senate revise of the sugar sched-
ule devoted more than one half bis time
to sugar. His explanation of the compli-
Gated rates was so clear and lucid that
even those senators who were familiar
| with the intricaoies of sugar duties said
| after Mr. Aldrich had concluded that they
did not know the first thing about it. In
| other words his explanation was as clear
| as mud. Another senator said: II can't
| make head or tail of IL. But / do know
| that the Sugar trust wants the rates which
now stand in the bill, and suppose that
Is the real reason why l am going to vote
against those rates"
A Trust Tip"
In this connection l have heard most
interesting story concerning the specula-
ton in sugar stock in Wall street during
the last few months. The big men of the
trust have passed out the tip to their
friends in the senate that sugar was good
thing to let alone. Whereas three years
ago Ii is well understood the trust let GER
tain senator's in on the ground floor and
enabled them to make good deal Of
money, this time the trust people decided
to play wiser game. They remembered
that the scandal of senatorial sugar specu-
lation three years ago disguised the coun-
try and helped to work up public senti-
ment against their concern. Therefore the
trust decided il would have no speculation
this time If it could prevent il. So the tip
was passed that sugar was a dangerous
thing to deal in.
Thereby the trust people sought to ac-
complish two purposes One was to avert
the scandal of senatorial speculation, and
the other was to keep the market value of
their shares down to q reasonable level.
If sugar shares were quoted at very high
figures at the very time the schedule was
under consideration in congress, the effect
upon public opinion would bo bad. People
would say: "Why, see how much the stock
is worth in Wall street. Why should they
ask for so much protection?" Therefore
the influence of the magnates of the trust
has from first to last been in favor of low
prices. 1t is credibly reported that they
have put their money in the street against
their own shares whenever there was dan
ger of their rising too high, and of course
they have been able to keep the quotations
down To what they thought a safe point.
Advance Information.
Only once did the market break away
from them. That was just when the SEN
ate revision of the house bill was COM
pleted and before it was made public.
The rates were believed to be so favorable
to tho trust that the Washington men who
had advance information as TO what those
rates were To be concluded the market
would have II boom, despite the manipu-
lation Of the insiders for low prices. They
were right. Sugar stock rose about five
points within less than two days. 1t is
understood that the Washington specula-
tors had OWNED the trust would put the
screws on very quickly, and they therefore
decided to make short turn. BY the
time the trust had become alarmed at the
rapid rise of their stock values and thrown
their money in on the bear side the Wash
ington spectators had closed out and TAX
en- their profits. Who these Washington
SPECTATORS were no one appears to know.
That they had advance Information upon
to which TO base their operations is obvi
Gus.
asked broker the other day If he had
any idea that an investigation of sugar
speculation would bring out the truth as
to senator's "Of course il wouldn t, )" he
replied. "That senators speculated in
sugar stock have not the slightest doubt.
But how are you going to prove it? After
the scandal Of three years ago the senator
hc caI,obt in f1pnl xynu1I
to be expelled for idiocy. If there were
senators who dealt in this stock, take my
word for it they did so through third par
ties whom they could trust. Find these
third parties and put them on the stand,
and they might admit having bought or
sold sugar, but would testify they did go
with their own money. That would be
true nominally. You simply can't fol-
low thing like that up and bring out the
truth. 1t is not in human nature. Again,
If senators speculated In sugar on advance
inform alton, and the truth could be
learned probably you would find some
thing like this: A telegram, agreed upon
beforehand, to some man in New York.
An innocent telegram, not connected with
sugar or speculation at all. Perhaps some
thing about family matters. But its real
meaning was an order to buy stock. Stock
purchased by this unknown New Yorker.
Profit realized. No senator connected with
it, directly or remotely. Weeks or months
afterward the senator is In New York.
Calls on his friend roll of bills is hand
ed him, or draft on London, which he
quietly puts through his bank or keeps till
he goes abroad for his vacation and then
cashes it. A sugar investigation would
be farce
Relics of Battle.
A veteran of the late war, a respected
Iowa editor and friend of mine, was hore
the other day after a tour through the bat
tlefelds of Virginia and southern Penn
sylvania. He wanted to revisit the spots
in which he was one of many thousands
of humble actors when the stirring and
bloody drama was on the boards. He sue
ceeded i'm picking out the old rifle pits, the
strategical points, the breastworks behind
which he had watched the enemy and now
and then fred his musket, but what sur
prised him most was that he could on al
most any of these old battleflelds pick up |
great quantities of gun caps and shells and